Bitcoin Cash walked the walk

September 3, 2018

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QUOTE OF THE DAY

“All the benefits in life come from compound interest — money, relationships, habits — anything of importance.” - Naval

MARKET

COIN	PRICE	24H
BTC	$7,278.471329	+0.6%
ETH	$290.453971	-0.58%
XRP	$0.340647	+0.1%
BCH	$630.640473	+0.69%
EOS	$6.493915	+1.35%

*Information as of 9:30 AM EST

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ANALYSIS

Bitcoin Cash walked the walk

Bitcoin Cash Completes Stress Test With No Surge in Fees

COMMUNITY STRESS TEST

• According to the website, the Bitcoin Cash (BCH) stress test is a community-driven event
• During this event, millions of minimum fee transactions are processed to prove Bitcoin Cash has a high capacity and is scalable
• The stress test also provides data for developers and businesses who are looking to use the digital currency

THE RESULTS ARE IN

• As a result of the stress test, on September 1st, Bitcoin Cash transactions amounted to 63% of all cryptocurrency transactions
• During the stress test, the Bitcoin Cash network experienced up to 14,300 transactions per block while the usual average rate is only 90 to 150 transactions per block
• In addition, transaction fees did not seem to increase significantly during the stress test and fees currently stand around $0.002

HOLD YOUR BREATH

• Despite a successful stress test completion, Bitcoin Cash has seen payments drop from $10.5 million in March to $3.7 million in May, according to Chainalysis
• Also, Satis Group recently forecasted that Bitcoin Cash will drop as low as $268 due to "minimal technological advantage to incumbents"
• However, following the successful stress test, Bitcoin Cash was among the top 20 performers in the cryptocurrency market with a 3% bump in 24 hours and a 19% increase in the last week

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RESEARCH

Bitcoin ATM Market Will Be Worth $145 Million By 2023, According to Report

ADOPTION GROWING

• A study conducted by business-to-business research firm MarketsandMarkets predicts that the global Bitcoin ATM market will be worth an upwards of $145 million by 2023
• MarketsandMarkets study attributes the growth in Bitcoin ATMs to increasing adoption of the cryptocurrency
• A value of $145 million by 2023 represents a 54.7% compounding annual growth rate over the next five years
• Currently, there are 3,650 Bitcoin ATMs across the globe which are estimated to be worth $16.3 million

NORTH AMERICA DOMINATING

• North America is home to a majority of existing Bitcoin ATMs with 73% of the global market share
• The report suggests that North America will continue to lead the way over the next five years, with the US leading the way

The report discusses North America:

“The US is expected to continue to dominate the crypto ATM market during the forecast period owing to the presence of a large number of crypto ATM hardware and software providers and favorable investment environment (without any legal barriers). In 2017, the Government of Mexico declared bitcoin legal, and it would be regulated by the Fintech Law. In addition, Canada has recorded extensive start-up activity, especially for cryptocurrency.”

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OPINION

Indiegogo Founder Says Security Tokens Will Become the Norm

Slava Rubin, founder of the crowd-funding platform Indiegogo recently spoke with CCN, here are some of his comments related to the cryptocurrency market:

STO

Rubin spoke about how the regulatory landscape will change and how security token offerings will become more prevalent than initial coin offerings:

“In 2018, we’ve seen regulators, especially here in the US, take a more proactive approach toward understanding and regulating these offerings to make sure interests between investors and companies are aligned. As guidance has become clearer around how to do these offerings legally, there’s been a real shift in the desire for security tokens, as they offer a natural bridge between the crowdfunding element of an ICO and the regulatory clarity of a securities offering. We predict a rise in the potential and demand for tokenized securities, because digital ownership on the blockchain provides so many advantages over legacy investments, and tech-savvy investors are seeing the value proposition in real time. This addition to our business is just a natural extension of our vision for a crowd-financed world.”

WALL STREET PRESENCE

• Rubin explained that Wall Street entering the market will only bring further legitimacy to the industry

When asked about the initiatives to create a Bitcoin ETF, Rubin responded:

“It’s not for us to say whether they are good or bad, but we are supportive of many different projects that are aimed at helping bring new and outside interest to our budding industry.”

