EddieJayonCrypto
5 Jul 22
• Nexo finally snatching up a rival, Vauld after losing out on Celsius• KuCoin declines as FUD spreads• CoinLoan cuts withdrawals by 99% in move to prevent a run on the exchange• Crypto naysayer Peter Schiff see his Euro Bank go insolvent and taken into receivership by Puerto Rico• Columbia to integ...
• Nexo finally snatching up a rival, Vauld after losing out on Celsius• KuCoin declines as FUD spreads• CoinLoan cuts withdrawals by 99% in move to prevent a run on the exchange• Crypto naysayer Peter Schiff see his Euro Bank go insolvent and taken into receivership by Puerto Rico• Columbia to integrate XRP Ledger (XRPL) into its land registration systemLast week was a big week with Three Arrows Capital going bankrupt, others having rumors and others looking to be bought. Here is what is on my mind today.1. Nexo is snatching up rival lender Vauld. Nexo has been looking to take out rivals for a while now. I reported almost a month ago they offered to snatch some assets from Celsius (who has cut withdrawal limits). Even though that did not work out, you knew from that moment they thought their position was strong and were going to identify another opportunity. 2. KuCoin is taking it on the chin as insolvency rumors continue swirling. CoinMarketCap says KuCoin's utility token, KCS, has dropped over 17% in a week and about 14% in a month. All of that over rumors. Another crypto lender, CoinLoan, has slashed its workforces and cut its withdrawal limits from $500K to only $5K. CZ, CEO of Binance, has a point when he says the future is going to be all about decentralized exchanges. We are currently witnessing the vulnerability of the smaller exchanges. 3. Consider how a bank works. Almost anything can cause a run on a bank. Just ask Peter Schiff, owner of insolvent Euro Bank in Puerto Rico. His bank is not insured. Now take a look at centralized exchanges. The same can happen to them. This is why so many of us prefer non-custodial wallets. 4. Did you hear about Columbia deciding to use XRP Ledger (XRPL) in their land registry? I speak about utility all the time. This is a great use of blockchain technology. I have said before there are a ton of use cases in real estate alone. Just start with a simple sale and all of the information that has to be noted to document that sale and ownership. This is one of the reasons why I keep harping on Jim Cramer. He keep running his mouth about how crypto is done. This guy reads headlines about crypto and doesn't look any deeper. He may be good at choosing stocks, but I would not turn on CNBC and listen to him spread FUD.