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Humility Before a Fall: Your Crypto Startup Hasn’t Done Anything Yet

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Dave Balter is the CEO of Flipside Crypto. His book, “The Humility Imperative,” will be released on June 30.

This is a message to every cryptocurrency entrepreneur, employee, executive or leader: Dig a hole, throw your ego into it and pour concrete on top. Find humility instead.

Hello, my name is Dave Balter, and I’m a CEO who used to be totally ego-driven. (There. I said it.)  This ego gave me the confidence to be a great leader, but also nearly destroyed BzzAgent, the word-of-mouth pioneer I created in 2001. Had I not dramatically adjusted my leadership style, in all likelihood my partners and I wouldn’t have found our way to a successful exit to Tesco in 2011.  

In the decade since I’ve built and exited a number of businesses. My most recent one, Flipside Crypto, delivers insights and analytics to blockchain organizations. This provides us a front row seat to the behaviors and attitudes of leaders and employees across hundreds of blockchain platforms, dapps, exchanges and other ecosystem participants. 

See also: Taylor Monahan – As We Hunger for Viability, Let’s Stay True to Our Values

Here is something I’ve learned: Many leaders think just being in the blockchain space makes them untouchable. They count an easy ICO raise as validation of success. They’re proud of developing something so technically complex their team barely understands it. 

In one meeting a senior executive admonished a teammate in front of us, exclaiming her work as, “useless, irrelevant and without impact.” In another, the leadership of an Asian exchange asked us to distribute a series of splashy press releases, even though we were still working out our working relationship. One crypto executive had the nerve to gloat in front of us, “We literally just print money.” 

Last autumn I was in a restaurant (remember those?) in Boston and found myself seated near a group of employees from a crypto organization recently fined by the Securities and Exchange Commission for its illegal ICO offering. They were celebrating. Waiters were bringing them chop after chop of cut meat. Many drinks were drunk. They cheered and toasted each other in hoodies emblazoned with their company’s logo.

What’s the one simple thing that will bring this industry down? It won’t be scams and frauds, it will be something much more damaging: hubris.

I was outraged. Their CEO deceived investors and broke the law. Should the team rebrand? Nope. Should they quietly melt into the woodwork? Nope. Instead, they should party. They should let everyone know where they work. That they won. They considered it a victory.

These are all danger signs. Indications that leadership is acting with unchecked confidence. With attitudes of self-worth, grandiose thinking and a terrible case of “we-have-it-all-figured-out.” 

What’s the one simple thing that will bring this industry down? It won’t be scams and frauds, it will be something much more damaging: hubris.  

See also: Michael Casey – Money Reimagined: Crypto’s Diversity Problem

Don’t get me wrong. There are some terrific leaders in the crypto industry. Brian Armstrong of Coinbase is one. So is Jeremy Allaire of Circle.

Two very different leadership styles.  Brian began as an engineer. Jeremy is a longtime entrepreneur and a seasoned executive. Their similarity lies in a distinct truth: Each approaches his businesses with maturity, clarity and delivery, all traits of leaders with the humility to build strong organizations.

Case in point: With the onset of COVID-19, Armstrong immediately takes action. He listens to his employees, to his customers, to the market. He makes adept shifts to the organizational infrastructure and institutes a remote first policy , and on May 20 published it publicly so it could serve as a roadmap for others.

Case in point: Allaire’s Circle has gone through a series of dramatic evolutions. Early Bitcoin ATMs made way for a truly massive over-the-counter trading group  – and as the market evolved again, he executed a nimble pirouette and developed USDC, a stablecoin business. 

Strong leaders recognize the art of humility. Neither Armstrong nor Allaire lack confidence. They have it in spades. But that confidence doesn’t root them so deeply in place that they can’t adapt. They listen to their teams and focus on execution vs. promotion. That’s humility at work.

The humility imperative is simple: If you’re an ego-fueled leader, find humility today before it’s too late. Disregard the fawning fanboys and king-like power you feel right now. Recognize your place in the universe is no more important than anyone else’s. Know you can learn from every single interaction,  no matter the person’s credentials. Understand that your competitors are smart ,  perhaps (gasp!) even smarter than you. Believe that media glory is fleeting. Remember that fundraising is a tactic, not a strategy; your reputation isn’t forever golden because a high profile VC firm backed you. 

