“You cannot teach a man anything; you can only help him find it within himself.”
- Galileo Galilei
Welcome back, ladies and gents! I hope you all had a refreshing yet fruitful weekend. It's funny how just last Friday, we were talking about Tesla in this space and over the weekend, the majors news was that Elon Musk had to step down as chairman of the Tesla Board. On a separate note, today in history Mao Zedong established the People's Republic of China (1949).
In today's newsletter, we will be covering a formal letter sent from U.S. lawmakers to the SEC's chairman, the 5 dApps set to be released on the LINE blockchain and Tron (TRX) and BitTorrent's new user incentivization scheme.
Hope you enjoy today's newsletter, and don't forget to answer the polls down below too! Happy reading! 📚
Which path will it go down?
Over the weekend, BTC fell on Friday to a low of ~$6,515 and rebounded on Saturday to ~$6,560 where it remained and hovered through to Sunday. BTC is currently trading at ~$6,622. 🗠
In that time, BTC lost some upward momentum as RSI levels on the daily chart dropped from 54 to 51. BTC also fell back below the 50-day EMA line and is currently trading between that and the 21-day EMA line. On a micro level, BTC has been forming higher highs since 9 Sept. If it keeps this up, it will soon be challenging a key resistance line from the triangle pattern it is trading within that is currently at ~$6,860. As BTC approaches the end of its triangle pattern, its price movement in the coming days will be very interesting to watch. 👀
As for the other cryptocurrencies, most followed BTC's suit and thus total market capitalization barely budged and dropped slightly by ~$550 million to ~$223.4 billion. 🗿
Empower the masses
BitTorrent will soon begin incentivizing its users with Tron (TRX) tokens. Tron's Project Atlas will connect the BitTorrent platform with the Tron blockchain to speed the BitTorrent protocol up, so as to encourage new and existing users to use the file sharing platform for longer time spans. 💰
BitTorrent users who store and share filed being downloaded, also known as seeders, will be rewarded with TRX tokens for remaining online for longer periods of time. They will be further incentivized for "dedicating more of their bandwidth and storage to ensure that swarms are faster and live longer."
Downloaders can also pay seeders with TRX tokens as part of this incentive program, thus empowering content creators and paving the way for "the foundation for a new way of content distribution". 🛣️
A group of U.S. lawmakers, U.S. Representatives Ted Budd, Warren Davidson, Tom Emmer and Darren Soto and 11 other co-signers have submitted a formal letter to the SEC's chairman Jay Clayton to seek clarity on when ICOs are considered securities sales. 💌
In the letter, they expressed their concerns about the SEC's current "use of enforcement actions to clarify policy", and stresses that that and the current lack of clarity surrounding ICO classification " is hindering innovation in the United States and will ultimately drive business elsewhere." 😨
The lawmakers then proceeded to ask the SEC to clarify when token sales should be classified as "investment contracts," when tokens sold as securities can in future become non-securities, and what tools are available for the "SEC to offer more concrete guidance to innovators." 🗯️
Build the ecosystem
Messaging giant LINE has officially announced in a press release that in the coming weeks, their first five dApps will launch on its custom blockchain platform, LINK Chain. 📢
The 5 dApps, Wizball Overview, Pasha Overview, TAPAS Overview, STEP Overview and 4CAST Overview will reward users for answering questions, for giving product reviews, for posting food reviews, for sharing stories of recreational activities and holiday trips, and make predictions (prediction market) respectively. 😲
These dApps are aimed at building up the token economy of the blockchain and by 2019, it hopes to release a development kit for third-party services to join the LINK ecosystem. 📅
The online porn provider, Pornhub, recently revealed that less than 1% of purchases made on the platform are conducted with cryptocurrency. 😔
According to an investigation conducted by the Wall Street Journal whereby tracked fund data was collected from over 2,500 suspected investment frauds and blackmail schemes, approximately $88.6 million in illicit funds have been funneled through 46 cryptocurrency exchanges. 🤯
According to a recent report written by Chinese financial writer and Professor Wu Xiaobo of Shanghai Zhejiang University, titled "2018 White Paper on the New Middle Class", less than 10% of the Chinese middle class are investing in cryptocurrencies due to their risk aversion. 🤔
Poll of the Day
On a scale of 1-10 (10 being absolutely love), how much do you like the new BitTorrent protocol with its new user incentivization scheme? 🤔
And...do you think this is a better system for peer-to-peer content distribution? Tell me why in the polls! 😆
What you said
"On a scale of 1-10 (10 being absolutely love), how much do you like Coinbase's new bundle product?"
The average vote was 5.6. Hmm, doesn't seem like you lot are too impressed with this new rollout. 🤔
"Would you personally purchase the bundle?"
28.6% voted for "Yes". 71.4% voted for "No".
"Why or why not?"
Those who voted "Yes" said:
I might try it to see how it works! Otherwise will most likely do it manual. Could be a great tool for a beginner. - It is a simple way for beginners to get started. The $25 minimum is also very much affordable. 👍
It seems like a neat (and simple 🙂 ) way to gain a material interest in the main group of crypto at minimal cost. - Agreed! Great way for beginners to get their hands wet. 🌊
Those who voted "No" said:
Too much $ in one place - Mt.Gox 2? 🤔
It kinda takes the creativity out of investing! - I do agree with this too. Picking my own coins to invest in after studying about them have always been a pleasure of mine. 😄
"What are your plans for the weekend?"
You guys said:
Flying out for work! - On the weekend? That's unfortunate. 😥
At Cottage on Lake Winnipeg, MB Canada (World's 10th largest freshwater lake) - That's a nice and tranquil getaway. I believe it is also one of the biggest reservoirs in the world. Hope you got to enjoy it! 😎
Read about art. - That sounds really relaxing! 🙃
popcorn & movie - Haha hi loyal subscriber! You've been here since the beginning. Thank you for your continued support. 🤣👍🏻
Relax - Chill vibes. 👌
Catch up on my 'to do' list which includes crypto, gardening and time out to watch the races! - Hope it was a fruitful one for ya!
Thank you all for reading! See you back here again tomorrow!💙💙💙
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