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Trust is scarce in the digital advertising industry. Data discrepancies, fraud, and supply chain budget misallocations contribute both to waste and a prevailingly tense environment amongst digital advertising agencies. Blockchain technology can help ad executives breathe easier with the knowledge that their money is well-spent and their data is well-managed. With enough use cases penetrating […]
Trust is scarce in the digital advertising industry. Data discrepancies, fraud, and supply chain budget misallocations contribute both to waste and a prevailingly tense environment amongst digital advertising agencies. Blockchain technology can help ad executives breathe easier with the knowledge that their money is well-spent and their data is well-managed. With enough use cases penetrating the space, honest players can benefit and agencies can realize greater value.
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Digital advertising operations and finance are slow-moving things. Claims and reconciliation on average take more than a month, and this constitutes an extreme waste of time for clients looking for quick requisition of ad placement and payments to that effect. Worse, the industry is highly centralized, with Google and Facebook dominating the market through their control of 73% of all ads. And because ad performance is tracked and measured in the form of impressions—the number of times any ad is viewed or clicked on by a consumer—the industry is highly vulnerable to fraud in the form of adbots and false traffic generation scams, to name a few forms of malicious behavior in the industry. These issues are seldom clear to even experienced ad executives, and even more seldom resolved in a way facilitating less malicious behavior. The combination of these factors have eroded trust between agencies, including on issues relating to budgetary allocation and data integrity, to an all-time low.
Blockchain, a distributed, trustless database constituting an immutable, consensus-based digital ledger, blows open data, transactions, and records. For this reason it is the prime technology poised to improve the advertising industry. With blockchain technology, specifically the Ethereum blockchain–powered by self-executing, or “smart” contracts–claims and reconciliation can be made invulnerable to fraud and accelerated by coding the value signifiers vital to those processes as impressions on smart contracts, and then immediately executing those over an entire advertising supply chain. Moreover, the open-source and transparent nature of blockchain technology can allow ad executives to audit digital advertising supply chains interacting with their lines of business to track the sources and associated impressions of all ads and the customer paths attributed to them. In sum, blockchain enjoys enormous potential to reshape the digital advertising industry for the better, and use cases like Lucidity are using its capabilities to improve the advertising industry by illuminating the entire programmatic advertising supply chain and bringing it open-source to show where impressions are coming from and where they are going.
The digital advertising market is a $250 billion global industry, with an estimated 73% controlled by Google and Facebook. 2017 IAB data shows that the top 10 digital advertising companies control a total of 75% of all advertising revenue online; the next 25, 8%; the rest of the industry, a mere 18%. Tracking impressions is done not only by legitimate agencies but also by malicious actors, with 51% wasted daily on fraudulent impressions created by such actors. In addition, 2017 ANA data also shows that ≥9% of desktop display and 22% of video spending is not authentic, showing that the digital advertising industry, despite its largest players’ greatest efforts, is highly compromised.
Blockchain technology’s key attribute is disintermediation, which is why every time it touches an industry, the speed and nature of the business surrounding it becomes faster and more transparent. While various solutions track pricing and metrics across vendors, solutions like Lucidity are developing and deploying bleeding-edge innovations in blockchain technology to scale speed, introduce transparency, and increase the versatility of transactions across vendors, allowing ad agencies to use this new technology to clarify budgets and save money, since knowing where your money is going helps in saving it.
Sam Kim, Miguel Morales, and Sam Goldberg, the heads of the Lucidity team, are former ad agency professionals who lived the problem they’re now trying to solve: poor data quality and questionable digital advertising campaign data. Once Miguel realized blockchain data could unify the digital advertising supply chain around campaign analytics data, he and the rest of the current team got together and started working on Lucidity. Lucidity’s technology is founded on the Lucidity Protocol, which uses smart contracts on the Ethereum blockchain to track, verify, and reach consensus on all advertising data for members of the digital advertising ecosystem. It creates publicly auditable impressions that are trackable and executable over all points in the digital advertising supply chain simultaneously.
When an ad agency uses Lucidity, it is able to see every impression it and its partner vendors in an ad campaign create, their origins, their endpoints, their progress along the digital advertising value chain, and when they get to the desired place. In short, Lucidity has created a scalable, working, open protocol using the Ethereum blockchain to solve issues in programmatic advertising overall, rather than a platform designed just for a closed advertising network.
