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Your daily newsletter for October 31, 2018
Strivin'
“The biggest room in the world is the room for improvement.”
- Helmut Schmidt
It's midweek ladies and gents, and it's also Halloween! 🎃 Have a spooky Wednesday everybody! 👻 Today also happens to be Peter Jackson's birthday. The world renowned film director and producer of J.R.R. Tolkien's Lord of the Rings trilogy, which won 17 out of 30 total Academy Award nominations, turns 57 today! 🎁

In today's newsletter, we will be covering Bank of America's newly awarded patent, Coinbase's recent funding round, and a new ICO approach proposed by the author of Ethereum's ERC-20 token standard.

Hope you enjoy today's newsletter, and don't forget to answer the polls down below too (It's about, you guessed it, Halloween today)! Happy reading! 📚
Nothing new here
There wasn't much volatility in the past 24 hours. BTC traded within a tight ~$30 range of ~6,320 and ~$6,350 and is currently trading at ~$6,335. It continues to be trading below its 21-day EMA line, for the ninth consecutive day. 😔 The spinning top wick formed in the recent candlestick also signals indecisiveness among investors, which possibly explains the tight trading range for the day. 🤔There is still significant downward momentum for BTC, which will likely continue to push it down to test the ~$6,200 support levels that it has repeatedly defended successfully in recent months. 🥊

Total market capitalization dropped slightly from ~$203.7 billion to ~$202.9 billion, and most cryptocurrencies either saw gains or losses in the ~1-3% range. Notable mover of the day is Chainlink (LINK), which is currently up ~9.53%. 👏

This a Rollie, not a stopwatch~
According to a recent blog post by the COO of Coinbase Asiff Hirji, the crypto exchange has just received $300 million in new funding from a Series E equity round led by Tiger Global Management, that also saw the likes of Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain and more others participating. 💰

The funds from this financing round will be used to accelerate the building of infrastructures between fiat and crypto in regulated markets around the world, to increase crypto asset offerings, for utility applications like Coinbase Wallet, and to bring more institutions into the space by adding more features to its custody solutions. 💪

In the post, Hirji also claims that this financing round has boosted the company to achieve "post-money valuation of over $8 billion". With the new deal, Coinbase has raised more than $500 million to date. 🤯

It's all about balance
At the ongoing Devcon 4 conference in Prague, Fabian Vogelsteller, the developer that formalized Ethereum's ERC-20 token standard proposed a new "reversible ICO (RICO)" approach that seeks to make the funding schemes more safe for investors. 😄

A RICO enables token investors to "reverse their funding commitment" and take back their funds at any stage in that project's lifespan by sending back received tokens in exchange for ETHs. Once the ETHs are refunded, other investors may buy in. Due to the embedded exchange feature, the process will "makes scams unlikely" and also safeguards investors against projects that do not commit to their promises. 👍 However, to execute a RICO, some "base funding" from private investors outside of the ICO is required. 💸

Vogelsteller said he felt "obligated to come up with something better" given his role in the ICO boom as the creator of the ERC-20 standard, and wants to bring "balance back between the community and the project." 🖖🏻 Vogelsteller will be deploying RICO within his own startup, "Lukso". Somebody give this guy a medal. 🏅 What a gem. 💎

Securing security
The Bank of America has been awarded a patent by the U.S. Patent and Trademark Office for a "hardened storage device" that stores cryptographic keys. 🤖

In its patent application, it highlighted that most cryptographic keys are presently stored locally by computers, protected by nothing more than a password, and that these computers are usually connected to the internet or other public networks, inherently leaving them "susceptible to being misappropriated." 🙏🏻

Although the patent describes using the "hardened storage device" for "crypto-currencies" several times, it also left it open to be used for keys of other sorts.

Other news
  • Oyster Protocol's original founder and chief architect, Bruno Block, recently exploited a function within the Oyster smart contract which he intentionally included during the protocol's initial design and made off with ~$300,000 USD. 🤷
  • Russia's financial regulatory agency, the Financial Monitor Service (FMS), has reached out to the Financial Action Task Force (FATF) to propose an intergovernmental initiative involving the participation of all the FATF member countries to design a unified legal parameter for the growing cryptocurrency space, with money laundering as its chief concern. 🗣️
  • Janet Yellen, the former chair of the Federal Reserve, spoke at the 2018 Canada FinTech Forum in Montreal and doubled down on her longstanding criticisms of Bitcoin. She said that "Bitcoin is anything but" a stable source of value as "it’s not used for a lot of transactions", and is "not an efficient means of processing payments" because "it’s very slow in handling payments." 😞
Poll of the Day
On a scale of 1-10 (10 being maximum enjoyment), how much do you enjoy dressing up for Halloween Day? 🎃
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And...will you be dressing up for this year's Halloween Day? What do you think is the most overused/ overplayed Halloween day costume? What is your most memorable Halloween day experience? Share with me in the polls! 😆
What you said
"On a scale of 1-10 (10 being the most keen), how keen are you on using a retail digital marketplace for your energy needs? E.g Purchasing electricity directly from online electricity retailers/ smaller scale producers.:

The average vote was only a 5.9! 57.1% of you guys voted a '5'. Personally, I would be keen as the cost savings would be significant and worth the hassle. 😄
"Why or why not?"

You guys said:

Because it is a clean energy and much cheaper than conventional - I'm all for supporting cleaner energy sources! 👍
Until I see a cost comparison I have no preference. I guess more choice is better but prices seem to be all around the same ball park and I doubt this will ever change. - Price is definitely the determining factor that will cause the switch in preference. But with these platforms, there will be savings as the middlemen are eliminated. These retail energy marketplaces are disruptive in nature and the cost savings are trickled down to end users. 😉
Due to a better income distribution - Negligible and a little far fetched but its possible. 
Generating own solar power or wind or hydro as suited in ones place is going to make a difference.. even small scale producers with green energy will make difference.. i think source of energy is more important... - Agreed, it will result in both less energy spillage and increased cost savings. The overall system would be more efficient. 💪
180 from yesterday’s question, I’m learning so this is out of my scope - We like to mix it up! 🤪

"Do you feel that your current personal energy costs are too high at the moment?"

80% voted "Yes."
20% voted "No."

Most seem to be dissatisfied in this regard. Hopefully, with the implementation of these platforms, this will change! 🤟

"Do you think that our world running solely on renewable energy sources is a realistic goal?"

71.4% voted "Yes."
28.6% voted "No."

Loving the confidence! Even if it is not realistic, we should work towards getting as close to it as possible. This is our shared responsibility as inhabitants of this planet. ✋

"Why or why not?"

You guys said:
Because we have to put an end to the archaic coal and oil industries, as well as the monopolies of the electric industries. - A tall order, but it shouldn't stop us from chipping away at it. 👌
I am sure it is possible to run purely on renewable energy however at the end of the day it all revolves around cost and while its cheaper to burn fossil fuels that's what we will do. - Processes can be streamlined. While it may currently be true that burning fossil fuels are cheaper, as energy harnessing technologies continue to improve we will slowly start to see the transition speed up. 🏎️
For this a long time is required.. in near as future i don't think if is achievable.. but yes we are making more energy efficient devices & make a good progress on solar.. - Agreed! Gotta put in the collective effort to make this a possibility. It is our responsibility to future generations. 🙃

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