Magic Internet Money Daily Ep 10
Comparing Apples to Bitcoins
Jesse Felder, who has had a long career on Wall Street was discussing the sales revenue of Apple since the inception of the iPhone, and the subsequent amount of dividends shareholders and taxes paid.
At the time of writing, the Bitcoin total market cap is sitting at $141 billion, which equates roughly to the amount of taxes Apple has paid. Figures like these really put into perspective how small Bitcoin really still is in the bigger picture within financial markets.
Misir Mahmudov recently tweeted about some of the major developments and FOMO points since the last bull market.
240% growth in hash rate
Lightning Network now 1000 BTC
Bitcoin dominance from 34% to 57%
BTC selling on the Cash App
Fidelity opening operations in the space with custody and trading
Multisig (Casa, Unchained)
And it looks like the development is only starting with Lightning Network as the team is looking to hire more developers to their engineering team.
Bitcoin on 60 Minute Segment Aftermath
Peter Shiff commented on how he perceived the recent segment by CBS on Bitcoin, saying he thought it was great publicity for Bitcoin. However, he was concerned that CBS didn’t do nearly enough to portray the negative and skepticism perspective of Bitcoin, which could leave uneducated viewers unaware of the risks involved with investing in a speculative asset classes.
From previous instances where Bitcoin has received the light of various MSM outlets, the reporting had been ‘overly critical’ to say the least, but now it looks as if the continued education and development of Bitcoin is starting to have a progressive shift in the perception of Bitcoin in the media.
To view the full segment and also here the story of the first peer-to-peer transaction and the amount of BTC he paid for a pizza, check the link below:
https://www.cbsnews.com/video/bitcoins-wild-ride-60-minutes-2019-05-19/
Secure Those Keys
Make sure to follow the proper steps to secure your keys. Murch provided some advice to users on how to protect yourself from hacking and other attempts to breach your security. A very important tip was to avoid SMS-based 2FA, as while they may add some additional security, they are still susceptible to being hacked, and likewise with sim porting. There was a major case in 2017, where Michael Terpin of Transform Group, lost $27 million after a SIM swap social engineering hack, despite being on AT&T’s ‘high-risk celebrity’ list. Check out some of the security tips below:
https://coinjournal.net/a-complete-explanation-of-the-michael-terpin-att-lawsuit/
The Inflation Bug Is Not A Big Deal
Yahoo published figures showing how more than 50% of the full nodes on the Bitcoin network are using software versions that are vulnerable to an inflation bug discovered last year.
Yahoo is still concerned that more than 50% of the network is still exposed. However, the issue only poses a threat to node operators and would be extremely expensive to craft a transaction of fake BTC. To confirm your transaction went through check it on blockstream.info
Watch my daily video above for more of my thoughts on why this issue is not a big deal.
https://finance.yahoo.com/news/inflation-bug-still-danger-more-121600913.html
Kicking The Can Down The Road
Once again, it was not a surprise that the SEC decided once again to delay the decision to approve a Bitcoin ETF. The SEC is now looking to defer to the public to comment on whether to approve or disapprove the VanEck SolidX Bitcoin Trust.
Binance Paving Way With The IEO
There has been some significant volume in Binance’s IEO tokens with Matic, CELR, BTT, and fetch.ai posted massive volume numbers. Clearly, this is boding well with BNB holders are the price has pumped 14% as of writing.
Copyright For Open-Sourced Protocol
Craig Wright is making headlines again today but for a different reason. Craig had his U.S copyright registration for the original Satoshi whitepaper and code grant today by U.S Copyright Office.
However, many twitter users subsequently debunked the recent news indicating how registering copyright is only filing out a form and that the Copyright Office does not investigate the validity of the claim.