Wyoming Passes Law Defines Crypto Utility Tokens



on today's episode of the crypt of s the US state of Wyoming defines cryptocurrency utility tokens as a new asset class coinbase paves the way for new altcoin support with an upgrade to support ERC 20 tokens the status group have published their analysis of the quality of ICO is historically the rebrand for the – cryptocurrency is well underway and we'll finish up with the market roundup and a look at the Bitcoin and the etherium charts before we go there though make sure you check out the infinite man summit because I've just been added to the speaker roster so the infinite man summit is in July 2018 in Portugal so it's in Europe the infinite man summit is an event that inspires men to live extraordinary lives so if you're someone who believes in truth and authenticity and living outside the box check out the infinite man summit come and meet me in person and let me drop some pearls of wisdom on you hi there guys welcome to the latest episode of the crypto vests your regular dose of news and commentary on Bitcoin cryptocurrencies and blog chains I'm your host Chris Coney let's get into the first story so the US state of Wyoming defines cryptocurrency utility tokens as a new asset class according to this article from Forbes calm this is what I've been saying repeatedly whenever I cover a story about regulators getting confused about whether a cryptocurrency here's a commodity an asset a currency a security or a token well the answer is it's none of them it's software so it depends on how you use it one minute acts like a currency the next minute it might act like a commodity and the next minute it might act like your utility and on and on it goes it's like a slippery eel is the way I describe it so you know you try and regulate it one way and it changes form and it wriggles right out of your hands and the other part of this comedy show is that because regulators can't decide how to classify crypto they don't know which agency is even responsible for it and here's an extract from the Forbes article in red here it says the SEC has made it clear that cryptocurrencies and tokens offered through initial coin offerings are securities and therefore illegal unless they've registered through the SEC however just last week a district court backed by the US commodities future Trading Commission is defining cryptocurrencies as commodities it goes on here in the orange while all of these are notable they're talking about the various laws one law in particular makes Wyoming stand out as being the first state in the world to define cryptocurrencies as an entirely new asset class now the bill in question is House bill seventy a ka the utility token bill which was passed on the 7th of March the article says here governor Matt Mead just signed the bill into law this past weekend so this legally defines which type of crypto tokens higher utility tokens they are basically tokens that are not offered as an investment and must be a vehicle for exchange of service I have a question though why is Wyoming doing this what is their incentive please share your opinions on this in the comments next story coinbase paved the way for new altcoin support with an upgrade to ERC 20 standard so to my mind this means two things number one once they actually technically implement this and it's available in your account well then we'll be able to participate in icos by sending ether directly from coinbase right the ether wallet inside your coin bears account so this is something that I SEOs specifically tell you not to do at the moment right and it's because the wallet you're sending from a coin base doesn't allow you to access the tokens that you're buying now though you should be able to do this making it that much easier to get your Fiat into ether at coin base and then by ico tokens with it so that's number one number two is that coin base may well expand this exchange to allow trading of ERC 20 tokens having said that they are unlikely to launch you know a whole range of them since they've already made it clear how deeply they scrutinize a coin before they launch support for it so this may make it easier to get your money into icos but they're unlikely to be able to use coin base as a one-stop shop to get the money out again that is assuming you want to convert it back to fiat next story the status group published their analysis of ICO quality now I've noticed this pie chart and in the rounds so I felt I had to talk about it for fear of the information being misrepresented the problem is that the image is being passed around without reference to the source material which is this medium post from the status group so this analysis was done on ICS with a market cap of at least 50 million dollars and according to their analysis 81% of ICS they studied where scams which they actually provide a definition for if I scroll up to the read section here he says scam pre trading defined as any project that expressed availability of an ICO investment through our website publishing an attention thread on Bitcoin talk social media posting they contribution address etc did not have or had no intention of fulfilling the project development duties with the funds and or was deemed by the community message boards websites or other online information to be a scam so then all of the ICO coins that managed to get listed on an exchange of those coins they were assessed whether the project had a test version or a beta version a transparent roadmap and code added