Indian Regulators Wary About Bitcoin

As more consumers and businesses turn to Bitcoin, the Indian government is still studying the issue and has not provided clear regulatory guidance on the payment technology to date.

The internal debate over Bitcoin highlights two competing impulses within the government of Prime Minister Narendra Modi. While officials want to foster innovation in the banking sector, they are wary that such technologies could facilitate cybercrime, bribery, tax avoidance, and money laundering.

"There is clearly a lot of thought going on in the various regulatory bodies and among government officials about this issue," said Sasha Riser-Kositsky, an India analyst at the Eurasia Group. "I would be surprised if we don't receive official guidance in the next two years."

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Bitcoin currently exists in a legal gray area. Though not explicitly banned, officials have not endorsed it outright. Sudarshan Sen, executive director of the Reserve Bank of India (RBI), recently expressed discomfort with the currency at a fintech conference in Mumbai.

The technology is also increasingly being associated with crime in government circles. Bloomberg reported in August that a high-ranking interministerial panel was convened after hackers held the software systems of India's largest container port hostage and demanded a Bitcoin ransom.

Analysts at Ernst & Young working on the issue wrote that because Bitcoin transactions are largely anonymous by design, hackers from around the world have adopted it as their payment of choice.

Such stories could be overstating the government's fear of Bitcoin, however. The Securities and Exchange Board of India (SEBI) has embraced fintech and wants to implement regulation to promote the technology. The RBI has even proposed creating a government-backed cryptocurrency.

"There is an emerging understanding in India that these kinds of technologies offer society something positive," said Riser-Kositsky. "The question is how best to regulate and ensure [access to] the benefits of these technologies [while avoiding] the downsides."

Outside the government, Bitcoin has found a small but growing fanbase following demonetization. The Economic Times found that one Indian Bitcoin exchange app had been downloaded more than 500,000 times. The currency's supporters are even circulating an online petition addressed to Finance Minister Arun Jaitley, asking him to make Bitcoin and cryptocurrencies legal. (It has gathered approximately 15,000 signatures.)

"As the userbase expands and the amount of money at stake grows, the pressure on the government to do something will grow as well," said Riser-Kositsky.

India, like many other Asian states, is struggling to manage cryptocurrencies.

By Aswin Mannepalli for The Diplomat

Wall Street Analyst Bernstein: Bitcoin Is a 'Censorship Resistant Asset Class'

Bitcoin is a "censorship-resistant asset class" – but not quite money – according to analysts for New York-based firm Bernstein.

In a note sent to clients on Wednesday, according to Business Insider, analysts explored that question, ultimately concluding that while it shares some of its characteristics, it falls short under what would be considered "money" today.

"Fiat money is still the final form of settlement – governments still collect taxes in fiat money and salaries are still paid in fiat money," the note explained. "Thus, for now, Bitcoin has only emerged as a 'censorship resistant' asset class."

The analysts notably reckon that bitcoin's ecosystem functions more like a self-reliant economy than, say, strictly a network of digital money.

"Bitcoin could be seen as virtual 'bearer cash' economy supported by a decentralized 'trustless' network – a new crypto economy with its own protocol or policy," the firm wrote in the note. "The faith of its citizens – software developers, miners, investors, early individual and sovereign state adopters [–] would drive the value of that network."

Bernstein's determination is unlikely to sway proponents who say cryptocurrencies represent a new form of money. Indeed, it's a sticking point that has drawn both supporters and critics for as long as bitcoin has been in the public eye.

Some observers have struck a middle ground in the argument. Last month, investor and anarcho-capitalist Doug Casey argued that while bitcoin might be money, it's not likely to last in the long-run.

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Cryptocurrencies and the ICO Mania: Here's Where We're At

Cryptocurrencies and the underlying technology have split existing financial and technological opinion, most notably JP Morgan's CEO Jamie Dimon espousing a lack of confidence in bitcoin, going as far to call the platform a fraud. The most recent comments against the  Initial Coin Offering (ICO) mania comes from Kyle Bass, a Hayman Capital hedge fund manager, who commented that many of the ICOs that occurred this year are frauds.