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NEWS

Alibaba and IBM Have Filed the Most Blockchain-Related Patents in the World

MAKING THEIR MARK

• New reports released Friday by iPR Daily show that Alibaba is leading the world with 90 blockchain-related patents
• IBM was a close second with 89 blockchain-related patents filed, Mastercard was third with 80 blockchain-related patents, and Bank of America took fourth with 53 blockchain-related patents
• Perhaps the most notable contender on the list is China's central bank the People's Bank of China (PBoC) with a total of 44 blockchain-related patents

FEATURED DEVELOPMENTS

• Though the number of patents filed shows significant interest in blockchain technology, it doesn't show the full story of blockchain integration plans
• Recently, Alibaba used one of its patents to launch a payment corridor for Hong Kong and Philippines residents that will settle transactions on a distributed network
• Next, Tencent recently piloted a program on its WeChat messaging app using blockchain to make the process of reimbursing employee expenses more efficient

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BREW BITS

• Western Union might be exploring settlement using Ripple in its new pilot program.
  
  
• Bitcoin short positions have been ranging near their all-time highs during the past month as traders take caution for another drop.
  
  
• Internet search giant Google has added ethereum to its big data analytics platform BigQuery.

---

TODAY IN CRYPTO

NEO (NEO)

Montevideo Meetup

NEO represented by Vitor and Igor Coehlo of NeoResearch at community meetup held at Brüders Resto-Pub in Montevideo.

PROOF | SOURCE

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LEARN THE LINGO

Masternode

noun

Master nodes are full nodes that incentivize node operators to perform the core consensus functions of running a blockchain.

---

COIN OF THE DAY

Leverj (LEV)
Leverj decentralizes the most desirable features of derivatives trading by implementing them in cryptocurrencies and eliminating points of friction. With a tight focus on derivatives trading and the supporting ecosystem, Leverj has taken the approach of defining the product first. We have built a functioning exchange with a usable UI (user interface), decentralized identity, and provable audit. We plan to decentralize the back-end and add ecosystem features that will enable large players to move into the cryptocurrency world.
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Wall Street is fulfilling the prophecy

September 2, 2018

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BROUGHT TO YOU BY

QUOTE OF THE DAY

"Don't let the fear of losing be greater than the excitement of winning." - Robert Kiyosaki

MARKET

COIN	PRICE	24H
BTC	$7,240.315021	+2.6%
ETH	$292.056174	+2.08%
XRP	$0.339363	+0.17%
BCH	$624.422891	+10.13%
EOS	$6.37992	-3.23%

*Information as of 9:30 AM EST

---

RESEARCH

Wall Street is fulfilling the prophecy

Wall Street Firms are Eliminating Price Variations and Stabilizing the Market

STABILIZING THE MARKET

• According to Business Insider, cryptocurrency trading technology firm SFOX released new research that concludes Wall Street firms are eliminating Bitcoin price variations across cryptocurrency exchanges
• SFOX found that before institutional firms joined cryptocurrency trading (before 2018), Bitcoin price differences could be up to 4.5% between exchanges
• Now, however, price differences between exchanges are no more than one-tenth of a percent

INFRASTRUCTURE PROGRESS

• Behind the scenes, institutions are developing the infrastructure to onboard trading at a larger scale
• Recently, a handful of crypto exchanges started offering FIX connections for the first time which allows high-frequency trading firms to trade crypto
• In addition, exchanges like Coinbase and Gemini have started allowing traders to house their trading computers in the same building as their matching engines

ENABLING ADOPTION

• As infrastructure developments continue to make crypto more accessible to institutions, Bitcoin could continue stabilizing
• The stabilization of the digital currency would encourage more vendors to accept Bitcoin as a form of payment due to low risk of loss

Danny Kim, head of growth at SFOX, forecasted the future if the trend continues:

"Eventually, it could even come to the point where Bitcoin could come to resemble the stable coins people are looking to for payments and is used for Satoshi Nakamoto's original vision: a "Peer-to-Peer Electronic Cash System."

