surprise surprise

Your daily newsletter for September 20, 2018
Shocker
"“As much as you try to organize your life, it will surprise you” 
- Bryce Dessner
Happy Thursday! Today in history: In 2011, US military ends its "Don't Ask, Don't Tell" policy and allows gay men and women to serve. 🏳️‍🌈

In today's newsletter, we will be covering a Japan-based crypto exchange $60 million hack, Binance's vision for the future and Japanese messaging app LINE's blockchain plans. Hope you enjoy today's newsletter, and don't forget to answer the polls below as it allows us to engage with you all. Happy reading! 📚
An unexpected occurence
So yesterday was strange..

BTC experienced a a sharp drop from ~$6,300 to ~$6,200 before quickly rebounding to ~$6,450, all within a one hour window yesterday. Currently unknown as to the reason behind the occurrence, although coincidentally CBOE BTC futures expired mere minutes before it all happened. 👽

The move also caused BTC to even dip below an ascending support level ~(~$6,220) with ease, indicating weak support, and implying that BTC could very well drop much further beyond that line. Fortunately, BTC did not close below that support line by bouncing back quickly. After which, BTC then dipped slightly to about ~$6,400 and hovered within a tight range between ~$6,400 to ~$6,430, where it currently remains. 🐢

As for the other cryptocurrencies, most saw price moves in either direction to the tune of ~1-3%. Total market capitalization for the space has remained the same as yesterday at ~$199 billion. Notable mover today is Chainlink (LINK) which is up ~21.92%, likely due to the its Bithumb exchange listing announcement. 📢

Tough luck
Japan-based cryptocurrency exchange, Zaif, was hacked for 6.7 billion yen (about $60 million worth of cryptocurrency) on 14 Sept. Hackers with unauthorized access to the exchange's hot wallets made off with 5,966 Bitcoins, and much Bitcoin Cash and MonaCoin. 😲

Zaif has since filed a criminal case to local authorities for further investigation, and because its own asset reserve is around 2.2 billion yen (about $20 million), it made an agreement with a Japan-listed firm called Fisco to receive a $44.5 million investment in exchange for a major share of ownership. 🙏
Pleasant surprises
During a fireside chat at CoinDesk's Consensus Singapore (currently ongoing), Binance founder Zhao Changpeng shared his vision for the platform. Zhao revealed that by this time next year, he wants to have launched 5 to 10 fiat-to-crypto exchanges, preferably two for each continent. 🤑

At the moment, Binance could potentially launch an exchange in Singapore in the coming months that supports fiat-to-crypto trading services, having closed testing just a few days ago. 👍

He also added that opening fiat gateways is important because that is "where all the money is in", and is doing so by first winning over the smaller countries which tend to more efficient as they appreciate investments to their local economies. 💚
Serendipitous
Also at Consensus Singapore, Japan's messaging app LINE unveiled its plans to launch a token-powered ecosystem, centered around LINK tokens, by the end of this year. 

The plan is heavily focused on development of dApps on the LINK blockchain, and rather than distributing LINK tokens through a token sale, users will be rewarded them through the usage of LINE's dApps. The LINK blockchain will scale through its LINEAR NETWORK, that will enable the dApps to exist on their own separate independent yet interoperable offshoot blockchains, called "leafchains". ☘️

LINE hopes to capitalize on its 160 million monthly active users (MAU) base, and migrate some of them to its nascent crypto-economy. 💪
More unravelings
  • Swiss crypto startup Eidoo is creating a ERC-20 'Ekon' token that will be tied to the price of gold (1 gram of 99.9% fine gold per Ekon). The gold will be stored in the vault that will be audited every 90 days, and everyone will be able to see the stored gold by connecting to a video broadcast. 💰
  • Coinbase has hired a former executive vice president, general counsel and corporate secretary at Fannie Mae, Brian Brooks, to be its new chief legal officer and top attorney. 👨‍⚖️
  • Several banks and trading firms are launching a new blockchain based in Switzerland, Komgo SA, for financing the trading of commodities from oil to wheat. Companies involved include ABN Amro, BNP Paribas, Citi, Crédit Agricole, MUFG Bank and Societe Generale, Koch Supply & Trading and Mercuria, Shell, SGS, Macquarie, Rabobank and Natixis. 🤖
Poll of the Day
On a scale of 1-10 (10 being most surprised), how surprised do you now get from the flash crashes in the crypto market? 🤔
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And... are you a fan of surprises? Also, share with me your best and worst surprises! Click on the polls above and share with me! 😆
What you said
How likely do you think other countries will follow in France's footsteps and introduce their own ICO regulation framework by the end of 2018?

The average was 6.4. Not too optimistic a sentiment! It's understandable, as there is still a lack of understanding on the subject matter by many governments. 📚

Do you think the ICO market will ever see the same gains it did in the Dec'17 - Jan'18 period?

40% said "Yes".
60% said "No".

Hard to imagine such gains again - Many people got burned this year, and retail investors are getting more intelligent. 🤓

How many ICOs have you invested in?

80% said "0".
20% said "10+".
0% said "1-2".
0% said "2-5".
0% said "5-10".

Such polarizing results! Go hard or go home I guess. 🐯💪




Thank you for reading! See you back here again tomorrow!💙💙💙
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