Morning Market Recap: July 7th, 2017
Market Summary
Market Cap: $95,931,619,410
24h Vol: $2,762,385,322
BTC Dominance: 43.6%
The total market cap has dipped ~$5B since last night as we're seeing more uncertainty of August 1st. Looks like some people may be feeling more comfortable in fiat for the short term. Nearly everything is red in the Top 20, some much more significantly than others. A few key red coins are Stratis, BitShares, IOTA and Antshares - which are all down more than 20%. BTC Dominance seems to be on the rise gradually as everything else seems to be dropping at a quicker rate.
News
Vitalik speaks of his biggest criticisms regarding Ethereum
https://www.reddit.com/r/ethtrader/comments/6lgf0l/vitalik_drops_the_mic_on_rbtc/dju1y8q/
IMO the most valid criticisms of Ethereum as it currently stands are:
- Scalability sucks; the blockchain design fundamentally relies on bottlenecks where individual nodes must process every single transaction in the entire network
- PoW is extremely expensive, and furthermore is fundamentally vulnerable to 51% spawn camping attacks with no effective strategy for recovering from one. Selfish mining is profitable starting at 25-33% hashpower, and 51% censorship attacks are definitely profitable.
- Privacy sucks
- It's hard for regular users to hold large amounts of funds without running substantial risks of theft or loss due to theft or loss of their private keys.
- Economics do not encourage good "storage hygiene"; insufficient incentives for clearing storage and insufficient cost for filling it, especially for long periods of time
- Bunch of various marginal technical inefficiencies.
Edit: (7) it's hard for regular users to know that contracts they are interacting with do what they say they do, and do not have accidental or malicious bugs.
Vontobel Bitcoin Tracker Certificate Gaining Popularity in Switzerland
https://news.bitcoin.com/vontobel-bitcoin-tracker-certificate-gaining-popularity-in-switzerland/
A Swiss investment certificate that tracks the price of bitcoin is gaining popularity with investors. The Vontobel bitcoin certificate is one of the most-traded structured products on Switzerland’s largest stock exchange, according to a local publication.
Ledgerx Receives Federal Approval as a Regulated Bitcoin Swap Exchange
https://news.bitcoin.com/ledgerx-receives-approval-regulated-bitcoin-swap-exchange/
The U.S. Commodity Futures Trading Commission has granted Ledgerx the full status of Swap Execution Facility. The company is on its way to become the first federally-regulated bitcoin options exchange and clearinghouse.
A Look at the Bitcoin Apps Being Built Using the Lightning Network
https://news.bitcoin.com/bitcoin-apps-built-lightning-network/
On June 5 the Lightning Network Community published a blog post about the emerging developer ecosystem being built around the ‘Lnd’ Lightning Network infrastructure and the many applications being constructed using the codebase. The post revealed some tipping bots, a Mac GUI wallet, and other types of platforms modeled with the alpha release of Lnd.
Who Watches Bitcoin's Watchmen? Scaling's Great Game of Egos
http://www.coindesk.com/watches-bitcoins-watchmen-scalings-great-game-egos/
One of the least addressed is the extent to which language itself has done disservice and damage to the development of what can only be considered a human technical achievement still struggling to be understood. Indeed, a great irony that has emerged with "bitcoin" is that a distributed system with so many intricate components can even be referred to in singularity at all. It shouldn't be a surprise then that the idea that bitcoin can or should change the delicate balance of its protocol rules has been the biggest victim of limited vocabulary.
Life After Coinbase: Can Charlie Lee Keep Litecoin's Revival Alive?
http://www.coindesk.com/life-coinbase-can-charlie-lee-keep-litecoins-revival-alive/
Lee, though, said he is motivated to work on the project because he sees a longer-term opportunity for the two cryptocurrencies, and perhaps others, to link together. "I'm a huge proponent of bitcoin getting SegWit as soon as possible. My vision for litecoin is to have it work closely with bitcoin," he said. Notably, a concept called "atomic swaps" features heavily in his future vision. Once the Lightning Network is working on both bitcoin and litecoin, the addition would make it easy for users to trade between cryptocurrencies without going through an intermediary exchange – like Coinbase, in fact.
