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%

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Economic Uncertainty Ahead



Crypto Bytes
DIGESTIBLE CRYPTO NEWS



At some point, the dollar has to give. You can’t just keep printing money, and monetizing debt, and buying bonds, without the dollar imploding..
– Peter Schiff, chief global strategist of Euro Pacific Capital Inc.



Hey All,

Lately, we are experiencing a lot of global uncertainties. Just to name a few, currency crises in Venezuela and Argentina, Britain leaving the European Union, and trade wars between United States.

As a result, investors are buying up gold as a safe haven for the looming uncertainties. Could we begin to see investors moving into digital gold?

Got this Byte from a friend? Sign up for the weekly newsletter here.

MOON
Who’s up…

Salary payments in cryptocurrencies.

Way to go! New Zealand… will legally allow companies to pay salaries in cryptocurrency starting September 1, becoming the first nation to do so, according to a Financial Times report.

Bitcoin…to replace the New Zealand dollar on workers’ paychecks.

The Caveat… The country’s tax agency ruled salaries and wages may be paid in cryptocurrencies so long as the preferred digital coin is pegged to at least one standard, or fiat, currency.

THE TAKEAWAYS

  1. It is good sign when countries are viewing cryptocurrencies as an asset rather than a speculative pump and dump.
  2. September 1st is only two weeks away. Will be an interesting to see how many people take their salary in Bitcoin and if other countries follow.

Number Of The Week: $10 million
Initial minimum investment to join Facebook’s cryptocurrency, Libra foundation.

Samsung’s crypto wallet adds support for Bitcoin.  

Limited to few devices… Currently Samsung’s flagship devices, the Galaxy S10, S10+, S10 5G, and S10e, as well as the newly launched Note 10 and Note 10+, have the cryptocurrency wallet.

Available in 7 countries… Canada, Germany, South Korea, Switzerland, Spain, the United Kingdom, and the United States.

THE TAKEAWAYS

  1. Samsung is an early believer in the cryptocurrency movement more than most companies.
  2. Samsung continues to invest in the crypto space by integrating crypto wallets to their smart phone and buying blockchain patent.
  3. Currently, Samsung wallet supports Ethereum and Ethereum Tokens (ERC-20).

REKT
…Who’s down

Libra can not be a global coin. 

Bound to US jurisdiction… Andreas Antonopolous, a long time Bitcoin evangelist and spokesperson, said that Facebook’s cryptocurrency Libra cannot behave as a global coin because its services are limited to a few countries.

Not borderless.. Facebook’s Libra compromises on borderless transactions as they have to comply with sanctions, embargoes and currency regulations.

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. Facebook is not permitted in a number countries where the citizens could benefit from a cryptocurrency. Countries such as Russia already said they will not accept Libra.

Argentina, South America’s second largest economy is at risk to default on debt. 

No confidence to paying back debt… The government and its subsidiaries currently have $15.9 billion in debt payments denominated in dollars and euros due in 2019, according to data compiled by Bloomberg.

Probability of default… 55% within a one-year period. Meanwhile, over a five-year period, the likelihood of default is seen at 82.5%.

Results… The currency has lost a quarter of its value so far this week, while Argentina’s main stock market has fallen nearly 35% in three days.

THE TAKEAWAYS 

  1. Currency depreciation has an impact on the local citizens and currency holders. Buying imported goods and traveling becomes more expensive.
  2. The age where people have all their wealth in a single currency is over. Investors know the importance of diversification so lets apply that logic to consumers.

LAST WEEK MARKET MOVER’S

COIN OF THE WEEK
Ethereum Classic (ETC)

$6.19 +4.86%

COIN OF THE MONTH
Tezos (XTZ)

CRYPTO CELEBRITY

Martini Guy: -1.8%

RF YOUTUBE INDEX

-3.2%

RED FOG INDEX

-6.2%

LEADERBOARD
ShesSTELLAR: +408%

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CRYPTO BYTES PODCAST

22 MINUTES
What Is The Value Of Bitcoin?





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