“The key to success is action, and the essential in action is perseverance.”
- Sun Yat-sen
Happy Friday! What a week it has been for the cryptosphere! 🎢 We all definitely needed this weekend to take a breather. 😅 Today happens to be the birthday of the late actor, Burgess Meredith. He was the first man to win the Saturn Award for Best Supporting Actor twice, and also the winner of several Emmys. 😲 Burgess is considered to be one of the most accomplished actors of the 20th century. He would've turned 111 years old today! 😄
In today's newsletter, we will be covering the Bitcoin Cash hard fork, Binance's warning to Iranian users and iFinex's new offshore corporate services provider. We will also be covering Ontology (ONT) for our weekly deep dive! So be sure to check that out.
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! 📚
After the bloodbath 2 days ago, BTC continued to drop ~1.2% to ~$5,580 yesterday. In just 2 days, its RSI dropped from ~47.4 to ~18.9, indicating huge downward momentum. 😞 On the daily chart, BTC is also trading >2 standard deviations below the its 21-day SMA line, indicative of an abnormally large downswing price movement. Right now, after falling through the key $6,000 support lever, the overall outlook for BTC for the near-to-mid term is strongly bearish. 🐻
In the past 24 hours, total market capitalization barely budged and is currently at ~$184.3 billion. Most cryptocurrencies either saw gains or losses in the ~1-5% range. 24-hour volume has fallen from ~$24 billion to ~$19.9 billion, after the huge sell off 2 days ago. 👁️
Parting ways 🛣️
Bitcoin Cash has just activated the code for it’s hard fork - splitting up the hugely contested currency into two blockchains, BCH ABC and BCH SV. It is still unclear which of the two will become the dominant software of the BCH network, or if they will co-exist in the long run. 🤔
Leading bitcoin cash developer group Bitcoin Cash ABC introduced a series of technical upgrades to the network, such as the reordering of transactions to increase block capacity and the introduction of additional code to support greater interoperability between cryptocurrencies.
The other implementation, dubbed Bitcoin “Satoshi’s Vision” or Bitcoin Cash SV, instead rejects these changes to restore retired code from the original bitcoin protocol and increases the block size from 32 MB to 128 MB. With many platforms still monitoring the progress of this development, the future of Bitcoin Cash is still uncertain. 💭
Grey skies 🌫️
As Iran comes under threat from international sanctions, Binance is warning its remaining users in the country to withdraw their money as the exchange seeks to comply with the sanctions. This comes at a time when the Iranian government is reportedly going ahead with plans for a national cryptocurrency, coupled with Iranians' distrust towards crypto exchanges. 👀
As many exchanges have a huge American customer base, they are looking to adapt to U.S regulations, thereby alienating those users holding Iranian passports and whose IP addresses trace back to Iran. 🖊️
This has caused many in the Iranian crypto community to band together to create local businesses and support networks, and establish small mining operations, rather than rely on external platforms. 🤝
iFinex, the parent company of cryptoexchange Bitfinex, has found a new offshore corporate services provider in SHRM Trustees (BVI) Ltd. Previously, IFinex enlisted the care of Estera, which like SHRM, is based in the capital of the British Virgin Islands, Road Town. 😲
Estera has also also served as a director of Tether Holdings Ltd., which is closely tied to Bitfinex, sharing directors and shareholders in common. Tether Holdings is also registered at the same Town Road address as iFinex. 🤨
The move has attracted much skepticism due to the nature of both companies being suspiciously similar in terms of services provided and its links to Bridgewaters, an Isle of Man-based firm that the BBC described as being “involved in major deals involving Russian cash, including the purchase of significant stakes in Facebook.
Crypto deep dive: Ontology
Market Capitalization Rank: 23rd (~$395 billion)
Consensus Algorithm: Verifiable Byzantine Fault Tolerance (VBFT) - A combination of Proof-of-Stake (PoS), Byzantine Fault Tolerance (BFT) and Verifiable Random Function (VRF).
How it happened ⚙️
Ontology was created in 2017 by the Chinese company, Onchain, which is led by NEO founders Da Hongfei and Erik Zhang.
