Daily Bit: August 2, 2018

 

 

 

 

Tweet Of The Day
If you’re going to try to beat Ethereum, you need to hold contrarian views, execute on them, and be right

Too many of them are just adopting the EVM and making a few consensus tweaks.

Very unlikely to work

@KyleSamani

 

 

BITCOIN (BTC)  |  -0.16%  |  $7,586.50


ETHEREUM (ETH)  |  -2.09%  |  $415.69


RIPPLE (XRP)  |  -3.20%  |  $0.434319


BITCOIN CASH (BCH)  |  -1.87%  |  $750.10


EOS (EOS)  |  -3.51%  |  $7.05


STELLAR (XLM)  |  -2.55%  |  $0.269386

*As of 8:30am
 


 
 

 

 

WORD ON THE STREET

 

 

 

 

Calling All Capital

(1) Blocktower’s Ari Paul was one of several investors that contributed to a $100 million fundraising round for Hedera Hashgraph, a project that uses an alternative type of distributed ledger technology dubbed hashgraph consensus.

An additional $20 million is being sought via a private placement for accredited investors to enhance the speed, security, and scalability of the platform, which could be handy for IoT transactions.

(2) Decentralized trading platform Radar Relay completed a $10 million series A round that was spearheaded by Blockchain Capital, with investments also coming from Collaborative Fund and Distributed Global.

Other VCs participated – the listed funds double dipping after having pledged their allegiance during RR’s seed round speaks volumes about the project’s team, strategy, and market opportunity.

(3) SBI Holdings set their eye on US-based digital marketplace developer Clear Water, purchasing a 12% stake at an estimated value of $9 million. The Japanese firm will develop crypto derivative products in anticipation of institutional interest spurred on by refined custodial solutions.

SBI is firing on all cylinders. Their capital injection comes on the heels of their crypto exchange VCTRADE’s launch and a $15 million strategic partnershipwith AI startup Antworks, which will scout out Asian market ventures to join the ranks of the 20+ crypto stakes that SBI planted over the past year.

(4) In the world of Harry Potter, Square’s (+3.42%) second quarter results received an ‘E’ for ‘Exceeds Expectations’, outpacing Wall Street’s earnings estimates of 12 cents/share by one penny.

Bitcoin trading revenues weren’t as fortunate, landing a ‘D’ (Dreadful) due to a meager $37 million when compared to Square’s transaction-based revenues of $625 million that rose 30% in the past year.

 

 

 

OTHER READS

 

 

 

 

Brain Fuel

  • 7 min read: Valuing Productive Cryptoassets (Phil J Bonello)
  • 9 min read: Part 3: The Strengths & Weaknesses of Stablecoins (MakerDAO)
  • 13 min read: Invest in the ugly duckling – decentralization, product/market fit, and the law (John Backus)
  • 13 min read: Cryptoasset Classification and In-Depth Analysis of Crypto Sectors’ Historical Growth (Pavel Pankratov)


Markets

(1) Galaxy Digital had a sorry start on Toronto’s TSX Venture Exchange, fallingnearly 31% before closing at CAD $2.30 from an opening price of CAD $2.75. Galaxy’s journey north involved the acquisition of Coin Capital and the reverse takeover (RTO) of Canadian shell company Bradmer Pharmaceuticals.

What’s in store for Novogratz? (1) Expand GLXY trading to Frankfurt, London, and Hong Kong, and (2) give this employee a raise for being a team player.

(2) Overstock subsidiary Medici Land Ventures is upheaving Zambia’s land ownership processes, cementing property rights to the blockchain. Dual synergies can be reaped from the transfer, such as public service access for individuals and city planning and tax collections for governments.

(3) CoinJar, an Australian exchange pushing roughly $560,000 in daily trade volume, launched a multi-class investment fund that consists of Bitcoin Class (strictly Bitcoin @ 1.3% annual fees) and Mixed Class (BTC, ETH, LTC, XRP @ 1.8% annual fees).

(4) Coinbase added GBP support for UK traders, streamlining the former process where pounds and euros were swapped during deposits and withdrawals.


Mining

(1) Is Canaan Creative getting too… creative? The mining rig manufacturer wants to release a TV that doubles as a crypto miner. Watch TV by day, mine tokens at 2.8 trillion hashes per second by night.

Canaan’s 2017 performance might’ve been off the charts – 300,000 mining rigs sold netting $205 million in revenue – we’re awaiting consultation from Mike Teavee to see if their mining tube is legit.

(2) Russian crypto miners are Putin on quite a performance… pun intended. The country’s businesses mining crypto are now 75,000 strong, which marks a 15% increase from the previous year.

And Russia’s grip on the global mining market is far from fake news: it rose slightly to 6%, up 1% from last year.


The Great Job Migration

  • Credit Suisse lost another employee *cough, cough* to crypto with Vice President Andrew Peel’s departure for Morgan Stanley to serve as the head of digital asset markets.
  • Former Visa managing director Kevin Jenkins joined blockchain payment and ID platform Nuggets as a Non-Executive Director.
  • Tomer Federman bagged his role at Facebook to launch an investment firm specializing in blockchain and crypto assets.


Problematic

(1) Remember the crypto wallet that John McAfee defended “cannot be hacked, ever, by anyone or anything”?

….it got hacked.

(2) Long Blockchain Corp is all over the map, and the SEC is maintaining a close watch. The company recently pivoted to the loyalty program biz, but not before getting hit with a subpoena from the SEC on July 10th.

(3) Linda Healthcare Corporation failed their physical (read: Howey Test), prompting Colorado regulators to medicate the project with one serving of C&D: cease-and-desist.

 

 

 

 

 

 

THAT’S ALL FOR TODAY!

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