 QUOTE OF THE DAY  |
| “Live as if you were to die tomorrow. Learn as if you were to live forever.” - Mahatma Gandhi |
Happy Thursday! Sometimes it's easy to get caught up in the price movements of cryptocurrencies. However, when you zoom out and realize that cryptocurrencies have the power to revolutionize the world, a dollar up or down becomes insignificant. We are still early.
Cheers,
Blockchain Brew Team
| COIN | PRICE | 24H |
|
| BTC | $6,723.41 | +0.87% |
|
| ETH | $480.198 | +1.06% |
|
| XRP | $0.489991 | -0.73% |
|
| BCH | $761.856 | -3.35% |
|
| EOS | $9.04176 | -1.63% |
|
*Information as of 9:30 AM EST
Iran is Cutting its Citizens Off From Cryptocurrency Exchanges
IRAN'S CENSORSHIP
- The Iranian government has been cutting off its citizens from cryptocurrency exchanges
- Even workarounds like virtual private networks are not allowing Iranians access to exchanges
- Cryptocurrency is vital to Iranian citizens who use the digital currencies to hedge their wealth against the unstable government and annual inflation rates as much as 127%
- The government has already restricted its citizens access to US dollars and now cryptocurrency to limit them from transferring currency abroad
ASPIRING CRYPTO COUNTRY
- This censorship comes after Iran was poised to be one of the countries to most widely adopt blockchain technology
- A survey conducted last year found that a majority of Iranians believed their government would embrace blockchain innovations
- It was also reported earlier this year that blockchain startups within the country were working alongside regulators to brainstorm how to manage cryptocurrency
- Iran has even announced plans for its own national digital currency on a blockchain, similar to other countries, like China, the country wants to control the digital currency within the country
$731 Million in Crypto Has Been Stolen From Exchanges Already This Year
3X MORE THAN LAST
- New research done by blockchain security firm CipherTrace has found that $731 million worth of cryptocurrency has been stolen from exchanges by hackers already this year
- For comparison, only $266 million was stolen in all of 2017, roughly 1/3 the amount in twice as long as a time period
WHY HACKS HAPPEN
- Cryptocurrency hacks have been so common this year because of incompetency of some exchanges
- The largest hacks of this year were a result of the exchanges storing a large amount of assets on hot wallets (wallets connected to the internet) instead of cold wallets (offline wallets)
- Also, the entire crypto space is so new that there is few blockchain security experts that have the knowledge on the best practice of securing these digital currencies
WHAT NEEDS TO CHANGE
- Cryptocurrency fans may not be happy to hear this, but safety of exchange assets will be improved with additional regulations
- Governments need to step in and make sure that exchanges are properly handling their customers funds
- Japan and South Korea have started to implement strict regulations on exchanges in response to hacks and are constantly monitoring exchange processes
Our Thoughts on the New York Post's Article About Bitcoin Going to Zero
NY POST'S POINTS
- On July 4th, the New York Post published an article that called Bitcoin a "fake" currency and called for Bitcoin's drop to $0
- First, the author states that Bitcoin has fallen to a price of $6,600, or rather, 70% less of what it was priced at in the beginning of 2018
- The author then goes on to say it's "worth" is actually nonexistent and that it is a confidence game of some people only convincing other people Bitcoin has value
- In closing, the author calls Bitcoin a "Ponzi scheme. Confidence game. Fraud." and predicts the price to fall to "zilch"
OUR REBUTTAL
- The idea of calling Bitcoin a "fake" currency has no basis when the definition of a currency is a store of value and also a medium of exchange, both of which Bitcoin has been used for
- Yes, Bitcoin has fallen to the price of $6,600 which has been a steep decline of over 50% loss since January 1st, 2018
- However, Bitcoin's volatility has been a wild ride as many know with the cryptocurrency's price actually up over 162% year over year still
- Next, the "worth" the author is referring to is decentralization and the benefits of owning and controlling one's own money
- It seems as though the author fails to grasp the understanding that the U.S. dollar's "worth" is controlled by the government who can print money and inflate the dollar when it pleases
CONCLUSIONS
- First, the NY Post is a mass media outlet whose website alone reached 57 million unique viewers in January of 2017
- It's possible this article, which could have been written in 2 minutes, is just clickbait to generate ad revenue
- With no basis and seemingly childish remarks, the author fails to convince us that Bitcoin's price will fall anywhere near "zilch" soon
EU Banking Regulator Reports Benefits and Risks of Implementing Blockchain Technology
The European Banking Authority (EBA) published a report on July 3rd that highlights the benefits and risks of implementing distributed ledger technology (DLT) in two separate use cases: international trade and digital identity tracking.
BENEFITS
- Implementing DLT can make both international trade and digital identity tracking more efficient and transparent
- With DLT adding efficiency to the process, it can also cut management costs
- In addition, since DLT is immutable, DLT can eliminate risks of fraud or manipulation
- we.trade currently operates in 11 European countries, but has plans to expand more and is looking for more partners to join the network
RISKS
- The EBA also published that one risk of implementing DLT at this stage is that smart contract technology is too immature and needs to be researched and developed
- In addition, the EBA stated that smart contracts pose "legal and regulatory uncertainties" that have yet to be explored
- Lastly, the EBA notes that even though DLT is seen as more resilient than traditional systems, there is still a risk of malicious actors gaining control of the network
- Malta Becomes First World Jurisdiction with 'Legal Certainty' for Cryptocurrency
- IBM Wins $740M Contract for Blockchain, Tech Services to Australian Govt
- Study Shows That 500,000 Ontarians Own Cryptos
Loopring (LRC)
"There will be 3 airdrops, scheduled for July 5th, September 5th, and November 5th."
Bytecoin (BCN)
"We are pleased to announce that Bytecoin(BCN) is now listed on OKEx."
Power Ledger (POWR)
"Powerlet is the first domestic event in Korea. After Vinod Tiwari's keynote speech, we will have Q & A and networking time."
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