July 22, 2020 | Issue #127


An Update on Twitter's Epic Hack

As we covered last Wednesday, Twitter was thrown into chaos after accounts for some of the world’s most recognizable public figures, executives, and celebrities starting tweeting out links to Bitcoin scams. Here are a few updates one week later:
  • One of the most trusted security analysts, Brian Krebs, attempts to lay out the timeline of the attack, and provides clues on who may have been behind it
  • Ciphertrace is tracking the stolen Bitcoin through coin mixers, exchanges, and gambling sites which the hackers are using to obscure its movement
  • Coinbase says it halted more than $280,000 in Bitcoin transactions during Twitter hack
  • Twitter is now restricting posts that contain cryptocurrency addresses

PayPal Teams Up with Paxos

If the deal goes through, it would make PayPal (owner of Venmo) one of the most prominent mainstream companies to offer cryptocurrency purchasing and trading.

It's not clear yet which cryptocurrencies PayPal intends to offer...

Grayscale Investments To Make BCH & LTC Available For Public Trading

Grayscale BCH & LTC Trusts have received FINRA approval for trading. The two stocks will be available on OTC markets under the symbols BCHG & LTCN.

This makes for 6 publicly-traded products under Grayscale label. For a quick refresher, here are the other 4:
  • Bitcoin Trust (GBTC)
  • Ethereum Trust (ETHE)
  • Ethereum Classic Trust (ETHG)
  • Digital Large Cap Fund (GDLC)


Experience the Wealth Creation Possibilities of Digital Assets in a Tax-Free IRA

Bitcoin and Digital Assets are now available to invest directly in your IRA, allowing your investment to grow tax-free and save for your future.

Your IRA is the most powerful vehicle to invest in digital assets for the long term, allowing you to invest in Bitcoin and Digital Assets either tax-deferred or tax-free without punitive capital gains taxes on crypto to crypto transactions.

Introducing the New Money IRA by DAiM

Until now, retirement investing has been restricted to stocks, bonds and boring mutual funds. Own Bitcoin and other Digital Assets the right way through the New Money IRA by Digital Asset Investment Management.

Now you can invest in Bitcoin and Digital Assets directly in your IRA, taking advantage of the same tax benefits other smart investors do.

Roll your 401k/ IRA into a NEW MONEY IRA with DAiM and Stack Sats Tax-Free


The Ownership Economy: Crypto & The Next Frontier of Consumer Software

In pursuit of a more equitable and innovative internet, an Andreessen Horowitz (a16z) alum is launching a new venture firm focused on building a crypto-powered “ownership economy.”

The fund is backed by a16z’s Chris Dixon and Marc Andreessen, Union Square Ventures and Compound’s Robert Leshner.

Read his thought-provoking thesis on The Ownership Economy – one of the core innovations brought by crypto.

Ether: The Birth of the Digital Bond

Later this year, when Ethereum transitions to staking, $26 billion of Ether will immediately be convertible into yield-bearing instruments.

When staked, the Ether you hold isn’t a virtual commodity anymore. It is more like a financial asset on which you’re paid dividends or interest.

In this piece, by Stefan Coolican of Ether Capital, he explains the power of staking, why it brings a unique yield instrument to crypto, what it could mean for your returns and why traditional finance will inevitably need to pay attention.

"If bitcoin is digital gold and ETH is digital oil, staked ETH is a digital bond."

Bitcoin Mining Hashrate and Power Analysis

A lot of assumptions and estimates made here, but BitOoda Research attempts to break down the mining landscape in terms of total energy consumption, energy costs, deployed mining hardware, and geographic distribution of hash rate. Here's what they found:
  • They estimate the current Bitcoin mining power capacity has a median power price of ~3c/kWh and a median $5000 cash cost to mine 1 BTC.
  • They estimate that China accounts for about 50% of global capacity, while the US follows with about 14%. Previous estimates were more in the 60% range.
  • China’s hydro season (where rainfall causes a surge in production of hydroelectric power) results in a lowering of the cost curve, causing capital accumulation.


Our Favorite Gold Play… Just $7 Right Now

Gold surged past $1,850/oz. today... for the first time since 2011.

Now, to help you navigate the absolute best way to play it, a renowned hard-asset expert—who’s followed by tens of thousands of “gold bugs” around the world—is stepping forward with his #1 way to play gold right now.

Priced at around $7 today, this stock has tons of upside potential as the price of gold continues to rise.


Federal Regulator: National Banks can Hold Cryptocurrency

Today, the Office of the Comptroller of the Currency (OCC) announced that any national bank can hold onto the unique cryptographic keys for a cryptocurrency wallet, clearing the way for national banks to hold digital assets for their clients.

"From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today."


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The CoinSnacks weekly digest is a manually curated newsletter that delivers fresh content covering cryptoassets and the evolving blockchain community for investors around the world. The digest is curated by CoinSnacks employees and sent once a week.
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