Idaho Bitcoin Group Aug 2018
https://steemit.com/@idahobtcgroup
What’s New in Crypto?
Truth be told, it is difficult to keep pace with the constant change. Yet, there are some new items and some favorites.
September 21st, 2018 the Securities and Exchange Commission will decide its position on Bitcoin ETFs. See the article in this newsletter to go more in depth.
BAT token, REP (Augur) and Monero are proving to be catching a few eyes. REP is in the process of activating applications. The entity began in Estonia but subsequently migrated to Switzerland. This was a result of more friendly and favorable financial regulations and protections. Should be an interesting one to watch.
TRVL, a recent ICO circa the end of 2017, is handing out tokens to initial investors on July 28th, 2018. For those early to the game, 5 ETH invested garners a handy 7 day, 7 night resort stay to any world class offering by Travelblock (TRVL). No word to date which exchanges other than OpenToken might handle those tokens. Updates are at www.travelblock.io
Of interest to disruption in the transport and logistics industry, and quickly garnering attention with powerful changes geopolitically and economically is ShipChain. (ShipChain.io) The goal of ShipChain is to move Logistics of Cargo to the blockchain.
According to their website and whitepaper, this industry is valued globally at $8.1 Trillion circa 2015, expected to inflate to $15.5 Trillion by 2023. Roughly $1.48 Trillion is spent annually on freight in the United States. That comprises approximately 10% of the national GDP. Further, it is anticipated that around max valuation in 2023, the next year will see over 92 Billion tons shipped globally. As trade networks shape and reform (et al Belt and Road), this is profound. You still have time to research this one – it will not reach full operation until 2020.
Note, 2021 is the anticipated date for the LIBOR to be replaced by SONIA. Combined with the advent of ShipChain, this might be an interesting pair of industry changes. Learn more about LIBOR at www.investmentweek.co.uk
Playing “D” in Crypto:
It has been dubbed the Bitcoin Bloodbath of 2018. HODLers coping. Days of reckoning for those who bought in at peak levels. But never fear. Because of the hype and continued innovations in blockchain, 2017 piqued a great deal of interest from newcomers to Bitcoin.
As strides were made, early 2018 brought wave upon wave of scrutiny, skepticism, regulatory scrutiny and left the once $830 Billion market cap of Bitcoin somewhere around $455 Billion by the end of January. The impetus of our community is to supplant fiat currency and the central banking system.
For many, buying the dips, maintaining diversification in ETH and a slew of altcoins, and sometimes simply trading BTC back and forth proved valuable in weathering the storm. Volatility in cryptocurrencies is virtually unmatched. But the future portends a fair lot of that until adoption of this new money system is strong.
Feel free to visit an Idaho Bitcoin Group Meetup and discuss your strategies. We’re all learning and the space is enthralling even on a dull day. The members are a wealth of knowledge and a wide variety of perspective. How will you play “D”efense for the rest of 2018 as blockchain and crypto grow?
SEC Approves BTC ETF?
From BitcoinMagazine.com, Jimmy Aki wrote a hot-off-the-press article on July 25th, 2018. The word from the SEC is now that Bitcoin ETFs will undergo postponed review for decision on September 21st, 2018. Recall that the ETFs were filed in January, 2018. Direxion Asset Management is responsible for the five filings. This could provide an opportunity for investors to short exposure to Bitcoin futures in a leading month. Note, futures are traded on the CME and CBOE. Meanwhile, another entity is in the running to head up a physically backed bitcoin fund for ETF inclusion. This one is a joint venture between VanEck and SolidX. To add to this hubbub, Bitwise Asset Management is the latest Venture to apply (The BITWISE HOLD 10; a market-cap-weighted index of the 10 largest cryptocurrencies, currently with over 80 percent of market cap). The prospects for early investors are promising in lieu o those data. Actual numbers are still anyone’s guess. You can learn more at www.bitcoinmagazine.com , www.coindesk.com or at www.SEC.gov.
Lightning Network:
The Lightning Network is extensively covered by two YouTube personalities; Jimmy Song (see Off Chain with Jimmy Song) and Adam Meister. Originally proposed in 2015 by Thaddeus Dryja and Joseph Poon, this is a network that sits atop the bitcoin blockchain, eventually settling on it.
Why does that matter? The second layer payment protocol provides instant payments, low cost (read fees), and cross-chain atomic swaps (instant consensus and elimination of third party custodians). Lightning is powered by Smart Contracts, an ever-burgeoning way to do business in real-time. Perhaps most interesting is its use of ‘Blockchain as an Arbiter’.
This information is pulled and condensed from https://lightning.network. Head over there to learn much more and preview a video by SF Bitcoin Developers. This has promise in making blockchain more user-friendly both on and off chain!
Securing Your Assets 101:
Crypto101Podcast.com and Steemit.com have provided a seemingly endless pool of knowledge for all things blockchain. Here is a link to a GREAT Crypto Safekeeping Guide. https://cryptobriefing.com/crypto-wallets-101-how-to-store-cryptocurrency/.
In summary, here are some important things to remember:
HOT wallets are used in online exchange platforms where the exchange manages users’ private keys. (This is not the safest place to keep crypto long term.) COLD wallets are not connected to the internet. They can be storage by either software wallets (like JAXX, Gemini, Exodus) or hardware wallets (such as Trezor or Ledger); hardware wallets are the safest storage for your digital assets.
If you are looking for a Bitcoin (Coinbase, Mycelium, Exodus) or Ethereum wallet (MyEtherWallet), NEVER click a link. Know and go to the direct secure site for that wallet. Many links are phishing setups and you can lose a lot of wealth in a very short time. If you intend to be active in cryptocurrencies, whether trading, buying, HODLing or using as a medium of exchange, the best solution is a combination of all of the above.
You can learn more at any Idaho Bitcoin Group and there are some individuals generous enough to help you learn more and to secure your investments. There is no better way to learn than to ask for help!
New To Crypto?
To stay in the know, you can join the Idaho Bitcoin Group at http://idahobitcoingroup.com/.
The website links to the Meetup Page where event notifications are posted and where you can access discussions and pose questions. Your input and suggestions are valuable. Using the link, you will find meeting address, location and time for each occurrence.
Also feel free to simply search the fascinating World Wide Web where there is no end to information you can discern and sift through.
DISCLOSURE: We are not financial advisors. We are merely a group of enthusiasts sharing information and educational resources. Your investments and participation in crypto currency are yours. We cannot advise, buy, sell, trade on your behalf. We cannot offer trading tips, we can simply share our own perspectives and we cannot be held liable for your personal investment in any digital asset. “The primary mission of this group is to on-board people and businesses into the cryptocurrency space. We encourage all levels and backgrounds to participate and we are eager to teach and learn. Our meetings focus on educating the general population about benefits of cryptocurrency and its applications to the modern world.