We’d love to hear about your ideas and wishes for future guests on Money 3.0. Send us an email to [email protected] or hit me up on twitter at @billbarhydt and let me know who you’d like to hear from in future episodes. In the meantime we’ve got some great new content coming your way.
Clearly we’re due for a massive meteor strike or an 8.0 magnitude earthquake. I mean what other craziness do the Gods have in store for us in 2020?
We hope everyone is able to stay safe and sane and that some semblance of “normal” returns to all of our lives soon. The event that has led to the current protests was horrific to say the least and I’ve struggled with how best to make sense of this with my own children as I’m sure many of you have as well. I try to read as much as I can from people with different backgrounds and perspectives to determine what’s right and why people can look at the same problem and come to completely different conclusions. While I certainly don’t have all the answers I continue to read and watch and absorb whatever I can from whoever I can. Morning meditations and daily walks have definitely made a world of difference for me.
New Abra AMA Series on YouTube
We’re super excited to announce that we’re going to be launching, Money Talks – live AMA series on YouTube starting this Friday, June 5th at 9AM PST. We’ll take live questions via YouTube, Twitter, Facebook and Reddit.
Myself along with other members of the Abra team are game to talk about anything and we may even pull in a special guest or two on occasion.
Goldman Sachs Revisited
We got a lot of positive feedback regarding our debunking of Goldman Sachs’ ill informed commentary on Bitcoin. Forbes covered the commentary here and Peter McCormack had me on to talk about the Goldman report on his popular show “What Bitcoin Did” which you can find here.
Behind the scenes many colleagues and friends in the crypto space have expressed similar dismay at Goldman’s naive and misinformed perspective. As I said to Peter, when it comes to new and exponential technologies I consider them to be a trailing indicator of market interest, not a leading indicator.
What’s Happening Post Halving?
As expected Bitcoin’s mining hashrate fell considerably after the halving and the difficulty adjustment happening today (Thursday) should decrease the difficulty by around 10%. This could cause a quick bump in Bitcon’s price given that the Bitcoin price didn’t fall when the hashrate fell post having. Miners should instantly be more profitable as a result of this adjustment which will relieve pressure on them as they won’t need to sell (as much) Bitcoin to fund operations which could create a short squeeze. While my prediction for the next 4-6 weeks is a 20% gain based on this difficulty adjustment logic this would certainly be trumped by significant macroeconomic shocks like the one we saw in March.
USDC and Orchid (for non US users) now on Abra
Abra is launching USD Coin (USDC) and Orchid (OXT) as new digital assets for Abra users. You’ll be able to buy, hold, trade, sell, send and receive USDC and OXT in the Abra App starting today. USDC is available globally while OXT is currently available to our non US users. We hope to bring OXT to our US users in a future release.
What is USD Coin (USDC)?
USD Coin (USDC) is an ERC-20 stablecoin backed by US dollars, which are held in reserve by regulated financial institutions. The tokens themselves are issued by Centre, an open source technology consortium of regulated financial institutions.
Every USDC token can be redeemed for one dollar – effectively providing a price stable cryptocurrency. You can find out more details about this project at: https://www.centre.io/usdc
What is Orchid (OXT)?
Orchid is building an alternative to traditional virtual private network (VPN) services that they claim is more private and decentralized. To accomplish this, Orchid uses a new cryptocurrency, OXT, which allows users to buy bandwidth. Bandwidth providers need to purchase and stake to power the network.
With OXT, you can pay anonymously for only the bandwidth you use, monthly fees and personal payment information is not required. If you want to switch to a different VPN provider, a quick tap will get you randomly reassigned to a new one. Lastly you can share your account such that Orchid works across an unlimited number of Orchid supported devices.You can find more details about this really interesting project at https://www.orchid.com/
See you at our AMA on Friday! Until then….
Peace and Love,
Disclaimer:Any opinions, news, research, analyses, prices, or other information provided here is a general market commentary, and does not constitute investment advice. Abra does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions. Abra will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.