Structural importance

Your daily newsletter for October 22, 2018
Pillars
“The spirit of truth and the spirit of freedom - these are the pillars of society.”
- Henrik Ibsen
Welcome back, ladies and gents! I hope everyone had a great weekend. Today in history, the fourth-oldest college in the United States and private Ivy League research university, Princeton University, received its charter back in 1746. Go Tigers! 🐯

In today's newsletter, we will be covering the SEC's new fintech division, the the Cyberspace Administration of China's new draft policies on blockchain startup regulation and North Korean hacking group Lazarus' hacking activity ('17 to '18).

Hope you enjoy today's newsletter, and don't forget to answer the polls down below too! Happy reading! 📚
Continued sideways action
Over the weekend, BTC hovered between the ~$6,450 and ~$6,550 price range and is currently trading at ~$6,480. In that time, BTC also fell below the 50-day EMA support line and is currently trading between the 21 and 50-day EMA lines. Daily trading volume has been averaging about ~$3.2 billion in the past few days. 👀

Overall, it was a relatively quiet weekend in the crypto markets. Total market capitalization currently stands at about ~$208 billion, exactly where it left off last Friday. Notable mover of the day is Ravencoin (RVN) that is currently up ~45% for the day. This is likely due to its recent listing on Binance and in anticipation of its mainnet launch on 31 Oct. 🤔

Building pillars of support
The U.S. SEC is launching a "Strategic Hub for Innovation and Financial Technology (FinHub)" division to act as a central point for the securities regulator to monitor and interact with relevant representatives of the financial technology world, with an emphasis in the realms of distributed ledger technology, automated investment advice, digital marketplace financing and artificial intelligence. 😲

The Finhub will be run by the SEC's senior advisor for digital assets, Valerie Szczepanik, and will propagate information from the SEC and serve as a platform for innovators to ask questions and to clarify regulations. It will also work with overseas regulators on issues pertaining to emerging technologies. Overall, the Finhub seeks "to provide a clear path for entrepreneurs, developers and their advisers to engage with SEC staff, seek input and test ideas." 😄

Drafting guidelines
China's central government internet censor, the Cyberspace Administration of China (CAC), has published a draft policy on blockchain startup regulation called "The Regulation for Managing Blockchain Information Services". 📜

The draft defines blockchain information service providers as "entities or nodes" that offer information services to the public, and requires them to register with the CAC within 10 days after it starts to offer products to the public. 🤔

The proposed draft also requisites blockchain startups to register their names, service types, industry fields, and server addresses with the CAC, who will then conduct annual reviews and make all these information publicly available. Information or content that is prohibited by Chinese laws will also not be allowed to be "produced, duplicated, published, and disseminated" by blockchain technology. 

Risk awareness
According to a report from cybersecurity vendor Group-IB, the infamous North Korean hacking group, Lazarus, has managed to steal approximately $571 million in cryptocurrencies. 💸

The report states that Lazarus is responsible for 14 crypto exchange hacks dating back from Jan 2017. The report also revealed that $882 million in cryptocurrencies was stolen from exchanges from 2017 to 2018 and anticipates the figure to grow due to hackers from the traditional finance realm becoming increasingly lured by the large gains in the cryptocurrency hacking space. 😠

The report also mentioned that all hackers have made off with about the 10% equivalent of the funds raised by ICO platforms since early 2017. Their modus operandi include spear phishing, social engineering and malware. Be careful out there guys! 🧐


Other news
  • The next hard fork of Ethereum (ETH), "Constantinople", that was initially set to be rolled out next month, will be postponed until early 2019. Several bugs were found in the code that was released on a test network prior to the initially next month roll out. 😭
  • The Hong Kong Stock Exchange (HKEX) has proposed that fintech firms, including those related to blockchain and cryptocurrency, are best regulated under existing financial regulations. 👨‍⚖️
  • The France-based intergovernmental body, the Financial Action Task Force (FATF), will begin publishing rules for international cryptocurrency regulation by June 2019. 👍
Poll of the Day
How much do you agree with this statement: "The U.S. SEC is taking too long to take a stance on cryptocurrencies" 🤓
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And...why do you think so? What do you think is the main reason holding back the U.S. SEC from taking a definitive stance on cryptocurrencies? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "I learn more from defeats than from victories"

The average vote was 8.2. Most seem to be in argreement of this. 😀

"Why do you think so?

You guys said:
Victories will only make you more arrogant - Winning can blind you and make you less aware of your weaknesses. 😎
In failure u introspect, where as in victory u celebrate & don't think what could have been better. - True, but real champions recognize the importance of continually innovating. 👑
No pain no gain - Agreed! 👍
No one comments when you do things right. However the world and his dog likes to chip in if ever you get anything wrong. Therefore defeats stick in my head a lot more than victories. - Hahaha, sounds like you're speaking from experience! 😆

"Tell me about a time a defeat taught you a valuable lesson."

You guys said:
Never trust a sub suppliers word. Get everything in writing. - Ouch. 😥
Being in crypto right now is a defeat everyday=/- Tough times for the crypto space. It could be a lot worse though! 😂

"Do you have anything interesting planned for the weekend?"

You guys said:
Work work work - Live life a lil! ⚡
Picnic with friends. - You sure go for many picnics (: Thank you for your continued support, loyal subscriber! 🙏
Xbox & PS4 with a hint of Beer / Pool and Karaoke 🙂 - That will surely re-energize you for the following week! ⚡
Just trading - The grind never stops. 💪
Waiting for Monday, I really miss cmc newsletters on the weekend, but I do have a excitement Monday am and that’s a nice bonus, what is rekt for 400 Alex on a scale of one to ten how much do you agree cmc rocks 🤘 I love the interactive but still feel youre trying to get info about us from these questions how we feel to create a tool for control us in the future - Rest assured, we have more important data to collect! But who knows for sure right? 😉

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