to their github within the last three months so out of all the ICS they studied 3.8% were deemed successful meaning they had all three of those criteria 1.6% were deemed promising meaning they had two out of three of those criteria and 2.8 percent were defined as dwindling meaning they had one or none of those three criteria but was still listed on an exchange now my view on this is that the scams could easily have been prevented by ad ICO a da ICO which is where the funds are locked in a smart contract and then only released gradually as the development team complete various milestones and the investors can even cancel the project and get their money back if they don't see sufficient progress and as for the other success statistics they seem reasonably on par with average startup failure rates it just seems that everything is accelerated in the crypto space so let me know what you think to this in the comments below I want to gather some good ones for Sunday when I did a comments edition of the crypto base next story the – rebrand is underway now we all know how a rebrand can often cause a coins price to take a moonshot but I haven't seen a lot of talk about the – rebrand that has been underway for a little while now and – hired Ogilvy & Mather a legendary agency in the marketing world and given that I ran my own internet marketing agency for seven years I am well aware of ocol V & Mather anyway you really need to take a look at the video version of today's show to appreciate this because there are some actual visual representations of these new logo concepts but here's the new – branding that Ogilvy came up with I've looked at this repeatedly over the last few days and I you think they're way better off with their existing Brander than this one now they have another alternative concept from thup and Clark which is this one and this is more of an evolution of the existing brand which i think is cool but the actual dash on the D needs pulling closer otherwise at a glance it kind of looks like ash now votes are being cast right now on the blockchain by – masternodes so if you're one of them make sure you cast your vote before the next super block which is in three days time also let me know what you think dear viewers by posting a comment below now let's finish up where the a market roundup we're actually a touch up overall today back at 304 billion total market cap you know two hundred and seventy seven billion was the bottom which was on the 18th of March that was actually lower than the 6th of February when Bitcoin hit six thousand dollars so if Bitcoin was around seven and a half thousand dollars on the 18th of March and the overall market cap still went lower to two hundred seventy seven billion compared to when Bitcoin was at six thousand well that's how badly all coins have been bleeding lately now in terms of the market caps on coin market cap there are a couple of outliers in the top fifty today EOS being one of them hits up eleven point four percent to six dollars and thirty cents and it's on scheduled to release the dawn 3.0 version of the software on 6th of April so keep an eye on the price after that announcement and if we scroll down to 28th place we find ontology which is up to two thousand thirty three cents having mooned forty five point four percent in the last 24 hours putting mr. crypto but in a good place since he released a video recently saying he'd gone pretty much all in and allocated 70 percent of his portfolio to ontology so now let's take a look at the charts so this is the daily chart a Bitcoin against the US dollar Bitcoin still straddling eight thousand dollars so if we look at the four-hour chart we can see that we're not really any better off than we were two weeks ago but also we're not any worse off either I also want to look at the theorem charts I want to switch over to daily because aetherium is right back to where it was at the beginning of December around 460 dollars and when you look at etherium zoomed out to this degree you see all the interaction at four hundred and fifty dollars which was back from November December which when it finally broke they took ethereum up to fifteen hundred dollars and I should be a lesson to all of us if we see a run like that for goodness sakes held something right even if it's just 10% of your holdings if theorem has actually set a new low today we a bottom of 452 dollars and 32 cents on the 18th of March however today we've set a new low of 446 so this is why the Bitcoin dominance is a relatively high 44.7% is because old coins including aetherium are hurting right now so bottom line I know it's a long winter people but I believe your faith will be rewarded and those weak hands will be punished so stay strong because there's every chance it could turn around any minute so thanks very much for joining me today guys if you liked this episode go ahead and hit that like button and if you're new around here get subscribed and if some of the things didn't make any sense to you today then may I suggest going to my website which is crypto vesti comm and clicking on courses where you can take any one of my foundational step-by-step online courses that will teach you vocabulary and some technical stuff and just give you an all-round foundation in crypto currency so that when you listen to the news and commentary they'll make a lot more sense all right guys that is all for today I'll be back tomorrow with another episode of the crypto vest so until then it's me Chris Kony saying bye for now you