Here’s what matters more: You treat your employees with kindness. You are willing to be wrong; and  –  yes, this is hard  – you share the spotlight.

Having trouble admitting your ego is out of control? Ask your family, friends or most trusted adviser what they think. Find someone willing to tell you straight. Your cryptocurrency will be much better for it and you’ll truly have the opportunity to create something sustainable. Humility will prepare you for the endurance test to come. It will give you the flexibility to create an organization that can thrive in good times and survive the bad.

Unless it addresses this, the crypto industry will become “what might have been.” It will become a case study in what not to do. It will end not with a flourish or a bang, but with a whimper.

Have humility, or your hubris will have all of us.

Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Source: https://www.coindesk.com/humility-before-a-fall-your-crypto-startup-hasnt-done-anything-yet

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BIC’s Video News Show: Bitcoin Cash

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In this episode of the BeInCrypto video news show, host Jessica Walker will look at bitcoin cash (BCH). The coin has returned to the top ten in market cap, due to an anticipated upgrade, its pairing with ethereum (ETH), as well as the increased use of CashFusion. We’ll also take a look at its recent price movements.

Bitcoin Cash is Back in the Top 10 Cryptos! Is it There to Stay?

Bitcoin cash back in top ten

Bitcoin cash has been gaining a lot in the past several weeks. It currently sits at the tenth place on CoinMarketCap’s top cryptocurrencies in terms of market capitalization. It is a regular on the list and it seems to be going up because of investors looking for the next “boom-coin.” By sharing a name with mainstay bitcoin (BTC), it’s basking in the glory of its more popular namesake. But what are some other reasons for BCH’s return to the top ten?

May 15th upgrade

Perhaps the most important thing on BCH holders calendar is the upgrade that will happen on May 15. Most of the changes are aimed at improving the experience of users and merchants when using BCH to make payments. This will hopefully provide another incentive for adoption.

Another upgrade that stands out to us is the removal of the unconfirmed chained transaction limit. This will allow users to do more than 50 chained unconfirmed transactions at a time. This was a highly requested feature for a long time. In particular, by gambling sites and other high volume, quick transaction apps that relied on BCH for payment. 

BCH and Ethereum

Another interesting development around BCH is its pairing with Ethereum. This will happen through the SmartBCH sidechain, which was announced last Thursday. 

In an interview with bitcoin.com, the Smart Bitcoin Cash team lead explained that developers and decentralized app makers can now experiment and develop with the sidechain, which is compatible with the Ethereum Virtual Machine. This seems to have already provoked some interest. 

The Coinflex exchange team has begun running tests with setting up a decentralized exchange and creating tokens. If successful, the sidechain could become a platform for expanding the user base of bitcoin cash and grow its ecosystem. 

CashFusion

CashFusion has also been mentioned quite a lot this week. For those of you who haven’t heard of it, CashFusion is a service that provides privacy for bitcoin cash. Described simply, it lets wallets help each other blend into the crowd and keep prying eyes away. 

Reports have indicated that since CashFusion was introduced in November 2019, there have been more than 67,000 fusions or almost $6 billion worth of BCH using today’s exchange rates. This could be another sign of the popularity of bitcoin cash, which has largely gone under the radar in recent months.

Technical analysis

A quick chart analysis shows us that we are close to a high from May 2018, which was around $1,850 dollars. Right now, we seem to be on track to reach and test that level. But a correction and retest of $1,228 on the downside are also possible, although that level did hold several days ago. 

Source:TradingView

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/bics-video-news-show-bitcoin-cash/

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Gold, Stocks, and Bitcoin: Weekly Overview, May 13

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This week’s price movements for bitcoin (BTC), gold, and our stock picks Coinbase, MoneyGram, and Tesla.

BTC

After a generally steady week, bitcoin took a nosedive, dropping down to around $50,000. From May 6, BTC has mainly been channeling between $55,00 and $58,000, before pushing past $59,000, on May 8. It came back down below $57,000, on May 9, before bouncing back up above $59,000, on May 10.

