Wednesday, February 13, 2019

📌 Satoshi's Vision, Bitcoin NOT Blockchain, and Inside the SEC Machine

 MUST READS 

Nuanced Analysis of LocalBitcoins Data Suggests Bitcoin is Working as Satoshi Intended


Give credit to Matt Ahlborg for taking the time to crunch through this emerging market data. 👊

"As a final takeaway, consider that in the 4th quarter of 2018, as Bitcoin price and interest seemed to hit their doldrums, 23 countries on LocalBitcoins.com (LBC) had their best quarters ever. Almost all of these countries are in the developing world."

One decade in and it's looking like Satoshi's grand plan of providing financial freedom is finally coming to fruition. Just last week, LBC Venezuela volumes reached an all-time high.

We know we've touched on this story in the past but it's worth the reminder. We're looking at one of the most bullish fundamental indicators in the space and it certainly doesn't seem like this trend will stagger anytime soon.
 

Former Mt. Gox CEO Throws Cold Water on Brock Pierce's Plan to Relaunch the Infamous Exchange


The man behind the much-maligned crypto exchange Mt. Gox is throwing cold water on one crypto billionaire's plan to revive the company.

Last week, controversial crypto investor Brock Pierce went on a media blitz to share his plan to reboot Mt. Gox.

Pierce, who claims to own the majority of the defunct firm, is heading a "Gox Rising" movement with the goal to maximize creditor recovery though a quick payout. The next step would be to set up a new exchange in which all of the victims of the original Mt. Gox scam have an ownership stake represented by a token.
 

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After 24 years of steady growth, Amazon has been accused of being anticompetitive.

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Now, thanks to U.S. law, you can claim your slice of this jackpot and collect up to $48,000 over the next year. 

All you'll need to do is follow the steps in this presentation.

 DEEP DIVE 

The Case for Electronic Cash


Regardless of how you feel about crypto, let's try to be cognizant of the major societal impact of financial surveillance and censorship. Here's a paper from CoinCenter presenting several case studies demonstrating the issues at hand.

This is why privacy is at the epicenter of the new digital age. As CoinCenter argues – without cryptocurrency, a cashless society is a surveillance society.
 

Mapping the Crypto Market


Crypto's market map continues to grow in both its complexity and in its structure. This post seeks to present a framework of the burgeoning crypto industry, with select examples in their respective segments. Best of all, it's not too exhaustive.
 

Bitcoin Fees Drop to 4-Year Low as Transaction Count Continues Rise


Bitcoin transactions hit a one-year high last month nearing levels seen in the 2017 ramp up to the price boom. Additionally, according to research from Diar, the median fee has dropped to mere cents after seeing numbers as high as $35 just over one year ago.
 

Demystifying Blockchain Not Bitcoin


Here's a conversation that needs to happen now. David Nage have been part of the family office community for the last decade and has been working to educate peers on crypto for the last two years...

This article comes on the heels of two private luncheons of his this week, where crypto was discussed amongst other investment themes. The popular, but incorrect catch phrase, "blockchain, not Bitcoin" came up several times and so he attempted to identify several drivers of this narrative.

 

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The #1 Pot Stock Industry Insiders Rave About


Former Speaker of the House, John Boehner - once the cannabis industry's most staunch opponent - just revealed an UNCENSORED prediction about America's most controversial, misunderstood, and what's quickly becoming our most lucrative industry. 

He sat down with the industry's biggest players to cover everything you need to know about America's next unstoppable economic revolution - including how cannabis could become our next $1 trillion industry... every step towards full legalization... and how the average American can profit from this explosive phenomenon. 

If you missed seeing this historic announcement live, go here for a special rebroadcast.

 REGULATORY FRONT 

A View from Inside the SEC Machine


Our favorite cryptomom, Hester Peirce, just criticized her fellow SEC commissioners over the Bitcoin ETF approval process while speaking at the University of Missouri Law School. Here's the copy of the candid speech advocating for more innovation within the SEC.
 

