Brian Armstrong: Coinbase Signed Up 50,000 Users per Day in 2017
exchange CEO Brian Armstrong said in an August 14 with Bloomberg that it was signing up 50,000 users per day in 2017.
Speaking at the Bloomberg Players Technology Summit in San Francisco on Tuesday, Armstrong said that the “technology [] is going through a series of bubbles and corrections, and each time it does that, it’s at a new plateau.” He added that “people’s expectations are all over the map, but real-world has been going up,” stating that he sees “real world adoption pretty steadily increasing each year.”
When asked about his expectations for (ICOs), Armstrong said that ICOs are “an important innovation in the world” as they provide an opportunity for people around the world to raise funds for new ventures without relying on personal networks of angel investors. “It’s a huge breakthrough,” he said.
While there are legal questions to consider, Armstrong said that he expects the ICO trend to continue, saying that “ICOs are breaking all the previous crowdfunding records.”
Armstrong said that Coinbase helped customers to trade $150 billion worth of digital currencies in 2017. He estimated that about 10 percent of cryptocurrencies are used in real life, in games and other online purchases.
Earlier this week, Coinbase the reduction of its Index Fund’s annual management fee “for all new and existing investors” from 2 to 1 percent in order to “attract investors who are familiar with lower-fee index funds in other asset classes.” That day, the also announced that the Index Fund was rebalanced to incorporate Ethereum Classic (ETC), following the altcoin’s official on Coinbase last week.
Last week Coinbase successfully its money transmitter license in the state of Wyoming. The license had been suspended as of mid-2014 due to stipulations in state law that required all exchanges to “double reserve” the digital assets of state residents with fiat currency.
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Last week, startup company Lotos published its new project on aiming to create a decentralized religious community, supporting Buddhism and meditation, based on the Ethereum blockchain. According to the company’s , the community’s structure will be segmented into three parts: “an off-blockchain software platform” connecting the teachers and the students; “an internal economy supported by ERC20 tokens purchased by subscription fees and a central banker smart contract;” and “a website and database backend connected to the network with Swarm.”
The ERC20 compatible Karma (KRM) token will be used for on-platform exchanges and for crowdfunding the development of the platform. In addition to that, if users are able to grow the network, they will receive KRM as a reward.
The company believes they can create a blockchain-based community by combining science and religion in a radical way. There is even a statement from Tenzin Gyatso, the 14th Dalai Lama, included in the whitepaper:
“If scientific analysis were conclusively to demonstrate certain claims in Buddhism to be false… then we must accept the findings of science and abandon those claims.”
The Lotos community will be divided into two parts: students and teachers. Teachers will be either elected or assigned by the company’s owner. They offer religious services for the students including “facilitating student retention and progress,” creating content for the network and “recruiting” new students. The teachers will earn Karma tokens for their activities.
On the other hand, the students can freely register into the community, although, for a price. Lotos will allow students to join “temples” and classes but they have to pay KRM tokens to do so. Furthermore, there is “Karma-gated” content, which is only available if certain students pay a flat monthly subscription fee. Students can also earn KRM bonuses if they meditate, the more regular their activity is, the more bonuses they can earn, the whitepaper detailed.
When Lotos published its whitepaper in the Ethereum community on Reddit, they received hard criticism. Most of the users argue that Buddhism does not comply with materialism.
“I think ‘searching meaning beyond materialism’ and material ‘reward of spiritual practice’ don’t mix together very well. Just a thought,” one user wrote.
“Dude what you are doing is not Buddhism it’s Opportunism. Buddhism is about Simplicity, you are leading people into Complexity. Basically with your System people’s Incentive to meditate IS TO MAKE MONEY (NOT LIBERATION),” another user wrote on Reddit.
Others in the community suspect that the whole project, which is planning to launch an ICO, is a scam or some sort of money grab.
“Here’s the problem man: you are coming out with an ICO right at a time when the inherent corruption in ICOs is very much a public thing. I like the idea of a decentralized meditation app, I really do. However the fact that you are doing an ICO for ‘decentralized religion’ on something that isn’t non-profit ESPECIALLY BUDDHISM screams scam, and I believe it is one. If this is really your passion to help people around the world learn to meditate and become spiritual, you wouldn’t have a for-profit business model. Without a non-profit, you really don’t have a leg to stand on when it comes to spirituality,” a user named “PJBRed27” said about the project.
Surprisingly, it seems the negative opinions on the project made Lotos change some of the concepts of the project:
“We are changing direction a bit now:
Remove ICO mention from all marketing material / stop the crowd-fund campaign and work on building our community.
Start playing the slow and steady ‘snowball going down a mountain’ game.
Write blog posts at least once per week, each post highlights one of the community’s biggest concerns with our project (like why we need ERC20 tokens).
This also gives us time to find both blockchain and buddhist advisors.
Move away from ‘Buddhist’ to ‘Secular Meditation’.”
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