Rights Archives -
While employers across the U.S. paid a record amount in settlements for workplace violations last year, don’t expect this to mark the beginning of a trend. Think of it more as the storm before the calm, as labor lawyers rush to lock in payouts ahead of a shifting legal landscape.
A KKK member responsible for the 1964 murder of three civil rights workers in Mississippi has died while serving a 60-year-sentence for manslaughter, the Clarion Ledger reports. The Mississippi Department of Corrections tells NPR that Edgar Ray Killen died Thursday night at the age of 92. He was suffering from…
For more than 16 years in her Sunday Los Angeles Times column, Donie Vanitzian helped frazzled homeowners navigate the minefield that can be living within a homeowners association.
The columns often focused on alleged wrongdoing by board members, management companies and other people in positions…
On the last day of the calendar year, Star Wars: The Last Jedi has surpassed Beauty and the Beast as the top grossing film in North America in 2017. It also topped the charts for the weekend for the third time, but just barely—Dwayne Johnson’s Jumanji: Welcome to the…
Block.one’s EOS ICO has raised approximately $ 700 million USD, despite EOS’ FAQ page clearly stating that token-holders will not be afforded any rights or functions. The token sale currently comprises the largest ICO to date, with the company anticipating a launch in June 2018.
EOS’ Year-Long ICO Raises Roughly $ 700 Million USD So Far
EOS is the brainchild of 31-year-old Hong Kong-based internet entrepreneur Brendan Blumer and programmer Dan Larimer. Mr. Larimer has garnered criticisms for working before abandoning both Bitshares and Steemit. A former colleague of Mr. Larimer, Charles Hoskinson, stated that Larimer “hasn’t finished a project yet.” The chairman of the Bitcoin Foundation, Brock Pierce, serves as an adviser to EOS and is a minority partner in the company. Block.one is registered in the Cayman Islands, and comprises roughly 50 employees. Development for the project reportedly occurs through an open-source development platform, and as such, the company does not have a central office.
At the end of October, Brock Pierce stated that EOS’s 345 day ICO had “almost” raised $ 700 million USD during a discussion at Launch Scale 2017, adding that the company is currently selling 2 million tokens daily. According to the Wall Street Journal, the figure is larger than that raised by “all but 10 of the 195 U.S. initial public offerings this year.”
The funds generated make the EOS ICO the largest ever, and coupled with accelerating bullish momentum during December, EOS has come to comprise the tenth largest cryptocurrency by market capitalization – boasting a total market cap of approximately $ 6.75 billion USD as of this writing. Mr. Pierce recently expressed his expectation that the ICO will raise “at least a couple” of billion USD before EOS’ development will occur.
Block.one Will Be Allocated 10% of the Total Token Supply
Despite the enormous sum raised, Block.one plans only to write the code for EOS before releasing such publicly. The company does not intend to develop the platform itself, which will be delegated to third parties “unrelated to Block.one.” As such, EOS tokens will not afford its possessor “any rights uses, purpose, attributes, functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features on the EOS platform.” Block.one also plans to use a portion of the capital raised to invest in companies seeking to operate using the EOS platform – although how investors will benefit from said investments is not presently clear.
According to The Wall Street Journal, many investors are choosing to disregard the lack of legal rights afforded by the EOS tokens, viewing such as likely to be no more than a benign necessity in order for the company to protect itself in the current climate of regulatory ambiguity surrounding the legal status of cryptocurrency startups. Matthew Roszak, an early investor in Block.one, has defended the EOS terms of service, stating: “I don’t think it’s fair reading into that language too tightly,” emphasizing his view that the “regulatory environment is as clear as mud.” Other Block.one investors have been more cautious in their assessments of the EOS ICO, with Agentic Group’s founder, Rik Willard, suggesting that the surging demand for EOS tokens is indicative of the current “frenzy” surrounding cryptocurrency technology.
What are your thoughts on EOS’ ICO? Share your views in the comments section below!
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Twenty-four hours ago the decentralized cryptocurrency bitcoin and its US$ 300Bn market capitalization just surpassed the International Monetary Fund’s (IMF) Special Drawing Rights market (SDR $ 291Bn).
Bitcoin’s Market Valuation Outpaces the IMF’s Special Drawing Rights Reserves
Bitcoin’s value has grown immensely in 2017 outperforming nearly every world currency, stock, and commodity this year. With a global average of over $ 18,000 per BTC and a $ 300Bn+ market valuation bitcoin has surpassed the IMF’s international reserve assets ($ 291Bn). The SDR is comprised of a ‘basket of legal tender’ from five nation-states. The value of the SDR, also known as XDRs, is based off a percentage of Chinese renminbi, U.S. dollar, the Japanese yen, the euro, and the British pound sterling. The SDR was created in 1969 using the Bretton Woods exchange system, and before 1973 it contained the value of 0.8 grams of gold.
