 QUOTE OF THE DAY  |
| "If all the economists were laid end to end, they’d never reach a conclusion." - George Shaw |
Happy Saturday! Only 3 days left on our Crypto Starter Pack Giveaway that contains over $1,000 worth of crypto gear! Continue reading to see how to enter. Good luck!
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
|
| BTC | $6,405.994452 | -1.36% |
|
| ETH | $305.505309 | +2.07% |
|
| XRP | $0.331041 | +4.63% |
|
| BCH | $565.015815 | +4.18% |
|
| EOS | $5.231013 | +7.66% |
|
*Information as of 9:30 AM EST
Wall Street Better Make a Move or Coinbase Will Monopolize US Crypto Trading
CRYPTO FEES BOOMING
- Despite declines in trading volume and crypto prices, research firm Sanford C. Bernstein & Co. predicts that revenues from cryptocurrency trading fees could total as much as $4 billion this year
- Last year, exchanges brought in roughly $1.8 billion in trading fees, if this year's fees reach the predicted mark, it would represent a 120% increase year-over-year
- Exchanges are able to generate massive profits off of these revenues as their business is very high margin
NOW OR NEVER
- While cryptocurrency trading fees are booming, competition in the space has not grown at the same pace
- Coinbase holds a majority of the market share of institutional cryptocurrency trading
- Sanford C. Bernstein & Co. approximates that about half of Coinbase's revenues come from brokerage and professional exchange platforms
- Coinbase already has twice as many users as Charles Schwab and cryptocurrency is still very much in its infancy
- Wall Street firms have the infrastructure to compete with Coinbase, but not the willingness, if they do not act soon enough, Coinbase will have a total monopoly over the industry and traditional institutions will never be able to catch up
US Border Officials to Test Blockchain for Trade Certificate Tracking
TRACKING TRADE
- The U.S. Customs and Border Protection (CBP) announced that it is testing a blockchain system that will verify North American Free Trade Agreement (NAFTA) and Central America Free Trade Agreement (CAFTA) certificates
- The new system will also allow officials to authenticate information about the imported goods such as material and origin
- In addition, CBP hopes this new system will help cut down on counterfeit items entering the country
STREAMLINING THE PROCESS
- Currently, this process is full of manual labor and paper communication
- After the new system is implemented, CBP hopes the process will be streamlined on a mobile app
MOVING FORWARD
- At a conference this week, CBP Division of Business Transformation and Innovation head Vincent Annunziato mentioned the new system will launch in September
- Further, Annunziato mentioned the Commercial Customs Operations Advisory Committee (COAC) is building a blockchain system that will verify intellectual property
Hacker Ordered to Pay Bail in Crypto
HACKED GAME
- Martin Marsich, a Serbian national, has been accused by the FBI for hacking a gaming firm Electronic Arts' network
- After gaining access to the network, Marsich was able to take control of 25,000 accounts
- Marsich used the accounts to purchase in-game items which he then sold on dark web marketplaces, along with the accounts themselves
- In total, Marsich caused $324,000 worth of losses to the gaming firm and its users
THIEF CAUGHT
- Marish was stopped and arrested at the San Fransisco International Airport while trying to board a flight destined for Serbia
- The hacker recently appeared in a San Fransisco court where he was released to halfway house on the condition that he pay $750,000 bail
COUGH UP THE CRYPTO
- The unique aspect of this case is that the judge ordered Marsich to pay his bail in cryptocurrencies
- Bail is not only paid in cash, the judge has the jurisdiction to require any asset be put up for bail
Assistant District Attorney Abraham Simmons talked about the laws regarding what can be required for bail:
"It really is quite broad. The judge could order just about anything. What the objective is is to get the defendant to comply with an order to appear later."
There are only 3 days left to enter our Crypto Starter Pack Giveaway. Follow the steps below to possibly win over $1,000 worth of crypto gear!
HOW TO ENTER:
- Visit theblockchainbrew.com/giveaway
- Sign up on our website to enter
- Complete other actions to increase your chances of winning
Good luck everyone!
- Ethereum's most used dapps include suspected Ponzi scheme games that are fueling a gambling problem.
- Computer Giant IBM applied for a patent noting a blockchain system that verifies identity based on nodes.
- Food safety firm ZEGO is using blockchain to test products after a deadly chemical in a Monsanto product spurred a $289 million lawsuit.
Consensus
noun
Consensus is achieved when all participants of the network agree on the validity of the transactions, ensuring that the ledgers are exact copies of each other.
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