Ontology is part of the NEO ecosystem and is a high-performance public multi-chain designed to be a distributed trust collaboration platform.
Ontology is an ecosystem of various inoperable blockchains due to its architecture, and acts like a bridge to link governments, businesses, and individuals to its main hub, NEO.
Why people love it 😘
The Ontology architecture allows for an easy onboarding process of business of all sizes, even those with no prior knowledge of blockchain technology.
Ontology is backed by a strong leadership and technical team. It's core team has about 67 people, making it one of the largest teams out there. It is also backed by Onchain, which has had much prior success in the blockchain space with NEO.
Ontology has a strategic partnership with NEO, which enables both to share resources.
Why people doubt it 🤔
Ontology is operating in one of the stricter countries with regard to blockchain, China. The lack of regulatory framework might hinder progress and expansion.
There are many other blockchain projects also striving to create private/sidechain/consortium chains for private businesses. Whether companies actually adopt Ontology is the key question.
Some are unsure whether the focus of NEO founders Da Hongfei and Erik Zhang lie in NEO or ONT.
Other news 📰
Crypto exchange Binance will be adding support for stablecoin USD Coin (USDC) by Circle within the next 48 hours. 👍
Malaysian banking group CIMB and Ripple has formed a strategic partnership. It will see CIMB joining Ripple's payment network, RippleNet, to expand CIMB's existing proprietary remittance system, SpeedSend, and to seek quicker cross-border payments. 🤝
In Tokyo Japan, 8 men have been arrested for allegedly running cryptocurrency pyramid scheme that collected approximately $69 million about 6,000 people across Japan. 😲
Poll of the Day
How much do you agree with this statement: "Craig Wright is Satoshi Nakamoto" 💭
And...which Bitcoin Cash fork do you support more? What are your plans for the weekend? Share with me in the polls! 😆
What you said
How much do you agree with this statement: "Fortune favors the bold."
The average vote was 8.7. That number speaks for itself, so dream big and take action! 😊
"Why do you think so?"
You guys said:
No free meals, gotta work put in get back ☯️, have to go through experiences to be a good person on the top. - Preach it, brotha! 🗣️
Sacred money doesn't make money - Gotta take those calculated risks. 🖩
It is obvious that only person who gets action in the first place gets a reward. - Captain obvious ✋
If there's no risk then chances are there is no reward. You'll find the most successful people got started by taking great risk. - Sometimes, you just have to take that first step and trust in the process. 🙏🏻
With risk comes the reward. - Yup! 😊
Do you feel that you should be more bold than you currently are?"
50% voted "Yes."
50% voted "No."
"Why or why not?"
Those who voted "Yes" said:
Because i want to make a fortune. - Be bold! 💪
I like to do a little everyday and I’ve been lazy there is never a good excuse if I’m truly motivated. - I am sure you will find something to channel the bulk of your motivation into! Keep searching for it! 😄
Those who voted "No" said:
I'm already highly diversified in both high and low risk assets. - Sounds like you have a healthy balance. ☯️
Feeling quite fortunate. - Good on you! 😄
People are really worried about the future. - Always take calculated risks! 🤓
Especially not in crypto. I chucked the kitchen sink at it. All my family and friends think i'm crackers. I say go big or go home. - Few years down the road, at least you would not be regretting not ever taking that chance. 👍
"Tell me about a time you were bold and it paid off?"
You guys said:
Every experience pays off in some way ☮️ - No doubt. There is always a lesson to learn in everything you do. 👍
When the lehman shock hit my property deal in 2008, I was still determined to take action on property investment. In 2009, I was able to buy good investment property which paid off greatly to the extent of my current financial status in 2018. - Great on you! You stuck to your gut and took that calculated risk. You definitely deserve to reap the rewards! 💰
Put all of my inheritance into crypto early 2017 took my stake out on Jan 2018 and now i'm playing with house money. - You played it perfectly. Doesn't ever get much better than that. 😄
When i decided to invest in crypto space. - One day we will all look back and be glad we took that giant leap of faith. 😆
Thank you all for reading thus far! Catch you back here again tomorrow! 💙
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