Killing 'Cryptocurrency': Why It's Time to Retire the Term
http://www.coindesk.com/killing-cryptocurrency-time-retire-term/
Labels matter. A real-life example: CNBC asked me to appear live on Capital Connection out of Singapore (the interview took place and was broadcast July 5) and to recommend "three cryptocurrencies". I declined to do so, countering with three much more varied investments in the crypto space: one lower risk (whatever that might mean), one moderate risk and one higher risk. The first is lending (fixed income), the second is a coin (equities) and the third is an ICO (IPO or alts). The italicized terms are the fiat equivalent of these three investments, which, by no coincidence, cover the three "legs" of the typical fiat investment "stool."
What was hot at Money2020 Europe
https://bravenewcoin.com/news/what-was-hot-at-money2020-europe/
Artificial Intelligence and Blockchain led the discussion, as FinTech leaders from the likes of Google, Amazon and Square revealed a future of banking bots, automatic payments and financial services that truly “know us”. Spanish bank BBVA was the most talked about brand online following its AI-based keynote, with 1.4 million impressions. Blockchain could “finally be moving away from endless proof of concepts to genuine adopters”. “We’ve been sitting on our network for 20-30 years and it took innovators to come along and realize the vision for it”. As the official communications partner for Money 20/20 Europe, we gained a unique insight into the most hotly discussed trends at the event and set up more than 50 interviews with leading media publications on the ground. A strong presence across social media, along with a speaking slot from a bold senior spokesperson proved to be a powerful tool in helping brands stand out in the crowded FinTech market.
Has Censorship in the Bitcoin Ecosystem Duped People into Embracing Segwit?
https://news.bitcoin.com/how-censorship-in-the-bitcoin-ecosystem-duped-people-into-embracing-segwit/
Censorship has been a plague on the bitcoin ecosystem. It has caused many people in the community to fall prey to the perils and pitfalls of human psychology. It has incited bitcoiners to believe half-truths, falsehoods, and boldfaced lies. The censorship took advantage of their most primitive thought processes, molding them into an army of conformists and lemmings.
Class Action Lawsuit Filed Against Cryptocurrency Exchange Kraken
https://news.bitcoin.com/class-action-lawsuit-exchange-kraken/
This week a class-action lawsuit has been filed against the San Francisco-based trading platform Kraken. A group of customers have revealed that their holdings of 3,414 ETH was liquidated during an Ethereum market flash crash. According to the plaintiffs the cryptocurrency exchange suffered from a denial-of-service (DDoS) attack at the time having many Kraken users unable to use the service.
Vontobel Bitcoin Tracker Certificate Gaining Popularity in Switzerland
https://news.bitcoin.com/vontobel-bitcoin-tracker-certificate-gaining-popularity-in-switzerland/
A Swiss investment certificate that tracks the price of bitcoin is gaining popularity with investors. The Vontobel bitcoin certificate is one of the most-traded structured products on Switzerland’s largest stock exchange, according to a local publication.
Videos
Inside NEM Blockchain Video Episode 2: Weekly News Recap
Dew News - Ethereum - Vitalik Speaks - Dimcoin on Nem - ZrCoin - 1337 Coin
📈 Is DIGIBYTE about to make an AMAZING COMEBACK?! 😱
The Gordo Show: Ripple #2? - Sweden's Blockchain Registry - arbX - Storj Loses Lead Eng.
Prism – The World’s First Portfolio Market Platform
Research
CoinSheet - A daily email newsletter for savvy cryptocurrency enthusiasts, investors, traders, and hodlers. We help you stay in the "know" by keeping a pulse on everything important in the crypto space, so you don't have to.
https://www.coinsheet.org/?mwr=5038-dfdee403