"Happiness is not something you postpone for the future; it is something you design for the present."
- Jim Rohn
Happy Tuesday! Hope August has been great to you thus far, as it has been for the crypto markets. Alright, let's get started on today's newsletter! 🙌
Today in history (1945), using one of the modified B-29s, the U.S. dropped an uranium gun-type bomb ("Little Boy") on Hiroshima, Japan. ~200,000 people were killed. It was one of the pivotal moments in WWII that led to the ending of the war. 🤯
In today's newsletter, we will be covering Coinbase announcing that it is exploring support for 8 new digital assets, South Korean B2B fashion platform Sinsang Market joining Terra Alliance and hacked Japanese crypto exchange Bitpoint resuming trading services. 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! 📚
Non event 😴
Over the last 24 hours, total market capitalization pretty much stayed at ~$309 billion, and we saw a slight increase in 24-hour volume at ~$68.7 billion, compared to the past week.
BTC is currently trading at ~$11,780, up ~0.5% over yesterday. It trading within a range of ~$11,650 and ~$12,270. BTC dominance is at another yearly and 24-month high again and at ~68.3%! On the daily chart, RSI level is at ~65, staying at the same level as yesterday. 😴
Covering more ground 👣
Crypto exchange Coinbase recently announced that it is exploring support for 8 new digital assets, namely Algorand (ALGO), Cosmos (ATOM), Dash (DASH), Decred (DCR), Matic (MATIC), Harmony (ONE), Ontology (ONT) and Waves (WAVES). 🙌
This expansion is part of Coinbase's larger agenda to provide support for 90% of the aggregate market capitalization of all digital assets in circulation for clients worldwide.
Coinbase also announced that they may roll out public-facing APIs and show other indications of engineering work during the exploratory phase. The announcement also includes several disclaimers, such as stipulations that support for the foregoing assets is not guaranteed in any particular jurisdiction, and that assets not on the list may potentially be listed in the future. 👀
The shift is inevitable 😊
According to South Korean newspaper EconoNews, B2B fashion platform Sinsang Market has joined a stablecoin-focused association of large e-commerce companies, Terra Alliance. 🤝
The partnership seeks to create a payment system to deploys a Korean mobile payment service that utilizes Terra’s blockchain technology to ensure fraud-resistant fiat transactions and settlements with merchants, CHAI. Sinsang will use Terra’s platform to improve order settlements, payments and deliveries through CHAI.
The Terra stablecoin was co-founded by the creator of South Korean e-commerce marketplace Ticket Monster, Daniel Shin. In August 2018, Terra closed a $32 million funding round led by several major crypto exchanges such as Binance Labs, OKEx and Huobi Capital. 💰
Back in action 😬
Japanese crypto exchange Bitpoint is resuming some trading services following a $28 million hack last month. It will be re-opening cash deposits and withdrawals in fiat currencies on 6 Aug following a safety assessment of the exchange’s cryptocurrency wallet. Supposedly, the hacked wallet is no longer in use and therefore not under threat. 🤔
Margin trading services and spot trading will begin on 9 August and 13 August respectively, and the margin trading service will use a similar wallet to fiat withdrawals.
Bitpoint has also confirmed that the stolen crypto assets included 1,225 Bitcoin (BTC), 1,985 Bitcoin Cash (BCH), 11,169 Ethereum (ETH), and 5,108 Litecoin (LTC). According to parent company Remixpoint Inc., $23 million of the $28 million were customer funds. The method or group behind the hack has yet to be disclosed with an investigation ongoing. However, Bitpoint did say that the 50,000 affected customers will receive funds back on a 1:1 basis.
A setup where multiple miners combine their computing power to gain economies of scale and competitiveness in finding the next block on a blockchain. Rewards are split according to different agreements, depending on the mining pool. Another term for this is Group Mining.