---

ADOPTION

South Korean Province Issues Its Own Cryptocurrency

GYEONGBUK COIN

• The South Korean province of Gyeongsangbuk has established its own cryptocurrency dubbed Gyeongbuk Coin
• The cryptocurrency was created with the idea of replacing gift cards that are accepted by merchants
• The province, which is home to the nation's fourth largest city, has had a system which they call ‘Hometown Love Gift Cards’
• Gyeongbuk Coin will replace the system of gift cards and 100 billion won (roughly $100 million) will be minted every year, which is the same amount of gift cards released in the past

Sunghyun Chung, head of the science and technology policy department of Gyeongsangbuk-do, commented:

“There are still many problems to be solved by notifying merchants of the way they use coins, creating separate programs, and issuing coins. Cryptocurrencies, however, are a core technology to be accepted.”

INSPIRATION

• Gyeongsangbuk got its inspiration for its own cryptocurrency from Switzerland’s Zug City, also known as 'crypto valley'
• Zug City is famous for being a crypto hotbed with its low taxes and unregulated environment
• Residents of Zug City use cryptocurrency for payments and have digital identifications stored on the blockchain

KOREA & CRYPTO

• Korea has had strict regulations towards cryptocurrencies but is seemingly loosening some of its regulations
• Just last month, the Korean Financial Services Commission publicized that it has no oppositions to cryptocurrencies
• It seems likely that Korea will follow the G20’s guidance in creating a worldwide treatment for cryptocurrencies for all nations to follow
• It seems likely that Korea will follow the G20’s guidance in creating a worldwide treatment for cryptocurrencies for all nations to follow

---

MARKET

Bitcoin Remains Stable in the Face of SEC ETF Rejections

$7100

• Bitcoin has seen a minor price rally north of $7,100
• Michael Moro, CEO of Genesis Trading and Genesis Capital, theorizes that this rally was caused by a positive reaction to Bitcoin's stability while ETFs have been being declined left and right
• Moro predicts that if Bitcoin is able to stay above the support at $7,100 for the next one to two weeks, we will be back to $10,000 soon

Moro explained in a CNBC interview:

“What you need to see is the less violent moves of 5% up, 10% up, and a slow and steady growth across the exchanges. What I also think is important is I think the market now understands that the SEC’s ETF approval isn’t any time soon.”

VOLUME COMING BACK

• During this bear run, Bitcoin trading volume has been much weaker than during the 2017 boom
• CME has reported that Bitcoin futures trading volume has doubled during the last few weeks

CNBC’s Bob Pisani shared:

“What’s important here is that the increase in futures volume on CME has occurred while bitcoin went from $6,000 in June to over $8,000 in July and then all the way back down to about $6,000. It means that at least some traders are perfectly willing to trade bitcoin for futures on the way up, and also on the way down. It seems like a more active market out there.”

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Q&A

Q&A with @CryptoShillNye

TWITTER

What is the story behind your "crypto identity"?

I was named Shill Nye because I used Bill Nye’s face in a parody crypto twitter account so I changed it to Shill Nye rather than Bill Nye. Bill Nye’s face had a bunch of Bitcoin tattoos and Ethereum tattoos and it was fun and humorous. I created an account out of humor. I wanted it to be fun and I wanted to enjoy what I was doing. Eventually I put a mask on and started doing videos and it evolved into something much greater which is what we see today, Shill Nye.

How did you get started investing in crypto?

It was 2012-2013. I was buying Bitcoin and I didn’t even look at it as an investment to be honest. It was just something that was on my radar and I was interested in it. I didn’t even fully understand the tech. I got the very basis of it. I didn’t get the full concept of why crypto was important, why blockchain was important, and what was really going on in the space. I just bought it because we were in college and I was just buying drugs on the internet. With Bitcoin it was the thing to do back then. Shout out to Silk Road.

I got back into it full time in 2017 when my buddy approached me and said “Hey man, there’s this thing called crypto, have you heard of it?” I said “Of couse, yeah, I’ve definitely heard about it.” He said “I’m getting heavily involved, would you like to check it out with me?” Just that conversation inspired me to go heavy into it.

What is your trading strategy?

My trading strategy is swing trades. I have some long term holds that I do hold, some coins that I do believe in. But I’m not attached to coins. If I need to, I’ll sell them. If I buy a coin, I have the intention to hold it for a month, two months, maybe three or four months depending on the market. Right now I’m buying coins but I don’t intend to sell them in a month or two. I don’t think they will bounce that quickly. That’s my trading strategy. To hold coins for a good period of time, then to sell them at a 3x, 5x, or 10x.

