Data Breach



Crypto Bytes
DIGESTIBLE CRYPTO NEWS



No one has ever hacked Bitcoin. It is the most secure computing network in the world.
– Anthony Pompliano, Morgan Creek Digital Assets co-founder



Hey All,

Just as Equifax settles a $700 million dollar fine for a data breach that affected 174 million user account, Capital One was hacked. Capital One announced that personal information including names and addresses of about 100 million individuals in the United States and 6 million people in Canada were obtained.

Data breaches are becoming all too common. The problem is companies store users’ data in a centralized server which makes it prone to systemic risk, everyones information being exposed with a single breach.

Blockchain technology solves this because information is stored in a decentralized network rather than under a single entity. If a user gets hacked it effects only a single user rather than the whole network.

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MOON
Who’s up…

Buying Bitcoin to brace for Brexit.

What is Brexit… Brexit is an abbreviation for “British exit,” referring to the withdrawal of the United Kingdom from the European Union. Britain’s Prime Minister Boris Johnson, vowed to leave the European Union, “do or die,” by October 31st.

Losing pounds…The fear is that Britain is heading towards a no-deal Brexit, which would cast most of the UK into trade and travel turmoil. Member countries of the EU would likely suffer an economic setback in the fallout, leading to a lack of confidence in both the pound and euro.

Bitcoin search… Bitcoin searches surge as Britain prepares for Brexit. According to data compiled through Google Trends, ‘bitcoin’ search volume has risen to its highest level in a year in England and other parts of the UK.

THE TAKEAWAYS

  1. The pound slumped to its weakest level in more than two years Tuesday. That’s bad news for Britain.
  2. When your local currency depreciates in value the cost to import goods and services are more expensive. Britain imports more than it exports.
  3. British citizens will likely buy alternative currencies to hedge against the Pound losing value. Based on Google’s search results, we see there is an interest in Bitcoin as a hedge.

Number Of The Week: 85%
This week, 17,850,000 bitcoin have been mined meaning 85% are in circulation.

Even if we wanted, we couldn’t ban Bitcoin. 

Roll Call…U.S. Senator Mike Crapo (R-Idaho) admitted that it would be difficult or impossible to ban bitcoin in the United States. ‘I’m pretty confident we couldn’t succeed in doing that [ban bitcoin] because this is a global tech, a global innovation.”

Rep. Patrick McHenry was also open to the digital asset ecosystem and admitted bitcoin was an “unstoppable force.”

THE TAKEAWAYS

  1. Bitcoin > Libra. The decentralization feature to Bitcoin makes it immune to government intervention.
  2. If your going to send a subpoena to Bitcoin, where do you send it?
  3. Read below to find out how the US government is putting the brakes on Facebook’s Libra.

REKT
…Who’s down

Libra might not see the light of day.

Facebook warns investors… Facebook says in the risk factors section of its latest quarterly report that it can’t guarantee Libra “will be made available in a timely manner, or at all.”

“Libra has drawn significant scrutiny from governments and regulators in multiple jurisdictions and we expect that scrutiny to continue,” Facebook said in its filing with the Securities and Exchange Commission.

THE TAKEAWAYS

  1. We can’t stifle innovation because lack of understanding. The failure to act and adopt blockchain and cryptocurrencies will put the US at a severe disadvantage to the countries that do accept the technology.
  2. Compare the success of the countries (and companies) that failed to adopt the internet and the one’s that embraced the technology and saw the opportunity.
  3. David Marcus, head of Libra project, understood that Libra would get push back which is why they shared their White paper well before they develop Libra.
  4. Marcus stated in the Senate hearing that Libra will not move forward without addressing all concerns.

Stocks plummeted because US & China failure to agree on a trade deal just started a currency war. 

iPhones 10% more expensive… The US pledged a 10% tariff on the remaining $300B in Chinese goods. Since tariffs are like taxes, that would make the Chinese-produced iPhone X 10% more expensive to Americans.

US just labeled China a currency manipulator… China’s government weakened its currency so now your $1 buys 7 Chinese Yuan — the weakest level the currency has hit in over a decade.

Why tariffs & currency manipulation… Tariffs make it more expensive to manufacture in China which encouraging US companies (like Apple) to make stuff elsewhere.
By weakening the value of its currency compared to the US dollar, China offsets part of the tariff’s impact.

THE TAKEAWAYS 

  1. Trade wars are not good for anyone. Tariff’s ‘tax’ will ultimately fall on US consumers to pay more. 
  2. Investors are looking for a safe haven. Bitcoin’s price was up 20% this week and gold reached record highs.
  3. Government’s can be very unpredictable to adjust currency supply using method such as quantitative easing and interest rates. What is great about Bitcoin is that code is open source and you can know at any time the amount of circulating Bitcoin.