Yet some may dissent about the value of such a solution. Programmatic ad campaigns generate millions of impressions and transact for them in a single second, while the Ethereum blockchain can only process only about 20 transactions every per second. With such a discrepancy in processing ability, it’s not difficult to understand why some are hesitant to trust the technology. Lucidity uses sidechains—private blockchains built atop of a main root chain—to give blockchain-based ad transactions more computational flexibility. As an outgrowth of using sidechains, Lucidity also uses sharding, a practice that decentralizes verification and processing, via nodes across an entire blockchain to speed up transactions and increase transaction scalability. The industry has noticed: in June, The Block Awards recognized Lucidity as The Blockchain Startup of 2018, and the company has partnered with the Interactive Advertising Bureau (IAB). Lucidity is also one of the few companies to successfully implement Plasma.
Use cases like Lucidity are penetrating the industry, adding value, transparency, and verifiability in an otherwise opaque industry. Yet to be successful, they will need to address issues around transaction scalability, transparency, and speed. Those that do will not only compel ad giants to sign up but also help blockchain technology come one step closer to mainstream usage.
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What are your thoughts on the potential of blockchain technology to reshape digital advertising? Let us know by posting in the comments below!
CNBC |
Digital Currency Group’s Silbert buys more bitcoin, says it has ‘hit the bottom for the year’
CNBC Digital Currency Group’s Barry Silbert is optimistic about bitcoin as an investment. “I think we’ve probably hit the bottom for the year. I actually put some money into bitcoin last week,” he said at the Delivering Alpha Conference in New York on … Barry Silbert says bitcoin put in its 2018 low, but 99% of cryptos are worthlessMarketWatch |
CNBC | Digital Currency Group's Silbert buys more bitcoin, says it has 'hit the bottom for the year' CNBC Digital Currency Group's Barry Silbert is optimistic about bitcoin as an investment. "I think we've probably hit the bottom for the year. I actually put some money into bitcoin last week," he said at the Delivering Alpha Conference in New York on ... Barry Silbert says bitcoin put in its 2018 low, but 99% of cryptos are worthless |
Right after Tuesday morning’s run-up, CNBC hosted a premier Bitcoin and cryptocurrency analyst to shine a light on why Bitcoin could see further moves to the upside. Fundstrat Analyst Says Bitcoin Sitting 30% Under 200 Day MA is Positive On Tuesday, Tom Lee, the head of research at Fundstrat Global Advisors, made an appearance on…
The post Cryptocurrency Bull Tom Lee Pinpoints a Bitcoin Moon Boom appeared first on NewsBTC.
Right after Tuesday morning’s run-up, CNBC hosted a premier Bitcoin and cryptocurrency analyst to shine a light on why Bitcoin could see further moves to the upside.
On Tuesday, Tom Lee, the head of research at Fundstrat Global Advisors, made an appearance on the CNBC’s ‘Fast Money’ segment following Bitcoin’s rapid run-up from $6,700 to $7,400.
#Bitcoin had its best day in three months and @Fundstrat's Tom Lee has two charts that could make you even more bullish pic.twitter.com/TSWwO7PFeY
— CNBC's Fast Money (@CNBCFastMoney) July 17, 2018
Melissa Lee, a host of Fast Money introduced Lee, stating that he has two charts that could signal a “Bitcoin moon boom.”
Firstly, the Fundstrat analyst brought attention to Bitcoin’s 200-day moving average (200 MA), which currently sits around $10,500. At the time of presenting, Lee stated that Bitcoin is presently sitting at approximately 30% under the 200 MA.
While a move under a moving average, like the 50, 100 or 200-day, has historically been seen as a negative sign, Lee called Bitcoin’s current relation to the 200 MA a “pretty positive signal.”
Assuming that some viewers of the segment would be questionable, Lee went on to point out why this is actually a positive sign. The analyst stated:
“The reason it’s a positive signal is that this has happened a few times since 2009… Number one, Bitcoin bottomed within a month here (after hitting 30% under the 200 MA). But I think it tells us something even more important not in the next month. It’s tell us that if you look forward in the next six months you’re going to do well owning Bitcoin here.”
