Crypto is Fallacy, Bank of Finland Says

Adviser on digitalization and head of the Digital Central Bank under the Ministry of Financial Stability and Statistics of Finland criticized crypto
03 July 2018   819

The Central Bank of Finland issued a document entitled "The Great Illusion of Cryptocurrencies", in which he expressed its attitude to digital currencies. This is reported by Cointelegraph.

The author of the document is Aleksi Grym, adviser on digitalization and head of the Digital Central Bank under the Ministry of Financial Stability and Statistics of Finland.

With the help of this document, Grim tries to convey how "shows how poorly understood the concept of money itself still is today" and how much the Internet and social networks "muddled our sense of fact and fiction".

A representative of the Bank of Finland believes that cryptocurrencies are not real currencies, but only "accounting systems for non-existent assets". As an argument, he cites the fact that technologies such as blockchain are essentially data storage systems. And their use for cryptocurrency "unrelated to the fundamental characteristics of money". The document also contains several citations from other studies, mostly with a negative connotation.

For all intents and purposes, that ledger is a centralised ledger. The fact that there are multiple synchronised copies of it, distributed across a network, is irrelevant, as each one has the same data.
 

Aleksi Grym

Adviser on Digitalization and Head of the Digital Central Bank process, Financial Stability and Statistics Department

According to the document, the main motive for buying crypto-currencies is criminal actions, a sense of belonging to the community, an attempt to defend themselves against "real or fictional" state oppression, or speculative trade.

In addition, Alexi Grym asks the question: "What is money?". He notes that over time the meaning of this word has changed, but until now, money means a unit for exchange, which can be stored and counted. But the cryptocurrencies, in his opinion, appear "out of thin air".

Binance to Change Launchpad IEO Rules

Binance is going to implement the lottery format for the next tokensale campaign
25 March 2019   7

Binance announced a change in the format of the next tokensale on the Launchpad platform to a lottery. At the same time, the number of lottery tickets per account will depend on the size of the steak in the BNB for 20 days before IEO.

Note that one account can get up to 5 lottery tickets. Winners will be selected by randomizer.

BNB Balance to Lottery Tickets Ratio
BNB Balance to Lottery Tickets Ratio

It is noteworthy that within 20 days before the lottery, the BNB-deposit snapshot will be carried out daily at 0:00 UTC to monitor the fulfillment of the conditions.

Each winning ticket will grant the right to purchase tokens for a fixed amount in BNB equivalent. As soon as the user informs the exchange that he is ready to use a certain number of tickets in case of their winnings, this obliges him to purchase tokens and the money will be debited automatically.

Binance acknowledged that the price of BNB may fluctuate due to daily snapshots, and its potential decline may not be covered by the benefit from the new token, and encouraged users to make informed decisions.

In addition, Changpeng Zhao urged the community to comment on the new format in a separate Twitter thread in order to make the necessary feedback-based changes, if needed.

During the Celer Network tokensale on the Launchpad platform again had bandwidth problems; many people did not manage to purchase tokens.