"You need to give yourself permission to be human.”
- Joyce Brothers
Welcome back, CoinMarketCap crew! We're in the thick of July, and things are starting to get real interesting in this space. I don't know about you, but I'm super excited to see how this week unravels. 👀 Also, how many of y'all noticed the newsletter title blunder on Friday? 😅 It happens, I'm only human! 😬
Today in history (1796), Cleveland, a major city in the U.S. state of Ohio, was founded by General Moses Cleveland Cleveland. The city proper has an estimated population of 383,793 (2018), making it the 52nd-largest city in the U.S.. Happy birthday Cleveland! 🎂
In today's newsletter, we will be coveringBank of America filing for DLT settlement system patent, Harrison Hines suing Joseph Lubin (~$13 million) for breach of contract and the South Korean Justice Ministry estimating 2.69 trillion won (~$2.28 billion) of financial damage from cryptocurrency-related crimes between July '17 and June '19.
Please do not forget to answer the polls down below too! It's a great way to interact with you and hear what you have to say. 💭 Happy reading! 📚
'Twas a quiet weekend 😴
Over the weekend, total market capitalization bounced within a tight range of ~$280 billion and ~$300 billion, and total market capitalization currently stands at ~$287.2 billion. 24-hour volume has been relatively low over the weekend as compared to recent weekends, and registered daily levels of ~$60 billion.
Over the weekend, BTC failed to break through its 21-day EMA line on the daily chart. RSI level has dropped slightly from ~50 to ~47, indicative of a small drop in bullish momentum. BTC is currently trading at ~$10,470, and BTC dominance still remains high at ~65.2%, indicative of a stronger confidence in the relatively 'safer' BTC. 💪
Making a move ✊
According to a recent filing on Google Patents, Bank of America has filed for a patent for a settlement system that cites the Ripple ledger. ✍️
The patent application describes a system using distributed ledger technology (DLT) as an interbank communication tool. It would enable real-time settlement with transactions being communicated through a shared, decentralized ledger to which both the banks would have access to.
The identity of both the payer and the payee would be verified via the decentralized network, and communication between the involved institutions would be enabled. Notably, multiple illustrations included in the patent explicitly citing Ripple's DLT. However, the coin XRP was not mentioned. 🤔
You owe me 😠
The founder of ConsenSys-incubated startup Token Foundry, Harrison Hines, is suing Ethereum co-founder and ConsenSys founder Joseph Lubin for breach of contract. 😠
According to recently filed court documents with the Supreme Court of the State of New York County, Hines is suing Lubin for a “breach of contract, conversion, quantum meruit, unjust enrichment, fraud, declaratory judgment and unpaid profits arising from the defendants’ acts in connection with the business known as Token Foundry.”
Hines is seeking $13 million from Lubin - $12,827,000 in monetary damages, and $404,783 in unpaid profits. 💸
Industry leech 🤑
According to a recent report by The Korea Herald, the South Korean Justice Ministry estimates that cryptocurrency-related crimes have resulted in 2.69 trillion won (~$2.28 billion) of financial damage between July '17 and June '19. 💸
These arise from crypto scams, Ponzi schemes, embezzlement and illegal exchange transactions. The ministry also claims to have indicted over 400 cryptocurrency-related criminals and fraudsters during that time period.
The report also highlighted that there is a lack of clear regulations on cryptocurrency exchanges, which has led to an increase in the use of quasi-anonymous or opaque accounts. Despite the existing ban on anonymous crypto exchange accounts in South Korea, minor exchanges reportedly use “beehive accounts” in which users' funds are kept in their corporate bank accounts so that users' identity can be kept private, to circumvent the regulation. 😲
Contributors to a blockchain taking part in the process of mining. They can be professional miners or organizations with large-scale operations, or hobbyists who set up mining rigs at home or in the office.
Quick, join the waitlist now! Can't wait to see ya! 😀
Other news 📰
Current attendees of the Justin Sun/ Warren Buffett lunch now include Yoni Assia (eToro CEO), Helen Hai (Binance Charity Fund head), Jeremy Allaire (Circle CEO), Charlie Lee (Litecoin founder). Other invitations are expected to be handed up leading up to the lunch date on the 25 July. 😋
“Big four” multinational accounting firm KPMG has partnered with software firms TOMIA, Microsoft, and R3 to develop a blockchain for telecom settlements. 🤝
FairX, a financial services company involved with banking and digital assets, has shut down its operations after failing to establish a licensed national bank due to a lack of funding. 🏳️
Crypto calendar 📅
16 May - U.S. SEC's decision on the NYSE Arca and Bitwise Asset Management's Bitcoin ETF application (decision has been delayed)
25 Jul - Justin Sun's lunch with Warren Buffett at a 3-Michelin-star restaurant in San Francisco called "Quince".
19 Aug - U.S. SEC's initial decision on the VanEck, SolidX and the Cboe BZX Exchange Bitcoin ETF application
Why or why not? What are your plans for the weekend? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "I don't think the presence of Bitcoin ATMs will help drive adoption much""
The average vote was a 3.8.
"Why or why not?"