Speaking with Bloomberg, Bass commenced the question on bitcoin by recalling a bad guess: "Early on I summarily dismissed bitcoin and I shouldn't have." Like ICOs, bitcoin was also initially treated negatively by traditional and mainstream financial institutions, however, in recent years it has gradually come to be understood. ICOs on the other hand, rest in limbo, awaiting the move from regulators, yet, investors are not waiting, but instead perpetuating this 'mania.'

As Bass comments, without the necessary regulation in place, the dangers of ICOs are readily apparent, namely the lack of true business model behind some of the ICOs and the lack of requirements for a working product or service. With this in mind, and given the recent moves by some governments (China, South Korea and Australia), what is in store for the Crypto market?

Rising Higher

Bitcoin, ether and ripple have been very active in the past few months – from bitcoin's fork and move to a second hard fork to ethereum's upgrade to the Byzantium method as well as facilitating greater innovation in the platform's ecosystem and ripple's continued expansion into Asia and partnerships with banks. The potential in the market is monumental and the dangers surrounding ICO mania have done little to dampen the spirits of investors. Whilst the ban certainly provoked a reaction in the news, spectators on all sides of the conflict will have watched with baited breath as bitcoin saw a dive to $2,981. However, just two days later, its value bounced back toward $4,000 and now rests at over $4,500. Speculation arose as to whether or not the cryptomarket is experiencing a bubble, then questions followed as to if it would burst. What is certain, investors are not put off by tangible connections to black money, nor threats of heavy regulation. For now, the gold rush will continue, as Bass opined, and the big three – bitcoin, ethereum and ripple – are going to transform into an established asset class over the next few years.

Alternative coins have sprung up in the shadow of bitcoin, promising different services and platforms for business growth. For example, Golem seeks to use cryptocurrencies as a method of renting computer power from other individuals around the globe, attempting to create a global network of supercomputers. Such innovation and future technologies are being spurred by the interest in cryptocurrencies and massive influx of investment into the cryptosphere, as a result of the ICO mania. Over $2bn has been raised by ICOs, allowing start-ups to sell ideas to investors without the lengthy, difficult and tedious process involved in other capital fundraising methods.

The Difficult Question of Regulation

One can argue that cryptocurrencies task one with seeing legal regulation in a different light. Attempts by Australia's Security Regulatory body shows there is a gap in regulation relating to ICOs, as the guidelines seek to extend several laws to cover the new method of raising funds, but falls short, somewhat, as nuances in the ways cryptomarkets behave were certainly not reflected in the principals espoused.

As Bank of America's chief of operations and technology officer, Kathy Bessant opined that digital currency is not something new, it has been utilised for a while in all manner of transactions. It is not the technology that is in contention, specifically blockchain is not being demonised but instead is being adopted to accomplish remarkable things, such as enhancing cybersecurity and changing existing practices, including the legal profession. Nor is the idea of cryptocurrency in contention, as sovereign bodies look towards creating their own.

What is in contention is the lack of regulation of a system that is decentralised. Kathy Bessant echoes these worries, adding that the practices around these de-centralised platforms are not entirely transparent. Due to this, issues exist where the lack of trust can be abused, allowing the facilitation of black money usage.

To use bitcoin as the central example, it is built on a trustless system where the two people do not need to know or trust each other to transact; bitcoin's blockchain replaces the central figure in the transactions. Every transaction is recorded in a ledger that is then distributed to each node and updated upon each transaction. Such a system is hard to hack due to the distributed nature of the ledgers, meaning that data is hard to retrieve. Whilst the system is anonymised somewhat, as individuals do not need to use their legal names, the ledgers are public, meaning that anyone can read them. As a result, given enough information, an individual's transactions can be traced, as was the case with Silk Road, an underground black market operation that was thwarted by the FBI.

Compared to standard digital banking, when using bitcoin one does not know the sender nor the receiver's true identity, leading Kathy Bessant to comment that anonymous currency, "flies in the face of every construct known to transparency in the movement of money and how we use it to prevent and detect other really important forms of crime." The key issue, therefore, is the de-centralised and pseudo-anonymised transmission of currency.

The Need for the ICO: The IPO of Cryptos

Raising Capital is vital for successful business and the ICO is the latest iteration in such processes. Crypto-companies and start-ups produce different financial and technological products and services and exist in an entirely different financial spectrum, using de-centralised technologies. As such, it logically follows that new regulations and laws are needed to safeguard investors' interests and ensure good corporate governance inside this new sphere. Just as the Limited Liability advent and the company as a separate legal entity changed corporate practices, so too cryptocurrencies require thought or else the potential to be had with these technologies will be squandered and lost.