Lee later added:
“So to us, the message is when Bitcoin is trading 30% below its 200-day, its a huge bull signal… If you could ever buy Bitcoin 30% below its 200-day moving average, you almost always saw good risk (and) reward being long.”
Not only does Lee believe that the aforementioned signal is bullish, but so are other technical and fundamental signals. As with any market, there often isn’t a single catalyst to attribute to a price gain or decline.
Speaking on technical signs, the Fundstrat analyst stated:
“Over the weekend, there were quite a lot of folks who were talking about TA and the potential formation of either an inverse head and shoulders or a Wyckoff buy off. So it sounds like the technicals were really starting to become more favorable.”
When queried about his opinions on the recent Mastercard news, that will see the payments firm obtain a patent intended to connect the fiat and crypto world, Lee noted:
“I think something like the Mastercard news is positive because it’s really validating the idea that digital money or blockchain-based money is a valid form of transactions.”
Lee has long been held as the face and representative of Bitcoin bulls, as he has continually called for Bitcoin to hit $25,000 come January 2019. And with these most recent statements, it has become clear that his stance on the cryptocurrency market remains bullish, despite the trials and tribulations that were seen as Bitcoin fell by over 60% since January 2018.
Featured image from Shutterstock.
The post Cryptocurrency Bull Tom Lee Pinpoints a Bitcoin Moon Boom appeared first on NewsBTC.
Once the genie leaves the bottle, it’s impossible to put back. This narrative has been quite true for the crypto and blockchain industry. After coming under attack in its early days, most often from those industries that it disrupted the most, a sharp turnaround has come about in the last few years as more adversaries […]
Once the genie leaves the bottle, it’s impossible to put back. This narrative has been quite true for the crypto and blockchain industry. After coming under attack in its early days, most often from those industries that it disrupted the most, a sharp turnaround has come about in the last few years as more adversaries have recognized that their only option is to jump on the bandwagon. And in a show of great belief in cryptos and the technology that underpins them, the CFA Institute has added topics related to cryptos and blockchain technology to its much-revered examinations. The institute took the action after noting surging interest in these topics among its candidates.
The CFA will add topics that focus on cryptos and blockchain to its curriculum which is slated to be released in August. Once the curriculum is released, candidates taking its Level I and Level II exams will study the two topics and a host of others as they prepare for next year’s exams.
Those topics will be combined with a new topic that will be known as Fintech in Investment Management, alongside other emerging technologies such as artificial intelligence, machine learning, and automated trading. The decision by the institute was informed by the rising interest in cryptos which it has observed among its candidates. After conducting surveys and collecting data from focus groups, the company decided that the two topics were just as central to the financial services industry as all the others. Among its other topics are corporate finance, quantitative methods, economics, portfolio management, alternative investments, and financial reporting.
According to the institute’s managing director, Stephen Horan, the crypto field is advancing more rapidly than most of the other emerging technologies, and while some have dismissed it as a passing fad, he is very confident that it’s here to stay. In the future, the institute might consider adding more crypto-related topics such as the intersection of digital currencies and economics, Horan revealed.
The crypto topics will also feature in the subject of professional ethics, perhaps mostly because of the relatively high number of fraud cases that have taken place in the industry. Fraud has been especially rampant with ICO issuers, with billions of dollars being lost every year to fraudulent projects. This has cast a shadow over the industry as a whole and has even led some countries like China to outlaw ICOs altogether. Other countries such as the US are taking proactive measures to shield investors from scams, with the SEC having halted a number of projects that it deemed fraudulent.
As reported by Bloomberg, the CFA examinations have progressively increased in popularity, with over 227,000 candidates having sat for them in June. The majority of candidates are from Asia, a region that has been a driving force in the crypto world, both through investment and adoption.
Blockchain courses have increased in popularity, especially at top universities which seek to equip their students with knowledge on the latest technology. Among the American universities that currently offer courses related to blockchain technology include Cornell, MIT, Princeton, and New York University. Outside the US, some of the universities offering blockchain courses include IT University of Copenhagen in Denmark, the University of Nicosia in Cyprus, and Oxford University in the UK.
