So the Blockchain actually predicted a Patriots win in the superbowl!
Decentralized prediction markets are finding more use cases. Super bowl betting is one such use case (although you probably do not need a sophisticated prediction market to predict a Patriots win). Starting off from a slow base, the diversity of categories covered in these prediction markets is slowly increasing.
Initially there were only crypto-related betting markets; and then arrived the abominable ‘assassination markets’. Now that’s changing with politics, sports and financial markets sprouting up. Veil is a peer-to-peer prediction market built upon Augur and has over a 100 markets currently listed on it. Veil provides a slicker interface than the plain vanilla Augur experience.
For what it is worth, the biggest betting market out there is in India, with cricket betting. While officially banned, as per some figures, each IPL (Indian Premier League) game, has almost $2.5 billion riding on it. At some point, this is going to open up and get regulated. Till then, it might be a great idea for a decentralized Augur market. Two pre-requisites though, it would require some slick UX/UI, and some savvy market making, and some regulatory hoops.
“Good News for Crypto Bulls” A bitcoin renaissance could see the digital currency rise by as much as 84 per cent by the end of 2019, according to a panel of experts polled by Finder.com.au. After peaking at $US20,000 in December 2017 off the back of a global cryptocurrency mania, bitcoin lost 71 per cent of its value and spent most of last year hovering around the $US4000 mark. At the time of writing, bitcoin was trading at just under $US3500. Of the six fintech experts who offered their predictions, Digital Capital Management chief operating officer Ben Ritchie was the most bullish, tipping a year-end price of $US9500. The average price prediction was just under $US7000.
“India’s Qualms with Crypto” From money laundering to terror financing, the risks associated with cryptocurrencies are well known. But a high-level panel tasked with drafting rules for India’s virtual currency ecosystem is now obsessed with its impact on a less-explored area. The committee, led by the top bureaucrat Subhash Chandra Garg is believed to be in a tangle over the impact that digital coins will have on the Indian rupee if they are allowed for making payments.
“SEC’s Focus on Blockchain Analysis” The United States Securities and Exchange Commission (SEC) is seeking sources for blockchain data and its analysis, a statement issued by the agency revealed on Jan. 31. According to the statement, the SEC is trying to find businesses able to provide blockchain data to support its risk monitoring and compliance enforcement activity, as well as inform the commission about digital assets. Last month, the agency announced that cryptocurrencies are one of the its top examination priorities for the current year.
“Centralize Exchange Owner Takes Users’ Assets to His Grave”Cryptocurrency exchange QuadrigaCX’s 115,000 customers have lost a combined total of $145 million, after CEO and founder Gerald Cotton unfortunately passed away from complications caused by Crohn’s Disease last year. The company has less than half a million left in cash. An affidavit filed by QuadrigaCX on January 31 reveals that there are 26,500 bitcoins ($92 million), 11,00 bitcoin cash ($1.3 million), 11,000 bitcoin cash SV ($707,000), 35,000 bitcoin gold ($352,000), 200,000 litecoin ($6.5 million) and 430,000 ether ($46 million) stored on Cotton’s encrypted and inaccessible laptop.
A Conflict of Crypto Visions by Arjun Balaji and Yassine Elmandjra