Hello Noozzlers! Today we are excited to share a few of the MUST READ articles from the week. As always, we’re interested in what you think- if we missed great articles, let us know!!
Hot off the press from India we have news about a potential lift on the ban placed on India’s central banks, with an official stating: “We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalized with strong riders. Deliberations are on. We will have more clarity soon.” India’s central banks will decide on March 29th with a cryptocurrency framework as to what the future of the money will look like.
https://www.ccn.com/why-indias-bitcoin-ban-could-disappear-after-march-29-hearing
Next we have one of the most talked about and curious articles of the week with Coin Market Cap (CMC) admitting that their data includes a large amount of fake and or non-economic trading volume as the result of reports from Bitwise Asset Management. The report claims that up to 95% of volume is fake and that only 10 out of the top 81 exchanges have real volume. Since the report came out CMC has admitted there is truth the report and that they aim to improve their services and make a variety of changes that will allow their users to “draw their own conclusions”
https://cryptonews.com/news/the-biggest-crypto-market-website-admits-it-provides-inaccur-3584.htm
This was one of the more inspiring articles we came across this week as we LOVE to see realistic use cases for blockchain applications. Code named AURA, Louis Vitton plans to launch a platform to track their high price items around May. A source involved with the project commented: “To begin with AURA will provide proof of authenticity of luxury items and trace their origins from raw materials to point of sale and beyond to used-goods markets. The next phase of the platform will explore protection of creative intellectual property, exclusive offers and events for each brands’ customers, as well as anti-ad fraud.” LVMH plans to extend the product to cover the 60 some brands under their label. It will be very interesting to watch as the blockchain permeates yet another new industry. 🤩🥳
https://www.coindesk.com/louis-vuitton-owner-lvmh-is-launching-a-blockchain-to-track-luxury-goods
Next we wanted to reshare an article that analyzes whether the world reserve currency (the dollar) could be replaced by bitcoin. Many economists and technologists alike have debated the possibilities of if the dollar could be replaced by another currency, but not by another digital currency until lately. As world events unfold, the possibility seems more likely every day.
Lastly we have some disconcerting news regarding the notorious stable coin Tether. Tether, which is supposed to be backed 1:1 by USD has received a large amount of criticism as it has never received a third-party audit in its lifetime. Quietly on March 14th there were changes to the terms and conditions stating that “Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities.” This statement has set off red alarms as many view this business model to be identical to fractional reserve banking- a classic criticism of traditional fiat currencies.
https://cointelegraph.com/news/changes-to-tethers-terms-of-reserves-raises-fresh-concerns
Noozzler community, which article was your favorite and why?!
Please give us a thumb up!Subscribe to our Social Networks:
- Website: https://noozzle.space
- Twitter: https://twitter.com/NoozzleSpace
- Facebook: https://www.facebook.com/Noozzle.space
- Linkedin: https://www.linkedin.com/company/35614362
- Medium: https://medium.com/@noozzle.space
- Steemit: https://steemit.com/@noozzle/
- Youtube: https://www.youtube.com/channel/UCL07fY3bJCbjQzU_DkQiq7g
- Reddit: https://www.reddit.com/user/noozzlespace
- Official Telegram Group: https://t.me/noozzle_space
- Noozzle Announcements: https://t.me/noozzle_announcement
- Noozzle Telegram Chat: https://t.me/noozzle_live