Betting big

Your daily newsletter for September 27, 2018
Big goals
Intelligence without ambition is a bird without wings.”
- Salvador Dali
It's Thursday, fellow CoinMarketCap-ers! In today's newsletter, we will be covering Bitmain's IPO prospectus, Baidu's potential "Super Chain" network and Squire's partnership with Samsung Electronics to create ASIC chips.

Today in history: In 2008, Zhai Zhigang, a major general in the People's Liberation Army Air Force of China becomes the first Chinese to walk in space as part of the Shenzhou 7 mission. 👨🏽‍🚀

Hope you enjoy today's newsletter. Do also answer the polls down below as well, as it's a good way for us to interact with you! Happy reading! 📚
It's gonna be an interesting next couple of days
It's been a relatively quiet past 24 hours in the crypto markets, as total market capitalization rose slightly by ~$1.5 billion to ~$213.9 billion. Also yesterday, XRP overtook ETH in total market capitalization and became the number 2 coin for a brief moment, before dropping back into third place. The gap between ETH and XRP remains small, and slightly less than $900 million. 👀

BTC barely budged since yesterday as well, currently up 0.04% to ~$6,483 and is still trading below the 21-day EMA resistance line. BTC is close approaching the end of the triangle pattern it has been trading within since late June in year, and so it will be interesting to see what transpires next. With the current strong overhead downwards pressure, the odds are in favor of the bears for a breakdown to test the $6,000 support level. 🐻

As for the other cryptocurrencies, most either saw gains or losses in the ~1-4% range. Notable mover within the top 10 coins is BCH, which is up ~19.48%, possibly due to the Bitmain IPO announcement - Bitmain heavily supports BCH. Continue reading to find out more below! 😁
Going global
Bitmain, the Beijing-based cryptocurrency mining giant, has officially filed an application to go public on the Hong Kong Stock Exchange (HKEX) also published an IPO prospectus that shed light into it's financial health. 👁️

The prospectus revealed that it generated $277,612,000, $2,517,719,000 and $2,845,467,000 in 2016, 2017 and the first half of 2018 respectively. It attributes the sharp rise in revenue growth to a hardware sales boom, having sold 230,000, 260,000, 1,620,000 and 2,560,000 minors in 2015, 2016, 2017, and the first half of 2018 respectively. 🤑

The prospectus also revealed that Bitmain has been buying up land to build mining sites, having bought 2 Mongolia (31,045 & 45,345 sq ft), 1 Ningxia (33,335 sq ft) and 1 Sichuan (9,338 sq ft) land parcels. Bitmain also palns to launch mining operations in Washington, Tennessee, Texas and Quebec.

At this point, Bitmain has yet to disclose its target valuation.
An ambitious vision
Yesterday, Chinese search engine Baidu released its Baidu Blockchain White Paper V1.0, which described the development of a “Super Chain” network system that will target areaslike food safety, product quality, new retail, new manufacturing, supply chain finance, intellectual property and trading, travel, tourism and social networking. 🤯

The paper delves into the idea of commercializing the Baidu cloud blockchain blockchain-as-a-service (BaaS) platform and 6 other Super Chain applications: Totem, Degree Universe, Baidu Association, Treasure Chest, Encyclopedia Online, and Hubert.

It goes on to explain that the Super Chain not only is more efficient than traditional blockchains as it uses "multi-core parallel computing to maximize CPU utilization and increase throughput”, but is also able to allow parallel sidechains to choose their own consensus mechanism through its "pluggable consensus mechanism" functionality. 🤖
Potential threat to the throne
Squire, a Canada-based crypto mining firm, has inked a deal with South Korean conglomerate Samsung Electronics and Gaonchips to manufacture ASIC chips. 
Gaonchips will serve as the design house and Samsung Electronics will serve as the semiconductor foundry partner. 🤝

Once Gaonchips, in collaboration with Squire's front-end development team of engineers and programmers, develops the initial ASIC chips capable of mining BTC, BTC and several other cryptocurrencies via wafer process technology, Samsung Electronics will commence "an initial mass production test run of the ASIC chip". Watch out, Bitmain! 🤭
Other news
  • Cryptocurrency finance firm Circle's dollar-backed stablecoin, USD Coin (USDC), is now live and trading. It will be available on Poloniex, OKEx, DigiFinex, CoinEx, KuCoin, Coinplug and XDAEX. 💲
  • FedEx has joined Hyperledger, an open-source project hosted by the Linux foundation that was established to improve cross-industry blockchain technologies. It is thus joining the ranks of about 270 other members such as IBM, Intel, Deutsche Boerse and J.P. Morgan. 🤝
  • SEBA Crypto AG, a Switzerland startup run by former UBS bankers, has raised $103 million to set up a bank offering cryptocurrency-related services like crypto trading, ICO consultation, corporate financing and investments for banks and qualified investors. 💰
Poll of the Day
How much do you agree: "Bitmain's dominance in the mining scene is a cause for concern" 🤔
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And...have you ever mined any cryptocurrency before? Also, how do you think the Bitmain IPO will change the mining scene?? Share with me! 😆
What you said
How much do you agree: "Coinbase has been the most impressive firm in the crypto space this year"

The average vote was 6.5.  Guess others firms in contention include the likes of Binance, Bitmain, or Consensys. 🤔
Do you think that any decentralized exchange will be able to become a top cryptocurrency exchange by 2025?

62.5% voted for "Yes".
37.5% voted for "No".

Let's keep our fingers crossed on this one! It would truly be a dream come through if this were to happen, as it would make asset transfers so much more convenient and efficient compared to the processes we have to go through now. 🤞

"Why or why not?"

Those who said "Yes" said:

Blockchain is all about decentralization. - Damn right it is! 🤜🤛
By default one big server or operating system is faster than a hundred small ones. - Projects focusing on interoperability between blockchains will hopefully aid in making decentralized exchange utilization the norm. 👌
Lower fees. - The elimination of a centralized middleman authority would allow the savings to be passed down to end users. 🙌


Those who said "No" said:

Future of currencies, banks and governments against it now. - Understandably so, as they threaten a large portion of their customer base. ✋
The government's of developed nations will not allow it. - The question is, can they stop it from happening? Muahaha. 😏

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