"It takes a great deal of bravery to stand up to our enemies, but just as much to stand up to our friends."
- J.K. Rowling
Rise n Shine
Good Wednesday errrrbady! We are halfway through the week, so keep on pressing on! 🚶...
Do continue to entertain us with your answers to our polls below. Share your thoughts with us as it's a great way for us to interact with you! 💙
Up & up
It's another green day for crypto, as BTC is up ~1.91% to $7,090 and continuing on the mini upward trend it has been on since Aug 21. BTC is now trading above $7,000, a level it last saw earlier this month on Aug 5. 📈
With BTC shorts dropping since yesterday, coupled with the daily RSI level rising steadily over the last week and close to ~60, BTC would be challenging the 100-day EMA resistance line (~$7,140) with moderate momentum if this mini uptrend is to continue in the next few days. 🥊
Total market capitalization rose by another ~$5 billion today to ~$231 billion. Notable movers today include EOS, IOTA and DASH, all up ~14.81%, ~10.73% and ~8.55% respectively. DASH continues its price spike for the second day in a row after its Kripto Mobile partnership announcement yesterday. 🏎️
Rice-ing to the occasion
The payment affiliate of Alibaba, Ant Financial, is partnering with the municipal government of the Chinese city of Wuchang to launch a Blockchain-as-a-Service (BaaS) platform next month that tracks the production process of locally grown rice. 📁
This initiative is aimed to tackle a counterfeit rice production problem that has been growing rampant in the area. From Sept 30, rice sold by flagships stores on Alibaba’s Tmall e-commerce platform will contain a QR code that customers can scan with the Alipay app to obtain information about its origins.
Taking a stand
The China National Internet Finance Association (NIFA), a self-regulatory organization created by the People's Bank of China (PBoC), is working with government agencies to clamp down on illegal initial coin offerings. 🛑
NIFA's online portal recently included a “token sales” category for the public to file complaints or reports on suspicious financial activities. Gathered information will then be passed on to relevant government agencies for them to act upon. 👮
Head and shoulders above
Third largest cryptocurrency exchange by trading volume, Huobi, is seeking to become the largest stakeholder in Pantronics, a publicly listed company in Hong Kong that does electronics manufacturing.
According to shareholder disclosures, the company is transferring more than 221 million ordinary shares to Huobi Group’s Chairman, Li Lin, for ~$77 million - a move which would grant him a ~73.73% equity stake in Pantronics. With this, there could be a possibility of Huobi going public via a reverse takeover. ⛰️
What is a reverse takeover?
A type of merger in which a private company buys over the majority equity share of a public company, and then exchanges its private shares for public ones thus allowing it to ‘go public’ without an an IPO. 💰
Hong Kong updated its special immigration policy, Quality Migrant Admission Scheme (QMAS), to help expedite immigration for foreign talents specializing in innovative technologies such as blockchain. 💸
Under the Maduro government, Venezuelan banks are now mandated to use the 'petro', the government-launched cryptocurrency, as a unit of account.
Coinbase's nationwide survey of 675 students revealed that 21 of the top 50 universities now offer blockchain-related classes, and that 18% of students now own some sort of cryptocurrency. 👍
U.K. insurance company, Lloyd’s of London, will insure the crypto custody platform of U.S based custodian service provider, Kingdom Trust.
Poll of the Day
How much do you agree: "To stand up for what you believe in in the face of adversity is a sign of true confidence and courage" 💪
And... do you try and convince crypto non-believers that crypto is the future? Plus, your chance to tell me about a time you stood up for yourself! 😝
What you said
“How much do you agree: Being happy is the most important thing in life”
The average answer was 8.4! Half of y'all gave a '10' too! I guess happiness is the end goal for most of us ✌️. About 30% voted for a '5' or '6'. I wonder what could be most important in your lives.. Money? Fame? Prestige? 🤔
"Are you glad that you started on this cryptocurrency journey?"
100% voted 'yes'! - glad to have you all on board. 👍
As to why, we got an interesting mix of answers such as the belief that its the future - I certainly so too 😀, being part of the future - someday we will look back in awe of what we have stood for, especially in bad times 😭, hoping for an early retirement - so looking forward to this too!, learning about technological developments and economics for future benefits - the end point is only as important as the journey 🧠. One even said he has achieved real happiness in life not being forced to work an undesirable 9 to 5 job thanks to strategic investments in crypto - congrats buddy! that definitely is the dream! 🙌
"What was the happiest moment in your life? Tell me about it"
We got some very touching answers. Several said it was witnessing the birth of their children - that must be a 10/10 moment for many 😭. One said it was seeing his freshman daughter pitching and winning the state championships in softball - awww, wishing her all the success in her budding career! 🏅
Thanks for reading today's newsletter! See ya tomorrow 👋!
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