The Daily Bit: July 31, 2018





Tweet Of The Day
School: Answer is either right or wrong when submitted, and can’t be revised.

Life: 99% of value is from iteration toward correctness after initial attempt.




BITCOIN (BTC)  |  -4.58%  |  $7,771.53

ETHEREUM (ETH)  |  -6.05%  |  $432.52

RIPPLE (XRP)  |  -4.09%  |  $0.430245

BITCOIN CASH (BCH)  |  -5.26%  |  $771.37

EOS (EOS)  |  -10.93%  |  $7.24

STELLAR (XLM)  |  -8.79%  |  $0.270825

*As of 10:30pm

It’s going down, I’m yelling TIMBERRRR…. the crypto markets crashed this morning, losing about $10 billion in total capitalization in the past 6 hours.

And if you’re feeling dicey about how market cap is measured, you’re not alone. DonAlt aka The Duck aka The Don has a solid threat on the topic here.

Additionally: As you can see, we’ve changed our format for the daily issues. Let us know what you think at [email protected]









Bitmain’s World
If you thought Binance’s $300 million of revenue in the first half of 2018 was an accomplishment, we suggest taking the necessary precautions…. hold your jaw.

The reason? Bitmain blew that figure out of the water, recording $1.1 billion in Q1 alone. But, here’s the kicker – that was their profit. Plus, estimates from a Forbes source expect that the mining giant could end the year with another $1 to $2 billion in net profit.

It’s full steam with a probable IPO
Initial reports that Jihan Wu could take Bitmain public surfaced in June when the company was valued at $12 billion. However, according to Forbes’ mole, that number is now closer to $14 billion in light of another capital raise, giving Bitmain an earnings multiple of 10-11x.

How they got here:

  • September 2017: $50 million Series A round that included Sequoia Capital and ING Capital
  • June 2018: $400 million Series B round led by Sequoia Capital

Looking Onward
Completing an IPO should provide Bitmain with sufficient leverage to squeeze weaker competitors from the market. And as their R&D improves, Bitmain will likely develop new ASIC mining chips to wield a greater influence over other digital currencies.

The bottom line: Bitmain has a massive runway and multiple jets at the fuselage. Expect them to remain in the lead for years to come.









By The Numbers

  • The 20,000+ customers of the Chilean payment platform Flow can use digital currencies to purchase goods and services at over 5,0000 outletsthrough the company’s collaboration with CryptoMKT exchange.
  • Ultrain, a blockchain platform aiming to eliminate technical bottlenecks, raised $20 million from VC firms such as OK Gang Fund, Danhua Capital, Consensus Lab, and Arrington XRP Capital.


  • Iran’s national currency hit record lows against the U.S. dollar, prompting some citizens to purchase digital currencies to avoid further fallout that could result from economic sanctions.
  • Citigroup and Barclays are among a group of nine banks that are piloting LedgerConnect, an app store that would streamline the accessibility of blockchain services.


  • Mark your calendars and call your broker; Toronto’s TSX Venture Exchange begins trading shares of cryptocurrency bank Galaxy Digital tomorrow.
  • There’s another blockchain native smartphone coming to market and it’s electric – Charlie Lee revealed that HTC Exodus will support Litecoin and Lightning Network transactions for LTC.
  • Think Acorns, but for crypto – Crumbs’ spare change investment app is hereby in public beta.

Medium & Blogs

  • The Top 3 Cryptocurrencies of 2018 *Projects selected according to whitepapers & underlying tech* (Ed Schmerling)
  • What Is Blockchain? Simplest Introduction To The Blockchain (Amit Shekhar)
  • Minimum Viable Economy (Nick Grossman)
  • AVC: Drinking From The Crypto Firehose (Fred Wilson)


  • Thomson Reuters partnered with blockchain analytics company CryptoCompare to source market data for Eikon, the company’s tool suite for financial analysis and market insights.
  • SF-based DCEX is launching a decentralized exchange powered by AlphaPoint in the coming weeks that will use XRP as the platform’s exclusive base currency.








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