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Your daily newsletter for November 12, 2018
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“Perpetual optimism is a force multiplier.”
- Colin Powell
Welcome back! It's great to see you back here again. 😊 I hope your weekend was refreshing, for it's time to get back on that grind! 💪 For our friends in the U.S., today happens to be Veterans Day! It is an official U.S. public holiday to honor and to thank all military veterans for their service. Salute! 🎖️ Also today in history (1971), President Richard Nixon announced the withdrawal of ~45,000 U.S. troops from Vietnam. 📢

In today's newsletter, we will be covering Binance's CEO Changpeng Zhao's CNBC interview, Malaysia's Ministry of Education launching a blockchain-based system for the issuance and verification of university degrees and Venezuela's minister of petroleum Manuel Quevedo wanting to take the "Petro" to OPEC.

Enjoy today's newsletter, and please don't forget to answer the polls down below too! It's a great way for us to interact with you, and it's always nice hearing your thoughts. 💭 Happy reading! 📚
Ordinary weekend
Over the weekend, we saw total market capitalization hovering within a tight range of ~$211 billion to ~$214 billion with no abrupt swings. 💤 The total market capitalization currently stands at ~$212 billion, a slight drop from Friday's ~$214.5 billion. In that time, the average 24 hour daily volume was about ~$11.7 billion, before picking up in the last couple of hours to ~$12.6 billion. 👍

Low volatility was expected over the weekend due to the ~1.55% 30-day volatility estimate on the Bitcoin Volatility Index on Friday. True enough, BTC  traded within a small range of ~$6,380 and ~$6,430, and is currently trading at ~$6,410. BTC continues to trade below its 21-day EMA line on its weekly chart, a level it has been trading below since 30 July. 😔 On the daily chart, its RSI reads ~47 and its position near the 20-day SMA line within its Bollinger Bands indicate uncertainty from investors. 👀

Optimistic outlook
In an interview on CNBC Crypto Trader, crypto exchange Binance's CEO Changpeng Zhao mentioned that both the crypto market and Binance are still in a good position despite the large market correction of 2018. 😄

Zhao stated that although the volume at Binance is down ~90% since January due to the correction and the recent low volatility levels of BTC, that compared to a year or two ago, they are still transacting huge volumes and remain a very healthy business. 👨‍⚕️

CZ also noted that the over-the-counter (OTC) market is estimated to be at least as large as the live recording volumes of exchanges. Hence, the actual trading volume of the entire crypto market is about twice the current reported volume. 😲 CZ also noted that a while it is hard to predict when, he is confident that a rally will likely happen “sooner or later, (that) something will trigger it.” 👍

Removing inefficiencies
The Ministry of Education of Malaysia has launched, alongside a consortium of 6 universities, a blockchain-based system called e-Scroll for the issuance and verification of university degrees. 👍

The launch is in response to the increase in cases of fraudulent degrees and the relative ease it takes to create one. 😠 The ministry also states that Malaysian universities receive "thousands of requests globally" to verify graduates, a process still mostly done via telephone and email, "which contribute to its inefficiency." 😞

The system was developed by a team from the International Islamic University (IIUM), and it stores certificate data on the NEM blockchain. It is able to provide an online verification "in a few seconds" whenever the QR code printed on the degree certificate is scanned. The ministry is currently encouraging other universities to join the consortium. 😲

Venezuela's minister of petroleum and the president of state-owned oil company PDVSA, Manuel Quevedo, tweeted that Venezuela will be taking its controversial national cryptocurrency, the "Petro", to the Organization of the Petroleum Exporting Countries (OPEC) in 2019, as the "main digital currency backed by oil." 🤨

It is believed that this move is aimed to allow Venezuela to begin using the petro to market its oil from Q1 of 2019, and Quevedo is confident that this will help improve the Venezuela's economy and "guarantee" growth and prosperity. 🤔