Singapore-based cryptocurrency exchange BITBOX, which is also a division of Japanese internet giant Line Corporation, is now up and running. Operations began on July 16, 2018, and services are available in roughl…
Singapore-based cryptocurrency exchange BITBOX, which is also a division of Japanese internet giant Line Corporation, is now up and running. Operations began on July 16, 2018, and services are available in roughly 15 different languages to traders of every country except Japan and the U.S. Investors can now access markets for up to 30 separate digital currencies including bitcoin, bitcoin cash, ether and litecoin.
BITBOX’s Product Manager Edward Lee spoke with Bitcoin Magazine regarding the launch. In the interview, he indicated that it’s always been Line Corporation’s goal to launch a cryptocurrency exchange, especially as digital currency has headed further into mainstream territory.
“The launch of BITBOX is part of our long-term strategy to become a leader in fintech services, and it shows our commitment to fulfilling the growing demand for more diverse financial options,” he claims. “We are trying to provide a user-friendly service for those who may have felt intimidated by the world of cryptocurrency. With BITBOX, Line users will be able to access cryptocurrencies more easily, while also being assured of state-of-the-art security measures to protect their assets. In addition, we also plan to develop a mobile version of social features for BITBOX.”
The platform is offering various perks and rewards for customers who register early. For example, the first 2 million entrants will receive $10 USD which can be used toward crypto purchases on the exchange. In addition, customers will be exempt from all trading fees during the first month of operation. After that, these fees will be relatively low at 0.1 percent.
Lee says BITBOX differs greatly from other digital exchanges in the awards and security features it offers. “BITBOX was established by a publicly traded company, Line, which has a proven track record as a successful, global messaging platform,” he states. “This brings credibility to BITBOX as a cryptocurrency exchange, something many of the other players lack.”
He continued on to say, “BITBOX also brings Line’s rich insights into UI and UX design to the exchange platform, enabling us to create an intuitive layout that is easier to use, and like Line, BITBOX is absolutely committed to protecting user data. We will provide comprehensive security measures, including integrating the multi-signature technology offered by BitGo, the market leader in institutional-grade cryptocurrency security. Our users’ assets will also be protected by insurance, further safeguarding them in case any incidents occur.”
BitGo is unique in that it’s multi-signature, three-key management software removes any single point of failure, and its advanced security configurations ensure assets remain safe as they move in and out of wallets.
To further insulate funds, Lee says that up to 90 percent of users’ assets will be held in cold storage and that BITBOX is adopting a 24-hour surveillance system. This system is attached to Line’s messaging app, which will notify both users and executives should a hack occur. BITBOX will also monitor any irregular trades or attempts to manipulate prices.
In addition, Lee claimed that BITBOX’s coin and token selection process is selective, as it will only list new cryptocurrencies after they pass a thorough vetting process.
“All tokens added to the exchange must also go through a very rigorous evaluation process by BITBOX’s listing committee,” Lee concludes.
This article originally appeared on Bitcoin Magazine.
Coinfloor, a cryptocurrency exchange that operates multiple subsidiary exchanges, is joining hands with Trading Technologies International, Inc., a leading trading software provider. The organization will utilize…
Coinfloor, a cryptocurrency exchange that operates multiple subsidiary exchanges, is joining hands with Trading Technologies International, Inc., a leading trading software provider. The organization will utilize the software company’s TT Score machine-learning technology so executives can examine and monitor suspicious activity occurring on their exchanges.
Speaking with Bitcoin Magazine, Morgan Trinkaus, product manager at Trading Technologies, explains that manipulation usually occurs in every market but that the cryptocurrency industry is particularly vulnerable as it is less mature.
“The larger percentage of inexperienced retail traders [and] the higher level of perceived anonymity and uncertainty in the regulatory landscape may make it an attractive place for bad actors to employ malicious strategies,” he comments. “If you look at the reporting of actionable matters that come from the regulators of established markets, and not just the ones that make headlines, you can see that manipulation continues to be an issue in just about every market, and there is little evidence that crypto is any different.”