17 thoughts on “Wyoming Passes Law Defines Crypto Utility Tokens”

  1. If anything in today's episode sounded like techno-babble, head over to my website and take a step by step online course: https://goo.gl/zXwKrV

  2. Satis included a lot of scammers in their sample selection process with their absence of standards of what counted as a legit ICO launch. Anyone who just took a chance and posted an address on twitter with some made up idea asking for money would count in their data, lolz. So it's actually surprising how few scammers they actually found and included.

  3. i took one of your classes the digital money revolution. it realy helped me make sense of this whole space .. if you have no idea whats your doing go check it it out as a primer

  4. Great video as always, Mr CryptoVerse. In the Coinbase section, for “reason #2” you mention “assuming you want to convert it back to FIAT” possibly implying that Coinbase / GDAX would only offer FIAT pairs. However, I would expect there to be other pair combinations – BTC, ETH, BCH and LTC. This, to me, gives a lot of arbitrage opportunities where the fresh meat is. Everywhere else that there’s arbitrage, there are a lot of professional traders or bots. GDAX probably has a lot more amateurs trading with their browser, so that will open up a tremendous opportunity in the near term for the arbitrage bots to sweep the floor.

  5. I found your comments on scam prevention interesting. If we do not find ways of offering investor protection the rise of "scam" ICO's will become a problem for the space as a whole. In conventional coinage it is generally accepted that bad currency drives out the good. the rub here is that crypto is unregulated and that lack of regulation opens the door for ponzi scemes just as the internet opened us up to emails from Africa with untold riches on offer. IF crypto becomes regulated it loses much of its appeal. In my humble opinion the deciding factor will be if we see coins that add real value and benefits in the real world producing hard profits, which are readily convertible to fiat (at least in the early stages), then we will see a growth in confidence and a move away from speculative fixations. Some of the answers below about Wyoming have also been very interesting. I have long felt that the motivations and interests of politicians are complex and impenetrable and rarely what they claim.
    I would offer two thoughts on crypto currency and would love to know in what ways others think I am wrong. The first is that assuming the conditions above can be met and real (not merely speculative) benefits can accrue to alt coins why is there so little concern regarding the ability of society to function if the fiat system collapses. Surely a gradual transition is needed for us not to be fighting over the last loaf of bread. If we look back over history radical changes have been accompanied with massive body counts. Imagine two women fighting with iron bars over a loaf of stale bread and ask yourself which one is the bitcoin millionaire. I know the glib answer is governments will switch to alt coins and that will make them accountable and honest, but the truth is that a key role of money is to allow governments to function and they can not do that honestly, and we probably do not want to know how bankrupt we are.
    My second thought is that perhaps the true measure of blockchain technology will be how governments will be able to add it to fiat currency in order to give them more control. Imagine all banknotes being recorded against your digital identity and needing validation on a regular basis. the black economy would struggle in its present form and tax gathering would become much easier, why not let the cash point deduct the vat from your money at point of withdrawal.
    Please feel free to disabuse me of my concerns.

  6. Wyoming is a major tax haven state …if you dig there you might find the answer. Why are the big cryptos in Singapore, Zug, Liechtenstein , Gibraltar etc? Taxes !

  7. Wyoming runs more like an Oligarchy than a state. The big money in Jackson and oil money in Casper drive most of the legislative actions. My sense is the big money wants protection from any form of state taxation on crypto. Wyoming has no income tax or corporate tax making it a haven for businesses from all over the country. Keeping crypto untaxed would be consistent.

  8. Wyoming is where one pays 0% State tax. Wyoming will boost their economy and population with Crypto starts. Wyoming here I go!

  9. Chris, yes, it could turn around any minute. It just feels like to me that there aren't that many buyers at the moment to start a turn around. 🙁

  10. Just like how Wyo was the first state to give women the vote, maybe they want to draw more people into flat erf country

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