As explained, an ICO is a method of crowdfunding to facilitate the launch of a new cryptocurrency or tech development. A crowd sale of a crypto asset is a term one could use. An ICO uses this cryptocurrency to raise capital by issuing an asset specific to an application or service on a general blockchain (such as applications on the ethereum blockchain) or one that exists as its own blockchain (like the Tezos token).

The unregulated nature of an ICO lends itself well to companies and small start-ups wanting to avoid the tenuous, overbearing and restrictive regulations of IPOs or other fundraising methods. Tokens do not represent a share of the equity of a business; and they do not confer ownership, meaning a CEO or investor does not need to reduce his ownership of the company. The freedom that ICOs currently present enables small start-ups to seek much-needed capital.

However, as aforementioned, ICOs can currently act as a tool for nefarious individuals to carry out dark intentions. First, unlike IPOs, companies that have yet to produce any real or tangible results are raising massive sums through ICOs, due to the unregulated nature of the 'listings.' Fundamentally, this presents an issue whereby individuals could be pitched an idea that is easily overstated or unrealistic, due to the lack of regulatory oversight and auditing. This facilitates reckless investing. Second, stemming from the lack of regulation and the fact that having tangible results is not necessary for an ICO, there is a serious opportunity for ICOs to be fraudulent.

The potential is that an ICO allows a small start-up to work on an idea and fund development of a potential technology by selling this idea to investors using a token that will be used as part of the platform itself or that can be traded. The issue is that such a potential is dampened when regulations would stipulate stricter requirements, perhaps along the lines of IPOs. However, contrary to that, imposing requirements and minimum standards to be adhered to would clean away the deadwood from the market, strengthening ICOs and the value that is generated. Regulation of some sort would legitimise the market.

Like IPOs for companies, the ICO is a prime fundraising method for crypto start-ups. We must not squander this potential by viewing these advancements with tinted lenses of historic laws. This is a fundamental issue. Ultimately, the current lack of transparency has led to ICO valuations resting on face value; whether investors like the idea, whether the managers appear trustworthy, the strength of white papers and target use cases. As such, there are several factors that create uncertainty when investing, making such prospects inherently risky.

The Move to Greater Certainty

Internal, self-regulation could be on the horizon, with projects like Balanc3 seeking to demystify ICOs and increase transparency, with the hopes of holding token generators to account. In a quasi-crypto accounting platform, by offering data from expenses such as wages and travel to a breakdown of other crypto-assets owned by the companies, Balanc3 hopes to develop a new way to value ethereum-based token sales. In a demo to Big Four accounting firms and blockchain adopters, Balanc3 used data from early adopters, Aragon (valued at $56m), Digix (valued at $140m) and Gnosis (valued at $142m). Whilst getting companies and start-ups to turn over all addresses associated with the offering will be a tough sell, the push for greater self-accountability is to be admired.

However, whilst such an effort is noble, other arguments still remain for tighter regulation. First, the system requires ICO holders to opt in, thus limiting its effectiveness across the board. Certainly, opting in can offer legitimacy, possess greater benefits for future investors and help reach budding investors, but it does not prevent abuse of the system. Again, merely requiring higher standards for ICOs is not enough, whilst it makes it harder for illegitimate ICOs to bite the cherry, unless such a system becomes near mandatory, it is simply a hurdle rather than a protective measure. Fundamentally, as Balanc3's Griffin Anderson states:

"What you're starting to see is the first step to the industry saying, 'we're going to take charge, we're going to hold ourselves to a higher degree of standards and accountability… Regulation may still be needed."

Secondly, from the investment point of view, regulation is needed to ascertain investor rights. Classification is key, and securities carry legal responsibilities for both the investor and the recipient of investment. ICOs, on the other hand, so far have only 'caveat emptor' and nothing more. Buying into an ICO grants no equity, nor voting rights (unless the company explicitly grants access to them). Such companies and start-ups are harder to hold to account – with less regulation on how to handle ICOs than exists with IPOs and other financial mechanisms, disgruntled investors have very little recourse outside of any (if any) contractual duties.