The partnership marks the first viable adoption of machine-learning technology for market surveillance by a cryptocurrency trading venue. It’s also the first time TT Score is being implemented by a digital exchange. Coinfloor will implement the software into its flagship exchange and each of its subsidiaries, Coinfloor Exchange UK, Coinfloor Exchange Gibraltar and CoinfloorEX.
Trinkaus explains that machine-learning can be used to catch activity ranging from spoofing to layering to vacuuming, along with a host of other variants that disrupt trading using non-bonafide orders.
“Uniquely, [machine-learning] can adapt over time, as it is trained on the latest variants of abusive trading,” he states. “We score trading activity on a scale of 0-100 (with 100 being the activity that is most likely to draw regulatory attention), and we use these scores to create color-coded visualizations of all the trading within a given entity. These visuals allow for the quick identification of problems before any trading activity is even reviewed by the user.”
The TT Score system will be online by early August 2018, and it is designed to give professional-level traders direct (and safe) access to the global market. Customizable tools are also available to accommodate virtually any trading style, from manual point-and-click trading to low double-digit microsecond automated order entries.
Trading Technologies’ Vice President of Cryptocurrencies Michael Unetich also provided us with his commentary on the growth and security of the market. He believes that, the more manipulative behavior can be monitored and stopped, the less vulnerable cryptocurrencies will be to price swings.
“Bitcoin volatility is already significantly reduced from Q4 2017 and Q1 2018, but we do agree that the more tools that are out there to monitor behavior, the lower day-to-day volatility will be,” he affirms. “Different sets of crypto assets will show different types of volatility. For example, bitcoin may move like a slightly more volatile currency or metal, and utility and securities tokens may have volatility levels similar with small-cap stocks.”
In the end, however, Unetich believes that the only way for volatility to disappear completely is for traders to have full faith in their markets.
“For strong price appreciation to occur in crypto, people must be able to trust the marketplace,” he explains. “Once it is mature and trusted, we believe investors will consider it a legitimate asset class. Exchanges have the important job of making sure their marketplaces are fair, transparent and free of manipulation. Traders and investors alike should applaud the use of surveillance software by cryptocurrency exchanges.”
This article originally appeared on Bitcoin Magazine.
The Federal Reserve Chairman Jerome Powell criticized cryptocurrencies during a hearing on Capitol Hill.
The Federal Reserve Chairman Jerome Powell criticized cryptocurrencies during a hearing on Capitol Hill.
CNBC |
Billionaire investor Howard Marks says bitcoin will be shown ‘not to have any substance’
CNBC Billionaire investor Howard Marks took aim at bitcoin in remarks Wednesday, doubting the cryptocurrency’s future at the eighth annual CNBC and Institutional Investor Delivering Alpha conference in New York. “It’s not an investment … it’s a trade … |
CNBC | Billionaire investor Howard Marks says bitcoin will be shown 'not to have any substance' CNBC Billionaire investor Howard Marks took aim at bitcoin in remarks Wednesday, doubting the cryptocurrency's future at the eighth annual CNBC and Institutional Investor Delivering Alpha conference in New York. "It's not an investment ... it's a trade ... |
Crypto investment fund Grayscale has revealed it received record-breaking inflows of money during the first six months of 2018 even though the price of Bitcoin crashed from $20,000 to $7,000. Crypto Fund Receives Strong Backing Grayscale Investments released their first Digital Asset Investment report, which showed a large influx of money into their crypto investment…
The post Huge Inflow into Crypto Investment Fund Despite Bear Market appeared first on NewsBTC.
Crypto investment fund Grayscale has revealed it received record-breaking inflows of money during the first six months of 2018 even though the price of Bitcoin crashed from $20,000 to $7,000.
Grayscale Investments released their first Digital Asset Investment report, which showed a large influx of money into their crypto investment funds. From January to June, they amassed $248.4 million in new assets, which will add to their $2 billion portfolio. This is the highest amount of money they have received in any six-month period.
“As the investment community knows, over the last six months, the digital asset market experienced one of the largest price drawdowns since the inception of Bitcoin in 2009,” said Grayscale in the report. “However, what is more interesting, and somewhat counterintuitive, is that the pace of investment into Grayscale products has accelerated to a level that we have not seen before.”
