"Conscienceless efficiency is no match for efficiency quickened by conscience."
- Kelly Miller
TGIF! Another week down y'all! Enjoy your weekend, and use it well. But first, don't forget to read today's newsletter! I've got some pretty cool news for y'all. 😀
Today in history (2018), Apple became the first American public listed company to reach $1 trillion in value. That's almost 4x the current total market capitalization of the entire crypto space! 🤯
In today's newsletter, we will be covering Square generating ~$125 million in Bitcoin (BTC) revenue in Q2, Canadian Pacific (CP) joining the Blockchain in Transport Alliance (BiTA) and eToro becoming the “Official Online Trading Partner” of Everton Football Club.
Today, we will also be covering IOTA (MIOTA) for our weekly deep dive! Today, we also have a message from a sponsor, Opacity! Also today in our 'Blockchain term of the day' section, we have another well put together infographic done by cryptocurrency index building and trading automation software, Panda Analytics! So don't forget to check that out below too!
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! 📚
Back in healthier territory 🤗
Over the last 24 hours, total market capitalization rose from ~$272.4 billion to ~$284.9 billion, with most coins seeing gains in the ~1-5% range. Notable mover of the day is Tezos (XTZ), currently up ~15%. 📈
BTC is currently trading at ~$10,515 (back above $10,000 woohoo), up ~5.6% over yesterday. This run up pushed BTC above its 21-day EMA line on the daily chart. The MACD line also just crossed to the upside of the signal line, and RSI rose by ~10 to ~52, so we could see some bullish action over course of the next few days.
Double goodness 🤑
According to its Q2 2019 shareholder letter, payments company Square generated ~$125 million in Bitcoin (BTC) revenue through its mobile payments service Cash App in Q2. In Q1, this figure was ~$65.5 million. 🤑
One of the reasons for this was BTC's price rally over the quarter. Due to the price growth, there was also a correspondingly increased volume of Bitcoin, which resulted in a $2 million gross profit.
It is of notable mention that the Cash App generated $135 million in subscription-, services- and transaction-based revenue, essentially meaning that ~92% of the revenue Square obtained through subscriptions and transactions came from BTC revenue. 🔥
Welcome aboard 🤗
Canada’s transcontinental railway, Canadian Pacific (CP), has joined the Blockchain in Transport Alliance (BiTA), as it looks to support improvements in supply chain technology through blockchain technology.
According to BiTA, CP's membership will help drive global supply chain interoperability. BiTA's president, Patrick Duffy, believes that blockchain technology “has the potential to smooth the transactions that occur between shippers and carriers, but it requires the active participation of transportation leaders like CP." 🙌
BiTA currently has 500 member organizations within the freight, transportation, logistics and affiliated industries. Members share the common goal of facilitating the adoption of blockchain technology, establishment of industry standards and provision of education on blockchain solutions and distributed ledger technology.
Official partner 🤝
Crypto-friendly trading platform eToro has inked a deal with Everton Football Club of the British English Premier League to become its “Official Online Trading Partner”. Its crypto exchange for professional traders, eToroX, supports trading for Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Dash (DASH), Bitcoin Cash (BCH) and Litecoin (LTC), and 8 stablecoins backed by 8 corresponding national fiat currencies.
Everton will offer advertising for the eToro platform via its marketing assets and matches at its home stadium, Goodison Park. According to Everton’s commercial director, Alan McTavish, he is “excited to see what can be achieved by bringing blockchain technology into the world of football.” 👍
eToro has now reportedly signed with 6 clubs within the Premier League for the 2019–2020 season.
Notable Supporters: Richard Soley (OMG's CEO), Johann Jungwirth (Volkswagen's Chief Digital Officer), Rolf Werner (Fujitsu's Head of Europe)
What its about ⚙️
IOTA was founded in 2015 by David Sonstebo, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov. It held its ICO on November 25, 2015, and was created with a fixed supply of 2,779,530,283 MIOTA coins.
IOTA (IOTA) is a distributed ledger for the Internet of Things that uses a directed acyclic graph (DAG) instead of a conventional blockchain.
Its quantum-proof protocol, Tangle, reportedly brings benefits like 'zero fees, infinite scalability, fast transactions, and secure data transfer'.
The IOTA Tangle is a Directed Acyclic Graph which has no fees on transactions and no fixed limit on how many transactions can be confirmed per second in the network; instead, the throughput grows in conjunction with activity in the network; i.e., the more activity, the faster the network.
Why people love it 😘
Tangle has good scaling potential, as it theoretically scales according to the network size.
Network integrity is upheld by everyone, as a small PoW of 2 past transactions is needed to send a transaction. This also makes IOTA energy efficient.
The IOTA network has a data marketplace for connected devices to transfer, buy and sell datasets. Data access can now be monetized. It also helps that machine learning and AI are both rapidly growing industries.
Existing partnerships with strong brands like Microsoft, Volkswagen, Fujitsu and Samsung.