 TWEET OF THE WEEK 

Other Articles You May Enjoy

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QuadrigaCX Mishap / Mt. Gox Problems / MakerDAO / Ethereum Mining

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$BTC (12:31 p.m. EST): $3,630.85 (-0.32%) // 90-day high: $6,286.41 // 90-day low: $3,286.14 / / More

$BCH ABC (12:31 p.m. EST): $122.81 (0.49%) // 90-day high: $432.88// 90-day low: $80.95 // More

$ETH (12:31 p.m. EST): $122.33 (0.99%) // 90-day high: $201.35 // 90-day low: $86.08 // More

$LTC (12:32 p.m. EST): $41.85 (-3.20%) // 90-day high: $49.19 // 90-day low: $22.09 // More

$XRP (12:32 p.m. EST): $0.30 (0.43%) // 90-day high: $0.52 // 90-day low: $0.28 // More

Here are the 10 most important stories about bitcoin and cryptocurrencies today

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1. QuadrigaCX accidentally moved 103 bitcoins into a cold storage wallet it cannot access, according to Ernst and Young, the exchange's court-appointed monitor said. The exchange has been unable to access its cold wallet storage for nearly two months following the death of CEO Gerald Cotton, who allegedly was the only person with the necessary passwords. QuadrigaCX has already filed for bankruptcy protection as Cotton's widow tries to recover the more than $135 million in inaccessible coins. In this latest mistake, the company put nearly $400,000 of coins into an inaccessible wallet. –COINDESK

QuadrigaCX accidentally moved coins
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2. Nobuaki Kobayashi, the trustee in charge of the remaining assets from Mt. Gox, liquidated around $312 million in bitcoin between February and June of last year. The sale went against the advice of experts, who believed that by reintroducing that much currency into the market caused the price of bitcoin to drop. GoxDox, an organization established to assist Mt. Gox creditors, released a photograph of a bank statement last week that showed the alleged transactions. The sale is notable as Kobayashi allegedly went against the suggestion of Kraken CEO Jesse Powell, who explicitly told him not to sell Mt. Gox's holdings for fear of a large price drop. –COIN TELEGRAPH

Mt. Gox trustee caused price drop
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3. An astounding $234 million in ethereum is being held as collateral on the MakerDAO smart contract, according to crypto analyst Kevin Rooke. MakerDAO is a decentralized autonomous organization, which has a stable coin called DAI that is tied to the US dollar. Investors can leverage their ethereum tokens to generate DAI, which can be used for other purposes and are seen as a more stable form of currency. The platform holds their tokens until the investors pays back the DAI tokens they had taken. MakerDAO, though, has seen the amount of ethereum it holds as collateral rise 28 percent month over the last three months. At this rate, the platform would have nearly half the ethereum in circulation in one year. –AMB CRYPTO

MakerDAO contract holds $234m in ether
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4. The total amount of etherem being generated has reached its lowest rate in history. Etherscan, a firm that collects data on the ethereum blockchain, showed that 13,370 coins were created on Sunday. This is down from more than 20,000 per day just this past December, and a far cry from the more than 39,000 per day created in July of 2015. The recent decrease, though, comes as little surprise as developers have made it more difficult to mine ethereum. –COIN TELEGRAPH

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5. Turns out that Bitcoin Cash developer Amaury Sechet is not Satoshi Nakamoto after all. Sechet made the claim last week on Twitter, which was apparently a stunt to show how easy it is to manipulate old signatures on the blockchain to create "proof." –CCN

6. Craig Wright, a person who has previously claimed to be Satoshi Nakamoto, has entered into an online spat with Wikileaks over … something. –BITCOINIST

7. Bitcoin Exchange Guide provides an in-depth look at the Constantinople hard fork, and the steps developers have taken to improve the security bugs that have twice delayed the project. –BITCOIN EXCHANGE GUIDE

8. Ric Edelman, founder of Edelman Financial Engines, said a bitcoin ETF is "virtually certain - the only question is when." –CNBC

9. Twitter and Square CEO Jack Dorsey has become a celebrated champion for bitcoin during his recent media tour, in part because he is explaining how the currency can help people right now instead of selling a pie-in-the-sky dream. –THE NEXT WEB

10. Chainalysis, a company that tracks cryptocurrency transactions, has raised $30 million in their second financing round. –CCN

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Written and curated by David Stegon. He has been a reporter for 15 years, the past 10 focused on technology. Follow him @davidstegon.

Editing team: Lon Harris (editor-in-chief at Inside.com, game-master at Screen Junkies) and Susmita Baral (editor at Inside, recent bylines in NatGeo, Teen Vogue, and Quartz. Runs the biggest mac and cheese account on Instagram).

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