During this time, they added new funds including support for Bitcoin Cash, Ether, Litecoin, and Ripple in March. They now have eight investment funds available including a Digital Large Cap Fund.
Grayscale Investments is a subsidiary of Barry Silbert’s Digital Currency Group, founded in 2013. The Group manages Genesis Trading which is a full-service, institutional trading firm aimed at digital currencies. It also manages a crypto news site, which provides market updates.
“Bitcoin has the potential to radically transform our concepts of money, store of value, and the means by which assets are exchanged the world over,” said B
In June, Grayscale launched their Zencash Investment Trust focused on the Zencash (ZEN). Similar to Zcash, which Grayscale already offers, it is available to accredited investors for the first year and then will be available to the general public.
More than half of the investment came from institutional investors, according to the report. This shows a clear sign of the interest in the market and sharply contrasts Blackrock CEO Larry Fink who said that he hadn’t heard of one client who was interested in cryptocurrencies.
Fink said: “No. I don’t think that any client has sought out crypto exposure… I’ve not heard from one client who says, ‘I need to be in this.’”
Other signs of a move towards institutional investors include the largest ETF trader in Europe moving into crypto alongside a new proposal for a Bitcoin ETF in the U.S., which has attracted a large number of comments by those in the crypto community. The U.S. Securities and Exchange Commission (SEC) has also clarified its position on securities and said that Ethereum and Bitcoin are not securities, even though Ethereum was funded by an ICO.
On the back of this, Coinbase has continued to move into the smart money market with its custody offering although it had to backtrack after previously claiming that the SEC had approved it to list security tokens.
Featured image from Shutterstock.
The post Huge Inflow into Crypto Investment Fund Despite Bear Market appeared first on NewsBTC.
The crypto market has experienced a turnaround after weeks of instability that saw many of the cryptos shed billions in market capitalization. The turnaround has been attributed to a number of factors, top among them being the announcement by the world’s largest asset manager, BlackRock, that it was exploring the possibility of venturing into the […]
The crypto market has experienced a turnaround after weeks of instability that saw many of the cryptos shed billions in market capitalization. The turnaround has been attributed to a number of factors, top among them being the announcement by the world’s largest asset manager, BlackRock, that it was exploring the possibility of venturing into the crypto market. EOS, in particular, has experienced steady gains. At press time, it was trading at just over $8, and its market cap had risen by $1 billion in just 24 hours. The turnaround coincides with an announcement by the company behind EOS, Block.one, that it had secured investments from renowned billionaire investor Peter Thiel and the crypto mining hardware magnate Jihan Wu.
EOS was trading at $8.08 at press time, an increase of 9 percent in the previous 24 hours. Among the top 20 cryptos, only Bitcoin Cash, with an increase of 10.2 percent, boasted a bigger increase. Just three days ago, the EOS price had fallen as low as $6.7, its lowest price since mid-April. Its market cap has also seen a tremendous rise, moving from $6 billion three days ago to over $7.2 billion. Its position as the world’s fifth-most valuable crypto is still intact.
The rise in the price of EOS comes as its parent company, Block.one, announced that it had closed a strategic investment round led by billionaire investor and PayPal co-founder Peter Thiel. Thiel is one of the world’s most respected tech investors, having been among the first investors in Facebook and currently sitting on its board. He has also made investments in Airbnb, Palantir, and LinkedIn. The investment round also saw participation from Jihan Wu, the co-founder of the world’s largest crypto mining hardware manufacturer, Bitmain, as well as British hedge fund manager Alan Howard.
Wu was full of praise for the EOSIO protocol:
The EOSIO protocol is a great example of blockchain innovation. Its performance and scalability can meet the needs of demanding consumer applications and will pave the way for mainstream blockchain adoption.
Despite tumbling from its record high of $21 to just over $6, EOS has had an incredible year. It set a new record for the amount raised in an initial coin offering after its year-long ICO raised over $4 billion, breaking the previous record held by Telegram that stood at $1.7 billion. Promising to rival Ethereum as the smart contracts and decentralized applications network of choice, EOS has enjoyed a rapid rise to the top. The rise hasn’t been without its share of controversy and challenges, however. EOS has been accused of deliberately attacking the Ethereum network as it seeks to snatch a share of the growing smart contracts industry.
