big brother

Your daily newsletter for August 9, 2018
For the people
"Real patriotism is a willingness to challenge the government when it's wrong."
- Ron Paul
By the people?
Governments everywhere are making headlines recently with their involvement in regulating crypto and ICOs. Across the world, they are getting involved in crypto and blockchain on multiple levels. Will it create the conditions for fundamental change, or will it restrict what could be? What's your take? 🤔
Regressing 😱
Total market cap now sits at ~$224 billion, the lowest it has been in 2018. The last time we were at this level was right before the start of the bull run in November 2017 💔

BTC saw a drop to ~$6,226 earlier today, but has since rebounded slightly to ~$6353. That initial drop pushed BTC past the 0.786 fibonacci level of ~$6,370, but still has yet to fall and close below $6,214 (BTC’s previous higher low), keeping alive the possibility of forming higher highs in this late June to early August slight upswing. BTC dominance continues to climb.

Allied
11 financial regulators around the world are banding together to form an alliance to help with the growth of fintech, including blockchain 🤝 Initiated by the U.K’s Financial Conduct Authority (FCA) on Aug 7, the Global Financial Innovation Network (GFIN) will create a "global sandbox".

It will create networks where innovative tech can be shared, a forum for joint policy work can be created, and an environment in which trial cross-border solutions can be implemented. Notable members of GFIN include the MAS(Singapore), HKMA (Hong Kong), ASIC (Australia), DFSA (Dubai) and BCFP (USA). 

Uncle Sam
Meanwhile, in yesterday’s newsletter, we mentioned that the U.S. SEC pushed back their decision on VanEck-SolidX’s Bitcoin ETF application to September 30 🛎 Currently, a total of 10 Bitcoin-related fund applications are concurrently being reviewed, with 9 of them due for a decision in the coming two months.

Once a proposal application is sent in to the U.S Federal Register for review, an initial decision has to be made within 45 days 🔮 However, the agency has the option to push that decision back by up to 240 days from the date the application was sent in and recorded (as seen with the VanEck-SolidX case).

Sawasdee progress
Further, in Southeast Asia, Thailand is one the first few countries to have created a regulatory framework in which ICOs can be conducted 😮 Since the implementation of their new licensing rule surrounding ICOs on July 16 – requiring those wanting to conduct an ICO to first file an application to Thailand’s SEC for approval after clearing an initial screening with appointed ICO portals – they have already received the interest of over 50 entities 🤙

Additionally, 20 companies have applied for licenses to operate as digital asset exchanges. Within 90 days, these applications will be forwarded to the country’s Finance Ministry who will subsequently make a decision within 60 days. Approval will allow these entities to operate their projects in a compliant and regulated way 👏

Grassroots
  • The Northern District of California judge refused to dismiss the securities class action lawsuit against Tezos creators, Arther and Kathleen Breitman.
  • Bittrex offers ETC and XRP trading pairs.
  • Intuit was granted a patent for processing bitcoin payment through text.
  • Australia might soon see solar-powered bitcoin mining with the efforts of data center operator DC Two and D Coin (its crypto subsidiary).
Poll of the Day
How much do you think governments actually understand crypto? 🏛
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Having been to survey several countries for crypto, opinions are generally negative... but I wonder how you feel about it 🤔
What you said
The sentiment on whether ETFs will trigger the next bull run: 7.7. Another mild response 😆 Still, it's a more fundamental change in the market that might change the perception and possibly bring more people to crypto.

It seems like I asked something strange yesterday! Most of you haven't looked into crypto indexes so far. A crypto index is similar to other index funds that you might invest in as part of a balanced portfolio, such as those tracking the S&P500; a crypto index just follows a different set of assets, such as the Top 100 coins/tokens in terms of market capitalization, for example.

What I mentioned regarding OTC (over-the-counter) or non-US indexes was referring to non-exchange-traded indexes, or indexes which aren't offered in the US. Someone who participated in OTC trades for Tezos (I think that's what you meant!) said the OTC process was sketchy 😂

Thank you for the encouragement on our newsletter! ❤️ We will continue making sure you get the most updated and interesting content every day. We several suggestions to write more in-depth introductions or analysis about cryptocurrencies beyond the top 10 – an interesting one was about "random investigations" through picking a coin from each 1-100, 100-200, etc.
See you tomorrow!
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