September 23, 2018
QUOTE OF THE DAY 
"There was a time when people felt that the internet was another world, but now people realize it is a tool that we use in this world."
- Tim Berners-Lee
| COIN | PRICE | 24H |
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| BTC | $6,725.646014 | +0.61% |
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| ETH | $244.614161 | +2.38% |
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| XRP | $0.566433 | -1.53% |
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| BCH | $492.964516 | +3.23% |
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| EOS | $5.99995 | +1.49% |
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*Information as of 9:30 AM EST
Billionaire Investor Mike Novogratz Calls $10,000 BTC This Year
Novogratz is an esteemed crypto investor
Mike Novogratz is a former hedge fund manager at Fortress Investment Group and entered into the crypto industry by earlier this year raising $250 million to develop a "cryptocurrency merchant bank" in Canada.
In May, Novogratz launched a cryptocurrency index with Bloomberg, called the Bloomberg Galaxy Crypto Index.
A couple of days ago, Novogratz called the state of the current market a 'classic bottom' and has high expectations for where the market can go in the future.
'Impossible' for Bitcoin not to rebound
Novogratz recently appeared on CNBC to continue his public admiration for cryptocurrencies. Over the past year or so, Novogratz has made many public appearances to give his opinion on crypto and blockchain.
During his recent CNBC appearance, Novogratz put out the bold statement that it is 'impossible' for Bitcoin not to rebound from its current level. He specifically set a target range of $8,800 to $10,000 and a timeframe of the end of the year. This would represent a 30% upside for BTC in only about a three-month duration.
Institutions will be victim to FOMO
Novogratz believes that the main driver of the next bull market will be the institutional investment. He believes that institutional investors will fall victim to FOMO as many retail investors did in late 2017, driving the price of BTC to $20,000. He predicts that once institutional FOMO kicks in, institutions will launch the crypto market all the way to $20 trillion.
He explained his bold $20 trillion prediction:
““It won’t go there ($20 trillion) right away. What is going to happen is, one of these intrepid pension funds, somebody who is a market leader, is going to say, you know what? We’ve got custody, Goldman Sachs is involved, Bloomberg has an index I can track my performance against, and they’re going to buy. And all of the sudden, the second guy buys. The same FOMO that you saw in retail [will be demonstrated by institutional investors].”
The Bitcoin Bug that Developers Kept Secret
There could've been more than 21 million BTC
This week a bug in Bitcoin's code was revealed that could've been catastrophic.
Bitcoin derives its value from scarcity. This bug could've spoiled Bitcoin's biggest selling point. If the bug was exploited, an attacker would have been able to create new Bitcoin above the 21 million cap.
An attack of this nature could have been a fatal blow to the $115 billion cryptocurrency.
Shhhhhhhhh
When this bug was revealed to Bitcoin developers by an anonymous user, the developers were forced to keep it a secret until they could create a patch.
Bitcoin Core developers wrote in a Common Vulnerabilities and Exposures report:
"In order to encourage rapid upgrades, the decision was made to immediately patch and disclose the less serious denial of service vulnerability, concurrently with reaching out to miners, businesses and other affected systems, while delaying publication of the full issue to give time for systems to upgrade."
Could the bug already have been exploited?
When news of this bug's existence was unveiled, Bitcoin users began to fear if the bug already could have been exploited.
Bitcoin Core contributor Pieter Wuille explained that we would have been able to detect if illegitimate Bitcoins were ever created.
Even if the bug were to be exploited, developers say that the damage could be rolled back. In 2010, what was called the "value overflow incident" occurred to Bitcoin. 187 million Bitcoins were created out of nowhere, but were ultimately destroyed.
Tether Has No Impact on Bitcoin Price, Research Finds
Going against the tide
Earlier this year, researchers at the University of Texas reported findings that argued Tether manipulated the price of Bitcoin and caused it to hit astronomical price levels in 2017.
That study confirmed a widely held view in the crypto community that Tether issuances provide support for Bitcoin during market downturns.
Now, however, Wang Chun Wei from the University of Queensland Business School is claiming that while Tether issuances are correlated with increases in Bitcoin prices, there is no empirical data that supports a direct relationship between the two.
The report in a nutshell
Though the findings don't suggest Bitcoin price increases are caused by Tether issuances, it did find that Tether issuances have a positive correlation with increased trading volume.
Wang Chun Wei points out that even if the spike in trading volume was caused by investors using new USDT tokens to purchase Bitcoin, the magnitude would not be large enough to cause price manipulation.
In addition, the report is quick to explain that when Bitcoin's price falls, many investors increase stablecoin holdings and this event could be causing new Tether issuances due to increased demand rather than an attempt by Tether to prop up Bitcoin's price.
Q&A with CripText
For today's interview feature, Unbankd had the opportunity to speak with Criptext CEO Mayer Mizrachi about his newly launched private email platform and the importance behind democratized data.
What’s the story and mission behind Criptext?
The mission is simple: provide an email service built around users’ privacy. Conversely, the story’s a bit more complex. See, we were the victims of a political persecution by the Government of Panama. One of the things that they did was collect our emails as well as our lawyers’ emails from service providers in order to get ahead in the legal process. This really impacted us as we had built an encryption extension for Gmail, only to realize that no amount of security would give us control of our email since it technically belonged to Google. An intense breach of civil liberties and constitutional rights led us to rebuild email with privacy at its core.
Why does centralized data storing take power away from the user?
Well, put simply, the data doesn’t belong to the user. If we read every single ‘Terms of Service’ document before signing up for any online service we’d realize that the m.o. is that you have no ownership of your data whatsoever.
How has crypto impacted your life?
One of the difficulties I’ve lived through since 2015 is seeing banks cave in to government prosecutors and shut down my bank accounts. When I had my second bank account closed in 2015 a friend of mine offered to invest some of my money in BTC for me. I didn’t know anything about it at the time, but he did it and that saved my butt. I’ve witnessed how arbitrary the financial system can be. Ultimately, when you remove the human factor from the equation you have a more democratic, egalitarian financial system for all of society. That said, I’m still stuck in Panama and there’s just so far you can go with BTC.
How do you envision the crypto/blockchain community utilizing CripText?
In an ideal scenario, people will start timidly. That is, with limited dependencies. Over time as they grow more trusting and reliant of Criptext as an email service I believe they’ll start to migrate into Criptext as their main inbox. Lastly, personal behaviour would transcend into the workplace and eventually entire crypto companies would start to use Criptext as their main email service.
To read the full interview and learn more about Criptext, click here.
- A portfolio-management subsidiary of crypto exchange Coinsquare has launched two exchange-traded funds (ETFs) on the Toronto Stock Exchange (TSX).
- Cryptocurrency-funded web browser Brave has announced that it will collaborate with Civic to bring identity verification services to publishers on the Brave platform.
- Crypto wallet provider Blockchain.com alleges Blockchain.io has intentionally created brand confusion to drive traffic.
Tezos (XTZ)
In short, Tezos is a new platform for smart contracts and decentralized applications. As for its unique feature, the Tezos protocol offers a formal process through which stakeholders can efficiently govern the protocol and implement future innovations.
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