Imagine trying to show future business partners how welcoming the cryptocommunity is, and then they discover this footage. Only a few weeks ago New York decied to accept a cryptocoin, which one blog stated (can’t recall at this time) this shows cryptocurrency is maturing, until you watch this video and realize some of the people involved in its development are not.
The New York Department of Financial Services, creators of the controversial BitLicense regulatory framework, greenlighted the Paxos Standard coin on Monday and will regulate the asset.
Developed by Paxos, the Ethereum-based stablecoin is designed to function as a liquid alternative to cash that can be used for instantaneous settlement in financial transactions globally, while offering immutability and decentralized accounting capabilities.
An ERC-20 token, Paxos Standard will be issued by Paxos Trust Company and be fully-collateralized at a one-to-one ratio by dollars. The Paxos trust is chartered in New York and serves as a fiduciary and qualified custodian of customer funds. — Forbes
Scroll below for snippet.
But Jimmy Song raises good points
Jimmy asserts Bitcoin Cash is a fiat currency, that is determines the outcome of its users, it is the central authority, and that it’s no place for a sovereign. Despite Jimmy Song’s many points throughout the beginning of the debate, Roger Keith Ver decided to yield the bulk of response. Instead, Roger decided to bet Jimmy $1,000,000 for Bitcoin Cash to have a larger market cap than Bitcoin within 10 years, later Jimmy saying he’s not going to track Roger down, and that he’ll accept it he shortens the timeframe.
A member of the audience heckled Ver saying they were “shunning,” not censoring, responding to Ver’s accusations of censrship and being banned from Bitcoin forums.
Roger stated he read many books and authors, questioning Song on these readings. Jimmy refused to answer the questions.
Pay attention to history
This is our first time being able to effortlessly scale currency, and digitally. Books should be read, the notes/blogs of developers should be subscribed to, and most importantly, forums should remain unfettered (aka, spam posts are deleted).
Are general libraries indexing cryptocurrency material?
I believe the real shots were fired when Jimmy Song raised errors within the development of Bitcoin, yet these same errors still transferred to the final Bitcoin Cash fork.
Is a centralized cryptocommunity healthy?
In short, no. For long (and please do chime in via comments): Yes, if you’re using it for small, locally driven community events, stores, etc I don’t see an issue with this. However, for a currency to be easily usable and widely adoptable, it has to also be just as free and inflation can’t be an issue. No one vision should go ahead another’s (unless of course, it’s an entirely good one and many people agree!) – This means “roadmaps” (which you’ll see in many Initial Coin Offerings/cryptocurrencies) should most likely avoid giving too much input.
Is Bitcoin Cash a fiat currency to you? Are you okay with cryptocurrency creators chiming in and arranging structures too much? Far too often? Too little?
Is Bitcoin Cash or Bitcoin the future to you? (or both?)