The SDR Gains Traction This Year As the U.S. Loses Ground, and Countries Decouple from the USD
The IMF’s Special Drawing Rights market has always been controversial since the day it was introduced. Essentially, the basket of currencies are allocated to countries by the IMF and a nation participating in the exchange market has to have reserves. Many skeptics believe the IMF is creating a “globalist one world currency” so it can continue to keep the central banking system in power. This year has been an interesting year for the SDR, as the reserve has gained in value in comparison to other solitary nation-state currencies. The trend has seen an uptick due to a few nations decoupling from the USD, as the IMF revealed this past summer that America was no longer the top economic powerhouse. These days other countries like Germany, Russia, and China are making monetary moves on their own.
Bitcoin’s Black Swan Event and the Next Transfer of Wealth
However, the citizens of the world, the ones without borders, are riding the lightning growth of a different kind of currency. Bitcoin has become the censorship-resistant black swan economy that’s not issued by a nation state or corporation. In fact, the decentralized currency came from an anonymous creator, and it’s a software made up of digits and code that millions of people trust. Bitcoin has become an internet-infused ‘people’s money,’ and the technology is shifting a lot of wealth into the hands of individuals in a way that’s not been seen since the oil rush back in 1859. Even the International Monetary Fund’s Christine Lagarde says bitcoin will cause “massive disruptions” to the existing financial system.
“In many ways, virtual currencies might just give existing currencies and monetary policy a run for their money. The best response by central bankers is to continue running effective monetary policy, while being open to fresh ideas and new demands, as economies evolve,” explains Lagarde this September.
The currency was born in 2009 and bitcoin has come along way since 10,000 BTC happened to be traded for two Papa Johns pizzas in 2010. A year later the currency reached parity with the U.S. dollar and rose to thirty dollars during its first “bubble.” The reason it was called a bubble is because, shortly after, markets dipped to a low of $ 2. For a while, the price remained stable, but slowly rose to $ 13 in December of 2012. Then in the spring of 2013, the price jumped to $ 266 and rallied to a high of $ 1,242 across global exchanges. Again the high didn’t last long as the price took a bearish dive all year after the Mt Gox exchange lost 800,000 BTC, and went bankrupt. That year economic pundits and financial publications called bitcoin the “worst currency of the year.”
Bitcoin’s Value Matures Greatly In 2017
In 2015 bitcoin started gradually rising once again and captured the top performing currency in 2015 and 2016. After the new year and into 2017 bitcoin once again surpassed $ 1,000 per BTC. It started its phenomenal rise that has stayed consistent every month since then. In March of 2017 bitcoin proponents thought it was a big deal when the decentralized currency surpassed the spot price of one troy ounce of .999 gold. However, bitcoin’s capitalization even today is tiny in comparison to the gold market’s 9 trillion annual valuation. Still, bitcoin is bigger than many of the capitalizations tethered to corporate entities and stocks. For instance, bitcoin’s market cap is larger than Paypal, IBM, Disney, General Electric, McDonalds, and even the global fine arts market.
Bitcoin has also given birth to over a 1,000 clones and has created numerous ways for people to raise wealth. With all of the digital assets and bitcoin’s cap combined, the global value of cryptocurrency assets is currently over a half of a trillion U.S. dollars. It’s a pretty big deal that a currency that doesn’t have any rulers, and is not issued by the nation states or IMF, is gaining so much traction. Bitcoin’s market cap has surpassed a lot of things and exceeding the SDR reserves created by globalists and bureaucrats is one more milestone for the history books in 2017.
What do you think about bitcoin’s market cap exceeding the IMF’s special drawing rights reserves? Let us know in the comments below.
Images via Pixabay, Coinbase, IMF SDR, and Twitter @datavetaren.
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The post Bitcoin’s Market Cap Surpasses the IMF’s Special Drawing Rights Reserves appeared first on Bitcoin News.
President Donald Trump paid tribute Saturday to the leaders and foot soldiers of the civil rights movement, though protests surrounding his visit to Mississippi laid bare the stark divisions among Americans about his commitment to that legacy, the AP reports. As Trump gazed at an exhibit on Freedom Riders at…
Human Rights Watch has urged world leaders converging for annual summits in Southeast Asia to address the region’s human rights crises led by the plight of Rohingya Muslims in Myanmar and what it calls the “murderous” anti-drug crackdown in the Philippines.
Germany’s antiterror posture is facing a shake-up as parties locked in talks about forming the country’s next government wrangle over how to balance a strong state and individual liberties.
WSJ.com: What’s News Europe
Attorney General Jeff Sessions issued two memos this week that critics say put the rights of the LGBTQ community at risk. NBC News reports a Justice Department memo issued Wednesday states Title VII of the 1964 Civil Rights Act, which prohibits discrimination in the workplace on the basis of sex,…