Thirdly, regulation can help instil good faith principles, along the lines of Balanc3's premise. By mandating white papers, financial reports, auditing and other protection requirements, regulators can encourage ethical practices and provide protection to investors by developing good faith practices within the market. Through a grass-roots approach, heavier regulation will not be needed as the practice of self-regulation will be strong enough in the veins of the market to weaken many illegitimate attempts to abuse the ICO. Interestingly, Balanc3's project appears to be an attempt to centralise part of the market, providing best practice for ethereum-based ICOs. Using such platforms in conjunction with minimum mandatory requirements can offer legitimacy for coins and protection for investors, whilst such platforms would not have a monopoly on control, reflecting the community at large. Having a single body in control of all things cryptocurrency would damage the market.

Crypto-Valley – Switzerland as an ICO Haven

A further community effort to self-regulate comes from The Crypto Valley Association (CVA). CVA is a Swiss-based not-for-profit association supporting the development of blockchain and cryptographic related technologies and businesses, published a series of codes of conduct to foster good practice, and "bring clarity and confidence towards a new, rapidly-growing asset class." Comparatively, as noted by Ian Simpson, head of marketing and communications at Lakeside Partners (an early-stage investment firm in Zug, Switzerland) the country's legal and political system mirrors the principles within blockchain, as the Swiss cantonal system consists of 26 semi-autonomous regions with a rotating federal presidency.

Combined with the talent and interest in Switzerland, the principles in the self-regulating codes, such as peer-to-peer review and no all-powerful central figure which are principles that exist in the blockchain community, Switzerland has become a haven for ICOs.

Conclusion

As a result, attempting to regulate each currency as an identical platform would fly in the face of the innovation present in the market. Regulators need to consider how the market will grow in the coming years and pass laws accordingly. In the interim, ringfencing cryptocurrencies by regulating investors and ushering protections from the consumer onward could buy some time to issue greater regulations down the line – it is erroneous to ask technology to wait for the law to catch up. Mandating minimum requirements of investors, from experience to capital, this will ensure inexperienced investors are not caught up in the fray.

Furthermore, working with self-regulating bodies such as the CVA is key to implementing regulations whilst also maintaining a strong community. Ultimately, the community will be more knowledgeable than the regulator, thus such bodies will do well to work with individuals that can educate them on a system they have no power over.

Breaking News! Hedge Project’s Cryptocurrency Indices to Be Listed on Reuters

Reuters, the leading news network will soon have Hedge Project's BC30 (Buchman Crypto 30 Index) cryptocurrency indices listed alongside its mainstream counterparts like S&P500 and others. With the inclusion of BC30 (Buchman Crypto 30 Index) on a popular global news media outlet, the cryptocurrency market is poised to handle extra attention it is going to get soon from mainstream investors and financial institutions as the industry's credibility is gradually increasing as well.

The BC30 (Buchman Crypto 30 Index) index tracks the prices of top 30 cryptocurrencies — the strongest and most viable cryptocurrencies that make up for 90% of the total market capitalization. As Reuters includes the Hedge Project's BC30 (Buchman Crypto 30 Index), market observers would be able to have unhindered access to the current prices the top digital currencies are trading at.

It could be recalled that Hedge Project recently launched its token sales with the ICO expected to last from 20 September to 15 October 2017. With the inclusion of BC30 (Buchman Crypto 30 Index) in Reuters' streaming, Hedge Project is on its way to becoming the number one place to get crypto indices and be the industry's authoritative source for cryptocurrency prices.

Hedge Project will also be listed on the Morningstar and Quandl, which are also highly reliable sources of information with a huge, loyal userbase.

Bitcoin Price index (BTCCX)

The cryptomarket is highly illiquid; therefore, it is difficult to see one price applying on all the exchanges at a time. This is mostly due to the fact that crypto market is an imperfect place. But BTCCX is the first commercial implementation of reference/benchmark price that mirrors the prices of bitcoin on up to five different exchanges, with emphasis on the most liquid ones.

As the Hedge project is to be streamed on Reuters, it would now be easier for a larger audience to understand what is happening on the Hedge project platform and how they can leverage it to get the best-priced bitcoin to purchase or where to sell their coins and make the highest profit.

