Bitcoin Bet / Long Blockchain / $213K / Lottery

Subscribe | View in browser Here are today's ten most important Bitcoin stories, efficiently ranked & summarized by smart humans, not algorithms: $BTC (1:05 p.m. EST): $7,514.63 (-0.67%) // 90-day high: $9,927.71 // 90-day low: $5,755.25/ / More… $BCH (1:05 p.m. EST): $723.02 (-2.55%) // 90-day high: $1,786.80// 90-day low: $608.37 // More… $ETH (1:05 p.m. EST): $415.65 (0.57%) // 90-day high: $831.65 // 90-day low: $365.43 // More… $LTC (1:06 p.m. EST): $76.55 (0.01%) // 90-day high: $251.03 // 90-day low: $73.12 // More… $XRP (1:06 p.m. EST): $0.44 (1.16%) // 90-day high: $1.20 // 90-day low: $0.43 // More… Here are the 10 most important stories about bitcoin and cryptocurrencies today       1. A bitcoin whale lost an "enormous" bet on bitcoin last week and now other users of the exchange must foot the bill. The trader took a long position in bitcoin futures listed on OKEx. The position had a value of about $416 million, but when the price of bitcoin fell the trader was unable to cover their losses. As a result, OKEx has had to institute its "clawback policy" will force futures traders with unrealized gains this week to give up about 18 percent of their profits. OKEx said other trades would have to make up about $15 million in losses that its insurance would not cover. -BLOOMBERG       Free White Paper: The Innovator's Guide to Picking the Right Blockchain The first step in any blockchain project is to figure out which blockchain technology you should use. Get this free 20-page white paper to learn which type of blockchain is right for your project and get an unbiased analysis of the pros and cons of top blockchain platforms and frameworks. For an ad-free experience, upgrade to Inside Premium       2. The US Securities and Exchange Commission has subpoenaed Long Blockchain, the drink company that last year became a bitcoin mining company. The company received the subpoena on July 10. It was delivered four months after Long Blockchain was delisted from the Nasdaq stock exchange. The company was previously called Long Island Iced Tea and made beverages. It saw its stock briefly jump after it announced a new bitcoin-related strategy, only to see it fall shortly thereafter. -COINDESK       3. The Union Bank of Switzerland said bitcoin must hit nearly $213,000 per coin to replace the money supply in the United States. The bank wrote in a new report that digital currencies have the potential to become an alternate asset class, but their prices will remain too volatile for that to happen in the near future. –COIN TELEGRAPH       4. RandomCrypto released a new tool that calculates the true profitability of bitcoin mining. CEO Josh Metnick said the calculator aims to tell whether mining equipment is worth buying or using. Using new measurements at today's prices, the calculator shows that all of the most popular mining hardware is currently unprofitable. That includes Bitmain's S9 and GMO's 7nm B2. "Our goal is not to show mining as profitable or unprofitable – our goal is to bring more truth, accuracy, and transparency to [proof-of-work] mining," he said. -COINDESK       5. A smart contract belonging to an ethereum-based lottery platform has raised gas prices. The token MOSCoin, has been undergoing a mass promotion on social media alongside an accompanying token sale. MOS Lottery, the game the tokens are used for, is not included in Dapp Radar among other gaming and better apps, making the overabundance of ERC-20 tokens on the network surprisingly to some. -CRYPTOVEST       6. Goldman Sachs highlighted cryptocurrency as one of six factors creating an unsteady market the second half of 2018. "We expect further declines in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of a currency," Sharmin Mossavar-Rahmani, Goldman's chief investment officer of the private wealth management group, said. The report reiterated Goldman's thoughts that the price of bitcoin would drop following last year's meteoric rise, although the crash happened faster than the bank imagined. -CNBC 7. Augur, the new blockchain-based prediction market platform, may have Napster-like potential. The platform can disrupt markets, but also brings with it giant legal headaches. –MIT TECHNOLOGY REVIEW 8. Developers at Yenom, a bitcoin cash-centric wallet, developed a new bitcoin cash kit for BCH developers. The kit is a Swift implementation of the BCH protocol and the first library for iOS for the digital currency. –BITCOIN.COM 9. HIS Market, a data analytics firm, believes the value of blockchain could lead to a business activity value of $2 trillion by 2030. As it turns out, $2 trillion is actually a conservative number, especially based on the length of time the firm gives blockchain to reach that value. -CCN 10. Bitcoin could fall below $6,000, an analyst believes. That drop could come if the digital currency fails to maintain a current support level. –ETHERUEM WORLD NEWS       From the Forums Microsoft and Starbucks using bitcoin platform. Banned from r/bitcoin. Talking about Circle Invest.       Written and curated by David Stegon. He has been a reporter for 15 years, the past 10 focused on technology. Follow him @davidstegon.       Editing team: Lon Harris (editor-in-chief at Inside.com, game-master at Screen Junkies), Krystle Vermes (Breaking news editor at Inside, B2B marketing news reporter, host of the "All Day Paranormal" podcast), and Susmita Baral (editor at Inside, recent bylines in NatGeo, Teen Vogue, and Quartz. Runs the biggest mac and cheese account on Instagram).

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