"“If we're growing, we're always going to be out of our comfort zone”
- John Maxwell
Welcome back! Let's all dust ourselves off after yesterday's swift but painful fall, and carry on doin' our thang because the only thing that matters, is that we keep our dash forward! 😉
Okay yes, you guessed it – Today's deep dive is on Dash 😛 Read on; and don't forget the poll! 🌱
There was a slight recovery today in the cryptomarkets after yesterday's massacre. Total market capitalization clawed back ~$8 billion today after losing close to ~$40 billion the day before 😶 BTC experienced a slight ~1.18% bounce to $6,530, but the other cryptocurrencies mostly saw gains in the ~1-6% range 🔺
The loss yesterday was significant as what was gained in total market capitalization in the last 2 weeks was wiped out ☹️ The journey to rebuild what was torn down begins by looking at BTC's next obstacle, breaking past the 21-day EMA resistance line currently at ~$6,836.
Covering the bases
Gemini founders Cameron and Tyler Winklevoss have won a patent for a cold storage method 🗄 involving air-gapped computers, geographically-remote vaults, plastic cards and papyrus.
They are looking to develop a network of isolated computers capable of generating accounts for storing cryptocurrencies or cryptocurrency-related exchange-traded products (ETPs) 🔐 Computer-generated keys can then be segmented and written into external memory devices like flash drives, CDs, DVDs 💿 or even physically written on laminated cards, pieces of paper or even good ol' papyrus 📜
Keeping it real
Apparently, the rumors about Goldman Sachs abandoning its plans to open a cryptocurrency trading desk weren't real 🤷 At the TechCrunch Disrupt Conference in San Francisco, its Chief Financial Officer (CFO), Martin Chavez, said that the rumors can be deemed as "fake news" 😐
He went on to suggest however, that the excitement over Goldman Sachs' potential trading desk may have been premature, and that a reliable custody solution has to first be implemented before dealing with physical BTC, which might take some time ⌛️ Chavez also noted that the company is working on BTC non-deliverable forwards, a form of OTC derivatives settled in U.S. dollars.
Watching grass grow
The Uzbekistan government is welcoming cryptocurrency exchanges to set up base in the country 👐 A new order issued by their president grants foreign exchanges several new benefits such as non-taxable cryptocurrency-related income and immunity from the country's securities and exchanges regulations 😮
However, barriers to entry include opening a subsidiary in Uzbekistan, having authorized capital no less than ~$700,000 and their servers located in Uzbekistan, adequate AML procedures, and storing user's transaction data and personal data for at least five years 😳
In a big way
Coinbase is reportedly talking to BlackRock, the $6 trillion Wall Street giant, about launching a comprehensive crypto (not just BTC) ETF.
According to an official announcement made by the Hong Kong Stock Exchange, Huobi, together with blockchain services provider Fission Capital, has officially acquired majority holdings, approximately 71.67%, of Hong Kong-based Pantronics Holdings Ltd..
Grayscale Investments, the company behind the Bitcoin Investment Trust, has bought $6.3 million worth of ZEN tokens and launched the Zen Investment Fund which is mandated to only hold one currency and sell shares in the trust to investors.
Crypto deep dive: Dash
Market Capitalization Rank: 12th
Consensus: PoW, although DASH has masternodes that do not create new blocks, but receives rewards 🤔
How it happened ⚙️
DASH was originally launched as "Xcoin", back in Jan 2014. In its early days, it was subject to a great deal of price manipulation and was subsequently rebranded as "Darkcoin." It's final rebranding was in Mar 2015 to "DASH" - short for digital cash 💸
Why people love it 😘
DASH has one of the strongest communities, with some very loyal hodlers. Its Reddit community has over 22k members.
DASH also has a strong partnership network. It's most recent partnership with Kripto Mobile, will see its phones preloaded with DASH coins and will provide Latin Americans easy access to DASH for everyday payments.
Similar benefits as Bitcoin, such as decentralization, immutability, and limited supply.
On top of its normal transaction sending function, DASH has two additional payment functions "InstantSend" - for instantaneous sending if need be, and "PrivateSend" - for added privacy for transactions.
Decentralized Autonomous Organization (DAO) community governance approach for growth, where decisions are voted on by masternodes - 10% of all mined DASH goes to a treasury, which is used to improve on the DASH's ecosystem, making it more self-reliant than most coins.
DASH has one of the cleanest, most user-friendly UIs which makes adoption easier for the everyday person.
Why people doubt it 🤔
Masternode requirement might be too high at 1000 DASH. This may lead to a centralization problem down the road.
DASH has several strong competitors in the daily transactions space (BTC, BCH, LTC, NANO) and privacy coin space (XMR, ZCASH).
Poll of the Day
How much do you agree: Having a growth mindset is essential to success in life and crypto.