Now that Reuters is listing Hedge Token, it is most likely that other news sites may consider joining the bandwagon by adding the project too. That would obviously increase the awareness about the site and increase customer base as more and more people get to know about the project and the advantages it offers them.

The Hedge Project is an initiative to develop the ideal platform which will be the backbone for diversification through their flagship products, Crypto Traded Indices (CTIs) and also hedge through different instruments.

The Hedge platform allows crypto investors to confidently handle the risk exposure they have in the cryptocurrency market. In addition, Hedge is prepared to launch set of indices that are professionally designed for the crypto market. Those indices would provide the basis for construction of cryptocurrencies baskets.

The platform is the ideal place for users to access crypto traded indices as well as to trade other derivatives. It is now possible for enthusiast and users to have insight into the crypto markets with professionally designed crypto indices that employ official rule-books. One basic advantage offered by the platform is the ability to control risks with derivatives and hedge exposure to a market that is highly unpredictable.

What you find on the Hedge Platform

The Hedge project presents the first commercial crypto indices with official rulebooks which contain the Cryptocurrencies Top 30 Index, Crypto Assets Index, and Bitcoin Price Index. The platform's rulebook would be used as a base for tracking indices and as the standard for the crypto market.

Bitcoin price index (BTCCX)

It's the first commercial way of implementing a single reference price for various Bitcoin marketplaces that conform to the eligibility criteria. It's going to be a highly transparent rulebook designed to serve as the reference point for those trading bitcoins and the general public.

Cryptocurrency Top 30 Index – BC30 (Buchman Crypto 30 Index)

This calculates the performance of wider crypto market through a consistent price-tracking of the 30 top notch cryptocurrencies by market capitalization.

This helps to monitor and calculate the performance of utility tokens on crypto markets. Hedge Project is not just designed to be a currency but to index crypto assets with real-world utility as well.

More information about the platform and the ongoing crowdsale is available on the website.

Disclaimer: The opinions expressed in this article do not represent the views of NewsBTC or any of its team members.  NewsBTC is not responsible for the accuracy of any of the information supplied in Sponsored Stories/Press Releases such as this one.

Rapper Ghostface Killah Enters The Crypto Game, Plans ICO

Rapper Ghostface Killah Enters The Crypto Game, Plans ICO

Group, ICO, Investing, News | October 6, 2017 br> By: Bruce Haring

Rapper Ghostface Killah of the Wu-Tang Clan has formed a cryptocurrency company that hopes to raise $30 million through an initial coin offering (ICO) next month.

His company, Cream Capital, takes its name from the 1993 Wu-Tang Clan song "C.R.E.A.M," or "Cash rules everything around me." The venture by Ghostface Killah (real name: Dennis Coles) is the latest celebrity venture into the world of crypto and ICOs, joining Paris Hilton and Jamie Foxx as endorsers.

The Wu-Tang Clan is an influential hip-hop group from Staten Island, NY. Original members included RZA, GZA, Ol' Dirty Bastard, Method Man, Raekwon, Inspectah Deck, U-God and Mastah Killa in addition to Ghostface Killah. The group's 1993 debut album, Enter the Wu-Tang (36 Chambers), is considered a masterwork of the genre.

Cream Capital CEO Brett Westbrook said during a CNBC interview that the company has been granted a trademark for the phrase, "Crypto Rules Everything Around Me."

"I personally think that anything that puts cryptocurrencies in front of the eyes of everyday people is a great thing for the markets overall," said Westbook. "On the other hand, I believe it's important that celebrities know the importance of their endorsements and understand the underlying principles of blockchain technology. The last thing we need is a household name promoting what turns out to be a scam ICO."

The ICO will be selling "Cream Dividend" tokens in November, which are based on the ethereum blockchain. Westbrook said the tokens will be integrated into debit cards that can be used at retail and through other vendors that accept card payments, adding that the firm has ATMs in North Carolina.

What is Bitcoin?

Published 4:01 PM, October 06, 2017

Updated 4:02 PM, October 06, 2017

Currency drives the world. You do work, earn money, spend it on food and other necessities – and the cycle continues. For centuries, in countries around the world, currency has largely been a mix of paper and metal.

