 QUOTE OF THE DAY  |
| “Never let your fear of the unknown and things being too difficult make your choices for you in life. One of the saddest lessons in life is finding out that your fear made the situation worse than what it was and a braver person stole the dream you gave up on.” - Shannon Alder |
Happy Sunday! Today we have an exclusive interview with @LedgerStatus, a well known crypto trader and host of the popular crypto podcast Ledger Cast. If you love what you read, don't forget to show him support by listening to his podcast or following him on Twitter!
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
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| BTC | $6,850.63 | +3.47% |
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| ETH | $495.848 | +5.16% |
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| XRP | $0.492581 | +4.77% |
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| BCH | $774.794 | +7.19% |
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| EOS | $9.03702 | +5.57% |
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*Information as of 9:30 AM EST
Millions of Bitcoin are Supposedly Lost, What Does This Mean
LOST BITCOIN
- To access Bitcoin in a wallet, users need a private key that consists of a long string of characters
- Over time, as Bitcoin supporters bought and stored their digital currency, many lost or forgot their private keys
- This means that those Bitcoins are in limbo, or in other words, lost forever if the private keys can never be accessed
4 MILLION
- Though it can never be confirmed, it is estimated that around 4 million Bitcoins are lost forever
- If true, this amount of lost Bitcoin would account for just less than 25% of the current circulating supply
- However, this number should be considered a rough estimate because the only criteria for a Bitcoin to be considered lost is the amount of time it remains idle in a wallet
EFFECT ON MARKET
- The effect on the market is unknown if the circulating supply is actually substantially lower than reported
- Some theorize that since Bitcoin is actually more scarce than reported, the price is underestimated
- In contrast, others believe Bitcoin is priced accordingly regardless of lost coins since the circulating supply accounts for all coins that exist
TAKEAWAY
- To make sure your cryptocurrencies don't become lost in limbo, you should store private keys in a safe secure location and have multiple copies
- In addition, owners should have a plan in place if they were to die and their loved ones want to access their cryptocurrencies
Ethereum's Founder Vitalik Buterin Shames Centralized Exchanges Stating 'I Hope They Burn in Hell'
CENTRALIZED EXCHANGES
- This weekend, Vitalik Buterin conducted an interview with TechCrunch to speak about decentralization
- In the interview he focused his attention on centralized exchanges and the "stupid king making power" they are given
- Buterin stated that centralized exchanges can decide which cryptocurrencies "become big" by charging outrageous listing fees
Buterin's hate for centralized exchanges was apparent throughout the interview:
"I definitely personally hope centralized exchanges burn in hell as much as possible."
VITALIK'S VISION
- Buterin believes that total decentralization via the use of decentralized exchanges (DEX) would better showcase "blockchain values"
- Though there are many DEXs that are operational, they lack liquidity as users have not yet fully adopted DEXs
- In addition, centralized exchanges provide an easier user experience for new crypto investors thus making them more attractive
- In the future, however, Buterin envisions that DEXs could become more user friendly and grow user bases large enough to sustain adequate liquidity
Crypto is not a Bubble, Says Bernstein Analyst
PARALLEL FINANCIAL NETWORKS
- The wealth management firm Alliance Bernstein published a report detailing the impact and state of the cryptocurrency market
- The analysts who authored the report commended cryptocurrencies for building a more inclusive alternative to Wall Street
- Eventually they predict, blockchain will operate "on the fringes of the mainstream economy with size and scale, we will witness mainstream talent and then eventually capital diverted towards" these ventures
NOT LIKE DOT COM
- Cryptocurrency is often compared to the dot com bubble of the late 90s and early 2000s, but the Bernstein analysts gave their opinion that they do not agree with this comparison
- The Bernstein analysts give credit to the 24/7 nature of cryptocurrency trading to why the market will not pop like it did with the dot com bubble
The authors give credit to the market being able to correct itself, saying:
"To see the fund-raising landscape as scam prone and with regulatory skepticism fails to recognize it as a market based innovation experiment to build out a new financial system. And the 24*7 trading market acts as a natural correction system for the bad actors unlike the dot com bubble where the feedback for weak business models came with a lag. Crypto markets build and destroy fortunes every day."
What is the story behind your "crypto identity"?
My primary business is Post Status — as I run a web based publication for the WordPress ecosystem around building tools and doing consulting for web publishers. It’s a play on words for the status of a piece of content (published, draft, etc is the “post status”). Ledger Status was a natural extension of this theme for crypto — as I want to stay on top of the “status” of the blockchain and crypto ecosystem. Aka “Ledger Status” was born.
How did you get started investing in crypto?
I’m mostly known for TA, as I am a technical trader. But I like to screen first by fundamentals. With an open source software background, I’m drawn to the open source nature of proper crypto projects, with the additional element of investment analysis. I got into crypto just in the spring of 2017, though I’ve known of bitcoin since at least 2012 (I found a tweet of mine on my personal account when bitcoin was $6 — but I did not buy, a great regret). I just don’t think I thought of it as an investment vehicle back then.
What is your trading strategy?
I’ve traded stocks since age 15 somewhat regularly. I remember screening stocks by various fundamental metrics (P/E, etc) and looking for bollinger band squeezes well over a decade ago. I’m best as a swing trader, holding positions from a few days to a few months. I get antsy if I have to be too terribly patient, and there are better scalpers than me. My only long term thing I’m comfortable holding is bitcoin, though I’ve been a bag holder before and am now and will be again I’m sure.
Advice to crypto investors?
Most crypto investors — myself included — have a hard time justifying a position once it doesn’t initially go their way. If it’s a fundamental position trade, that may be okay, if you intended to hold on and scale in over time. But if it’s a swing trade, you need to be able to justify the position, and why you’re still holding it, other than not wanting to take the loss. But if it gets outside of the bounds of your initial trade idea, it’s probably time to cut it and preserve your capital for the next trade(s). I still fail at this sometimes, to my detriment. There is no glory in bag holding a bad trade in a bad setup.
Hidden gem pick:
My low cap gem: Switcheo (SWTH) is a nice DEX project. I am a fan of several decentralized exchanges: IDEX’s Aurora is the most used Ethereum app; Ocean is a soon to launch 0x relayer(airdrop token only); and Switcheo is the first to market DEX for Neo (NEP-5) tokens. It’s a sub $10 million market cap and a very scrappy team. We interviewed them on my podcast. They’ll eventually support other token platforms like Qtum, Ethereum, and more. I like spreading out small bets on these DEX projects.
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ReddCoin (RDD)
"7 Day Delay of #ReddID Public #Beta Launch, now July 8th, 2018 ."
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