Advice to crypto investors?

Be patient guys. Be patient. There is way too many people out there that are just unstable emotionally. They don’t know how to manage their emotions, they don’t know how to manage their trades. It’s really bad.

We are very, very early. I really believe that we are early in the blockchain and crypto space. Will all these coins be around forever? F*ck no. But I still think we are very early in terms of the technology and the development. If you can pick out the good projects you will do very well in the next 5, 10, and 15 years.

Hidden gem pick:

I’m going to go with Quant Network (QNT). I think it is under a 10 million market cap right now. Quant Network is a really cool project. They are working on some cross chain solutions. I’ve been following the project for awhile. It is under ICO price right now and we are in a bear market so I’m picking more up as time goes by. I’m not rushing in but I like what they are doing. I believe it is easily a $100 million market cap project in a bull market at minimum.

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BREW BITS

• Tom Lee, a notorious Bitcoin bull, revealed he believes ether futures may be bad for the cryptocurrency, and good for bitcoin.
  
  
• Mitsubishi UFJ Financial Group is experimenting with using its own cryptocurrency for payments at a convenience store for employees.
  
  
• U.S. retail giant Walmart applied to the U.S. Patent and Trademark Office (USPTO) to patent a blockchain system for deliveries.

---

TODAY IN CRYPTO

KuCoin Shares (KCS)

Founders Able To Sell

Founders are prohibited to assign or sell their KCS holdings in any way before September 2nd, 2018.

PROOF | SOURCE

Today in Crypto is powered by coinmarketcal.com

---

LEARN THE LINGO

ERC-20

noun

ERC-20 is the universal language that all tokens on the Ethereum network use. It allows one token to be traded with another.

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COIN OF THE DAY

Upfiring (UFR)
Upfiring is an incentivized P2P file-sharing desktop application for Windows, MacOS, and Linux that encrypts and distributes files between peers over a decentralized network. Users earn cryptocurrency in the form of Upfiring tokens (UFR) by seeding files. The movement of UFR and files on the network is mediated by smart contracts, allowing for trustless exchanges.
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You failed McAfee

September 1, 2018

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QUOTE OF THE DAY

"Successful people do what unsuccessful people are not willing to do. Don't wish it were easier; wish you were better." - Jim Rohn

MARKET

COIN	PRICE	24H
BTC	$7,053.758406	+1.52%
ETH	$285.523523	+2.13%
XRP	$0.338041	+2.31%
BCH	$561.006501	+4.04%
EOS	$6.568501	+5.78%

*Information as of 9:30 AM EST

---

NEWS

You failed McAfee

McAfee Admits His Bitfi Bitcoin Wallet is not 'Unhackable'

BOLD CLAIM

• Bitfi is a manufacturer of a Bitcoin hardware wallet whose executive chairman is John McAfee
• The company was so confident in its product that it made the claim that the wallet is unhackable
• It is risky to make such certain claims, some people see the claim as a challenge...

PROVEN HACKABLE

• On Thursday, a group of security researchers was able to penetrate the Bitfi wallet proving that it is in fact hackable
• The researchers use what is known as a cold boot attack to gain access to the secret phrase and 'salt' value that are used to send coins out of the wallet

RETREATING FROM THE CLAIM

• After the news broke that the wallet was successfully hacked, Bitfi removed all claims of its wallet is unhackable from its marketing material
• In addition, the company discontinued its $250,000 bounty program and is putting in efforts to recruit a new security manager

In response to the exploit Bitfi tweeted:

“Effective immediately, we will be removing the “unhackable” claim from our brand which has caused a significant amount of controversy. While our intention has always been to unite the community and accelerate the adoption of digital assets worldwide, we realize that some of our actions have been counterproductive to that goal.”

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ADOPTION

Japanese Social Media Company LINE Launches its Own Cryptocurrency

LINK

• The Japanese social media giant LINE announced on Friday the launching of its new cryptocurrency token called LINK
• LINK tokens are associated with a blockchain which will be a platform for decentralized applications (think Ethereum)
• The blockchain is already live, the company mined the genesis block more than a week ago and still operates all of the block producing nodes

LINE's CEO Takeshi Idezawa said in the announcement:

“Over the last seven years, LINE was able to grow into a global service because of our users, and now with LINK, we wanted to build a user-friendly reward system that gives back to our users. With LINK, we would like to continue developing as a user participation-based platform, one that rewards and shares added value through the introduction of easy-to-use dApps for people’s daily lives.”

