 QUOTE OF THE DAY  |
| "If inflation continues to soar, you’re going to have to work like a dog just to live like one." - George Gobel |
Happy Friday! One year ago, the PC community was pretty rattled that the crypto community caused a GPU shortage after miners bought over 3 million GPUs in 2017. Boy how times have changed.
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
|
| BTC | $6,510.175069 | +2.07% |
|
| ETH | $300.619474 | +2.83% |
|
| XRP | $0.317607 | +9.43% |
|
| BCH | $544.89819 | +3.81% |
|
| EOS | $4.865471 | +3.59% |
|
*Information as of 9:30 AM EST
Nvidia Stock Tumbles After it Reports Slump in Sales to Crypto Miners
NVIDIA MISSES MINING SALES
- Yesterday, popular GPU manufacturer Nvidia reported that crypto mining sales were significantly lower than Q2 expectations
- In addition, Nvidia forecasted the rest of 2018 will bring no significant blockchain-related sales
Colette Kress, CFO of Nvidia, chimed in on the declining crypto sales:
"Our revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million, while actual crypto-specific product revenue was $18 million. Whereas we had previously anticipated cryptocurrency to be meaningful for the year, we are now projecting no contributions going forward."
STOCK RUNDOWN
- Nvidia's stock was sent downward over 6% immediately after the announcement during extended hours
- Though analyst don't believe sales related to crypto will help Nvidia anytime soon, they do believe Nvidia's gaming and server sales will grow
- In total, revenue reported for Nvidia rose 40% and net income was reported at $1.1 billion
CORRELATION CONCERNS
- When public companies exposed themselves to blockchain and cryptocurrencies in 2017, they experienced great returns
- Now, however, with the 2018 crypto bear trend, these companies have had a different experience
- In June, analysts expressed concerns that since Advanced Micro Devices (AMD) grew 30% in part to the crypto mining boom, it may not have the same success
One analyst explained the problem in detail:
"Cryptocurrency strength has to some degree offset the slow and steady progress establishing momentum in desktop and server microprocessors after several years away from those markets — but that higher revenue has driven higher operating expense, which further raises the bar for the processor business if crypto momentum should fade."
US Senate Set to Talk About Blockchain, Here is What They Will Discuss
ENERGY CONCERNS ON THE AGENDA
- The Committee on Energy and Natural Resources will have a hearing on "Energy Efficiency of Blockchain and Similar Technologies" on August 21 to discuss the benefits of crypto mining and its impact on energy prices
- The committee consists of 23 members, there will also we witnesses testifying at the meeting, but the identities of the witnesses were not revealed
- One question that will be asked at the hearing is, “should we expect electricity prices to increase from rising electricity demand in blockchain applications?"
The committee’s public announcement describes the purpose of this gathering:
"The purpose of the hearing is to consider the energy efficiency of blockchain and similar technologies and the cybersecurity possibilities of such technologies for energy industry applications."
NOT THE SENATE’S FIRST RODEO
- While this is the first time a Senate committee has discussed the energy implications of cryptocurrencies, cryptos have been discussed in other perspectives in the past
- In February this year, the Senate hosted a hearing to discuss the classification of cryptocurrencies as securities
- Then in March, Senators discussed how to protect investors from scam initial coin offerings
- More recently in May, the supply chain and logistics use case of blockchain was the subject of discussion in the Senate
Coinbase’s Dapp Browser Toshi has been Rebranded as Coinbase Wallet
WHAT IS TOSHI?
- Toshi, which launched roughly a year ago, is a combination of a few things. It is:
- A private and secure messaging app
- A user-controlled Ethereum wallet
- A browser for Ethereum apps
- Toshi was built with the mission of financial inclusion, to give everyone access to financial services via a browser
NOW A FACELIFT
- Coinbase acquired Toshi earlier and on Wednesday announced that it is renaming the application ‘Coinbase Wallet’
- Siddharth Coelho-Prabhu, Product Lead at Toshi, shared that this new name change would go live shortly along with a redesigned interface
NEW FEATURES TO GO ALONG
- Not only is Toshi getting an upgrade to its name and look, Coinbase will also be adding some new features to the wallet
- Currently, Toshi supports ETH and ERC-20 tokens, but Coinbase is adding additional support for Bitcoin, Bitcoin Cash, and Litecoin
- Coinbase will also equip the wallet with “best-in-class secure storage”
PUSHING ADOPTION
- Applications like Coinbase Wallet are exactly what cryptocurrencies need to gain more adoption
- This wallet will be a secure place to store almost any coin
- It will also allow you to access the full range of decentralized applications on the Ethereum network, bringing financial services directly to the consumer
Unikrn ICO Backed by Mark Cuban Gets Slapped with Lawsuit
SETTING THE STAGE
- Unikrn, a seattle-based eSport betting startup conducted an initial coin offering last year to raise funds for the projects development
- The ICO attracted 112,720 Ethereum, worth about $33 million now
- The most notable investor to join the ICO was Mark Cuban, owner of the Dallas Mavericks franchise and popular Shark Tank VC
NEW LAWSUIT
- Filed on August 13th, John Hastings is suing Unikrn and its founder Rahul Sood for selling unregistered securities to the public
- Hastings commented on the case saying Unikrn has "crafted a flimsy facade that UKG Tokens are not securities by claiming they are 'utility tokens.'"
- In addition, Hastings believes investors were led to believe their investments would increase in value and become worth more than the Ethereum invested
- It should be noted the token Hastings received from the ICO, UKG, has fallen from its all-time high price of about $2 to a mere $0.05 during the 2018 slump
- Deloitte conducted a survey sent out to over 1,000 enterprise executives and discovered 40% believe blockchain is overhyped.
- Coinbase won a patent that aims to protect a method of making Bitcoin purchases more secure.
- BitMEX CEO, Arthur Hayes, dismissed Ethereum as a "double-digit sh*tcoin" and predicted it will fall below $100.
Hashrate
noun
Hashrate is the speed at which a block is discovered and the rate at which the related math problem is solved.
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