Daily Update — June 12, 2018

June 12, 2018

Market Snapshot

Total Market Cap: $301,110,288,427
24 Hour Volume $15,355,508,631
BTC Dominance: 39%
BTC-O: $6,799.29
BTC-H: $6,910.18
BTC-L: $6,706.63
BTC-C: $6,906.92

Binance will support EUR trading pairs by the end of 2018.

In an interview with Bloomberg, CZ revealed Binance will start supporting EUR trading pairs from it’s Malta location by the end of this year, with more fiat pairs to come in the near future.

  • It will be interesting to see how trading dynamics on Binance will change (if at all) as a result of a real fiat pair.
  • Malta is a SEPA participant, so hopefully Binance’s Euro operation will be SEPA-compliant, allowing for quick and low cost bank transfers for traders in SEPA countries.
  • There will definitely be KYC.
  • Now might be a good time to load up on BNB.

Justin Sun, founder of TRON, has acquired Bittorrent, Inc.

Bittorrent, Inc. has been acquired by Justin Sun for an undisclosed amount. TRON Foundation claims this acquisition is part of a plan to build a “decentralized Internet” for developers to build DApps on.

  • When most people hear “Bittorrent,” they automatically think of “that thing that lets you download movies and software for free.” Yes, that’s what most people use it for, but that’s not what it was originally designed for. Bittorrent, or BT, is simply a P2P file transfer protocol for decentralized data transfer. I suppose “decentralized transfer of HTML files” is technically a primitive decentralized Internet.
  • The Bittorrent (BT) protocol is an economy of leechers (downloaders) and seeders (uploaders). Let’s say a band wants to use BT to distribute their latest album on the Internet. The band uses their torrent client to create a .torrent file — a small file containing metadata about where the album is stored on the band’s computer, a list of trackers which are “computers that help participants in the system find each other,” and a cryptographic hash of the album data . After the .torrent file is created, the band uploads it to the Internet. A fan sees the .torrent file and downloads it. Once this initial file transfer starts, the band is the seeder and the fan is a leecher. During the download process, the fan can also seed the part of the file that he has to other leechers on the network. In this kind of network, file availability and bandwidth increase as more seeders join.
  • The current “problem” with Bittorrent is that there aren’t really any tangible incentives to contribute to file availability via seeding. Certain “illegal” websites offer imaginary Internet points and special access to forums, but these incentives don’t translate into real world financial value. Of course some people like to seed out of good will, but let’s face it… money wins. That’s why TRON’s acquisition of Bittorrent is so interesting to me. By introducing a token, whether it’s TRX or some other token, as an incentive for seeding, suddenly people will have financial motivation to contribute to file availability and network bandwidth.

Dennis Rodman shills Potcoin at the USA-North Korea summit in Singapore.

I’m just going to leave this here.

Yes, that’s Dennis Rodman arriving in Singapore for the monumental USA-North Korea summit wearing a Potcoin t-shirt. The shill is strong. Meanwhile, Potcoin has pumped 15% as a result of this… sign of adoption?
Watch the full video here.

Ethereum Classic, ETC, to be supported on Coinbase.

In a recent tweet, Coinbase has announced it will be supporting ETC on its exchange platform in the “coming months”.

  • I haven’t been paying much attention to ETC, so I was pretty surprised to see it consistently has more network transactions per day than BCH.
  • In light of the recent CFTC probe into market manipulation by exchanges, it will be interesting to see how Coinbase will dump its large stash of ETC that it never distributed to ETH holders on the platform following the fork. Remember what happened after the Bitcoin Cash listing last year?


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