 QUOTE OF THE DAY  |
| "Desire is the key to motivation, but it's determination and commitment to an unrelenting pursuit of your goal - a commitment to excellence - that will enable you to attain the success you seek." - Mario Andretti |
Happy Saturday! Since the markets have been hard to look at recently, here is a list of things to do when you're bored. It'll help to take your mind off crypto which is a good thing...sometimes. Have a relaxing weekend Brew Crew!
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
|
| BTC | $6,288.82 | -6.56% |
|
| ETH | $475.181 | -10.91% |
|
| XRP | $0.499338 | -6.8% |
|
| BCH | $779.781 | -11.11% |
|
| EOS | $8.8003 | -15.71% |
|
*Information as of 9:30 AM EST
Mt Gox to Enter Civil Rehabilitation: What it Means
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MT GOX
- Defunct Japanese Bitcoin exchange Mt. Gox was once the largest bitcoin exchange in the world, until in 2014 the exchange became insolvent after it was brought to light that the exchange had lost 744k Bitcoins over the time of a few years
- Even after Mt Gox went insolvent in 2014, the exchange has still been prominent in the news of the cryptocurrency world
- Earlier this year, Mt Gox was forced to dump a portion of its remaining Bitcoin to repay creditors and was blamed by cryptocurrency investors for crashing the price of Bitcoin
CIVIL REHABILITATION
- On Friday, the Tokyo District Court approved civil rehabilitation to begin in Mt Gox's bankruptcy case
- This is a major victory for the parties that Mt Gox still owes money to and also for the cryptocurrency market as it should mark the end of Mt Gox dumping its coins
- Before beginning civil rehabilitation, Mt Gox owed creditors the monetary value of the assets when it filed for bankruptcy (when Bitcoin was $440), so Mt Gox would sell coins to repay its creditors in monetary value
- Now, as a part of civil rehabilitation, Mt Gox is required to repay non-monetary claims in their original form, so they will be repaying creditors in Bitcoin rather than dumping the Bitcoin in the market to repay them
The court documents summarize the civil rehabilitation process:
"In bankruptcy proceedings, non-monetary claims are converted into monetary claims based on the valuation as at the time of the commencement of bankruptcy proceedings. In contrast, in civil rehabilitation proceedings, non-monetary claims are not converted into monetary claims at the time of commencement of the civil rehabilitation proceedings. Therefore, in the civil rehabilitation proceedings in this matter, claims seeking a refund of bitcoins ('Bitcoin Claims') will also not be converted into monetary claims after the commencement of the civil rehabilitation proceedings."
Bitcoin and Crypto Mentioned in US Supreme Court Opinion for the First Time Ever
SUPREME COURT RULING
- A couple of days ago, the Supreme Court issued a ruling on Wisconsin Central Ltd. v. United States, this case involved a dispute over whether stock options should be taxed in the same way that regular pay is
- The Supreme Court ended up ruling that stock options are not "money remuneration" and therefore should not be taxed as such
- 79-year-old associated justice Stephen Breyer authored the dissenting opinion, backed by Justices Ginsburg, Sotomayor and Kagan, the opinion argues that "what we view as money has changed over time."
The entire excerpt from the dissenting opinion including the mention of Bitcoin and cryptocurrencies:
"Moreover, what we view as money has changed over time. Cowrie shells once were such a medium but no longer are ... our currency originally included gold coins and bullion, but, after 1934, gold could not be used as a medium of exchange... [P]erhaps one day employees will be paid in bitcoin or some other type of cryptocurrency."
TAKEAWAY
- Although this ruling has nothing to directly do with cryptocurrencies and Bitcoin, it is still significant for the most powerful court in the country to give it a mention
- It seems that the Supreme Court views cryptocurrencies as a form of currency rather than a security
- One day, the fate of Bitcoin and cryptocurrency may be ruled upon in the Supreme Court and this was jus t the first tease
Coinbase's Growth Has Left Some Customers Behind
INSANE GROWTH
- In 2017, Coinbase exhibited insane growth as the U.S. cryptocurrency exchange went from 4.7 million users to over 11.7 million users in October 2017
- This rise in interest for cryptocurrencies is mostly attributed to the astronomical rise of the cryptocurrency market around the same time
- Along with its growing consumer base, Coinbase has expanded into other product lines to cater to institutions and also recently announced they are expanding into Japan
One Coinbase spokesperson told Mashable more detail about the exchange's massive growth in 2017:
"...consumer demand for our services increased by 40x [in 2017] and we experienced transaction volumes in November and December of that year that grew by 295 percent."
GROWING PAINS
- Coinbase's massive growth has been remarkable, however, it has also been accompanied by pains and a backlog of customer requests
- Obtained by Mashable, 134 pages of complaints filed with the U.S. Securities and Exchange Commission (SEC) reveal angry Coinbase customers
- Many complaints believe Coinbase has mishandled customer complaints, been completely ignorant to customer complaints, or in some cases, Coinbase is just a fraudulent company
COINBASE'S RESPONSE
- Coinbase has reportedly responded by increasing customer support "by over 150%" in recent months and will now "able to resolve issues faster, decreas[ing] the backlog by 95 percent"
- While many don't believe Coinbase is a fraudulent exchange, many customers are disgruntled and the release of these documents is certainly a wake up call for Coinbase to focus on customers again
Chief Strategy Officer of Bitfinex Steps Down
STEPPING DOWN
- Reported by Reuters yesterday, Chief Strategy Officer of Bitfinex Phil Potter will step down from his position
- Potter stated his departure from Bitfinex comes at a "natural time" as he looks to pursue "new opportunities"
- For now, Potter's position will be replaced in interim with Bitfinex CEO, Jean-Louis van der Velde
Potter mentioned that his focus on the U.S. didn't align with the rest of management:
"As Bitfinex pivots away from the U.S., I felt that, as a U.S. person, it was time for me to rethink my position as a member of the executive team."
TETHER FUD
- Many critics are watching Bitfinex, the 4th largest exchange by volume in the world, because it shares management with the stablecoin Tether
- Since Tether has had increasing allegations about manipulating the markets, some believe Potter's departure could mean a meltdown for the exchange
- Earlier this week, a report, not a full audit, was released that stated Tether has enough U.S. dollar reserves to back the token with $1 each
- A Crypto Startup Aims To Bring Stability To A Volatile Market
- FIFA World Cup 2018: Crypto for Betting, Hotels, Booze and Flights
- Bank of England to Rebuild Settlement System to Interface with Blockchain Platforms
Nxt (NXT)
"For every 10 NXT on your wallet you receive 1 MTR with the same passphrase on Metro blockchain. Snapshot block number is 1894000."
Today in Crypto is powered by coinmarketcal.com
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