(03/15/18) A Whirl Around the Crypto World: Neo, Bitcoin, Wyoming Blockchai

Hey crypto fans, we added a new coin to our CryptoCorner Index. Other cryptocurrency news: the Wyoming Legislature passes blockchain utility token rules. Runs by monero, bitcoin and others, writes Nell Sloane of Capital Trading Group.

Well, that new coin is none other than Neo (NEO). We highlighted NEO in a few letters last year as a potential game breaker. And its meteoric rise over the last few months seems to be solidifying that assumption.

For those who don’t know what NEO is or does here is a brief overview from coincentral:

The NEO system includes:

Delegated Byzantine Fault Tolerance (DBFT) algorithm – This is a consensus mechanism (instead of the traditional proof of work/stake) that allows the system to resist the Byzantine Generals problem and maintains consensus even if some nodes bare malicious intentions.

NeoX – This system will create the ability to execute and operate across various blockchains.

NEO Contract – Is the mechanism for creating smart contracts seamlessly in scalable, high performance environments that integrates pre-existing codebases.
NeoFS – This is a service which allows decentralized storage (like a peer to peer Dropbox).

NeoQ – A lattice-based cryptographic mechanism which creates problems that cannot be solved by quantum computers and ensuring being quantum-proof.

We have read that NEO is the Ethereum (ETHUSD) killer and from what we know about competitiveness, this is shaping up to be a China vs. Russia battle, but we live in a borderless world so lest not be cynical. Anyway, we felt it was time to give NEO some highlight and we added it to our weekly following and our CC Index.

For those interested in a really good backdrop on NEO, I will attach a link Here to an article on from Aaron Mangal. This article does a very good job in explaining NEO and one comment we really liked was this one, “NEO is positioned as a public cloud and is part of a much bigger strategy by the Chinese government in establishing pre-eminence as a blockchain platform industry leader.”

So, when you hear of all the governmental regulations and negative comments from political bodies, you can bet there are always two sides to the argument.

What is clear to us is that you can never trust what a government says, but rather trust in what actions they decidedly take. All too often it seems our leaders tend to tell us one thing and then do something completely different, thus the life of a politician right?

Bloomberg: Technology meant to make bitcoin money again is going live March 14.

With the addition of NEO here is how the cryptos settled for the week ending Friday, March 2:

chart 1

Monero (XMR) had the best run of the week adding nearly 23% to close at $344.98. If you want anonymity Monero is it.

Bitcoin (BTCUSD) had a good run up nearly 10% to close at $11,123.50.

And as you can see our newest edition NEO has had a really good run over the last two months as it’s up 76% YTD at a closing price of $124.71.

OK, so let’s look at our new CryptoCorner Index with the inclusion of NEO this week.

The index closed at $4332.82 up $355.32 +8.9% on the heels of a good bitcoin and overall crypto performance:

chart 2

There continues to be this global regulatory and legislative battle going on, one in which we know will rage for quite some time, especially given the major disruptive powers that blockchain and cryptocurrencies will have on traditional ways of operating and doing business.

We want to highlight the tireless work of people like Caitlin Long, who continue to push the envelope in blockchain and crypto adoption and adherence.

She along with a cohort of blockchain advocates descended onto Wyoming to educate the politicians there in hopes of making positive strides toward favorable rulings in the space.

Through their collective efforts, the state of Wyoming has made some great strides in being the go-to state for blockchain and crypto regulatory adoption.

Caitlin Long on Wyoming's Blockchain Bills: A very personal labor of love.

An article that Caitlin co-authored summed up the advances, “On February 19, Wyoming’s House of Representatives became the world’s first elected body to exempt certain blockchain-based tokens from money transmission and securities laws, provided they have a clearly defined utility and are not marketed as investments.”

Forbes: State of Wyoming defines cryptocurrency utility tokens as new asset class.

This type of legislation will go a long way in paving the way for the blockchain ecosystem to grow and perpetuate. It is in this type of progressive thought leadership that innovation can flourish and not be constricted and disregarded. We always applaud Ms. Long’s achievements, as she is no doubt an industry leader.

Wyoming's state legislature passed HB 70, with the House approving Feb. 20 and the Senate passing 27-3, now headed for Governor Matt Mead.

We look forward to all the bills passing by the great state of Wyoming! A link to the “Open blockchain tokens exemptions bill,” Wyoming HB70 can be found Here.

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