Daily Email Archive

things are changing

Your daily newsletter for August 15, 2018
Change is in the air
"There is nothing permanent except change."
- Heraclitus
Change of scene
Things seem to change day-to-day, some big, some small. Today, it seems to be a positive one 😄 Hope we are accompanying you throughout your changing days, each time you open your browser or app screen and look for us at CoinMarketCap 😛

(Btw, someone asked me: "What is CMC?" It's short for "CoinMarketCap".)
Winds of change
Recovery seems to breezing through the markets slightly today, after yesterday’s ~12% drop in total market capitalization, and the small rebound has brought us back over the $200 billion total market capitalization mark 😎

97% of the top 100 coins by market capitalization also saw green today. Although BTC’s $6,000 support level has yet to be broken, BTC remains on a downward trajectory with the 50, 100, and 200 MA lines continuing in favor of the bears 🐻🔨

Today, we will also be seeing more CBOE BTC futures contracts expiring. Some might speculate that BTC’s price dip over the last few days could have been partially due to the expiration of CBOE BTC futures contracts. It has historically been accompanied by a fall in BTC’s price in the days leading up to the contracts’ mid-month settlement date.

Accounting change
Venezuela is about to begin using a government-issued cryptocurrency, the "petro" 🛢️ as an accounting unit, starting Aug 20, 2018. On that date, the country’s state oil company, Petróleos de Venezuela (PDVSA), will usher in this change and begin using the petro as a second accounting unit. It will also be used for salary, and goods and services.

With the petro, the Venezuelan government attempts to revalue its current currency, the bolivar, and create a “sovereign bolivar” that would have five less zeros behind it (vs the bolivar) 😏 The country’s central bank will soon be publishing price pairs and exchange rates between the sovereign bolivar and the petro, and between the petro and other international currencies.

The more things change...
Having been very responsive to the changes brought about by blockchain recently, Japanese corporation LINE launched a token venture fund, “Unblock Ventures Ltd”. It has a minimum capital commitment of 💰 $10 million 💰

This fund (though corporate by nature) is an effort by LINE to help grow a blockchain startup ecosystem. Its formalized token investments, backed by a reputable organization, hopes to fuel development and adoption 🚀 The fund has plans to grow in proportion to the growth of the overall blockchain market. 

The more they stay the same
Kaspersky, multinational cybersecurity and anti-virus provider, recently published its “Spam and phishing in Q2 2018” report, revealing that cybercriminals made off with more than $2.3 million from cryptocurrency scams in the second quarter of this year 😮

Some of the phishing came in the form of crypto giveaways, where the criminals first entice victims to willingly send them cryptocurrency, and website masqueration of popular cryptocurrency wallets. There will always be cybercrime, so be careful out there!

Leopard spots
  • Playboy Enterprises is suing GBT for not integrating the Vice Industry Token (VIT) on its sites as agreed.
  • High Times, the 420 media group, first reported as accepting Bitcoin in its IPO, but has changed its mind. That's low.
  • Square continues to increase the Square Cash app's functionalities for crypto, enabling Bitcoin trading for all US users.
  • The South Korean government has set aside 5 trillion won ($4.4 billion) to grow key sectors, including blockchain and AI.
Poll of the Day
How much support do you feel for tokenizing national currencies? ⚖️
Is it inevitable? Is it positive? What do you hope for it? Share your unique perspectives with us all around the world! 🌏
What you said
Yesterday’s poll on listing fees was very polarizing. The average skepticism for exchanges not charging for listing was 6.5 – but the mode was 10 (i.e. the most frequently occurring response was 10) 🤔 But, the thing is that, 83% of people have heard about projects paying to be listed on exchanges. Why would people be not skeptical while having anecdotal evidence that it’s happening?

The most cited listing fees among respondents were $10K - 200K (~40%), $500K - 1M (~30%), $2M - 5M (~20%) and $1M - 2M (~10%). A mix of almost all top 30 exchanges were mentioned as charging for listing – now, we can’t confirm this, however 🤐

Some optimistic people say that if exchanges say it doesn’t happen, then there should be no reason to doubt them 😕 Some think it’s just a matter of their business model and a mutually beneficial process. Most, however felt that it is reasonable to pay for listing as long as the price is right; that is, to compensate for the work and fixed cost on the exchange’s end, ensuring no exchange resources are wasted and companies are actually invested in the project.

That said, many called for more transparency in the process, even if they were to charge. A list of vetting requirements, such as market caps or project statistics, could be used as metrics used to assess listings 📋 You guys believe that projects should be listed based on merit, and of a certain standard. (Of course, standards are subjective but as long as the criteria are clear, it can be useful.)

On the other hand, there is the argument that popular exchanges care about their reputations; they would not make much off badly-performing coins anyway, so there is no reason to list those. Hence, if exchanges cannot exist without coins, there shouldn’t be any reason to charge for listings 😶 The more practical mentioned that it used to be (let’s say back in January 2018) that simply listing on a popular exchange would pump the price of a cryptocurrency, so it was good ROI to pay to be listed; however, this is no longer the case so there is hardly any return on paying to list anymore, so why do it? 😅

Whatever it is, the focus should be on quality and transparency, so we do hope that we’ll be able to put greater focus and emphasis on a fair and open process in ensuring that coins get the representation on exchanges that they deserve 😎

See you tomorrow!
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