Daily Bit July 10, 2018

Tweet of the Day

“We are just one scandal away from Bitcoin collapsing entirely.” New York Times, April 2013

– @TuurDemeester

Top Cryptos By Market Cap

BITCOIN (BTC) |  -5.80% | $6,404.31
ETHEREUM (ETH) |  -9.13% | $441.73
XRP (XRP) |  -5.75% | $0.45068
BITCOIN CASH (BCH) |  -6.94% | $699.59
EOS (EOS) |  -13.77% | $7.42
LITECOIN (LTC) |  -7.48% | $76.35

*As of 10:00AM EST

Word On The Street

EOS Rams Into Another Wall
With July 4th nearly one week behind us, why does the EOS community appear shell-shocked?

The answer: their mainnet launch is producing fireworks of its own. The most recent barrage concerns RAM (data storage) trading between EOS Block Producers and a system crash related to RAM complications. As a refresher, BPs are the Bitcoin miners of the EOS blockchain.

Speculating on the price of RAM is a bad look. App developers need to purchase RAM to fulfill the terms of their program’s smart contracts. However, because BPs were given control over the RAM market, they began HODLing…

…and we found ourselves with another bubble. According to BTCManager, 1MB of RAM cost shot up from ~100 EOS ($887) to ~920 EOS ($8,160) at the peak.

Public resource versus Private market
BPs weren’t voted into power to flip RAM, but the profit motives that come with speculation evidently outweigh the perks of following Dan Larimer’s intended playbook. For example, a BP tied to Everipedia (decentralized Wiki) made $600k profit on RAM that they began purchasing in June to eventually airdrop their tokens.

Yet, that’s the lay of the land. The EOS Constitution doesn’t outline any specifications regarding how BPs trade RAM. So while the community would prefer that RAM remains available to developers at reasonable prices, BPs hands aren’t tied.

What Else You Should Read For Today


  • Flow Traders NV, a Dutch-based HFT firm that processed north of $284B of ETFs during Q1 2018, is now offering their customers Bitcoin and Ethereum exchange-traded notes.
  • Blockchain companies in the European Economic Area are eligible for business banking accounts with solarisBank now that the German-based firm obtained its necessary licenses.
  • What’s $1 billion AUD stretched over five years? Answer: the terms of IBM’s contract with the Australian government to develop emerging technologies such as blockchain, AI, and quantum.


  • If you’re looking for an origin story of how Kyber Network (KNC) got here, check this out.
  • Brave New Coin published a price analysis for Komodo (KMD), which discusses Komodo’s delayed Proof of Work (dPoW) consensus, use cases, scalability, and technical patterns.
  • KuCoin’s upgraded bonus program involves the use of exchange trading fees to repurchase and distribute KuCoin Shares (KCS) to program participants.
  • Users of Augur’s decentralized, peer-to-peer oracle and prediction market will be able to exchange tokens directly from the platform thanks to an integration with an AirSwap (AST) widget.


  • Robert Cornish, a former multi-faceted exec of the International Securities Exchange, is joining Gemini to command their technology unit and oversee the company’s integration with Nasdaq’s market surveillance system, SMART.
  • Being a contrarian can pay off big – just ask George Soros and the Bank of England. Qiao Wang’s 11101 Contrarian Crypto Thesis pulls together contrarian viewpoints from the crypto community.
  • Forbes did a deep dive into the philosophies and approaches of early-stage VC Initialized Capital.
  • Mining noobs, rejoice – here’s a walkthrough on how to build a Proof of Stake mining box.


  • Indian government officials tasked their central bank with building IT infrastructure to track all non-cash financial transactions in an effort to stifle black market trading and expose shell companies.
  • Two more virtual currency exchanges were greenlit by the Philippine Central Bank, bringing the country’s total approved for operations to five.


  • South Korean tech company LG partnered with Ubank, the company behind Ubank Market, a crypto driven marketplace whose goal is to “bring 200 million new retail investors to crypto by eliminating all fiat obstacles on the way to crypto.”
  • Andreessen Horowitz’s $300M fund joined Binance, Polychain, Pantera and other VCs in a $45M presale investment in Oasis Labs, a privacy-focused cloud computing platform.
  • IBM received nearly $750K from the state of Delaware to map out a corporate filing system that utilizes blockchain tech.
  • Ledger released a computer app for Windows, Mac, and Linux that simplifies the use of Ledger devices.


  • Chinese officials arrested hackers who netted over $2 million over two years in Decred (DCR), Siacoin (SIA) and DigiByte (DGB) tokens that were mined using up to 5 million exposed computers.
  • Decentralized exchange Bancor was hacked, prompting the team to freeze $10 million in BNT tokens that were stolen. The problems? (1) the hack (2) an ability to freeze funds = centralized exchange.



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