"In order to succeed, people need a sense of self-efficacy, to struggle together with resilience to meet the inevitable obstacles and inequities of life."
- Albert Bandura
Day 2 of the week! Hope y'all were able to ward off the Monday blues yesterday. I know those can get pretty pesky. 😠
Today in history (2018), Japan recorded its highest ever temperature at 41.1 degrees (105.98F) in Kumagaya. Hot hot hot! 🔥
In today's newsletter, we will be covering Iran legalizing crypto mining, Bakkt has begun testing the delivery of its BTC futures and Daimler partnering with Riddle & Code to produce hardware wallets for automobiles.Also, in our 'Tutorial Tuesday' section, we have another well put together educational video by crypto educational content provider, Goodbit!
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! 📚
Pushed back 🙌
Over the last 24 hours, total market capitalization dropped from ~$287.2 billion to ~$273 billion, with most coins seeing losses in the ~3-8% range. 24-hour volume continues to register relatively low levels as compared to past weeks, with today hitting ~$56.2 billion.
BTC is currently trading at ~$9,970 (back below the $10,000 mark), down ~5.2% for the day. There seems to be some consolidation around the $10,000 level. On the daily chart, RSI level is at ~45, indicative of current market indecisiveness. BTC is also currently challenging its 100-day EMA line. On the weekly chart, the MACD line is about to cross to the down side of the signal line, and with dropping RSI levels, we could see some downward pressure in the coming weeks. 👀
According to the Iranian government’s Chamber of Commerce, Industries, Mines and Agriculture, an economic commission has approved crypto mining and the Iran government is now looking to regulate the activity. 👍
According to the governor of the Central Bank of Iran, Abdolnaser Hemmati, "a mechanism to mine digital coins was approved by the government’s economic commission and will later be put to discussion at a cabinet meeting”. Deputy minister for electricity and energy, Homayun Haeri, also said that government ministers will vote on a measure to approve an electricity rate for mining farms. 😊
Iran has historically been attractive to miners due to low electricity rates available. However, whether the Iranian government's stance on not permitting the usage of cryptocurrencies for domestic payments has changed, remains unclear.
Testing 1,2,3 🧪
According to an official tweet, pending approval Bitcoin (BTC) futures platform Bakkt has begun testing the delivery of BTC futures. Participants from around the globe has begun testing its BTC daily and monthly futures. 🙌
According to Bakkt's COO, Adam White, "Bakkt will initiate user acceptance testing for its Bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US. (starting 22 July)”
Bakkt plans to enable U.S. traders to trade physically-settled BTC futures contracts, which differ from the cash-settled futures contracts that Chicago exchanges CME and CBOE offer, as it will be physically delivered.
Every industry is covered 😬
Mercedes Benz's parent company, Daimler, has partnered with blockchain firm Riddle & Code to produce hardware wallets for automobiles.
The wallet will be a tamper-resistant piece of hardware that can create a cryptographic identity for vehicles. It will integrate with the vehicle’s telematic control unit (TCU) to receive, sign, and attest to sensory data from the car and surrounding infrastructure. The collected information will then be used to record a vehicle’s performance and ensure its maintenance schedule. 🤖
According to Riddle & Code's head of communications, Ben Schwarz, the wallet can be integrated into the hardware of trucks, luxury cars, and buses “to make car rental and fleet management more efficient”.
Additionally, the partnership also seeks to provide solutions for self-driving vehicles and car-sharing platforms, relay traffic patterns in real-time, mesh with smart city infrastructure, and accident information transfer to authorities and insurance providers.
Also known as mnemonic seed, or seed phrase. It is a list of words used in sequence to access or restore your cryptocurrency assets. It should be kept secret from everyone else. It is a standard in most HD wallets.
Quick, join the waitlist now! Can't wait to see ya! 😀
Other news 📰
According to a recent Reuters' report, tading platform Robinhood has announced a $323 million Series E round that saw the likes of Ribbit Capital, Sequoia and DST Global investing. 💰
According to a recent tweet by the Tron Foundation, Justin Sun’s lunch with Warren Buffett has been postponed because Sun has fallen ill with kidney stones. The parties have “agreed to reschedule at a later date.” 🤝
Swedish crypto exchange QuickBit allegedly leaked 300,000 customer records via an unprotected MongoDB database. 😠
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)
19 Aug - U.S. SEC's initial decision on the VanEck, SolidX and the Cboe BZX Exchange Bitcoin ETF application
"How much do you agree with this statement: "During the lunch, Justin Sun and gang will be able to sway Warren Buffett's stance to pro-crypto""
The average vote was a 4.3.
"Why or why not?"
