 QUOTE OF THE DAY  |
| "If past history was all that is needed to play the game of money, the richest people would be librarians." - Warren Buffett |
Happy Monday! We hope the weekend was relaxing but it's time to get back on the grind now! Let's spread the crypto virus today, share the Blockchain Brew with 3 people who you think could benefit from crypto (a.k.a. everyone).
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
|
| BTC | $6,454.75 | -1.15% |
|
| ETH | $496.737 | -0.91% |
|
| XRP | $0.511833 | -3.43% |
|
| BCH | $836.142 | -2.02% |
|
| EOS | $10.2764 | -2.71% |
|
*Information as of 9:30 AM EST
'Selling Crypto Now Is Like Selling Apple in 2001', Says eToro CEO
ETORO
- Originally founded in 2006, eToro is a social trading and asset brokerage company with offices in Cyprus, Israel, and the United Kingdom
- eToro offers trading of stocks, commodities, currencies, ETFs, indices, and cryptocurrencies, including: Bitcoin, Ethereum, and Litecoin, among others
- The company was founded by brothers Yoni Assia and Ronen Assia along with David Ring, Yoni Assia currently serves as the company's CEO
DOTCOM COMPARISON
- eToro CEO, Yoni Assia, recently spoke with Bloomberg making several comparisons between the cryptocurrency market and the dotcom bubble of the late 1990s and early 2000s, where tech companies were insanely over valued by investors and ended with many companies going bankrupt with few emerging out of the market correction to become some of the largest companies of this day
- Assia estimates that 90% of today's crypto startups will "end as nothing" but some of the best projects will survive and prosper
- He also gave his opinion that blockchain technologies will be as transformative as the internet was
The CEO gave examples of some of the most successful tech companies to come out of the dotcom bubble and compared them to where we are currently in the lifecycle of the crypto market:
"Tesla made 2,000%, Facebook made 1,000%, Google made 1,000%. This is the same thing but earlier in the cycle."
APPLE IN 2001
- Assia made a direct comparison between cryptocurrencies and Apple, now the world's largest company by market capitalization, in 2001
- 2001 turned out to be a revolutionary year for Apple with the introduction of the first iPod, at the time, Apple's stock traded at under $2 per share, the stock now trades at $189 per share
His Apple comparison is extremely bullish for cryptocurrencies, saying:
“My long-term view is selling crypto now is like selling Apple in 2001. You do it if you have to do it, you don’t do it if you don’t have to do it.”
Former Goldman Sachs Trader: Diversified Crypto Portfolio Will Outperform Bitcoin
STRONG CORRELATION
- Altcoins have shown strong correlation to Bitcoin's returns over the years even though some altcoins accomplish entirely different tasks
- Some theorize this might be the case because most exchanges use Bitcoin as the base cryptocurrency to trade
- It is also been observed over history that young markets are correlated before they mature and the individual assets decouple
MATTA'S STRATEGY
- Christopher Matta, a former Goldman Sachs trader, told CNBC that diversifying in crypto markets will provide better returns for the amount of assumed risk
- Matta explained that his firm, Crescent Crypto Asset Management, uses the 90-day average on the price of each coin to determine it's true value
- If the coin cannot sustain that value, then Matta moves it out of the portfolio
Matta also told CNBC his other requirements for investments:
"We also have controls around liquidity measures. It has to meet certain thresholds and be available on multiple exchanges that are available here in the United States. And actually, custody is a big piece for us. We won’t hold a coin that you can’t hold in cold storage. We want to make sure people are able to store these in the safest way as you constantly hear about these exchange hacks. We don’t want our clients or the index to really be taking that risk."
TAKEAWAY
- In traditional markets, diversifying is necessary to eliminate risk
- However, some have argued that the crypto market is too closely correlated for diversifying to make sense, investors might as well pick a basket of coins that they see as winners
- Eventually, as the crypto market matures, we will begin to see strong technology and innovative coins showing their true value
EOS Back on Track After Rocky Launch
NETWORK PAUSE
- According to EOS Network Monitor, the record-breaking $4 billion ICO is now running effectively, however, this comes after a pause on the network due to technical issues just after launch
- After 5 hours, the bug was detected and fixed by developers and the network went live once again
CRITICS
- Many critics stated their opinion about EOS after the network paused
In particular, Dogecoin creator Jackson Palmer tweeted his critical comments at EOS:
IT'S EARLY
- Though the bug on the EOS network was found and fixed, it goes to show that blockchains are in the early stage still
- We must remember that many of these blockchains will take years of coding to perfect them and at this point, many are less than a year old
Walmart Awarded Yet Another Blockchain Patent
MEDICAL RECORDS ON THE BLOCKCHAIN
- Walmart has been awarded a patent, titled “Obtaining a Medical Record Stored on a Blockchain from a Wearable Device”
- The patent envisions a blockchain system that would allow medical information to be retrieved by responders during an emergency situation via a wearable device
The official summary for the patent states:
"A method for obtaining a medical record of a patient that is unable to communicate, wherein the medical record of the patient is stored on a blockchain, is provided, including receiving an encrypted private key and a public key associated with the patient stored on a wearable device of the patient, in response to a scanning of the wearable device of the patient at a scene of an emergency, wherein the encrypted private key is decrypted by a biometric signature of the patient, obtaining the biometric signature of the patient by scanning a bodily feature of the patient, decrypting the encrypted private key using the biometric signature of the patient to determine a private key associated with the patient, and accessing the medical records of the patient, using a combination of the public key and the private key associated with the patient, to access a local storage medium of the wearable device."
ANOTHER ONE
- Walmart has shown major interest into blockchain in the past, filing and being awarded several patents
- Some blockchain patents awarded to Walmart already include:
- A blockchain platform to manage energy demand on an electrical grid
- Digital second hand marketplace on a blockchain
- Using blockchain to assisted autonomous vehicles delivering packages to customers
Today in Crypto is powered by coinmarketcal.com
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