Novogratz sinks millions, casually  

The Bit

Mike Novogratz’s Cryptocurrency investment fund sunk $134 million in Q1 2018, but that didn’t stop him from ranking on Forbes’ most rich list.  

The Bigger Picture

The dip was inevitable as the firm was opened in November last year, right before Bitcoin and most other cryptocurrencies began their insane ascent. Novogratz claims that he and his team will benefit from this experience, as the firm is now 'strategically positioned to help further institutionalize the digital assets and blockchain industry.' And he isn’t settling there, he plans on being listed on Canada's TSX Venture Exchange. To make this happen, Galaxy Digital will have to merge with Coin Capital and then take Bradmer Pharmaceuticals.   Google pulls a meta one  

The Bit

On Wednesday, the MetaMask ERC-20 wallet was pulled from the GooglePlay store, leaving phishing apps and a bit of a conundrum.  

The Bigger Picture

One of the major pillars of Ethereum and most cryptocurrencies is decentralization. The MetaMask wallet is one of the easiest to use and most convenient cryptocurrency wallets. It integrates directly with Chrome… but what is it without the the browser? The door to decentralized currency is only accessible because of a centralized platform. After 5 hours, the MetaMask plugin was restored, and everything was sorted under “it was just an error.”   Take me off this rollercoaster  

The Bit

The cryptocurrency market has been frustratingly down with only a few bright spots, and XRP has been one of the major downers... but does that mean a big rise is coming?  

The Bigger Picture

It looks like there are still XRP supporters out there. The actual cryptocurrency has shown almost no adoption, in comparison to some of the financial services provided by Ripple (xRapid, xCurrent, xVia). It’s pretty clear that XRP won’t be classified as a security by the SEC, which would really hurt its ability to be listed on exchanges.  On the bright side, there are some mobile payment apps available overseas that have partnered with Ripple and actually use XRP. The cryptocurrency may even be highlighted in app with something like “XRP powered this transaction.”   “What happens when an industry transitions from using one or more 'smart' and centralized networks to using a common, decentralized, open, and dumb network? A tsunami of innovation that was pent up for decades is suddenly released.” - Andreas Antonopoulos