From there it dropped down to $55,000 by May 11. On May 12 BTC’s price rose to $58,000, then fell to $55,000. However, at the end of the day, the price dropped significantly reaching nearly as low as $47,000, on May 13. BTC is currently trading around $50,000.

BTC’s drastic fall came on the heels of Tesla announcing that it would no longer be accepting bitcoin as payment. CEO Elon Musk tweeted:

“We are concerned about [the] rapidly increasing use of fossil fuels for bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”

Despite this decision, Musk added that the electric car company would retain its bitcoin holdings. Musk added, “We intend to use it for transactions as soon as mining transitions to more sustainable energy”.

GOLD

Gold has prospered overall, in the past week. After rising on early May 6, around midday the price of gold jumped above $1,800 for the first time since February. It settled around $1,820, on May 7, before spiking once again around midday, soaring above $1,840.

After setting again around $1,830 going into the weekend, on May 10, it pushed up again past $1,844. It stayed in the high $1,830 until noon the next day, when a sharp drop pushed it below $1,820. It bounced up and down again into the next day, before reaching $1,820, by the end of May 12, where it is currently trading.

This recent fall occurred as U.S. Treasury yields rose and the dollar firmed after a rise in U.S. consumer prices boosted bets for early interest rate hikes. “The real yields continue to rise and there is speculation in the market that there would be a surprise tightening by the Federal Reserve,” said Xiao Fu, head of commodities market strategy at Bank of China International.

COIN

Coinbase’s stock (COIN) has had one of its most interesting weeks since debuting last month. After selling off from its initial listing, the price settled around $300, within a few weeks. Towards the beginning of May, it dropped quite a bit, hitting a low of $250, on May 6. However, the past week has seen it rise back up past $300, only to sink again in the past day or so. It is currently trading at around $280.

Recent movements come in light of quarterly results, which will be announced after the market closes. Strategists will be looking for insights on how it manages fees and grows, as competition increases in the nascent crypto space.

“While Coinbase has been able to rely on its first mover advantage and brand familiarity so far, margins will continue to compress from competition with both ‘CeFi’ brokerages like BlockFi and ‘DeFi’ alternatives like Uniswap,” wrote Matthew Wheeler, global head of market research at Forex.com.

MGI

MoneyGram has had an outstanding week in light of its earning report, last week. It began trading at around $6.40, on May 6, until its first quarter earnings were released. This pushed the stock’s price up nearly a dollar in the first hour of trading the following day.

From there it continued rising, reaching as high as $8.70, before retracing back to $8.00. It pushed high again, on May 10, before balancing out around $8.40. On May 11, it dropped a bit, before pushing back to the prior day’s level. However its price has been sinking since April 12. It is currently trading at around $7.70.

According to MoneyGram’s latest earning report, the company’s total revenues of $310 million surpassed estimates by 3.3% and were also up 7% year over year. Among revenues, money transfer revenues were $285.4 million, up 12%, driven by double-digit transaction growth. Investment revenues were $2 million, down 80% due to lower prevailing interest rates. This past week, MoneyGram also announced a partnership with Coinme to expand point-of-sales for bitcoin.

TSLA

Tesla has had a difficult week overall. Although its stock fell in the first hour of trading, on March 6, it pushed back up past $680 over the next day. However, it gapped down and fell further, on March 10, tumbling for the rest of the trading day down to $630.

It gapped down further to $600, on May 11, but the rest of the day it pushed back up to $625. Yet again it gapped down the next day and continued to tumble from there. It is currently trading at around $590. This most recent movement comes in light of the company’s announcement regarding bitcoin mentioned above.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/gold-stocks-bitcoin-weekly-overview-may-13/

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Exchange Tokens Regain Footing After Sharp Drop

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Uniswap (UNI) has been decreasing since reaching an all-time high price of $45, on May 5. However, it has bounced at the $34.60 support area.

Binance Coin (BNB) reached a new all-time high price, on May 10. 

Curve Dao Token (CRV) has bounced at the support line of an ascending parallel channel it has been trading in, since the beginning of February.