It will be more accessible to people - Yeah true, but I really find it hard to see people buying from these ATMs. Personally, I find it hard to justify the high fees they charge. 🤔
Consumers are use to using atms rather than complexity of exchanges and managing private key - Yeah, this makes sense. 👍
I will upto a large extent because I can relate it to myself. I would have used it if it was available in the country I reside. I believe there are many in the world like me. - Hmm where are you from! Do share in the comments section in today's newsletter. I guess for countries where people don't have access to crypto exchanges, BTC ATMs would be more effective in driving adoption. 💭
i think more than ATMs we need businesses & merchants who can accept crypto. we already have exchanges which aid in buying crypto though fiat. - Totally agree. 🙌
I would say it differently. I do not believe bitcoin ATM alone will help drive adaptation. People don't buy products that they don't have an understanding of its value. The key to adaptation is education of crypto value and how it can be used. - I share the same sentiments. I feel that the true key to 'mainstream adoption' is education. I feel that the idea behind crypto isn't too hard to get behind once you have achieved a basic level of understanding. ✊
2. I think one of the biggest hurdles for a lot of people is actually obtaining BTC in the first place. Being able to use cash at a BTC ATM would theoretically make it easier for a lot of people to get access. I've personally used one before and it was a smooth experience! - Ahh interesting. Perhaps I am too used to buying it off exchanges. I hate paying high fees! Some of these ATMs charge up to 8% premiums. 💸
It will be hard to ignore contemplating Bitcoin usage once Bitcoin ATMs locations become as ubiquitous as street corner gas stations. - Can't wait to see that day. 😬
ATMs will get people more comfortable with cryptos - True. I guess it could be a good gateway for newbies. Seeing crypto ATMs can also help people view crypto as more 'legit'. 🤔
People love crypto and occasionally need to cash out. Crypto atms are critical! - Yeah I can imagine the experienced crypto person to use it for emergency cash outs. 🤔
When the large Financial Institutions are 'on-board' with Cryptocurrency they will upgrade the software in their current ATM's. This will dash the projections of growth or at least diminish the expansion curve of the Bitcoin ATM's. - We need this! 👍
99.99% of consumers don't have a clue about bitcoin transactions. - Yeah .
just the opposite, it will be effective . - I hope so! I have no doubts that it will help drive adoption. I just think that the extent at which it will help won't be as much as what most people expect it to be.
adoption comes at all levels. - True.
It will drive adoption because it will cause people to inquire about it. What is this? What is it for? How does it work. What is Bitcoin? - Inception muahaha. 😂
Outside of clunky ‘local bitcoins’, how else can the unbanked buy crypto? I think 2nd/3rd world regions (cash and barter economies) will require ATM’s for adoption. Rn, I can’t see any other feasible way for a massive shift (Indonesia, eg.) - This makes sense. I think the extent to which Bitcoin ATMs will help drive adoption depends on the economy maturity of the location. For more developed countries, it wouldn't help much. But for less developed countries, where there are significant numbers of unbanked/ low fiat-to-crypto access points, it would help a greater deal. 🤔
Most people already know bitcoin. I think what hold back the adoption is the 'difficulty' to keep your Bitcoin safe and the usage of wallets which people find overwelming. - I would say that most people probably have heard about Bitcoin, but a large percentage of them have yet to achieve a basic level of understanding of it. Most just think of 'virtual currency' when they think about Bitcoin.
I kind of on the fence with this. I guess it will help create awareness and therefore adoption but not in a significant way. I think it would be better if Bitcoin was integrated into cash ATM's and can see this happening in the near future. - Yeah that would be way more effective. It's being done atm too, but hopefully it ramps up.
Given that ATMs are disappearing by the shedload over here in the UK, hard to imagine take up of BTC ATM's by the general public as by and large they'd have no idea what to do with BTC in the transaction between consumer and retailer and vice versa!!! - True, ATMs will eventually be phased out once cash transfer apps like Venmo etc start to take over. 👋
People trust ATMs, the more the merrier! - Hahaha have you seen those ATM scams? 😲
I found it to be an easy process, some people don't want to buy via wallets because minimum buy price and don't want to pay high withdraw fees on exchanges. also, if you can sell BTC via atm it will be wise for businesses around an atm to accept BTC as payment and they can switch for cash if their suppliers choose cash over crypto. - Hmm interesting point. Yeah BTC ATMs for selling BTC would be really convenient for small business owners. 👍
"What are your plans for the weekend?"
Try to have a quiet time researching and tidying - Tidy tip -> check out Marie Kondo. She's a beast. 🤯
at home.. need to complete some pending work.. - Oh mannn. I hope it wasn't too stressful. Remember to catch a break sometime this week! 👍
Going to see my buddy DJ his last show in Ohio before moving out :(. Hopefully beating this heat wave somehow too. - Awesome that you got to catch his last spin. All the best to him! And yes, the summer heat sure is a killa. It's been a brutal summer for me. 😔
Mimosa brunch with the fam. - That never disappoints.
Spend time on my boat! - Dangg you baller! Invite me next time, sheesh! 😂
Trading - Hope you were able to make some bank. 💰
retired - no difference between week and week-end - Damn! That's the dream! 😀
read a lot and sleep a lot .. - Sounds productive enough! Haha
relaxing bring me a beer every 10 minutes until i pass out . then one every 30 minutes after that! - That's intense.
Go to the lake. Tell folks about Crypto. - Doing your part for adoption I see! Kudos to you! 👍
Re-reading Zen and the Art of Motorcycle Maintenance. - That title has already got me intrigued. Do let me know how the read was!
Busch Gardens with my son! - Aww. Quality time. I hope you guys had a great time! 😍
Gin, Pool & Karaoke. Not looking forward to the Sunday hangover though. - Hope the hangover didn't hit you too bad. 🙃
Time with family - Fam time best time.
A week off and heading to Cornwall with the family to enjoy life - Reaping the rewards of your hard work. No better feeling.
Buying a little Ycash at Safetrade, & dnl'd wallets - Wow, you must be a fan of privacy coins. 🤔
I want to partake in some epic debauchery, but want to learn coding smart contracts. - Hope you were brave enough to do both. 👍
Surf , sex and drugs ..what else is there .lol - Lmao, casual. 😂
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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