But physical currency is changing. Everything is going digital. In developed countries, money is almost entirely virtual these days. Many developing countries are not near that point yet. But for a certain percentage of the population in these places, getting paid via electronic deposits, managing digital bank accounts and paying bills online are becoming the norm.

Bitcoin is based on the concept of conventional currency, except it's entirely virtual. You never hold a Bitcoin in your hand, at least not in the physical sense. Bitcoin users manage their money via mobile and desktop apps, and pay for goods and services the same way. If you want to pay for something with Bitcoin in the real world, you simply do so via your mobile device, using NFC, Bluetooth or a similar wireless technology.

Bitcoin is the world's leading digital currency, and it also happens to be one of the most valuable, reaching values of up to $4000 to a Bitcoin as of late. It works on a peer-to-peer payment system, which directly influences the value of the currency. That value should continue to grow as the currency becomes more widespread and better-known, and as more users and companies learn to adopt and trust it. Trust, after all, is what gives currencies its value.

Bitcoin, because of its digital nature and its transcendence of global borders, has value. But like paper money or conventional currency, Bitcoin is still this essentially: a barter or exchange medium to pay for goods and services.

A Bitcoin itself is nothing more than a small chunk of data. When someone purchases with Bitcoin, they transfer funds from wallet to wallet, which is a form of virtual bank. Each Bitcoin wallet contains the exact amount of "coins" a user has acquired, whether through purchases, mining or otherwise.

Like your physical wallet or purse, a Bitcoin wallet is secure, and no one can take money out without your consent. In fact, you could argue Bitcoin wallets are more secure, as no one can pickpocket your earnings.

How do you earn Bitcoin? Think of it this way: with regular currency, it's the country and the banks that are backing up he currency, verifying its value. People trust that the currency issued by the country and the banks has value or buying power. With cryptocurrencies like Bitcoin, that ability to say that a cryptocurrency has value is backed by the network of anonymous computers – the blockchain – that monitors the flow of credit and debt between users.

That's why they say that cryptocurrencies are a decentralized form of currency; there's no one central bank monitoring this flow of debt and credit. Instead, it's the network of computers doing this, and that data is freely available and transparent for anyone to see.

When a user dedicates a computer to this blockchain operation, the activity is called mining. For helping out in the blockchain process, a user is rewared with Bitcoin.

Today, however, mining has become unprofitable and significantly more difficult to achieve. It's much more common to earn Bitcoins through an online transaction.

A transaction is nothing more than a transfer of value or ownership of said currency. Bitcoin wallets maintain and monitor encrypted data called a private key or seed. This key is used to sign transactions, almost like a signature on your credit bills and receipts. Of course, the encryption means the data is totally secure, and once it's been issued, it cannot be altered or modified by anyone other than the original key owner.

When a transaction happens, one user transfers a specific amount of Bitcoin to another user's wallet. The transfer is secure and reliable. Because of how it works, this has also changed the way in which digital transactions sometimes work. For example, transferring Bitcoin is irreversible, so there's no refund or recovery process if you make a poor transaction as a buyer. This also opens up the opportunity for harmful scams and unscrupulous scenarios, but that's another matter entirely.

When Bitcoin first appeared, it was mostly honored by online and digital communities. It was hard to find a retailer or large organization that dealt in the currency. Today, however, things have changed considerably. As the currency becomes more popular and more widely accepted, companies have begun offering customers the option to pay via Bitcoin.

Some of the biggest names include Microsoft, Steam, Dell, Shopify, Newegg, Reddit, Overstock, WordPress, Subway and much more.

You might be surprised to find out, however, that Bitcoin is directly influencing modern currencies too. More specifically, blockchain – the secure foundation behind Bitcoin – has a lot to offer the financial world. According to an industry report from BDO Global (an international accounting firm not to be confused with the Philippine bank), 15% of banks plan to use blockchain in 2017 to secure their data and platforms.

Banks are interested in blockchain because it's decentralized, yet extremely secure. No one can access or modify a chunk of data without the private key or seed we talked about earlier.

This means currencies and data cannot be influenced by outside parties. It also means you have a more secure and trustworthy way to store your data – or in the world of banks, your currency.

Of course, it will be some time before large financial organizations adopt this technology. As the value of Bitcoin soars, they're just now starting to realize its full potential. – Rappler.com