Quevedo, quoted to have said that "the gasoline for planes, ships, we will be selling it in Petros. It is the currency of Venezuela.", has also reportedly invited airlines and shipping companies to register for a digital wallet to transact in the petro. Companies interested in Venezuelan oil products have also been asked to join the country's national cryptocurrency platform. 🙏

Other news
  • The U.S. dollar-pegged crypto token CarbonUSD has just launched as the first stablecoin on the EOS platform. It can also be swapped between both the EOS and the Ethereum blockchains. Talk about interoperability! 👌
  • Colorado's "ICO Task Force" recently issued cease-and-desist orders against 4 ICOs, bringing the state's total number up to 12 for the year. 👮
  • Ethereum developers have tentatively agreed to a 16 Jan deadline for the network's upcoming Constantinople hard fork. 👀 The upgrade was initially targeted for November, but unanticipated problems with the test released caused the launch date to be pushed back.
Poll of the Day
On a scale of 1 to 10, how skeptical are you of Venezuela's national cryptocurrency, the "petro"? 💭
And...would you personally invest in the petro? Why or why not? Share with me in the polls! 😆
What you said
How much do you agree with this statement: "The U.S. SEC mandating decentralized crypto exchanges (DEX) to register with them is too harsh"

The average vote was only a 6I think that registration should be required, to at the very least, let regulators examine the smart contracts so as to ensure that no loopholes can be exploited that will result in stolen funds. 👮 Apart from that, find that since most decentralized exchanges do not require users to register an account and entrust their funds to an exchange-controlled wallet in order to trade, it should be granted some leniency. 👍

"Why do you think so?"

You guys said:
규제 (regulation) - There needs to be some regulation in order to protect investors. 🤔
Considering the potential for smart contract bugs or backdoors that allow for theft, it is important that the SEC is able to thoroughly evaluate and monitor decentralized crypto exchanges as well. End users should not have to be programmers to feel safe on a DEX. - Agreed. The user interface and user experience needs to be developed much further in order for the masses to begin adopting it. 🙂
Exchanges of value were decentralized & private for thousands of years. Citizens have too much government interference. - All we want is freedom! 🦅
It keeps the fakes at bay. - I do agree that it can help mitigate scams. 
I’m neutral on this because I’m so new at this. - Don't worry! Continue reading the newsletter and I'm sure you will be brought up to speed on everything in the crypto space! 👍 Our aim here is to educate the masses, regardless of experience level. 😄
The SEC has no legitimacy. It is a modern day mafia organization. It feeds on fear. Evil it is. - Ooooo 👀
Totally agree.. its peer to peer & SEC shouldn't interfere here. - It'll be hard for it to be completely free of interference. 🤔 Sometimes, it can be a good thing as it protects investors! 👍

"Have you ever used a decentralized crypto exchange (DEX)?"

33.3% voted "Yes."
66.7% voted "No."

These numbers are perfectly understandable. In my opinion, the user interfaces of these DEX's are still not on a level where the average user can easily navigate. 😞 This will be improved over time and with that, we should see its usage rise significantly as the decentralized exchanges do enable much of the cost savings to be passed down to its users. 😁

"If so, which one? How was your user experience?"

You guys said:
IDEX, Etherdelta, waves, others. All were okay. Waves is my favorite and I hate Etherdelta it sucks. - Wow, you've had your fair share of DEX experiences! Impressive! 😁
If ether delta, IDEX, switcheo are dex i have used them & few more - You're advanced! 😉

"What are your plans for this weekend? Do you have anything special planned out?"

You guys said:
휴식 (rest) - Hope you had a restful weekend! 😴
Football and a long walk on the Yakima Greenway. - I googled that place, and it looks really peaceful out there. Wish I will be able to visit sometime in this life! 😻
Partying. - Go hard! 🎉
Go for a drive.. in the meantime if u guys are not doing anything special think of some SWAG for your readers 🙂 - We are definitely cooking something up! Stay tuned 😉

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