TOKEN DISTRIBUTION

• LINK will only be available for trading on LINE's own cryptocurrency exchange, BITBOX
• The company will not be having an initial coin offering, rather will distribute the tokens through user rewards
• Off the bat, the tokens will only be distributed to users outside of Japan, Japanese customers will continue to receive traditional rewards points

LINE & CRYPTO

• LINE, a messaging app that boasts over 200 million active users, is definitely interested in exploring blockchain technology and crypto
• In July, LINE launched their own cryptocurrency exchange platform called Bitbox
• Earlier this month, LINE announced that it has launched a $10 million venture fund via its subsidiary unblock corp.

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RESEARCH

Cryptocurrency-Related Jobs See Consistent Growth Despite Market Decline

CRYPTO JOB-TRENDS

• According to CNBC, Recruitment firm Robert Walters has seen a 50% increase in the number of available blockchain or cryptocurrency roles in Asia since 2017
• Interestingly, however, Bitcoin-specific jobs have actually seen a decline in interest as the rest of the blockchain job market continues to grow
• To explain the decline in Bitcoin-specific job interest, Robert Walters concluded that this area of the crypto industry follows prices much closer and is highly volatile

Julian Hosp, a co-founder at crypto startup TenX, explained his experience in the cryptocurrency job market:

"[when] crypto is doing well...we get huge inbound from people [who] feel, 'I need to jump on this wave. And then when … crypto go[es] down — and we saw this at the very beginning [of 2018] and we're seeing this right now — people [think], 'Oh no, this is a dying industry, I shouldn't go in there.' So it's completely emotional."

SMOOTH SAILING FOR FINANCIAL FIRMS

• In addition, Robert Walters explained that startups are much more affected by crypto market prices than the crypto divisions of established financial firms
• Justin Chow, head of business development at Cumberland, commented that for capital market professionals and established financial firms, declining prices are "not a big deal"

Further, founding partner at the NEO Foundation Wayne Zhu mentioned that strict Asian regulations are causing a steady inflow of crypto job applicants for financial firms:

"People think, 'Where [can I] actually close deals, [where can I] actually help companies to get money, to get liquidity and the money they need to grow [my] business?'"

---

NEWS

Firefox to Push Back on Crypto Mining Malware Issue

FIGHTING MALWARE

• Cryptojacking, meaning the use of an unknowing victim's computer to mine cryptocurrencies, has become a huge issue in 2018
• Now, announced this week, Firefox will soon block crypto mining malware scripts in an attempt to increase performance on the popular browser
• In addition, Firefox will also be preventing trackers and other "harmful practices" from degrading the user experience
• For the crypto community and Firefox users in general, protection like this is a massive benefit

JOINING THE CROWD

• This move by Firefox makes the browser join alongside other browser services, like Google and Opera, that have already rolled out similar features
• So far, Opera has implemented miner protection on its mobile and desktop browsers but Google has only gone so far as to ban crypto mining apps from its Google Play Store
• As for within the crypto space, Brave browser has made significant strides to make browsing more private and more secure while offering a token of its own called BAT

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BREW BITS

• Eminem's latest album will allegedly feature a Bitcoin shoutout on the ninth track.
  
  
• Japan's National Police Agency (NPA) will fund development of new software to help track individuals behind illicit crypto transactions.
  
  
• Ethereum core devs choose to delay "Difficulty Bomb" and will reduce block rewards from 3 ETH to 2 ETH.

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TODAY IN CRYPTO

No events today!

Today in Crypto is powered by coinmarketcal.com

---

LEARN THE LINGO

DEX

noun

A decentralized exchange (DEX) is defined as a place where cryptocurrencies are traded directly person-to-person, without a company holding their money or crypto for them.

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COIN OF THE DAY

GoChain (GO)
GoChain is a scalable, high performance, low cost, and decentralized cryptocurrency and blockchain that supports smart contracts and distributed applications.
WEBSITE | TWITTER | REDDIT

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MEME

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