 QUOTE OF THE DAY  |
| "Follow effective action with quiet reflection. From the quiet reflection will come even more effective action." - James Levin |
Happy Friday! Wow, you guys knocked it out of the park on the first day of referrals. Keep going! You can start by sharing your unique URL at the bottom of this newsletter on social media or by sending it personally to family and friends.
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
|
| BTC | $7,399.293744 | -2.17% |
|
| ETH | $413.468607 | -0.04% |
|
| XRP | $0.43835 | +1.19% |
|
| BCH | $715.719802 | -4.4% |
|
| EOS | $7.104967 | +1.3% |
|
*Information as of 9:30 AM EST
Hyperbitcoinization: New Report Finds Bitcoin Must Hit $213,000 to Replace U.S. Monetary Supply
HYPERBITCOINIZATION
- Hyperbitcoinization is a cryptocurrency term used to describe the event in which Bitcoin reaches mass adoption
- In this scenario, economists have theorized that price would exponentially increase due to the limited supply of Bitcoin
Obiwankenobit, a pseudo-anonymous author, described the hyperbitcoinization "tipping point":
"The cost of rejecting bitcoin will exceed the cost of adopting it. Bitcoin will begin to assume money’s traditional roles and gain institutional and government support. It will become all money and form the backbone of a new global economy."
$213,000 IS THE LUCKY NUMBER
- Many bulls in the cryptocurrency space have thrown out massive predictions for Bitcoin assuming it reaches mass adoption such as Tim Draper's $250,000 per Bitcoin by 2022 and John McAfee's $1 million per Bitcoin by 2020
- Now, according to research completed by the Union Bank of Switzerland (UBS) and released by Bloomberg, researchers concluded Bitcoin must hit $213,000 if it were to replace the entire U.S. monetary supply
UBS CONCLUSIONS
- UBS did note that the price could be lower if Bitcoin "drastically" improved its "network processing capabilities"
- UBS cited that Bitcoin can only handle a fraction of the amount of transaction volume Visa can and this causes the digital currency to have limited applications
To finish, UBS closed stating that Bitcoin does not have the attractive attributes currently that traditional currencies have if it were to replace the U.S. dollar:
"Our findings suggest that Bitcoin, in its current form, is too unstable and limited to become a viable means of payment for global transactions or a mainstream asset class."
Mt. Gox Releases Basic Policy for Rehabilitation Plan, Looks to Pay Creditors in Bitcoin
The 2014 Mt. Gox hack has been a legal battle between shareholders, creditors, and the exchange for years now. To read about the largest Bitcoin hack to date, click here.
NEW PAYMENT PLAN
- According to the new policy released yesterday, Mt. Gox holds about 166,000 Bitcoin, 168,000 Bitcoin Cash, and other various altcoins that could have a value of over $1.3 billion at the time of writing
- Most significantly, the policy proposes that creditors of Mt. Gox will now be getting paid back in Bitcoin and Bitcoin Cash instead of cash
- This means the mass amounts of Bitcoin won't be on sold on the open market like they were earlier this year when Mt. Gox wallet movement caused mass hysteria among investors and sent Bitcoin's price tumbling
OTHER PLAN DETAILS
In addition to the payment plan, the policy outlined more details regarding the rehabilitation plan. Here are some other plan details in a nutshell:
- Only creditors will be distributed Mt. Gox assets, not shareholders
- First payments to creditors are expected to start in May or June 2019
- Mt. Gox must introduce systems to allow creditors to view their trading records
- If new assets are discovered, an additional investigation and payment plan will take place
- No sponsor will be selected unless it is advantageous to creditors
Coinbase Releases New Plugin That Allows Millions of Online Stores to Accept Crypto
WOOCOMMERCE PLUGIN
- According to a company blog post, Coinbase will now be offering a WooCommerce plugin to online store owners
- This may not look like much at first, however, it is reported that over 28% of online stores on the internet utilize WooCommerce to run their business
- WooCommerce has also confirmed that their software has been downloaded almost 50 million times
Coinbase closed its new announcement with a hopeful vision:
"This increased access will lead to more widespread adoption, and ultimately, moves us closer to our goal of an open financial system."
ENABLING ADOPTION
- It is simple advancements like this that will push cryptocurrencies into the mainstream and enable growth
- In the future, consumers will be using blockchain technology and cryptocurrencies without ever knowing
- Mass adoption will come when crypto becomes less tech intensive and new user interfaces are developed so consumers can seamlessly interact with crypto
First Crypto Index Fund in Australia Launches
COINJAR
- Australian cryptocurrency exchange CoinJar announced Thursday that it is launching an index fund
- The index fund is called the CoinJar Digital Currency Fund and will have to different classes of indexes
- The first class is the Bitcoin Class, which solely gives investors exposure to Bitcoin
- Second is the Mixed Class which will be a market cap weighted index of BTC, ETH, XRP, and LTC
Jordan Michaelides, head of institutional at CoinJar, spoke on the new fund saying:
“Investing in cryptocurrency carries certain risks and can be an unnecessarily complex process. Traditionally, an individual investor in cryptocurrency has also been exposed to potential loss through cybercrime. We are launching the CoinJar Digital Currency Fund to handle the custody risks, simplify the investment process and provide industry best practice in security for wholesale investors.”
INSTITUTIONS ONLY
- This product is for institutions only, you must be the Australian equivalent to an accredited investor to be able to invest in the fund
- The minimum contribution is $50,000 initially and $10,000 after that
- Funds like these are sometimes the only way for institutions to get into the game, because the exchange will handle custody of the coins, often because of regulatory reasons institutions can’t handle the coins
- BitBay Partners With German Firm to Enable Equity Token Trading with Fiat Currencies
- John McAfee’s ‘Unhackable’ BitFi Hardware Wallet, Hacked. Fueling A ‘Twitter War’
- Dutch Central Bank Does Not Consider Cryptocurrencies As ‘Real Money’
| Loopring (LRC) |
| With Loopring, traders will have complete and total control of their crypto-assets. This means there is no need to go through the pesky and risky process of depositing money to centralized/custodial exchanges. Who needs that aggravation?! |
| WEBSITE | | REDDIT |
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