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Showing posts with label financialization. Show all posts
Showing posts with label financialization. Show all posts

Tuesday, May 2, 2017

Japanese firms rushing in to try to stake claim to Bitcoin exchange license following crypto-currencies legalization

Like a stock IPO, there is nothing greater to corporations, banks, and financiers than the advent of a new industry they can seek to dominate and monetize.  And with Japan recently legalizing Bitcoin as a viable currency within their economy, the number of entities rushing in to stake a claim to the limited number of Bitcoin exchange licenses is growing.

So far at least 18 companies have filed an application for a Bitcoin exchange license, and this will only grow as the crypto-currency's value escalates, and the number of individuals wanting to own some increases.

Image result for japan bitcoin
Eighteen companies are applying for the new license required to operate a cryptocurrency exchange in Japan. 
The licensing scheme, which Japan introduced in April, aims to ensure exchanges operate in full compliance with financial regulation and anti-fraud procedures.
As a result of the applications, some of which come from extant Japanese exchanges such as bitFlyer, ten new players are slated to debut on the market to meet a forecast surge in demand. 
These include SBI Holdings’ SBI Virtual Currencies, GMO Internet, Kabu.com Securities and Money Partners Group, Nikkei reports on Tuesday. 
Japan is witnessing something of a Bitcoin renaissance in 2017. A giant uptick in trading quickly combined with a cementing of regulatory perspective see business deals come thick and fast. - Coin Telegraph
Perhaps one of the few questions remaining regarding Bitcoin is whether the crypto-currency will eventually function primarily as an alternative form of money, or whether it will become dominated through financialization and speculation as most currencies and commodities are today through derivatives and rigged Forex trading.

Wednesday, April 5, 2017

Bitcoin finally to function as a currency as Japanese retailers rush to allow the digital money as payment

In the opinion of the staff here at The Daily Economist, a large number of Bitcoin advocates over the past few years have sold out the original mission of the crypto-currency as being primarily a form of decentralized money that individuals and entities could use as a medium of exchange for goods and services and instead have welcomed its financialization by both Wall Street type markets, and third party conduits.  By this we mean that Bitcoin has been seen and purchased more as a speculative investment versus used as a form of money.

But with the Japanese government suddenly buying into the crypto-currency last week, and setting forth a regulatory framework to allow it to function as a medium of exchange within their nation's borders, Japanese retailers on April 5 are now rushing in to get on board to accept Bitcoin in their online and brick and mortar stores.

Image result for bitcoin is money
A few days after Japan recognized bitcoin as a legal method of payment, two of the country’s biggest retailers have sealed cooperation agreements with bitcoin exchanges to begin accepting the digital currency. 
The two leading retail groups, Bic Camera and Recruit Lifestyle, have announced trials of a bitcoin payment option, according to Japanese daily Nikkei. 
Bic Camera, a consumer chain selling electronics, has partnered with the Tokyo-based bitcoin exchange bitFlyer. The retailer will test the digital currency in two outlets. 
Consumers will be able to pay up to 100,000 yen ($900) using bitcoin, getting reward points at the same rate as for cash payments. 
Recruit Lifestyle, the retail branch of human resources conglomerate Recruit Holdings, is cooperating with another Tokyo bitcoin exchange operator Coincheck to include bitcoin payment option into its AirRegi application. 
The step will enable over 260,000 outlets across the country to start accepting bitcoin. Coincheck will process payments made by consumers using the app, converting bitcoins into yen and transferring the funds to the store. 
Japan is poised to become one of the leading cryptocurrency markets. Nearly 4,500 Japanese stores are currently accepting bitcoin while over 700,000 outlets actively use other modes of digital payments. - Russia Today

Wednesday, March 29, 2017

SEC shoots down second financial product to try to put Bitcoin on Wall Street

On March 29 the SEC rejected the second Exchange Traded Product (ETP) in the past 30 days to try to take Bitcoin to Wall Street and financialize the crypto-currency.

Citing the primary fact that Bitcoin is an unregulated currency as the reason for the rejection, in the end for Bitcoin purists the last thing they want is for the currency to become blemished through financialization and being destroyed by derivative trading.

The U.S. Securities and Exchange Commission on Tuesday denied for the second time this month a request to bring to market a first-of-its-kind product tracking bitcoin, the digital currency. 
The SEC announced in a filing its decision denying Intercontinental Exchange Inc's NYSE Arca exchange the ability to list and trade the SolidX Bitcoin Trust, an exchange-traded product (ETP) that would trade like a stock and track the digital asset's price. 
Previously, the regulatory agency said it had concerns with a similar proposal by investors Cameron Winklevoss and Tyler Winklevoss. 
"The Commission believes that the significant markets for bitcoin are unregulated," the SEC said in its filing, echoing language from its decision earlier this month on the application by CBOE's Bats exchange to list The Bitcoin ETF proposed by the Winklevoss brothers. On Friday, Bats asked the SEC to review its decision not to allow that fund to trade. - CNBC

Friday, March 10, 2017

Bitcoin price flash crashes as SEC rejects application for a Bitcoin ETF

In a move that should have seen holders of Bitcoin rejoice rather than panic, the SEC on March 10 rejected the Winklevoss twins application to create a Bitcoin ETF, which would have seriously harmed the crypto-currency by financializing it under Wall Street control.

Yet because Bitcoin has become the primary crypto-currency of choice, easily winning out over other digital forms such as Etherium, Dash, and Monero, its volatility is extraordinary since it has already become partially financialized via Bitcoin exchanges.

And thus when the news broke we saw the price in USD fall nearly $300 down to $978.


After much anticipation (and a spike to record highs earlier today), The SEC has decided to reject the Winklevoss application for a Bitcoin ETF. 
The SEC premise appears to be the unregulated natuire of the underlying: 
Based on the record before it, the Commission believes that the significant markets for bitcoin are unregulated. 
Therefore, as the Exchange has not entered into, and would currently be unable to enter into, the type of surveillance-sharing agreement that has been in place with respect to all previously approved commodity-trust ETPs—agreements that help address concerns about the potential for fraudulent or manipulative acts and practices in this market - the Commission does not find the proposed rule change to be consistent with the Exchange Act. - Zerohedge
The irony is that Bitcoin should have gone higher rather than flash crash because supporters of the crypto-currency desperately want to keep it out of the hands of Wall Street, banks, and government regulators.  However, when we look at how activities taken by the Chinese government last month could cause the same type of volatility to the price of Bitcoin as today's ruling did, the question needs to be asked if the digital money has not already been corrupted to the point in centralization that it no longer provides the wealth protection and security that were the platforms that made Bitcoin unique.