According to its company’s career website, Mastercard is seeking to hire several blockchain professionals, including a senior blockchain engineer, engineering lead, director for product development and innovation, vice president for product management, director of product management for cryptocurrency and wallets, vice president of network tech product management, director of payments platform and networks, and senior analyst for strategic program management. 👀
Web3 Foundation executive and former Polychain partner Ryan Zurrer is leaving Web3 to start a new decentralized autonomous organization (DAO). 🏳️
Launched March 2019, Samsung’s online dApp store, Blockchain Keystore, has grown from an initial 4 applications to a total of 17. 😲
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: "I believe the future of the banking industry is decentralized finance (DeFi).""
The average vote was a 7.5.
"Why or why not?"
I do believe Defi is the future but, the powers that be will not let the status quo system go down without a fight. If you control the money system you control the world. You think they are going to give that power to the common man, like myself easily? I think eventually they won't have a choice. - It's definitely an uphill battle, but anything decentralized is pretty hard to stop once it gains momentum. 😬
Interestingly this is the only way to stop manipulate the real economical activities, by the fiat money man made fluctuation and political agenda - Agreed. 👍
banking will be among the first to adopt DeFi. i just wish the progress was faster & sooner. the present system is outdated. - The present system sucks. 😂
its just a matter of time, because we have tasted the deliciousness of the privacy of the block chain, and we can't go back. - It cannot be stopped. 💪
Technology will cut banking operational costs in half. Those banks that don't adapt will operate at a huge handicap, probably can't compete, and will not survive. - Heh, gonna be interesting to see how they try and stop it. 👀
I feel we are heading in that direction, with more than banking, with The whole auto driving/ sharing picking up food, we’re in for interesting and progressive times - No doubt. Isn't it so exciting? Very glad to be a part of it. 🙌
I dont know. Yup...if you mean stuff like maker leads dai or other platforms lend fiat for cryptos without securities like bank does, thats booming. But if you mean like we get fungibility and financial privacy stuff, thats not going to happen, i think. Banks will know what transactions we do. - Banks will put up a big fight no doubt, but I think they're gonna have quite a hard time with it. More and more people are starting to see the light. 👀
Yes I believe that (DeFi) is going to be adopted increasingly in the future, As to when, where, how, Still needs to be figured out carefully, In addition to increased global awareness and acceptance of Bitcoin, Alt-Coins, Blockchain in the majority of online and especially physical retailers ie: Wal-Mart, eBay, Ect. We need to be able to spend our Bitcoin/Satoshis in addition to traditional payment methods, However I do feel psyical USD or others should always be available as a backup option, As an investor in Gold/Silver Bullion I am somwhat biased to physical financial products, Credit cards, Debt cards, Checks, Cash, Ect. A non digital option is always good to have, Spend, Save. Right now my PayPal account has been my most used financial option. - Thanks for the question, Have a great day!:) - Dang thanks for the wordy response! It's great to get to hear what you're thinking. I think it's good that you've started to dabble in digital assets and are diversifying your risk.
Financial inclusion of Unbanked, Freedom of customer in many aspects . Future is digital and distributed autonomous systems are likely to play a central role . Today our communications are decentralized through digital mobile systems. - Yeah DeFi can really help with those causes. 👌🏻
Honestly I can't imagine the banking system as anything but centralised. That's why I think crypto is so disruptive- and moving forward maybe we should leave the word "bank" where it belongs, in the dust 😀 - Lmao... yeah centralized systems are so 2000. 😂
Because centralized finance leads to corruption and a LOSS of freedom and wealth. DE-centralized removes the "man in the middle" with his hand out and returns the power of the purse to the actual person who created the wealth through their labor-- i.e. financial freedom. - True.
More and more people are beginning to lose their trust in banks and the government - Hahah I think another recession might just do the trick. 🤔
Because of DeFi will be the one and only way for the future. - It's one movement we should definitely watch.
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
See you again tomorrow! 😍 our newsletter? Share with a friend! 😡 our newsletter? Spam your enemy!