As Ethereum and Ripple Face Securities Classification, What Can We Expect?

Thanks for the interesting article @AfriDylan . The fact that it doesn't mention a meeting, and that I've heard no other news since the SEC-CFTC meeting was rumoured to have taken place, makes it seem like it was of no consequence. So next time Dave Michaels or Paul Vigna write some click-bait for the Wall Street Journal, we should all take care to read phrases like "A working group of regulators including senior SEC and CFTC officials are scheduled to discuss the matter on May 7, one of the people said." with scepticism.

We should also be cautious of the implied-connection technique. The article talks a lot about an inquiry into what constitutes a security in the cryptocurrency market. But the link to the meeting is deliberately vague when it refers to it as "the matter" instead of the inquiry into cryptocurrencies being a security.

It is still unclear whether the SEC intends to over-step its bounds and use unreasonable, securities classifications as their tool to gain authority over cryptocurrency activity, But I do respect the work they are doing to raise public awareness regarding the risks and warning signs for bad ICOs.

@timmarsh said in As Ethereum and Ripple Face Securities Classification, What Can We Expect?:

... But I do respect the work they are doing to raise public awareness regarding the risks and warning signs for bad ICOs.

Me as well... have you seen the SEC's mock ICO, HoweyCoins? Pretty funny... I can respect those types of efforts... However, things do seem a bit drawn out as far as their regulations--and constant nose-sticking into places where noses don't belong. 😛

https://www.coindesk.com/the-sec-just-launched-a-fake-ico-website-to-educate-investors/

Here is an article on some regulators taking a stand at the state level:

https://www.cnbc.com/2018/05/21/state-regulators-crack-down-on-cryptocurrency-investment-schemes.html

Seems like these crackdowns might become more common over time...

https://www.younited.io/

Is Eliminating the House Mentality of Conventional Gambling A Reality?

Is Eliminating the House Mentality of Conventional Gambling A Reality? The start of casino craze has sparked from the year 1683 from the streets of Venice to the casinos of Vegas. From Casino di Venezia to online/cyber betting, the concept of gambling has seen many transformations. But the biggest revolution of all is the integration of Blockchain technology into the gambling industry. And this technology has raised contradiction to the traditional idea of ‘House Always Wins.’

House never wins in the crypto world. Why? Because there is no house. Yes, the technology has facilitated the eradication of house (casino) involvement in the gambling industry. Like any other business, it has a business model in place designed to ensure its profitability. Casino games are designed in a manner where whatever game you play, the casino gets a percentage share out of the potential payout of the players. This house edge ensures the survival of the casino, payment of its employees and profits to satisfy shareholders.

This is where the concept of Smart Contract comes in. A smart contract is a computer protocol designed to digitally facilitate, verify, or enforce the negotiation or performance of credible transactions without third parties. In other words, smart contracts help in the creation of a program comprising a set of rules and penalties that guides the exchange of money, property, or anything of value between said parties, without any intermediaries.

Smart contracts run on the blockchain, which is automated to do functions performed by human beings. They can be tailored to perform the following tasks:

To deliver gambling services, betting on sporting events, lotteries, etc.
2) Enable players to deposit currency into the smart contract until the end of the game

  1. To check the results from multiple sources to ensure that the correct result is obtained, and

  2. Reward payments to winning players based on predefined rules and odds.

Aforementioned provide the players with more transparency in transactions as everything in that runs through the smart contract, remains on record within the blockchain and can’t be tempered without everyone on the network knowing about it.

Genuinely versatile, smart contracts eliminate the need for human or infrastructural management and significantly reduce the house edge, making them ideal for the gambling sector.

YOUnited is such a startup, taking inspiration from the blockchain gambling revolution and using its own blockchain technology to bring a completely new experience for betting & gaming industry. Their decentralized platform provides player vs player betting & gaming and guarantees 100% return to player (RTP) in combination with zero house edge through YOUnited protocol and unique distributed Random number generator. Instant payouts, no house control over player’s deposit and maximum transparency via smart contracts are inherent. Going by what smart contracts have to offer, just like all the other industries captured by Blockchain Technology, blockchain gambling seems to be a promising industry with huge potential.

For more info : https://www.younited.io/

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