 QUOTE OF THE DAY  |
| “We have elected to put our money and faith in a mathematical framework that is free of politics and human error.” - Tyler Winklevoss |
Happy Sunday! Did you know the first ad for Bitcoin on Reddit advertised it as magic internet money? It still is magic internet money just to be clear.
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
|
| BTC | $8,198.82 | +0.24% |
|
| ETH | $464.60 | -0.41% |
|
| XRP | $0.451672 | -0.1% |
|
| BCH | $821.187 | +0.53% |
|
| EOS | $8.22787 | -0.72% |
|
*Information as of 9:30 AM EST
Crowd Psychology Drives Bitcoin Prices, Financial Experts Say
CROWD PSYCHOLOGY
- Since Bitcoin is a relatively new asset, many theories have been created to explain the digital currency's price movements
- However, according to a new survey by Data Trek Research, 52% of financial experts believe the only reason for Bitcoin price movements is the idea of crowd psychology
- Crowd psychology is just a fancy academic term for pack mentality or rather, the idea that everyone follows one another's decisions
NETWORK USAGE
- After crowd psychology, the next most popular theory for price movements was network usage
- This is the idea that price is discovered as more people begin to transact with Bitcoin
- Among survey respondents, 15% of them believe network usage is the most likely cause of price movements
CONCLUSION
To conclude, Nicholas Colas, co-founder of Data Trek Research commented on the study's findings:
"Finance professionals make their livings by analyzing asset values through the lens of fundamental/quantifiable factors. That more than half of respondents believe valuation in the crypto space is “purely a function of crowd psychology” is refreshing in its honesty."
GPU Manufacturer AMD Expects 'Near Zero' Revenue from Crypto Sales in Coming Quarter
STEADY DECLINE
- During 2018, cryptocurrency prices weren't the only thing to decline in the industry
- It seems that the sale of graphics cards, which many people use to mine cryptocurrencies, are highly correlated with cryptocurrency prices as their sales have declined since the start of 2018
AMD SALES
- Recently, AMD announced during its earnings report that the company expects revenue from the blockchain sector to be "near zero" in the third quarter
- The chip manufacturer also admitted that during the second quarter of 2018 only 6% of their sales were driven by blockchain
- This is quite contrary to AMD's sales during the massive price spike in December 2017 when graphics cards were flying off the shelves and sold out in some places
MARKET RESPONSE
- AMD also shared on the earnings call that declining blockchain sales were offset by an increase in data center sales
- Even with declining revenue from blockchain sales, AMD shares were up more than 13% in one day after it beat Wall Street's expectations
Telegram Releases Identification Verification Tool to be Used for ICOs
TELEGRAM PASSPORT
- With a growing online presence, many users need to verify their identities with businesses to protect themselves and the businesses
- Telegram, a popular encrypted messaging app, is now alleviating its users of this annoyance by creating Telegram Passport
- According to the announcement, Telegram Passport is "a unified authorization method for services that require personal identification"
- In simpler terms, this new service will allow for Telegram users to upload their identification documents once and then be able to use them across many different services requiring identification
Here is a screenshot of Telegram Passport in use:
TELEGRAM AND CRYPTO
- The crypto community is a big supporter of Telegram
- This support not only stems from the ease of use, but also because Telegram boasts end-to-end encryption on its platform
- With Telegram Passport, the company is taking a step deeper into the crypto world by offering this service to exchanges and initial coin offerings (ICO) that need to verify identity
Three Years Ago Ethereum Launched
INITIAL LAUNCH
- In 2015, around this time, the genesis block of Ethereum was loaded, making the project a live blockchain
- Following the launch, the team created a new video to introduce the project to the world
- Much has changed since that time, let's look at a few of the major changes
BIGGEST CHANGES
- Most noticable, the price of Ethereum around launch was trading between $0.30 and $0.50 at that time
- There were no hard forks yet, thus Ethereum Classic and Ethereum were unified on one chain
- Since then, thousands of initial coin offerings that have been launched on the Ethereum platform
- Back then, it was the most popular crypto to be called a "sh*tcoin" on the r/Bitcoin subreddit
- Japan Self-Regulatory Crypto Exchange Association Considers Trading Cap for Some Clients
- A Solution to China's Pharma Woes Might Be a Blockchain Away
- Rejection Aside, Calls for a Bitcoin ETF Are Only Escalating
Pundi X (NPXS)
"To continue the fever of Bitcoin Summer Fest 2018, we will host our first community meetups in Colombia!"
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