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Sirin Labs to Start Distributing Its Crypto Smartphones, HTC Began Exodus Presale Earlier

  • Yuri Molchan
    📰 News

    The Swiss-located startup claims customers can use the new smartphone as a cold wallet and means of communication, too


Sirin Labs to Start Distributing Its Crypto Smartphones, HTC Began Exodus Presale Earlier
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In accordance with the statements made earlier this year several times, Swiss-based company Sirin Labs is about to release its DLT-powered smartphone. On Thursday, November 29, the launch party will take place.

What the smartphone can do

As promised before, the gadget will provide customers with access to crypto exchanges and enable them to hold their coins in a cold vault as well as give them an encrypted channel to communicate with other users.


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The phone is dubbed Finney, and it will provide storage space for BTC, ETH, and some other virtual coins. The company’s native coin, SRN, will be among them, too. This token allows users to conduct quick payments from one network peer to another, and no computer verification (i.e. mining) will be necessary. This technology is also known as feeless blockchain.

Sirin OS

The company managed to collect nearly $160 mln in a token offering arranged for producing their Android-based phone. Among Sirin’s intentions is also the release of a DLT-based computer. Both the PC and Finney will be running on an open-source operating system made by the company, dubbed Sirin OS.

The smartphone also has an embedded function that allows users to automatically convert their coins into other ones without having to use the services of crypto exchanges.

There will be three types of verification on the phone: biometric, a lock pattern, and a behavioral one.

Marketers in doubt

Some analysts, though, believe that DLT-powered smartphones will have a small target audience, since what all of their producers are trying to achieve is to make people buy yet another smartphone, of which there is a whole oversaturated market.

Jack Gold, a chief analyst in J. Gold Associates, reckons that these phones will become extremely popular only if crypto becomes a usable method of payments for wide masses. He really doubts this can be real in the near future, especially considering the price of the upcoming Finney phone, totalling $1,000.

Rivals are right ahead

Sirin is not the only startup that has been making this type of crypto phone. HTC has also made a lot of public statements saying they are working on a similar blockchain-phone.

Earlier this month, HTC announced the start of the presale of their Exodus DLT-powered smartphone with functions similar to Finney.

Unlike Sirin, HTC intends to sell their phone only for crypto coins.

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It Could Take Bitcoin 22 Years to Retest Its ATH: UBS Analyst


It Could Take Bitcoin 22 Years to Retest Its ATH: UBS Analyst
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The fact that Bitcoin saw its price breaking above $5,000 at the beginning of April made everyone highly optimistic about the prospects of a full-fledged bull run. However, crypto bulls shouldn’t hold their breath since it could take decades for the number one currency to recover from its epic downfall.

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Bitcoin compared to other bubbles  

After comparing Bitcoin to other bubbles, UBS analyst Kevin Dennean came to a conclusion that BTC will most likely follow their lead, Business Insider reports.
However, here’s a catch – Bitcoin will have to undergo a long-lasting recovery, so it is not reasonable to expect another bull run in the nearest future. For comparison, it took the Dow Jones Industrials 22 years to reach its previous peak.   


‘We're struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are,’ Dennean claims.

Bitcoin compared to other bubbles  

Picture: ©FactSet

With that being said, it is still not guaranteed that a certain bubble retests its ATH even after decades since a big burst. Nikkei, despite reaching its 20-year highs in October 2017, was still 50 percent lower than its ATH that was recorded in 1989.

Nikkei

Picture: ©ATLAS

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When you lose, you win

During the peak of the crypto market, Bitcoin was frequently compared to the infamous tulip mania, but these two barely had anything in common (except for the horrible stability of value). Hence, it hardly makes sense to apply a certain pattern and expect Bitcoin to behave in a similar fashion to other bubbles.

Historically, enormous price crashes actually benefited Bitcoin. As reported by U.Today, Bitcoin trader recently noticed that the BTC price rise 5.1-16.89 times every 70+ percent plunge. Crypto bulls have every reason to expect a similar outcome this time around.

'Shadow of bull statue on texture tiles floor metaphor of bull market is coming for stock market or investment asset' image by 123rf.

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