"“Courage is the resistance to fear, mastery of fear, not absence of fear.”
- Mark Twain
Welcome back CoinMarketCap-ers! It's Monday yet again, and hopefully also the start of a fantastic week ahead. 🌞
Today we will be covering Mastercard's blockchain patent filings, Coinbase's rapid expansion plans and Samsung's Memorandum of Understanding with South Korea's customs. Happy reading! 📚
Dark cloud looming
Over the weekend, the crypto space clawed its way back above the $200 billion mark in total market capitalization. In that period, BTC hovered within a tight $100 range between $6460 and $6560. Overall, it was a relatively quiet weekend for the crypto markets. 💤
In the grander scheme of things, BTC has been trading within a large descending wedge and triangle since its all time high back in Dec 2017. Since then, it has only been forming lower highs, signalling an existing strong bearish sentiment. 🐻
This trend is likely to continue, given little change in the fundamental value of BTC - Adoption has been slow, coupled with slow progress in regulatory legislation being the 2 biggest factors. Additionally, it doesn't help that BTC is now trading below even the 21-day EMA line, meaning that it is also trading below the 50, 100 and 200-day EMA lines, all contributing to the strong overhead resistance. The road ahead is definitely not easy. It's going to be a tough uphill battle... ⛰️
Lurking in the shadows
Mastercard is looking to use blockchain to keep track of consumer payments, as deduced from their latest patent filings. 📁
In them, Mastercard outlines how a distributed ledger can record "point-to-point transactions" to create a log of the items procured. It can also streamline account management by simplifying the process in which purchase orders are registered and monitored, and also enable immutable data to be stored clearly and in an easily auditable format. 💽
The patent application goes on to state that blockchain can "provide a great number of services to entities" with more security and transparency "than any number of systems dedicated to even a single one of the multiple services." What a statement! 😲
Calculating the next move
Coinbase, currently 20 employees strong, plans to expand its New York office to 150 employees by next year to meet the growing demand for its services. 🌱
According to Coinbase, during the recent and current market correction, "institutions didn't lose interest" and in fact, it was "exactly the opposite" as institutional demand grew. As such, it is looking to hire more people from traditional financial institutions so as to bridge the gap between financial services and technology.
The IT arm of Samsung, Samsung SDS, has signed a memorandum of understanding (MoU) with the Korea Customs Service to use Samsung's Nexledger blockchain as the backbone for a decentralized customs clearance system, to bring more transparency to the customs process. 👀
Through this system, exports documents such as customs declarations and delivery forms can be shared between permissioned entities. As of now, 48 domestic institutions including public agencies, shipping and insurance companies have also signed the MOU to participate as nodes on the network. 🤝
Ethereum's upcoming hard fork, Constantinople, will activate in a cross-client testnet named Ropsten around October 9. The date for the mainnet activation has yet to be fixed. 🤖
The Tezos protocol will come out of its beta phase and will be officially launching its mainnet today. 🥂
According to a survey conducted on 3,000 individuals by Crypto payments startup, Circle, 1 in 4 Millennials are interested in investing in cryptocurrency over the next year. It also found that nearly twice as many men invest in cryptocurrencies when compared to women. 🤑
Poll of the Day
How much do you agree: "There are just some fears that you cannot overcome"
And... what is your greatest fear? Share with me! 😆
What you said
How satisfied are you with the content you are receiving from this newsletter as of late?
The average was 9.5! Thank you everyone, glad to know that you are enjoying the content being dished out. Producing a daily newsletter is definitely no easy feat, but we dedicated to making sure everyone gets their healthy daily dose of crypto. 😆
What else would you like to see us cover in the future?
You guys mainly said Proof of Authority (PoA) Networks, events by the top 100 cryptocurrencies and mainnet launches. - Thank you for the feedback! We will definitely be exploring these in the future after we figure out a way to best communicate the information! 👍
How do you think this newsletter can be improved?
You guys said: Help explain crypto jargon - We could from time to time introduce a 'blockchain term of the day' segment. More deep dives - In due time! New look/ design - We will consider it! Thank you! I find the present one good.. but I think you can throw in some freebees once in a while (anything, may be ledger or trezor wallets, anything) it would be great & will also be a incentive for more people to respond. Recently MEW & MYCRYPTO both sent stickers... - We will most definitely be doing lucky draws and giveaways in the near future. Be sure to stay tuned as to not miss out! Just be you. U guys are doing great - Aww thanks!
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