Sup, nerds!

Here’s what you’re getting in today’s edition:

• 💅 This is cool: No ID? No problem.

• 🔎 This seems important: Biden out, crypto down. Kamala backed, crypto up.

• 🤝 Partner: Unlock The Future of Making Passive Income with AI-Powered Trading​

• 🔪 Let's dissect this: The CrowdStrike outage and it’s (lack of) impact on BTC

Terms used in this edition (click for an explanation, or ask Web(GPT)3!):
NFTs

💅 This is cool:

No ID? No problem.

In one sentence: Binance wants to create a token that allows anyone that has KYC’d on their platform to automatically be KYC’d on any other platform that requires the same ID verification.

You know those simple ideas that just have a few too many moving parts to work?

E.g. “If everyone in our friend groups throws in $1k, we could all buy a boat and live the summer of our dreams!”

Sounds awesome, but convincing everyone to go through with it is a tall order.

Well, Binance is taking on one of those challenges.

Their platform requires users to go through ‘Know Your Customer’ (KYC) verification — where users send in their ID, proof of address, etc.

Most platforms do.

But Binance now wants to create a token that allows anyone that has KYC’d on their platform to automatically be KYC’d on any other platform that requires the same ID verification.

The idea is that: they’ve gone through the trouble of making sure the name, birth date, and address on your ID are legit — so why should every other platform out there have to do the same?

Instead, third party platforms can just check users’ wallet for a Binance Account Bound Token (BABT) and approve them automatically (cause they know Binance have already done the heavy lifting).

It’s a helluva concept! And one we’d love to see come to reality.

Only problem is, much like buying a boat with your friends, coordinating to get everyone on board to join the new system is…

Messy.

🥇 Want the news before anyone else?

🔎 This seems important:

Biden Out, Crypto Down. Kamala Backed, Crypto Up.

In one sentence: Biden dropped out of the presidential race which initially saw markets drop, then Biden announced he’d be endorsing Kamala Harris to run as the democratic nominee for president, which saw markets rise again.

That headline pretty much sums up the market movements we experienced yesterday.

ICMYI, here’s what went down and why:

Biden dropped out of the presidential race.

According to betting/crypto markets, that hurt Trumps chances of winning.

Given that Trump is largely seen as a positive candidate for crypto, the markets started to sell off.

Then within an hour or so, Biden announced he’d be endorsing Kamala Harris to run as the democratic nominee for president.

And according to betting/crypto markets Kamala has a lower chance of winning than Joe, which caused prices started running up again…

Bitcoin went from $65.8k to $68.3k

Ethereum went from $3.4k to $3.5k

Solana went from $170 to $185

Where to from here?

No one knows, but it’s provocative.

It gets the people going.

🤝 Partner:

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Amazon FBA…

Dropshipping automation…

Airbnb arbitrage…

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🔪Let's dissect this:

The CrowdStrike Outage and It’s (Lack Of) Impact on BTC

In one sentence: Crypto nerds (like us) are constantly touting how important decentralized systems are - and the CrowdStrike outage from late last week lets us clearly showcase just why that is the case.

If you were one of the millions of people affected in some way, shape or form by ‘The Great CrowdStrike Outage’ of 19 July, 2024 - we’re sorry.

As everyone with even the smallest amount of access to news knows, late last week CrowdStrike had an outage which impacted everything from government offices, to banks, and of course, airlines.

But it was business as usual for Bitcoin.

Crypto nerds (like us) are constantly touting how important decentralized systems are - but it’s rare that we actually get a chance to showcase just why that is the case in such a tangible way.

Here’s what happened to BTC last Friday:

1. Bitcoin miners - who are mostly using Linux-based frameworks - did not go down.
   
   In fact, roughly 144 new blocks have been mined each day between the start of the outage and the time of this writing which is on par with the weeks prior to the outage.
   
   (Meanwhile, many banks across the globe did).
   

2. The value of BTC rose from ~$63,500 up to ~$68,000 (roughly 7%).
   
   While the value of pretty much all publicly listed banking stocks dropped during trading hours on Friday.

So while we continue to believe that BTC can only work within the existing system (and you shouldn’t put all of your investments into any individual asset class), The Great CrowdStike Outage of 19 July, 2024 illustrates yet again the power of decentralized networks and systems.

To quote Taras Kulyk, the founder BTC mining company, SunnySide Digital: “tick tock, next block.”

What Exactly Is Decentralization?