Daily Email Archive

A critical juncture

Your daily newsletter for September 28, 2018
“It is in your moments of decision that your destiny is shaped.”
- Tony Robbins
Hellooo, Friday! It's the weekend, fellas! That's another week down. BTC is at a crucial point where it market has to decide between an uptrend or downtrend , read on to find out more below! Did you also know that today in history, specifically in 2008, SpaceX launched its first private spacecraft, the Falcon 1. Could this a sign of things to come in the crypto space? 🚀🤔

In today's newsletter, we will be covering Coinbase's new product, a new bill passed by the U.S. House of Representatives and the Austrian government's $1.3 billion bond auction notarization through the Ethereum blockchain. Today, we are also covering Monero (XMR) in our weekly deep dive! 

Hope you enjoy today's newsletter, and don't forget to answer the polls down below too! Happy reading! 📚
Crucial crossroad for BTC
From yesterday, BTC is up ~2.63% to ~$6,661. It even broke past both the 21 and 50-day EMA resistance line and is headed towards challenging the both the 100-day EMA resistance line and the overhead resistance at ~$6,960. BTC is now approaching the end of the triangle pattern it has been trading in since late June this year. 👊

With BTC longs overtaking BTC shorts for the first time since 1 Sept, the rising RSI level on the daily chart over the past few days (~45-54) and MACD signalling for a short run upswing, BTC could be challenging those resistance lines with some significant momentum. 💪

As for the other cryptocurrencies, most saw gains in the ~5-10% range, resulting in total market capitalization rising ~$10 billion to ~$224 billion over the last 24 hours. The 24-hour volume has been the highest this week too, so it will interesting to see what happens to price action over the weekend. Something is definitely brewing... 👨‍🍳👀
Bundle up plan
Yesterday, Coinbase announced a new product aimed at simplifying cryptocurrency trading for its users. 😀

The new feature, titled "Coinbase Bundles", will allow users to purchase a basket of 5 cryptocurrencies in proportion to their respective market capitalizations in U.S. dollars. The 5 cryptocurrencies are BTC, BCH, ETH, ETC and LTC. 🖐️Once a bundle is purchased, the respective cryptocurrencies will be stored in their Coinbase wallets and free to be sent or sold as individual assets.

This bundle product is expected to be rolled out in the U.S., E.U. and U.K in the coming weeks, and will minimally cost $25, £25, and €25 respectively. Coinbase also announced that it will now host individual, informational asset pages for the top 50 cryptocurrencies by market capitalization. 🤓
A decision to take a stand
Just two days ago, the U.S. House of Representatives passed a bill, House Resolution (H.R.) 5036, to establish an "Independent Financial Technology Task Force" to combat terrorist use of cryptocurrencies. 👨‍⚖️

The bill includes a “Preventing Rogue And Foreign Actors From Evading Sanctions” section on preventing entities from using cryptocurrencies in order to evade sanctions. Regulators are also to report "not later than 180 days" after enactment of the bill, on the potential uses of cryptocurrency as a means of sanctions evasion, terrorism financing or money laundering. 

Also in the bill, there will be a reward policy, no more than $450,000, for those who can assist regulators in providing information “leading to convictions related to terrorist use of digital currencies.” 
Choosing a strong starting point
The Austrian government is going to notarize a $1.3 billion bond auction through the Ethereum network on 2 Oct. 👍

The Federal Government's Finance Agency (OeBFA) has assigned the bank, Oesterreichische Kontrollbank (OeKB), to facilitate the auction and deploy the notarization service to authenticate auction transaction data, that will then be stored on the blockchain. 

According to the OeBFA, this will be the first time the Austrian government is utilizing blockchain for domestic financial transactions, as it believes its security benefits will raise people's confidence in Austrian government bonds, and thus considers blockchain an "economic policy focus". 

Other news
  • The U.N. Capital Development Fund (UNCDF) and the U.N. Development Program (UNDP) is collaborating with the nation of Sierra Leone and a non-profit technology company to launch a blockchain-based identification system. 🤖
  • Dell EMC, a subsidiary to the computer manufacturer Dell, announced its plans to invest in emerging technologies like artificial intelligence, blockchain, data analytics and cloud-compliance. 💸
  • A blockchain startup that offers a multi-rail payments platform, Veem, has closed a $25 million funding round led by Goldman Sachs. Investors include GV, Silicon Valley Bank, Kleiner Perkins and Pantera Capital. 🤑
Crypto deep dive: Monero
  • Cryptocurrency: XMR
  • Market Capitalization Rank: 10th
  • Consensus: Proof of Work (PoW)
How it happened ⚙️
  • Monero was created in April 2014, specifically to focus on issues like fungibility and decentralization. It was formerly known as BitMonero, a fork from Bytecoin. The person who forked it, a Bitcointalk forum member, "thankful_for_today", subsequently ghosted the project. Thus, a group of its users, led by Johnny Mnemonic took over the project and renamed it "Monero".
Why people love it 😘
  • True anonymity in transactions. The sending address, receiving address and amount is completely masked in all XMR transactions. It is a true privacy coin. 
  • XMR is designed to be resistant to ASIC mining. As such, an ordinary PC without a GPU or an ASIC is suitable to mine XMR. Reduction of mining costs adds on to the decentralization appeal of the coin.
  • The block sizes on the XMR blockchain are adaptive based on transaction volume. As it increases, the size of blocks automatically expands to accommodate, thus making scaling easier.
Why people doubt it 🤔
  • As anonymous transactions may be used for nefarious reasons, it may be hard for XMR to gain institutional support. 
  • XMR has several big privacy coin competitors like DASH, ZEC and BCN, each possessing strong communities and loyal followers.
  • XMR may currently possess the first mover advantage in the privacy coin space, but if BTC were to add a secondary layer atop its existing blockchain to include privacy features, it could drive down XMR's demand. Additionally, ETH is working on a privacy function, under 'zk-SNARKS'.
Poll of the Day
On a scale of 1-10 (10 being absolutely love), how much do you like Coinbase's new bundle product? 🤔
And...would you personally purchase the bundle? Also, what are your plans for the weekend? Share with me! 😆
What you said
How much do you agree: "Bitmain's dominance in the mining scene is a cause for concern"

The average vote was 7.8. Bitmain does seem to be gaining an increasing market share in the mining space. 🤔 👀
"How do you think the Bitmain IPO will change the mining scene?"

You guys said:

It will become even more powerful. - They are definitely killing the game at this moment. 🔪
I don't think so.. & why the fk is Bitmain doing a IPO & not ICO 🙂 - They are bridging the gap between traditional and crypto markets. 🌉
In a broader picture it will give other crypto related companies the courage and pathway to go into traditional markets too we have alot of companies that deserve to be public limited companies but due to ragutory uncertainty don't make the first move. - This is a great perspective, and I definitely can see that happening. Once Bitmain sets the ball rolling, maybe others will see that it is possible to cross over to/ merge with traditional markets. ☯️
"Have you ever mined any cryptocurrency before?"

60% voted for "Yes".
40% voted for "No".

Interesting.. I expected a lot more 'No's! 🤣
Thank you all for reading! See you back here again tomorrow!💙💙💙
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