CORRECTION
What is Libra? 
I just wanted to correct something from last weeks newsletter where we broke down Libra. I wrote Libra was pegged to the US dollar when in fact, it is pegged to a basket of different currencies.

Stable Coin… Libra is pegged to a basket of currencies that will anchor its value. Merchants will be more likely to accept a cryptocurrency who’s price does not fluctuate.

In case you missed last weeks newsletter you can read up on Libra here.

LAST WEEK MARKET MOVER’S

COIN OF THE WEEK
Bitcoin (BTC)

$11,646 +20.3%

COIN OF THE MONTH
Tezos (XTZ)

CRYPTO CELEBRITY

David Hay: +11.3%

RF YOUTUBE INDEX

+4.3%

RED FOG INDEX

+3.9%

LEADERBOARD
CapitanCrypto: +942%

5156 Fog Tokens

    

CRYPTO BYTES PODCAST

22 MINUTES
What Is The Value Of Bitcoin?





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Microsoft recognizes Bitcoin

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Slowly “Bitcoin gets in the human brain as something normal. Everyone now finds internet or email normal, while 20 years ago most people would think you are crazy with your internet thingy.”

Bitcoin_puzzler, Reddit

BITCOIN (BTC)

$8,726 +6.5%

CRYPTO CELEBRITY

The Martini Guy: +7.1%

Hey All,

Bitcoin is gaining steam as the price is creeping up on $9,000. Microsoft Excel has recognized Bitcoin as a currency which is valid because it is being used for presidential donations, to pay your phone bill, and sending money through Facebook. Read more below.

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MOON
Who’s up…

Facebook Launching Coin in 2020… Facebook’s calling its cryptocurrency “GlobalCoin” and plans to launch in 12 countries by next March. CEO Mark Zuckerberg made it clear at Facebook’s annual conference: “It should be as easy to send money to someone as it is to send a photo.” Plus, the Winklevoss twins, are involved in Facebook… again.

Bitcoin For President… Eric Swalwell, a United States Democratic presidential candidate for the 2020 elections, has launched a crypto donations campaign. Announced Thursday by blockchain firm The White Company, which is providing the tech for the crypto donations, Swalwell will accept six supported cryptocurrencies.

Pay Phone Bill With Bitcoin… AT&T now accepts Bitcoin and other cryptocurrencies via Bitpay. Bitpay is a cryptocurrency payment processing company. The company currently has thousands of mainstream companies that it offers its services to from Microsoft to Shopify and Virgin. As AT&T now accepts Bitcoin and other cryptocurrencies, do you think we will be seeing other major companies follow suit?

Welcome New York… Robinhood Opens Trading for 7 Cryptocurrencies in New York. New York is unique and problematic for crypto traders because all purveyors must apply for a BitLicense, most notably for companies that are “storing, holding, or maintaining custody or control of virtual currency on behalf of others,” according to NYDFS.

TAKEAWAYS

  1. The use cases for Bitcoin and other cryptocurrencies are expanding as new payment channels and merchants are recognizing them as legit currencies.
  2. AT&T and Facebook are more examples of a major corporations starting to see the benefits of crypto by being able to eliminate processing fees.
  3. New York remains one of the States that is least open to the idea of accepting the legitimacy of cryptocurrencies. Could this be because it is a traditional banking head quarters?

REKT
…Who’s down

Say No To Pro… The U.S. Securities and Exchange Commission (SEC) is suing a Daniel Pacheco, a California resident on charges of selling unregistered securities and conducting a Ponzi scheme disguised as a cryptocurrency. Pacheco sold unregistered securities through IPro Solutions LLC and IPro Network LLC, giving investors “points” which they could theoretically convert to PRO Currency, a digital asset affiliated with the companies. ProCurrency is trading around 0.001 cents down -22.94% as of press time.

Not The One… The Australian Securities and Investments Commission has warned the public that crypto  project OneCoin “could be involved in a scam,” according to a notice released on May 28. The Australian financial regulator has issued an official warning against OneCoin, urging the public to not deal with this company as it is not licensed in Australia.

TAKEAWAYS 

  1. It is highly recommend to do your due diligence before investing in crypto projects. There are over 2500 coins and it is safe to say that their are bad actors in the space.
  2. Most will not yield the expected returns that investors are hoping for based on not being able to achieve what they sought out to build.
  3. Higher risk results in higher returns.
  4. Only invest money you can afford to lose.