Binance Coin (BNB)

BNB has been moving downwards since reaching an all-time high price of $691 on May 10. It began a sharp decrease on May 12, and reached a low of $541 the next day.

However, it bounced shortly afterwards and has reclaimed the $600 area. In addition, the area coincides with an ascending support line that has been in place since April 18. As long as it is trading above them, the trend can be seen as bullish.

However, technical indicators are turning bearish. The MACD has created the first negative momentum bar since April 3. The Stochastic Oscillator is close to making a bearish cross, while the RSI could soon fall below 50.

A breakdown could cause a sharp decrease all the way to the $450 support area. 

However, until BNB either bounces from this area or breaks down, we cannot accurately determine the direction of the trend.

BNB All-Time High
Chart By TradingView

Highlights

  • BNB reached a new all-time high price, on May 10. 
  • It is trading above support at $600.

UniSwap (UNI)

UNI has been decreasing since reaching an all-time high price, on May 3. It reached a low of $33.46, on May 10, and bounced.

While it decreased once more yesterday, it has created a higher low since and is in the process of creating a hammer candlestick, which can be seen as a bullish reversal signs.

Furthermore, the candlestick is being created right above the $34.70 area. This level has intermittently acted as both resistance and support, and the recent bounce confirms it as a support level. 

If UNI continues to increase, the next closest resistance levels are found at $45 and $52, respectively.

UNI High
Chart By TradingView

A breakout from the short-term descending resistance line in place since the aforementioned all-time high would confirm that UNI is heading for new highs.

UNI Resistance
Chart By TradingView

Highlights

  • UNI has bounced at the $34.70 support area.
  • It is following a short-term descending resistance line.

Curve Dao Token (CRV)

CRV has been trading inside an ascending parallel channel since Feb. 26. On April 26, it reached the support line of this channel, seemingly completing a running flat correction. This is potentially wave four (white) of a bullish impulse.

Technical indicators are bullish, supporting the possibility that CRV continues to increase. This is especially evident by the RSI cross above 50 (green arrow).

Potential targets for the top of the movement are found at $5.55 and $7.58, respectively. The former is also a horizontal resistance level.

CRV Channel
Chart By TradingView

Highlights

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

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Source: https://beincrypto.com/exchange-tokens-regain-footing-after-drop/

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IRS & DOJ Set Sights on Binance to Root Out Illicit Activity

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Binance, one of the largest cryptocurrency exchanges, is facing an investigation by the IRS and the DOJ. The government entities are looking for information from individuals with insights into the exchange’s business practices. 

Binance Holdings is currently under investigation by the United States Department of Justice (DOJ) and the Internal Revenue Service (IRS), as per a Bloomberg report.  The goal is to try and suss out the illegal activity that has allegedly found a home within the unregulated crypto market and its biggest exchange. 

According to an anonymous source with insight into Binance’s practices, officials who handle money laundering and tax offenses are starting to ask questions. The exchange, led by Changpeng Zhao, has risen to dominate the current crypto exchange market since opening in 2017.  

In an official statement, Binance spokeswoman Jessica Jung said, “We take our legal obligations very seriously and engage with regulators and law enforcement in a collaborative fashion.”

Despite a policy on not commenting on specific inquiries, she goes on to say, “We have worked hard to build a robust compliance program that incorporates anti-money laundering principles and tools used by financial institutions to detect and address suspicious activity.”

Recently, a blockchain forensics firm, Chainalysis,  working with U.S. federal agencies, concluded that more funds tied to criminal activity went through Binance than any other single exchange. 

This has apparently raised a few eyebrows from U.S. officials who are concerned that cryptocurrencies are being used to hide illegal transactions along with aiding in tax evasion.  

U.S. officials who are involved in the probe include federal prosecutors with the DOJ’s bank integrity unit and U.S. Attorney’s Office lawyers. The specifics of what these officials are looking into are not yet known.

This is not the first time Binance has fallen under scrutiny from a government. They faced regulatory issues in Europe for stock trading services and even got a public tongue lashing from German regulators. 

As of this writing, neither the DOJ nor IRS have not released any official statements regarding the matter.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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Source: https://beincrypto.com/irs-doj-set-sights-on-binance-to-root-out-illicit-activity/

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