Fed Cuts Rates to Zero; Roubini Proposes Toilet Paper Tokenization; USDC Grows Amidst Crisis

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Federal Reserve cuts rates to zero. Nouriel Roubini proposes toilet paper tokenization. USDC token grows with market dump. SPICE project (not related to CoinSpice) turns one year old. OneCoin collaborator released under strange circumstances, and Snowden thinks it’s time to buy bitcoin. 

Federal Reserve Cuts Interest Rates to Zero

Toilet Paper

The US Federal Reserve announced the immediate cut of interest rates to 0%, accompanied with other measures directed to help the economy amidst the coronavirus pandemic declared by the WHO. Besides slashing interest rates to 0%, the Federal Reserve also presented a plan that consists of injecting liquidity in markets, dramatically increasing purchases of treasury bonds and backed securities. The Fed “expects to maintain this target range until it is confident that the economy has weathered recent events.”

Nouriel Roubini Proposes Toilet Paper Tokenization

Nouriel Roubini, the famous anti-crypto economist, also known as Dr. Doom, proposed the tokenization of one of the most sought goods amidst the coronavirus pandemic: toilet paper. Roubini wrote an entire twitter thread explaining the wonders of the proposer toilet paper backed currency and its uses. Roubini declared the toilet paper currency “will be a 100% fully asset-backed currency & a currency more useful than gold that has little other use & function than a store of value,” nudging at bitcoin maximalists and their SoV thesis.

USDC Market Cap Grows Among Market Uncertainty

USDC, the stablecoin issued by Circle, the exchange and payment processor, has taken advantage of the market downturn and has grown its marketcap to an ATH of $568 million. Jeremy Allaire, CEO of Circle, declared, “While not as exciting to see markets so crushed, it’s still rewarding to see that this entirely new, entirely digital, blockchain-based monetary infrastructure is working.” Circle sold Poloniex and Circle Trade app to focus on their stablecoin business.

SPICE Turns One: It Keeps Evolving

Toilet Paper

SPICE, the SLP token, turned one year old according to the minting date shown by the SLP explorer profile. First imagined as an appreciation token for Telegram groups, SPICE (not affiliated with CoinSpice) has grown to be much more. Since its start, it was the first SLP token to be listed on an exchange and debuted its own news feed and tipping bot. However, now the SPICE group is centered on making games using SPICE as currency, and their latest development is a pillory function that introduces group moderation, collecting SPICE for muting users.

OneCoin Collaborator Released With Secret Sentencing

Konstantin Ignatov, brother of Ruja Ignatova and one of the main collaborators in the OneCoin scheme, was released on March 13th with secret sentencing, according to reports from Inner City Press. The sentence, although executed, was not announced or published in any documents, unlike the case of Mark Scott, the Onecoin lawyer, who was seen dining in Florida with several people reportedly using funds coming from the OneCoin scam, and was ordered to turn himself in to wait for his sentence while in custody.

Edward Snowden Thinks It’s Time to Buy Bitcoin

Edward Snowden, the famous NSA whistleblower, declared via Twitter this is likely a good time to buy bitcoin. Motivated by the big drop in market prices, Snowden stated this was “the first time in a while” he felt like buying bitcoin. According to him, the drop was “too much panic and too little reason.”

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