EOS CTO Dan Larimer dismissed those claims as stupid and a waste of time for Block.one.
I can assure you block one wouldn’t be so stupid to spend our resources attacking eth when all it takes is crypto kitties. There are far smarter and more cost-effective ways at bringing eth down if that were the goal.
The founder of Litecoin, Charlie Lee, advises that all cryptocurrency traders, investors, and enthusiasts own at least 1 Bitcoin before buying any of the thousands of different altcoins. Lee goes as far as saying that people should buy a whole Bitcoin before buying any Litecoin. He references a meme of comic book superhero Dr Strange, …
The post Litecoin’s Charlie Lee Says Get 1 Bitcoin Before Buying Any Other Crypto appeared first on BitcoinNews.com.
The founder of Litecoin, Charlie Lee, advises that all cryptocurrency traders, investors, and enthusiasts own at least 1 Bitcoin before buying any of the thousands of different altcoins. Lee goes as far as saying that people should buy a whole Bitcoin before buying any Litecoin. He references a meme of comic book superhero Dr Strange, where Dr Strange uses his time traveling device to explore all the possible realities and concludes that Bitcoin survives in all realities.
There will be at most 21 million bitcoins in existence. There isn't even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first.
Once you have 1 BTC, buy all the shitcoins you want!
pic.twitter.com/bc3xKKGB0m
— Charlie Lee [LTC
] (@SatoshiLite) July 17, 2018
Currently, owning 1 Bitcoin is already a hard task for most people, as of this writing on 18 July 2018, each Bitcoin costs USD 7,450. Lee’s logic is sound, though, as there are is a maximum supply of 21 million Bitcoins, not to mention the millions of Bitcoins thought to have been lost.
Bitcoin is the gold standard of the cryptocurrency world – its reputation and use far exceed any other crypto, so as cryptocurrency becomes mainstream, Bitcoin will be the first cryptocurrency wealthy investors choose to buy. Like Lee says, there are fewer Bitcoins than millionaires in the world, so should Bitcoin become common in investment portfolios, it will be impossible for all the millionaires in existence to buy an entire Bitcoin.
Currently, the Bitcoin market cap is only USD 127 billion. As institutional investment becomes common, it could go higher than USD 1 trillion, which would translate to Bitcoin prices of USD 100,000 or more. There is USD 90 trillion of ‘physical’ cash in the world, including all the banknotes and bank accounts, so a USD 1 trillion market cap can be achieved with a mere 1% of the world’s money being put into Bitcoin.
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Witnesses at the a hearing before the U.S. House of Agriculture Committee today argued that digital assets require an agile regulatory approach because of their mutability
Witnesses at the a hearing before the U.S. House of Agriculture Committee today argued that digital assets require an agile regulatory approach because of their mutability
Cointelegraph |
Citadel CEO Says Bitcoin Is Still a ‘Head Scratcher,’ Tells Young …
Cointelegraph Citadel CEO Ken Griffin admitted he “still scratches his head” about Bitcoin, argued that “there’s no need” for crypto. Hedge fund billionaire Griffin knocks bitcoin, says not a single one of his managers has wanted to buy itCNBC Billionaire Hedge Fund Manager Ken Griffin Slams BitcoinnewsBTC If Bitcoin Is Real, Why Hasn’t A Citadel PM Confronted Ken Griffin And Told Him So?Dealbreaker |
Cointelegraph | Citadel CEO Says Bitcoin Is Still a 'Head Scratcher,' Tells Young ... Cointelegraph Citadel CEO Ken Griffin admitted he “still scratches his head" about Bitcoin, argued that “there's no need” for crypto. Hedge fund billionaire Griffin knocks bitcoin, says not a single one of his managers has wanted to buy it Billionaire Hedge Fund Manager Ken Griffin Slams Bitcoin If Bitcoin Is Real, Why Hasn't A Citadel PM Confronted Ken Griffin And Told Him So? |
Citadel CEO said he wishes the new generation would “do something more productive” than investing in crypto, calling it useless
Citadel CEO said he wishes the new generation would “do something more productive” than investing in crypto, calling it useless
