Syscoin, Fidelity, and the Indian Ministry of Finance
SYSCOIN -Some of you may have noticed today the huge rise in price of syscoin. But what is syscoin? I certainly didn’t know before today. Syscoin is ebay for the blockchain. You can download their wallet to buy, sell, or trade anything online. There are tons of perks with this that you wouldn’t get with a site like ebay, however. The first is obviously cost. It’s much cheaper to post something on Syscoin’s network than to sell it on a centralized platform like ebay. Your money is also much more secure on Syscoin, due to their built-in escrow system. This means you you can send funds to a mutually agreed upon third party until the goods or services arrive. Also, you no longer need a really long account address. Using Syscoin’s blockchain you can setup an alias to make the process of buying and selling easier. Building on that, you can also use the wallet to send and receive encrypted messages, so you can communicate with others on the marketplace. All of these things are done on a lightning fast network which just a few months ago initialized Segregated witness, also known as segwit. Even as the network grows, scaling will not be a factor.There are many more exciting features coming to Syscoin by the end of this year, like their emergence on the Microsoft Azure Marketplace. Also, their marketplace will have a mobile version. Really great work is coming from this team and I wish them the best of luck.
FIDELITY -For those of you like me that also have stocks or mutual funds in your portfolio, you might be surprised to find out that Fidelity is bringing integration for blockchains to their website. They will display your assets you currently have listed on Coinbase. For those of you that have cold wallets, you might be out of luck. However, this is a step in the right direction! The fact that investment companies are now looking at cryptocurrencies as equals to stocks is a really great sign. CEO of Fidelity even went on to say “I love this stuff - bitcoin, ethereum, blockchain technology - and what the future holds”.
INDIA MINISTRY OF FINANCE -On May 20th the Indian Ministry of Finance announced that it would be taking inputs from the public on whether virtual currencies should be banned, regulated, or observed. This news is huge for the rest of the world. If India were to regulate the sale of cryptocurrencies like Japan did in April, it would open up a brand new market for those seeking to trade in their Rupees for a stronger currency. No doubt about it, Bitcoin and other cryptocurrencies are performing much better than most if not all government backed currencies.
QUESTIONS FROM YESTERDAY -Rick Breezy commented: ”Clayford08, I put my LTC on a paper wallet and put a passphrase on it, I went to go an sweep it on to a wallet and it won't let me, it needs to be decrypted? Any help to get my LTC on to me ledger nano from my paper wallet would be appreciated with a 1ltc coming your way. Thank you for what you do!” Go to http://ift.tt/1j0BsDk and type in your private key in the wallet details section. Once you do that, it will give you the public key you need to import your wallet. You can't import an encrypted wallet without decrypting it first. Hope this helps! -Brian Turner commented: “I've got a stupid question. I used shapeshift to swap ETH for GTN, but I used my coinbase ETH wallet address for the destination. I can see my Golem using Etherscan, but I don't know how to transfer or get access to them. Am i screwed until coinbase adds GTN to their platform?” If the address you sent the golem to is not an actual golem address, hopefully it will cancel the transaction and send you back your ETH. If not, then you might need to contact shapeshift to see if there is anything they can do. Using the ETH wallet, if you try to input an invalid address, it will not allow you to send. I'm assuming this didn't happen. I would wait a bit to see if it goes through and then contact shapeshift.
INVESTMENTS FOR THE WEEK -Right now I see ripple dropping below 10k satoshi. If you can get a buy in on this ground level, now is a great time to buy and hold. Also, Digibyte is in a great place to buy. If you can buy in around 500 satoshi, scoop up as much as you can. As always, I tell everyone to invest in Ethereum. If you can’t afford an entire Ether just buy what you can. Remember to never invest more than you can afford to.
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