New area of payment system is unavoidable - Make him take the red pill. 😂
Mr. Buffett has made his (b)millions the old fashioned way. He has purchased value stocks. I don't think he sees Bitcoin, Ethereum or Litecoin as value coins. - Yeah, it's like why change a winning strategy. Hopefully, he'll be able to learn a thing or 2 though. 😀
6. I don't think it'll be too hard to convince him that all crypto isn't "rat poison" or whatever dumb thing he said awhile ago. However, sometimes old dudes are set in their ways lol. - He's a smart chap, I'm sure he
You can't teach an old dog new tricks unless he is positive he will make money and not lose any. - Kinda true lol.
He's too old. - Dude is still hella sharp though. Both him and Charlie Munger. 🤓
Buffet is arguably the worlds best investor. He will eventually see that the crypto market, albeit in it infant stage has the potential to grow massive. - Possibly. Crypto is still a relatively small market in the grand scheme of things. So small that it poses no interest to Buffett. 🤔
Certainly his public stance. His private stance as a wealthy investor already likely to be diversifying his assets in all assets classes including cryptocurrency will remain the same. I suspect he is already a cryptocurrency investor publically denouncing digital assets to protect his other massive holdings from decreasing in value. - The good ol' bait and switch. Hahaha. I doubt it though.
I’m sure he has a team of people informing him on the tech, probably knows way more than the average, I bought my 1st bitcoin late 2017, which I embody 😎, bet he’s got something up his sleeve 🎩♠️🐰🚀 - Possible. He could already be one of the whales that moves the markets.
Older people are slow to criticize and slow to forgive - Lol the generalization! Not true. Everyone is different.
Not likely atall. - Never say never! 😋
I believe different perspectives will be discussed from both sides. However, to say Mr. Buffet will be sway is a stretch. Mr. Buffet will be more informed, not sway. - I hope the attendees will be able to incept some useful nuggets of information and set him on a path to delve deeper. 👍
He's too old to understand crypto currency - Lol the dude is one of the sharpest minds. He ain't too old. 🤓
Who cares? That old man has been nothing more than trouble To the good Image of cryptocurrencies... Why should we be kissing his ass for his acceptance, when Bitcoin has been doing wonderful on its own? - It's the evangelistic nature of the space, and about helping people see the light. 😬
I would love to say the opposite, but I sense that old Warren does not let himself be easily convinced. - Gonna be hella tough for sure.
Warren will not be swayed. Sad, but true - Definitely unlikely, but I like to remain optimistic - even though it can get a little grandiose at times. 😂
Not sure they should go to sway his mind to pro crypto. In that short time span concentrate on him totally understanding crypto. With him understanding crypto the improvements to the world's economy should make him pro. Remember he never invested in tech stocks because he did not understand the technologies. EDUCATION and ease of use are main drivers for adoption/growth of crypto - Agreed. Well said. We just need to educate the old man and hope for the best.
he is old school. they wont be able to convince him. but if they get creative they might have a chance. my idea would be to offer his grand daughter or son a job. get to papa that way. - Lol nepotism at its finest. 😂
I think the likes of Warren Buffet are deeply invested in the old clunky legacy system and see crypto as a disruptor rather than an innovation. - Isn't a disruptor an innovation too? 🤨
Warren Buffet believes in value in a company that can be determined by assets, earnings to cost ratios, realized profit ect..i.e banks, real estate, Monsanto and other brick and mortar businesses, which is everything Bitcoin is not. He failed to recognize Amazon, Netflix, Facebook and Apple (in the beginning) as good investments. Bitcoin will be another miss by the great investor because tech investments are not his forte. He will not be so easily persuaded in one luncheon. - He might FOMO this time, hahah. 😂
this event will bring publicity to Bitcoin & blockchain.. hopefully the event is well reported in all mainstream media.. this will attract more people to crypto.. - One of the positive externalities. 🤔
I hope so, Justin Sun seems like the very persuasive type, whereas Buffet seems like a set in his ways and nothing will change type. And crypto holds many advantages for Buffet. Think lack of understanding may play a role and making that penny drop and seeing the light will be in Buffets best interest. I think it overall many people will rather avoid crypto than admit FOMO made them loose in 2017. Godspeed Justin Sun, bring him to the light. - Justin isn't the most articulated person because English isn't his native language, and so I think the other attendees would have a better shot at persuading Buffett. All the best to them! Exciting stuff! 😊
Whilst a great initiative, it is wasted on someone that has made enough money .He is looking for power rather and respectfully, when it is out of his safety net, all he does is diss it .Doubt there will be any convincing . - Time will tell.
Buffett is too old to adopt new technologies. - Never too old.
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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