| June 6, 2018 | Read in Browser |
 QUOTE OF THE DAY  |
| "The investor's chief problem -- even his worst enemy -- is likely to be himself." - Benjamin Graham |
Happy Hump Day! On Monday, CNBC analyst Tom Lee refuted his bearish statement that refuted his bullish statement. Make up your mind Tom! Either way, he sees Bitcoin breaking above $10,000 in the next 10 days. Let's hodl him to it.
Cheers,
Blockchain Brew Team
| MARKETS |
| COIN | PRICE | 24H |
| | ||
| BTC | $7,649.75 | +2.74% |
| | ||
| ETH | $610.082 | +3.45% |
| | ||
| XRP | $0.676058 | +2.23% |
| | ||
| BCH | $1,152.00 | +7.33% |
| | ||
| EOS | $14.1227 | +3.63% |
| | ||
*Information as of 9:30 AM EST
| NEWS |
Nasdaq CEO: Cryptocurrencies Could Be the 'Financial Element of the Internet'
STILL YOUNG
- It is no secret that the cryptocurrency industry is growing at a rapid pace, however, the industry still needs to mature for there to be significant adoption
- Yesterday, in an interview with Bloomberg, Nasdaq CEO Adena Friedman said that cryptocurrencies are at the "height of hype" and they are currently "very much a speculative asset class"
- However, she predicted that once cryptocurrencies become more mature they will provide "a more seamless way for commerce to occur"
NASDAQ AND CRYPTO
- Friedman has openly discussed cryptocurrencies before and even said in April that if the cryptocurrency industry becomes more regulated Nasdaq would consider becoming a crypto exchange
- In the recent interview with Bloomberg, Friedman stated that although blockchain is quite scalable, for now, the technology cannot support Nasdaq's ultra-high trading volumes
- Although blockchain cannot yet support Nasdaq's trading volume, it can assist some markets that have paper inefficiencies and need to move to digital filing systems
When asked if Nasdaq sees significant opportunity to utilize blockchain, Friedman said:
"I do think this continues to be a fascinating technology that could be quite disruptive over a long term. [It’s] hard to implement because it requires an entire network to deploy it simultaneously, but I think it’s something over the time could become a very interesting force of our business."
BABY STEPS
- Since Friedman has openly discussed cryptocurrencies fairly with interviewers, Nasdaq seems to be progressive about the opportunities that blockchain can provide
- Right now, the company seems to be taking baby steps to get a grip on the new technology by researching blockchain and cryptocurrencies
- In addition, Nasdaq has provided surveillance technologies and market information to some crypto exchanges to become more familiar
| NEWS |
Notorious Shill John McAfee Announces He Will Run For President
MCAFEE 2020
- The infamous ICO promoter John McAfee announced that he will be running for President in 2020
- McAfee says that he will run as a Libertarian if the party asks him, but if they do not, he will start his own party
- In 2016, McAfee ran for the Libertarian nomination but was beat by Gary Johnson
GOOD FOR CRYPTO
- McAfee claims that his presidential campaign will be good for crypto and bring exposure to the space
- His Twitter following seem to agree with him and even have gone far enough to begin brainstorming campaign slogans, like “McAfee 2020 For A Secure Future”
SELF FUNDED
- As part of his announcement, McAfee also claims that he will self-fund his campaign
- McAfee should have plenty of money to spend on a campaign from his paid Twitter shills and pump and dumps
- This isn’t the first crazy outlandish McAfee has done, he is the one who said he would eat his dick if Bitcoin wasn’t $1 million by 2020
| TECH |
Samsung Launching New Blockchain Platform
NEXFINANCE
- According to the company’s press release, Samsung is launching its own blockchain platform dubbed Nexfinance
- Aptly named, Nexfinance will be a blockchain platform used by financial technology companies to improve their business processes
- Nexfinance will provide Artificial Intelligence services alongside the blockchain platform
Yoo Hong-jun, Samsung's Vice President of finance business said:
“Samsung SDS is planning to launch its digital finance business through Nexfinance, a digital financial platform that combines proven technology and new technology. It will be a companion to solve the troubles of the organization."
DEEP INTO BLOCKCHAIN
- This is not Samsung’s first go around with blockchain technology
- This April, Samsung revealed that they are experimenting with using blockchain to track its supply chain
- The consumer electronics company also began producing ASIC Bitcoin miners earlier this year
TAKEAWAY
- Day by day, more major players are beginning to adopt blockchain technologies into real world implementations
- Blockchain will allow businesses to operate much more efficiently and securely, for these reasons it won't be surprising to see more companies experiment with blockchain
- Although these companies are not using cryptocurrencies, their use of blockchain shows the legitimacy of the technology behind cryptocurrencies
| RESEARCH |
Two Thirds of US and EU Crypto Exchanges and Wallets Don't Verify Customer Identities
KNOW YOUR CUSTOMER (KYC)
- In a study conducted by P.A.ID Strategies, the firm analyzed 25 crypto exchanges and wallets and found that 68% are allowing users to trade fiat and cryptocurrencies with no identification
- In cases of firms that don't require KYC (official documentation) a telephone number and email address will suffice
- Many crypto enthusiasts see KYC as a hassle or even a violation of privacy as anyone and everyone should be able to access cryptocurrencies without scrutiny, however, regulators view it differently
REGULATION
- Next year, the EU's fifth anti money laundering act (AMLD5) will come into effect and this could largely affect crypto exchanges who don't require KYC for their users
- Regulators are pushing for KYC to lower money laundering rates through crypto exchanges because without KYC, one can easily set up a pay-as-you-go cell phone number and an email address and be ready to trade
- After AMLD5 is put into effect, crypto exchanges who don't comply could face legal battles and possibly lose ability to operate in the EU
John Delvin, an analyst at P.A.ID Strategies spoke on the issue:
"Cryptocurrency wallets and exchanges want to enjoy the same trust as the wider traditional financial services, but for this to happen they need to rise above the sometimes-dubious reputation of cryptocurrencies' past and be seen as 'model citizens' of the economy."
CONCLUSIONS
- In a way, Delvin is right that bringing legitimacy to the space by requiring identification documentation could spur trust in the industry
- However, many money launderers or privacy activists who see this as a violation will likely just switch to using decentralized exchanges anyway, thus not accomplishing the goal the EU thought AMLD5 would
| TODAY IN CRYPTO |
Waves (WAVES)
The Big Blockchain Race for Commercialisation — just how can you make money out of blockchain? We examine the opportunities and challenges.
Stellar (XLM)
Stellar.org team and featured partners Bloqhouse, Tempo Money Transfer and SatoshiPay discuss blockchain and the fintech revolution.
Factom (FCT)
Stay tuned: Factom Developers Reddit AMA on Wednesday, we'll talk about #FactomM3 and anything else you ask about.
Nexus (NXS)
Nexus Meetup in Tempe, AZ. Meetup will be held at La Bocca Urban Kitchen on Wednesday June 6, from 6:00pm - 8:00pm.
Today in Crypto is powered by coinmarketcal.com
| MORE BREWING |
- World’s Largest Crypto Exchange Binance Invests in Blockchain-Based Esports Platform
- Huobi Chain: Billion-Dollar Exchange To Become Decentralized
- 'We Think it is Going to Exist Forever': Susquehanna Opens Bitcoin Trading Desk
| COIN OF THE DAY |
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| MediBloc (MED) |
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