November 6th, 2017
In my humble opinion...
it's bigger than the internet.
Bitcoin doesn't make companies obsolete, but it does completely change what it means to be in business. https://t.co/c3phJVKxlx
— Mark Wilcox (@mwilcox) November 4, 2017
Coin of the Day
Better than Apple Pay in so many ways.
(CRYPTO: STK) The market cap for cryptocurrency has reached a whopping $199 billion but there is still little sign of cryptocurrency being adopted for our daily transactions. Stack is a visionary company which will facilitate instant and borderless transactions through real-time exchange of cryptocurrencies into fiat at very little cost. It circumvents Bitcoin and Ethereums’ confirmation time for transactions by creating a channel between its users and its liquid pool and making off-chain transaction without compromising on security. Stack presents a new and exciting front in commerce where it would be truly possible to travel the world with just your smartphone and the Stack app, or its physical card. While there have been other companies offering similar services, Stack’s app is already in beta with tap-to-pay functionality and it has established an alliance with an existing payment network that will grant it outreach to some 39 million merchants.
Sharding (no...not that) is going to help blockchain become real-world accessible. Let's break it down.
Sharding is getting a lot of love from the crypto community recently due to a massive focus on fixing one of the biggest issues blockchain and cryptocurrency have: transaction time. Sharding is a way to scale a database by offloading certain transactions to smaller databases ("shards") which individually process data. A relationship is maintained between certain records and the information is ultimately recombined. This allows the data to be processed at a much faster pace that won't overwhelm server capacities with an influx of information. So, why does this matter? Well, if you've bought Bitcoin on any exchange (with the exception of Coinbase), you know that you have a waiting time of 3-5 days depending upon your form of payment (if you buy BTC with a wire, you can receive it almost immediately vs. if you buy it with ACH, it can take 3-7 days). Pretty freakin' inconvenient. (Here's a handy 3 minute video that provides some visualization on sharding).
Crypto celebrity Vitalik Buterin recently declared at Devcon3 that sharding was going to be essential to help propel the Ethereum network forward. Ethereum has been famously struggling with a scaling solution (even a quick Google search will reveal how bad their problem is), but it seems that the proof of concept for Vitalik's "modest proposal" is going to come soon. Visa's transaction rate is the general baseline for scalability in the crypto community; although it seems that specific altcoins will likely be used in the future for real-world purchases. For now, sharding is another solution (granted, with some drawbacks) that could provide some relief to the scalability buildup that often results in a fork or dip in the market.
Crypto adoption is becoming more than just a trend, but some big players still aren't educating themselves. WHY?
So you may have heard that Credit Suisse's CEO thinks Bitcoin is a bubble (because apparently "the only reason today to buy or sell [it] is to make money"...never mind blockchain and the plethora of use-cases popping up recently for crypto), but digital currency has been vehemently pushing back against this claim that it has no real use value. Argentina's largest futures market, Mercado de Termino de Rosario, is seriously thinking about adding Bitcoin futures. This comes on the heels of last week's announcement from the Chicago Mercantile Exchange's (CME) introducing their own Bitcoin futures service. Bitcoin's price held strongly above $7,000 as of Sunday night, an impressive feat considering BTC values generally show a noticeable decrease over the weekends.
Oh, and the wonderfully eccentric Icelandic artist Björk announced that her upcoming album will only be available to purchase using Bitcoin, Litecoin, DASH and AudioCoin. Fiat will not be accepted. Awesome. Known for her, uh, extreme creativity and risk taking when it comes to her artistic expression, we're excited to see such a high profile personality taking crypto seriously...and not using it as an endorsement deal (we're looking at you, Mr. Foxx).
A NYC preschool will accept Bitcoin, but not credit cards. There's a whole host of reasons why credit cards aren't that great, but we're pumped to see this use case.
The first atomic swap occurred with Bitcoin Cash, which is basically an airdrop of the new currency. If you want to sound educated, read more here.
Fun fact: Satoshi, wherever he is now, is worth over $7 billion. Looks like this whole Bitcoin thing is paying off.
Coin to Watch
People. Stop. Living. In. Your. Bubble. And. Wake. The. Fuck. Up. pic.twitter.com/QTIoK3MVl4
— Joe Tufano (@joetufano) November 5, 2017