2021-12-16 14:01:25
COIN BUREAU NEWSFLASH! – (16/12/21)
Here are some of today’s most important headlines:
The price glitches on CoinMarketCap have already caused some finger pointing in the crypto industry.
Both the CEO of Crypto.com, Kris Marszalek, and the COO of Coinbase, Emilie Choi, have attributed CoinMarketCap as totally at fault for the incorrect price data seen over the last day or two. The public accusations may, to some extent, be the result of CoinMarketCap’s owner being Binance. Binance is the world’s most popular cryptocurrency centralised exchange and a competitor to the likes of Crypto.com and Coinbase.
Whilst the cause of the error is yet to be confirmed, some in the industry suspect that it’s the result of an application programming interface or API.
Despite the finger pointing, Coinbase’s Choi has claimed that the glitch is “indicative of an emerging industry”, and this certainly seems plausible to me. Crypto is still in its infancy and some degree of stress-testing in healthy or even necessary.
https://www.bloomberg.com/news/articles/2021-12-15/crypto-com-removing-data-from-coinmarketcap-com-after-glitches
The UK’s advertisement regulator, The Advertising Standards Authority (ASA), has put a stop to even more cryptocurrency advertising campaigns. The regulatory body struck down advertisements by several cryptocurrency companies including Coinbase, Kraken and eToro.
According to the rulings, the promotions were prohibited for “irresponsibly taking advantage of consumers inexperience and for failing to illustrate the risk of the investment”. Strangely, I see no lack of UK advertisements for gambling platforms…
The ASA believes that some of the advertisements were deliberately misleading customers into believing that historical market movements would result in similar gains in the future. For instance, Coinbase’s advertisement pointed out that £5 worth of BTC in 2010 was worth more than £100,000 in 2021.
Whilst I do believe that the ASA’s move is partly designed to censor cryptocurrency and limit adoption, I do see the need to make it clear to retail investors that gains in the past does not guarantee gains in the future and that cryptocurrency trading can be a risky business indeed.
https://cointelegraph.com/news/uk-advertising-watchdog-bans-crypto-ads-for-coinbase-and-kraken
Basketball legend, Michael Jordan, and his son Jeffrey have begun another foray into the blockchain and cryptocurrency world.
The duo has announced HEIR – a web3 supporter engagement platform aimed at linking professional athletes with their most fervent supporters.
Interestingly, the platform’s native token, HEIR, will be minted on the Solana Network. HEIR will display NFT assets and feature a number of engagement tools for fans to utilise.
The Jordans’ platform is set to fully launch some time in 2022 and has already raised $10 million in seed funding from the likes of Solana Ventures and even the co-founder of Reddit.
Let’s also not forget that this is not Michael Jordan’s first crypto-based project. Jordan had a serious hand in the famous NBA Top Shot as developed by Dapper Labs and based on the Flow Blockchain.
https://decrypt.co/88393/michael-jordan-jumps-into-web3-solana-app-athletes-nfts-tokens
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