LAST WEEK MARKET MOVER’S

COIN OF THE WEEK
Bitcoin SV (BSV)

$120.69 +62.9%

COIN OF THE MONTH
BITCOIN CASH (BCH)

LEADERBOARD
TheLady: +68.7%

678 Fog Tokens

CRYPTO CELEBRITY

The Martini Guy: +7.1%

RED FOG INDEX

+4.6%

BITCOIN (BTC)

$8,726 +6.5%

RF YOUTUBE INDEX

+3.1%

CRYPTO BYTES PODCAST

17 MINUTES
Episode 4: How To Properly Store Bitcoin?

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Tim Draper’s Bold Prediction

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DIGESTIBLE CRYPTO NEWS + PODCAST



“Money is the oldest social network and arguably the strongest.”

– Tyler Winklevoss, 2019

30 days and 30 nights… Back in 2017 when the price of Bitcoin (BTC) crossed $7,600 it only took 30 days to reach its all time highs of $20,000. Bitcoin just crossed $7,800. What will the price be 30 days from now?

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MOON
Who’s up…

Finally Facebook… Facebook rolls back ban on cryptocurrency ads as it ramps up its own blockchain efforts. Facebook will no longer require pre-approval for ads related to blockchain technology, industry news, education or events related to cryptocurrency.

Bitcoin To $250k… Serial VC investor Tim Draper told FOX Business  in an interview on May 10, Bitcoin (BTC) will have a 5% market share of the entire world by 2023, a single coin would be worth $250,000. “I eventually want to have a fund where I take in bitcoin and I fund everybody in bitcoin and they pay their employees and suppliers in bitcoin and then I pay my investors in bitcoin,” he continued. Draper then stated: “Because I would then require no accounting, no legal, no bookkeeping, no custody — it would all be done.”

Open For Business… As of today, cryptocurrency is now accepted as payments at tens of thousands of merchants in the U.S. on the Flexa network. Top brands such as Whole Foods, Baskin Robbins, Lowe’s, and Nordstrom will now accept Bitcoin, Ethereum, Bitcoin Cash, and Gemini Dollar.

Takeaways: Corporations can no longer ignore cryptocurrencies. They need to adapt or be left in the dust. Facebook has been a hypocrite in their support for crypto since they plan to create their own coin yet ban crypto advertising. Was it their plan to just suppress the competition? Tim Draper is just another person with their price prediction of Bitcoin.

REKT
…Who’s down

Binance… Binance, one of the largest cryptocurrency exchanges was hacked with a grand total of $41 million (7,000 BTC) being stolen. The security breach is the sixth largest exchange hack in crypto history. An analyst speculates that the hack had something to do with Binance’s lack of Segwit implementation.

Ban on Bitcoin… Congressman Brad Sherman, an outspoken critic of Bitcoin, is calling for a bill to ban all cryptocurrencies. The House Democrat from California says he’s looking to introduce legislation that will make it illegal for Americans to buy and sell crypto assets, an effort he believes will protect the country’s standing as a political and economic powerhouse.

Fool’s Gold… Peter Schiff, the stockbroker and financial commentator is well-known for his early warning market calls, particularly prior to the US mortgage crisis states “I don’t think bitcoin has anything in common with gold. I mean it tries to pretend to be gold, but I think it’s fool’s gold.” He doubles down by saying “bitcoin has no intrinsic value other than the fact that people are willing to buy it because they think they can sell it to somebody else at a higher price. That’s not money, that’s a Ponzi scheme.”

Takeaways: I have followed Peter Schiff for sometime now. He is a longtime gold supporter and investor. So it is in his best interest to bash any rival to gold. Click here to watch a great debate between Peter and the CEO of ShapeShift, Erik Voorhees. Binance hack came to a surprise being that it is one of the largest and respected exchanges in the world. Goes to show that you are better off storing crypto off exchanges. This weeks podcast explains proper ways to store crypto. Countries that ban bitcoin will open the opportunity to countries that support it.

LAST WEEK MARKET MOVER’S

COIN OF THE WEEK
ARCBLOCK (ABT)

$0.60 +78.1%

COIN OF THE MONTH
BITCOIN CASH (BCH)

LEADERBOARD
MonkeysJunk: +1.1%

52 Fog Tokens

CRYPTO CELEBRITY

David Hay: +14.4%

RED FOG INDEX

+8.6%

BITCOIN (BTC)

$7,807 +20.4%

RF YOUTUBE INDEX

+6.5%

CRYPTO BYTES PODCAST

17 MINUTES
Episode 4: How To Properly Store Bitcoin?

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