 QUOTE OF THE DAY  |
| “Wealth creation is an evolutionarily recent positive-sum game. Status is an old zero-sum game. Those attacking wealth creation are often just seeking status.” - Naval |
Happy Saturday! It's the weekend! Last year around this time everyone in crypto was worried about the hard fork. Now, everyone in crypto is worried about ETF approval. It's interesting to see how far crypto has come in one year.
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
|
| BTC | $8,191.69 | +3.8% |
|
| ETH | $466.823 | +1.29% |
|
| XRP | $0.452657 | +1.21% |
|
| BCH | $818.792 | +3.28% |
|
| EOS | $8.319 | +2.49% |
|
*Information as of 9:30 AM EST
SEC Commissioner Disagrees with Winklevoss Bitcoin ETF Decision
OFFICIAL DISSENT
- Thursday, the U.S. Securities and Exchange Commission shot down the Winklevoss Bitcoin Trust (Bitcoin ETF) petition
- Then, yesterday, SEC Commissioner Hester M. Peirce released an official dissent statement to broadcast her disagreement with the decision
PEIRCE'S VIEW
In her official statement, SEC Commissioner Peirce stated the reasons she believes the SEC erred in judgement:
- First, the SEC mentioned that part of its decision hinged on the fact that manipulation can occur easily, however, Peirce argues that this decision was made on the underlying Bitcoin spot market, not on the exchange-traded fund presented
- Because of this, Peirce believes the SEC overstepped their role and that if this ruling was "applied consistently", many other commodity ETF would be "in peril"
- In addition, Peirce believes that this is disapproval now poses a risk that once a Bitcoin ETF is approved, investors will assume the SEC endorses the quality of the market
- Lastly, Peirce believes that this decision will "inhibit" the institutionalization of the Bitcoin market since institutions now have to enter the spot market that carries risks of low liquidity and is subject to possible manipulation
REJECTING INNOVATION
To conclude, Peirce commented on the role and mission of the SEC:
"I reject the role of gatekeeper of innovation — a role very different from (and, indeed, inconsistent with) our mission of protecting investors, fostering capital formation, and facilitating fair, orderly, and efficient markets."
U.S. Gallup Poll Shows Only 2% of Investors Own Bitcoin
STAYING OUT
- According to a Gallup survey published by Wells Fargo, only 2% of Americans own Bitcoin
- This suggests there is extensive room for growth, however, only 1% plan on buying Bitcoin in the near future
- On an extended timeline, 26% of respondents were interested in investing in Bitcoin but won't be buying it any time soon
INVESTOR TRENDS
When analyzing the investors who own Bitcoin, the survey uncovered some trends:
- Unsurprisingly, Bitcoin investing is most common among the younger generation
- In addition, Bitcoin investing is more common among wealthy individuals who make $90,000+ in a year than lower income classes
- Lastly, Bitcoin investing is more common among men
KEY QUESTIONS
After reading the results, there are some questions to ponder:
- With only 2% invested in Bitcoin right now, how will Bitcoin mass adoption occur?
- What steps is the crypto community taking to get there?
Cryptocurrency Mining Apps Removed From Google Play Store
NO MORE MINING
- After an update to its developer policies, Google will no longer allow cryptocurrency mining apps do be distributed through its Play Store, which is the main app store for Android devices
- However, there is one exception, apps that control crypto mining remotely rather than mine using the device’s CPU are still allowed on the Play Store
- This decision from Google was motivated by developer using a tactic called ‘cryptojacking’, which developers using legitimate applications as a front and using the device to mine for themselves
ANOTHER DOMINO
- Before removing miners from the Play Store, Google recently removed crypto mining extensions from its Chrome store
- Apple made a similar move to Google, forbidding apps and advertisements that mine cryptocurrencies
- These phone makers are trying to protect their customers, background crypto mining can drain the battery as well as wear down the CPU
Law Firms Unite to Develop Ethereum Platform
AGREEMENTS NETWORK
- 11 law firms and blockchain startups have teamed up with open-source software company Monax called the Agreements Network
- The network will be used by lawyers to manage contracts, leases, and governance documents via smart contracts
- The team developing the network is hoping to bring legal transactions “into the digital age”
- Instead of exchanging documents, the network will allow both parties in a legal transaction to share liability of the negotiating contract
- The developers goal is to have minimal technical requirements needed to transact with the network, lawyers will use a UI rather than using code
Robert Craig, an executive for on of the network partners, spoke about the platform’s potential:
“If launched safely and properly, the Agreements Network could provide a foundational piece of technology for a range of innovative solutions in the legal marketplace”
REAL USE CASE
- This is a prime example of how blockchain technology can revolutionize real business processes and make an impact on the world, instead of being used for gimmicks like CryptoKitties
- The motivation behind developing the Agreement Network is because legal clients have been inquiring about something like it
- Another driver for this network is profit for the companies, the network will make many processes more efficient resulting in cost savings
- The network is currently in the testnet phase and the mainnet is planned for October
- US: Lawmaker Calls for More Action from Congress on Regulating Crypto
- 10,000%: Pantera Reports Massive 5-Year Crypto Investment Return
- Top 10 Crypto Deals in 2017 Returned Over 136,000% on Average, Report Shows
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