[vc_row][vc_column][vc_paragraph text=”The Wall Street veteran Kaitlyn Long andthe people who worked on the first crypto bank of Wyoming Avanti called the crypto industry to support transparency.“][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Complete information is necessary for enhancing confidence in crypto” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The Wall Street veteran and blockchain pioneer Kaitlyn Long made a presentation during the “Virtual blockchain week” encouraging crypto community to beware of the IOUs that are at the core of stable coins and other assets supervised by government.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Long explained her recommendations and concerns about the industry and told why users should maintain control over their private keys. The expert still considers Bitcoin to be a safe haven despite the March downfall.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”“Crypto space has little information on how many debts the exchanges and holders who called the industry to not to “follow the example of the traditional financial industry” have now. They underlined that crypto users often cannot identify whether the providers are solvent or not”, said Long.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”She persuades the crypto exchanges and firms to publish the reports on the statement of accounts noting that last time it was done in 2014.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”As an alternative Long proposed to enhance the use of audit firms saying that “it’s the easiest way for the industry to prove that it is worth our business and our trust”.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Also Kaitlyn claimed that there are too many “debt obligations” at the core of the key segments of the crypto ecosystem. “][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”Although it is estimated that about 25% BTC and ETH are hold by third parties, and 75% of them are self-sufficient, the whole sector of stablecoins is built on the basis of IOUs.”][/vc_column][/vc_row][vc_row][vc_column][vc_quote title=”” text=”“This industry is not as self-sustained as you might think. And this is why it is necessary to develop a procedure of confirming whether the exchanges and holders are really solvent or not”.”][/vc_column][/vc_row][vc_row][vc_column][vc_heading title=”Bitcoin remains to be a safe haven” size=”medium”][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=”1370″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”The expert also called the crypto users to maintain their control over the secret keys, “If you directly manage your assets you need to protect your private keys. I believe BTC is a safe heaven just because it is not a promissory note”.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”As Kaitlyn notes, the fact that BTC can serve as a safe haven should not be shaken by the March decline under the circumstances of the global liquidity crisis.”][/vc_column][/vc_row][vc_row][vc_column][vc_paragraph text=”“It behaves just as gold used to behave in 2008. But Bitcoin is being traded 24/7, and it is easy to sell. This is a liquid market”, states Long, “The fact that it didn’t act as a safe haven on the worst day does not mean it shouldn’t be trusted. Personally, it didn’t discourage me because I knew that had already happened before”.”][/vc_column][/vc_row]
