Happy Wednesday, fellow CoinMarketCap-ers! We are halfway through the week. Press on! Did you know that today in history, East and West Germany reunited as one nation after 40 years of division (1990). 🤝
Today's newsletter is dominated by South Korean blockchain news. We will be covering the Korean National Policy Committee Chairman's want to legalize ICOs, the largest South Korean venture capital firm making its first blockchain startup investment and the South Korean government's follow through with its legislative proposal in August.
Hope you enjoy today's newsletter, and don't forget to answer the polls down below too (it's about overconfidence today)! Happy reading! 📚
Hold the fort!
BTC is currently trading at ~$6,480, down ~1.52% from yesterday. BTC broke and closed below the 21-day EMA line yesterday, and is currently challenging the rising support line (~$6,470) resulting from the higher lows it has been forming in the short run since 18 Sept this year. If it closes below this line, it will likely be challenging the more significant rising support line (~$6,300) resulting from the higher lows it has been forming since 28 June this year. Breaking past this second support line would not bode well for BTC, and would reflect a far stronger bearish sentiment. 🙏
As for the other cryptocurrencies, most experienced losses in the ~2-6% range, causing total market capitalization to drop ~$6 billion to ~$215.8 billion, its second biggest drop in the past week. Everything is waiting for BTC to make its decision to go up or down, as it approaches the end of the triangle pattern it is trading within. 👀
Everything's looking great
The chairman of Korea's National Policy Committee, Min Byung-Doo, wants to legalize initial coin offerings (ICOs), but only contingent on setting up the appropriate regulatory frameworks. ✊
He stated during the 9th plenary session of the National Assembly, that with token sales becoming a global trend and raising increasing sums of money each year, the state should no longer ignore to it and that he does not want "the ICO door [to get] closed completely."
Min went on to stress that in order to grant credibility to the industry, ICOs need to be self-regulated and abide by safety standards to prevent "fraud, speculation and capital laundering." He also recognizes that many projects have a future. 👍
The coast looks clear...
The largest South Korean venture capital firm and the same firm that has invested in major billion-dollar Korean enterprises such as Naver and Kakao, Korea Investment Partners (KIP), is investing in its first blockchain startup called Temco. 💰
It is investing an undisclosed amount into the startup that seeks to revolutionize supply chain management systems for small-to-medium-sized businesses (SMEs) through blockchain technology. Through Temco, vendors can track the movements of products from distribution to eventual consumption on a blockchain, and subsequently share the data too. 🤖
Slowly but surely, South Korea seems to be chipping away at its apprehension towards the blockchain industry. 🚀
But suddenly 💩 hits the fan
And...maybe not. 😬
The government of South Korea has decided to stick with its legislative proposal of August to exclude the cryptocurrency and blockchain companies from being certified as venture firms, which entails the stripping of the 75% acquisition tax cut benefit and credit guarantee benefits of cryptocurrency exchanges. 😥
Although several major and more established Korean crypto exchanges like Upbit and Bithumb will remain certified as venture firms until the end of 2018, the newly set up exchanges will not. The lack of tax benefits could discourage development within the industry and prompt them to seek more lenient jurisdictions abroad. 😞
In blockchain research group Diar's latest report, it was revealed that blockchain and cryptocurrency-focused startups have raised ~$3.9 billion from VC investments in Q1, Q2 and Q3 of 2018, a 280% increased compared to the entire of 2017. 💸
The investment arm of Binance, Binance Labs, has reportedly contributed millions of dollars (exact amount undisclosed) to the decentralized digital content ecosystem Contentos that seeks to offer transparency and monetization of content free of third-party censorship and content removal. 💰
Chris Dodds, a board of directors member of the banking giant Charles Schwab Corporation, has joined Coinbase's board of directors. He will lend his expertise on how to expand Coinbase's financial services capabilities. 🤓
Poll of the Day
How much do you agree: "I often tend to get overconfident" 🤔
And...which type of confidence do you most possess? Also, tell me when was the last time you were overconfident in the polls! 😆
What you said
How much do you agree: "Individual sports are more challenging than team sports"
The average answer was 5.7. Pretty even steven. 🤔
“Do you prefer team sports or individual sports?"
50% voted “Yes.” 50% voted “No.”
Wow, a complete draw! 👍 I believe this has been the first 50% yes 50% no in our newsletter polls' history.
"What do you like about individual sports?"
You guys said:
You are completely responsible for the outcome. - Agreed. The result of each game or match will be the sum of all your personal choices made in that game. 🤔 Challenging, display of skill and athleticism. - Individual sports are lonely, but can bring one the biggest glories. 👑 Easier to judge the impact of that player, no dilution. - Very good point! Being able to concentrate without distraction. - Yes true, you are only accountable to yourself! 🤙 You make the decisions. - You call the shots and the eventual outcome of the game is yours to decide. 👊 Its all about the winning and as an individual you can be 100% certain you gave 100% effort. - True!
"What do you like about team sports?"
You guys said:
Camaraderie, teamwork, having fun as a group. - Nothing beats working together as a team through blood, sweat and tears and achieving what the collective set out to achieve. You will undoubtedly form lasting bonds. 🤜🤛
How the best players can lose to a weaker but better organized team. The value of the collective and the humanity it shows. - Well said! It emphasizes the importance of working together to achieve a common goal. 💪
Being social! - True! It definitely induces interaction 😄.
Team effort takes the load off of you. - Does it really? The way I see it, you have to work doubly as hard not to let your teammates down!
You cant beat a bit of team banter to spur you on to victory. - Amen! 🤘
Thank you all for reading! See you back here again tomorrow!💙💙💙
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