Elliptic finds Bitcoin criminals / Dominance is not a useful metric / OKCoin to fund Bitcoin development

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Presented by Subscribe | View in browser Good afternoon! Rebecca Campbell is taking some time off, so I'll be your editor for the next week. Send your feedback to allen.taylor@inside.com and let me know what you think about this issue of Inside Bitcoin. -- Allen       Market Watch: After yesterday's highs, the market takes a dip today. Bitcoin: $10,592 (⬇️ 0.52%) // $189.7 billion market cap. Ethereum: $176 (⬇️ 2.01%) // $19.03 billion market cap. XRP: $0.259 (⬇️ 1.01%) // $11.1 billion market cap. Bitcoin Cash: $296 (⬇️ 2.27%) // $5.3 billion market cap. Top 100 Winner: Decentraland: $0.035 (⬆️ 10.83%) // $37.1 million market cap. Top 100 Loser: Energi: $4.18 (⬇️ 16.15%) // $84.6 million market cap. Prices are as of 03:11 p.m. EDT.       1. London-based Elliptic raised $23 million to provide analytics on bitcoin criminal activity. Recently, the firm discovered the military wing of Hamas, Al-Qassam Brigades, has been operating a fundraising campaign since January. The terrorist organization raised $4,000 in crypto before redesigning its website to generate a unique donation address for each donor in order to make the transactions more difficult to track. Elliptic is opening offices in Singapore and Japan. The funding round was led by SBI Holdings. -- CNBC       2. Bitcoin has 70 percent of the crypto market for the first time since March 2017, but The Next Web reporter David Canellis asks "So what?" Commonly referred to as "dominance," Canellis says it's a lousy metric. He recommends the liquid market cap from Messari, which does not account for stablecoins and accounts for the "Tether premium." -- THE NEXT WEB What do you consider a good metric for the crypto market? Hit reply and let me know.       A MESSAGE FROM AIRBNB Earn money by sharing your space. Millions of travelers stayed in an Airbnb last year. Turn your extra space into extra money. Learn More 3. JargonWatch: M of N A multi-signature transaction (or multisig) is one that requires more than one party signature in order to complete a transaction. For example, if an institutional buyer requires the signature of its chief finance officer and its chief executive officer in order to execute a BTC buy order from Coinbase, then a multsig transaction is used allowing both executives to authorize the transaction. "M of N" is shorthand for the number of cosigners who have completed their signatures versus the number required. For instance, if three signatures are required for a transaction to take place and two of the parties have signed, the M of N value would be 2 of 3.       4. OKCoin has pledged $10 million for Bitcoin development. The San Francisco-based cryptocurrency exchange wants to fund bitcoin development with 1,000 BTC through a voting-based fund on Bitcoin, Bitcoin Cash, and Bitcoin SV projects. Called "Let's Build Bitcoin Together," voters make their wishes known on which project they'd like to see receive a donation on the OKCoin website. OKCoin will donate 0.02 BTC (or the equivalent in BCH or BSV) to each project on behalf of each vote received with an upper limit of 1,000 BTC (or $10 million). -- DECRYPT       A MESSAGE FROM MARTECH PODCAST MarTech Podcast: Marketing + Technology = Business & Career Growth Learn how world-class marketers use technology to generate growth & achieve career success. Hear from innovative marketers as they share their tools, tips, and the secrets to building an optimized MarTech stack.  Listen to the Pod 5. Protos Asset Management Founder Philipp Kallerhoff says Bitcoin has two of three functions of a sovereign currency, which are store of value, medium of exchange, and unit of account. Bitcoin's supply continuosly decreases over time while inflating at 3.8 percent per year. After its next halving, in 2020, it will begin to inflate at less than 2 percent per year. BTC's stock-to-flow ratio has gone from 2 in 2008 to about 25 in 2016. While staking ratio and dilution rate are indicators of store of value, he says, token velocity is an indicator of Bitcoin's ability to serve as a medium of exchange. Bitcoin's volatility has decreased from 300 percent to 100 percent and should decrease to 20 percent by 2021. While its volatility is too high to make BTC a unit of account, that is changing, leading to more liquidity in the market. -- HACKER NOON       6. According to a recent report from CB Insights, which analyzes technology markets and data, media mentions of Bitcoin and "store of value" have outpaced those for Bitcoin and "medium of exchange." In "Blockchain Trends in 2019," CB Insights lists Bitcoin mining as one of the three "necessary" developments in blockchain technology, alongside fiat-to-crypto exchanges and custody. The report categorizes trends as either Transitory, Necessary, Experimental, or Threatening. Bitcoin is "threatening," according to the report. ICOs and smart contract platforms are considered "transitory" while decentralized exchanges, stablecoins, and security tokens are listed among eight "experimental" technologies. -- CB INSIGHTS       7. Sports betting juggernaut FanDuel will begin accepting Bitcoin deposits through BitPay. BitPay will facilitate BTC transfers through users' computers or mobile devices and allow them to bet on FanDuel games. Players can also earn Bitcoin rewards through FanDuel's fantasy football contests, as of last year. -- THE BLOCK       8. Bitcoin is opportunity, decentralized scarce money, fine art, sovereignty, the future, a way to peacefully protest what's wrong with legacy finance, and more. Altcoin Daily asks several crypto veterans and high-profile individuals to answer the question, "Bitcoin is ... what?" Among the faces and voices seen and heard in this YouTube video include Jimmy Song, Bitcoin Magazine's Colin Harper, Dan Held, Anthony Pompliano, and others. -- YOUTUBE / ALTCOIN DAILY       9. @ObiWanKenoBit says inflation is hiding in the healthcare industry and Bitcoin can fix it. He goes on to say that BTC changes our relationship to money and repairs markets distorted by fiat money. See the full conversation on Twitter. -- OBIWANKENOBIT / TWITTER       10. Bitcoin volatility is not news, but Money Morning Associate Editor David Zeiler breaks down this week's yo-yo action claiming it could be whales getting in front of Bakkt. On August 28, BTC was trading at just over $10,000, but in 24 hours the price fell 8.7 percent. On Sunday, it bounced back $610 in 14 hours and rocketed past $10,000 again. Bitcoin continued to rally into Monday, going as high as $10,741. Last week, Chicago Mercantile Exchange-traded Bitcoin Futures expired and that could have caused a late-week sell-off. Bakkt is launching Bitcoin Futures trading on September 23, and Zeiler says traders could have been positioning themselves to buy into that launch. Other news such as Binance's acquisition of JEX and Bitfinex's BTC-based derivatives with 100x leverage could also have been factors, he says. -- MONEY MORNING       Allen Taylor writes Inside CFO and has reported on cryptocurrency for several years. Recognized by the Dallas Bar Association three times for excellence in legal reporting, Allen has since gone on to author, edit, or ghostwrite several white papers, books and e-books, and over 10,000 blog posts for clients ranging from small business owners to global management companies and corporate executives. Learn more about him on LinkedIn. Editor: David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).       Ad Earn money by sharing your space. List your place now.

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