Fellow readers, it's midweek and already mid November. Time sure does pass quickly. Today is also the birthday of the heir to the throne of England, Charles (the Prince of Wales). 🤴 He turns 70 today! 👴🏻 He has been next in line to the throne since his mother, Queen Elizabeth II, was crowned in 1952. That's 66 years, making him the longest serving heir in British history! 😲
In today's newsletter, we will be covering the CSIRO and CommBank's successful blockchain application trial, GMO's latest Q3 financial report and a consortium that will automate post-trade processes in the energy industry.
Enjoy today's newsletter, and please don't forget to answer the polls down below too (It's about familiarity today)! It's a great way for us to interact with you, and it's always nice hearing your thoughts. 💭 Happy reading! 📚
A common sight
It's been a small red day for the crypto sphere. For the most part, total market capitalization stayed within a tight range of ~$212.3 billion and ~$209.1 billion, and is currently at ~$210.0 billion, down about $2 billion from the day before. Over the last 24 hours, most of the cryptocurrencies saw losses in the ~1-4% range. Volume pretty much stayed at the same levels at ~$13.1 billion. Over the past month, BTC dominance has fallen from ~54% to ~52.5%, indicating a slight preference shift from BTC to the other cryptocurrencies. 🤔
It was yet another low volatility day for BTC. 😴 It did not budge from yesterday and is currently trading at ~$6,360. These low volatility levels is further evidenced by the converging of BTC's 21, 50, 100 and 200 day EMA lines, and we can expect more small price swings in the days to come. 🛌 The MACD and RSI indicators also show no sign of momentum building up in either direction, but it is to note that BTC has been on a short term upswing, as it has been making higher lows since 31 Oct. Hopefully, some momentum can build up from this in the coming days. 🙏
Smart money 🤓
Australia’s federal science agency, the Commonwealth Scientific and Industrial Research Organization (CSIRO), and commercial bank CommBank have successfully completed a trial of a prototype blockchain app designed to make money “smart”, and claims that the “programmable money” app can improve the management of insurance payouts and budgeting. 👍
The app utilizes a token coded with smart contracts that enables participants and service providers to execute payments based on pre-defined conditions, such as who can spend which funds by what deadline. 🤖
The trial involved 10 members of Australia's National Disability Insurance Scheme (NDIS), and helped to reduce administration costs and remove paperwork. CSIRO and CommBank claim that if implemented at a full scale across Australia, it could help save “hundreds of millions of dollars annually” as users can potentially save 1–15 hours per week and 0.3-0.8% of annual revenue.
An assessment 📝
Japanese IT giant GMO's latest financial report revealed a loss of $5.62 million for its cryptocurrency mining business in Q3 of 2018, a figure considerably worse than its Q2 loss of $3.21 million. GMO attributed it to a “worsening” external environment and rising depreciation costs. 😟
However, the firm saw an increase in mining revenue in Q3, bringing in $10.78 million as compared to Q2's $10.26 million. In total, they mined 1,590 BTC and 25 BCH. The company’s exchange business also did well in Q3, netting $6.5 million profits, a 34.4% increase from Q2. 💰
Overall, the crypto segment saw an increase in Q3 revenue, despite declining profits from Q2. Net sales was $22.80 million, while overall profits declined to $912,840. GMO said that its cryptocurrency mining loss was offset by the profits from its cryptocurrency exchange business. 😅
Joining forces 👫
Shell and BP, and other companies such as Statoil, Gunvor, Koch Supply & Trading, Mercuria, ABN Amro, ING and Societe Generale are launching a blockchain platformby the end of Nov 2018 that willautomate post-trade processes in the energy industry. 🤯
This consortium, named VAKT Global, aims to use the “secure, real-time blockchain-based platform to manage physical energy transactions,” so as to help oil companies replace paper-based documentation with smart contracts so as to cut costs, reduce human error and more efficiently manage post-trade processes. ⚡
VAKT Global will be managed and operated as an independent entity, and expects its first licensees to get on boarded by Jan as they can save approximately 40% in post-trade resolution. 😄
Other news 📰
The court of Canada is seizing control of $19.6 million worth of funds claimed by crypto exchange QuadrigaCX due to a dispute over the funds' provenance. 💸
In this year's Forbes 30-Under-30 list, 4 founders and CEOs aged between 25 and 28 were featured for their work in crypto finance, blockchain scaling and crypto asset management. They are Olaoluwa Osuntokun (25), Nader Al-Naji (26), JB Rubinovitz (26) and Hunter Horsley (28). 😎
The U.S. Patent and Trademark Office has awarded the Bank of America a new patent. 🏆 It describes how enterprise-level institutions may want to store cryptocurrencies for customers should they see wider adoption.
Poll of the Day
How much do you agree with this statement: "Familiarity breeds contempt." 💭
And...do you prefer meeting new friends or sticking with your existing circle?Why? Share with me in the polls! 😆
What you said
How much do you agree with this statement: "I would prefer to lead sedentary lifestyle"
The average vote was 4.8. There seems to be a slight preference for an active lifestyle over a sedentary one! 👣
"Why or why not?"
You guys said:
I like to change it up different scenes different thoughts #nomadlife I believe the Asians call it feng shui - I believe you're talking about balance here! If so, I totally agree. 😊
Being relaxed is important, but challenging your mind and body is essential for a quality older life experience. (Health) - This is true. Our mind and body needs to be challenged in order to be remain healthy and sharp. 🧠
I prefer a balanced lifestyle. Little to no physical exercise cannot be good for you. - It's all about that balance. ☯️
I would prefer to, but its not good.. its not necessary to be hyper active.. but somewhat active is always good.. i am mending ways.. - It sounds like you are trying to find your middle ground. Good on you! 👍
"Do you currently lead a sedentary lifestyle?"
40% voted "Yes."
60% voted "No."
The majority of y'all seems to lead an active lifestyle. That's great! If you do lead a sedentary one, do try and get up off your chair once in awhile and move around a little to improve blood circulation. Personally, every time I do that I am able to be more productive. 💪
"By 2025, which country do you think will be the blockchain capital of the world? Why?"
You guys said:
Malta. - They are extremely receptive, but I wonder if they have sufficient infrastructure in place to handle a global audience. 🤔
Tonga, 2025 is far away who knows. - True that 2025 is far away, but there's no harm in guessing! I'm going with Singapore! 😜
Japan they really seemed to have embraced Blockchain technology and seem to adapt a lot quicker than the West - Possible. Japan has always been very receptive, even in regards to their crypto exchanges despite the hacks. 😎
Tough. Dubai springs to mind, but I would go with Slovenia because of its tech track record - Hmm, I will be sure to keep an eye on both! 👀
INDIA - large & young population, growing economy, huge software talent, good number of areas where adoption is possible, vibrant democracy... etc... - The Indian government seems to be especially harsh on its crypto community. Although I think that India has all those good points you mentioned, its government needs to get behind it in order for the space to truly blossom. 🌼
Thank you all for reading thus far! Catch you back here again tomorrow! 💙
See you tomorrow! 😍 our newsletter? Share with a friend! 😡 our newsletter? Spam your enemy!