IOTA is theoretically quantum resistant. MIOTA tokens are sent from different addresses, each connected to the seed wallet, for every transaction. This might be increasingly advantageous in the future, when the threat of quantum computing on security becomes more prevalent.
Why people doubt it 🤔
There is currently a presence of a 'Coordinator' entity that monitors transactions. It has the authority to stop bad actors. Although it will be removed once the network is ready, this is currently a centralization issue.
IOTA does not have smart contract functionality. However, the team is working on bringing this up.
Network presently has insufficient nodes and is small, hence only processes about ~6 TPS. However, this will scale as the network grows.
Opacity has launched its credit card payment integration, a free 10GB storage account, and a limited time offer on its 1TB professional plan!
Opacity provides private and encrypted cloud storage, as well as file sharing services through the Opacity token, OPQ. It is making its file storage and sharing account free to use to help non-crypto users get comfortable with the platform, and to do its part to drive adoption! It has also enabled credit card payments! To top that off, its 1TB plan is now 20% off for all credit card accounts for a limited time!
Alternative internet browser Brave has launched tipping following a beta testing phase. Twitter users can now tip each other with Brave’s Basic Attention Token (BAT). 💸
During a quarterly earnings call, Intercontinental Exchange (ICE) CEO Jeffrey Sprecher said that its Bitcoin futures platform Bakkt is gearing up to launch soon, in that “subject to final regulatory approvals, we [Bakkt] plan to launch our [its] physically settled bitcoin futures in the very near future.” 😋
Prior to what was reported yesterday, the United States Commodities Futures Trading Commission (CFTC) has confirmed that LedgerX has not yet been approved to offer physically-settled Bitcoin futures. Instead, LedgerX launched existing swaps on their new futures platform, meaning that retail traders can now trade BTC options and swaps. 👀
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
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 believe that Bitcoin (BTC) is a better store of value than Gold.""
The average vote was a 7.6.
"Why or why not?"
It's more expensive to store gold. - That bulky thing... think about the storage fees. 💸
No physical encumbrance from Bitcoin unlike gold, and accessible to all without a thousand fees for handling/storing/security etc. Too much history and stigma of being a 'king's method' of money storage is gold; Bitcoin is now baby! - Amen to that. 👌🏻
To be honest, I wouldn’t refuse physical gold either !! - Both are great stores of value imo. I believe there is a place for both. 🤗
Right now it's a terrible store of value compared to gold. The value of Bitcoin is currently very volatile. Maybe in the future once the price gets more stable it can be better than gold since you don't have to take custody and store the stuff. For sure it's a good place for people in Venezuela to store their money with the local currency being so unstable. Bitcoin can't be inflated since there are only going to be 21 million created but not sure what happens to bitcoin when all of it is mined, aren't the miner's the one's that keep the bitcoin blockchain secure and immutable? - When all the BTC are mined, miners would still be heavily incentivized to earn from the transaction fees from the ever scarce and theoretically ever valuable BTC.
There is n0o telling how much gold there is on the planet, however we do know how much bitcoin there is. - Yeah and BTC has a steady inflation rate. The amount of gold that gets dug up can vary greatly from year to year. 🤪
Although the price of BTC is highly volatile, there have been demonstatable and repeated patterns of increased value that far surpass profits gold can offer. If you only want to store your investment value then you can also hold to see the same value later. The key is to BTFD or hold long enough to see a profit. - Lol def been BTFD!
The facts prove it, it is clear that apart from its exchange potential, when gold goes up bitcoin goes up more. - BTC is better at being gold than, gold. Lmao. 😂
Gold is, in the end, tangible. If there’s ever a Zombie Apocalypse, both will be worthless. - True, a zombie apocalypse would rekt everything. On a similar note, Zombieland 2 is about to be released! 😀
Easier to access. - And store. And transfer.
Gold is more stable - It had its volatile years too.
It is digital gold(: ... Store it and watch its value shoot up. Its the most trusted, old crypto currency that people want to buy as alternative to instruments of traditional trading. - Even if I were to be a traditional investor, I would just buy BTC and include it in my portfolio just in case. It has some unique attributes like a low correlation with the stock market, so it can be a good diversification tool imo. 🔨
Not sure about this but I'm investing in KBC (Karatgold) which is the only Cryptocurrency backed in real physical gold. I don't think Bitcoin is in that condition right now and I also believe will not dominate the market forever... 🙂 - Hmm gonna be hard to overcome the first mover advantage it has though. 🤔
Without a doubt . Just in terms of the gains in BTC versus gold from 9 years ago .. chalk and cheese - Well gold has had a pretty decent run up too. I don't think it's fair to just look at price.
Because we know how much bitcoin there is and going to be by a certain time. - True, it's laid out in stone (or should I say, code). 😉
Hmm great question. Gold has been the ultimate financial insurance policy since time immemorial, BTC too volatile at the moment, but never say never - Yup, there were years when gold was really volatile too.
Not quite stable enough at the moment. More of a welcome alternative! - Both can definitely co-exist.
Thank you all for reading! Catch you back here again next week for your daily dose of crypto news! 💙
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