Daily Email Archive

Restrategizing season

Your daily newsletter for November 23, 2018
“Failure is simply the opportunity to begin again, this time more intelligently.”
- Henry Ford
Happy Friday, ladies and gentlemen! I hope everyone had a fantastic Thanksgiving filled with lots of love and good food. 💖 Oh, what do you know.. it's now time for the weekend! What a great week. 😁

Today in history (1992), the world's first Smartphone, IBM's Simon, was introduced at COMDEX in Las Vegas, Nevada. 📱 Many thanks to IBM for starting that ball rolling. 🙏🏻 Hard to imagine a world without smartphones... 🤔

In today's newsletter, we will be covering The IMDA of Singapore's new initiative to develop Singapore's blockchain ecosystem, a new blockchain association launched by the European Commission and SBB completing its identity management blockchain system proof-of-concept. Today, we will also be covering IOTA for our weekly deep dive! So be sure to check that out too!

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! 📚
Slippery slope 🏂🏽
It has been another crushing past 24 hours for the crypto community. 😞 Total market capitalization has steadily dropped a further ~$10.2 billion to ~$138.5 billion, a result from most cryptocurrencies seeing losses in the ~6-12% range. 📉

BTC is down ~6.36% and is currently trading at ~$4,280. This marks the 10th consecutive day BTC has been trading below its 21-day EMA line, an indicator of short term bearish sentiment. 🐻 RSI on the daily chart continues to remain in the 'oversold' region of ~13.9, whereas it remains in the 'moderately oversold' region of ~33 in the weekly chart - there still could very possibly be more juice in this short term bearish train in the weeks to come (weekly MACD seems to point to this too), so brace yourselves as we might be testing the key $4,000 support level shortly. 💺

A holistic approach ☯️
The government of Singapore, through its Infocomm Media Development Authority (IMDA), will be offering financial incentives to grow the country's blockchain ecosystem. 💰

IMDA will be offering seed funding to players in the media and ICT sector, to incentivize them to develop platforms able to link special interest groups in the blockchain space, solution providers as well as other related groups. 👭

IMDA revealed the motivations behind this initiative in a statement, highlighting that blockchain adoption in Singapore has been largely confined to the financial sector, resulting in the industry "showing signs of siloed, specialised blockchain solutions rather than interoperable network blockchains, which would deliver the most benefit to users." 😟

Banding together 👭
The executive body of the EU, the European Commission, is launching a new blockchain association called the EC’s planned International Association for Trusted Blockchain Applications (IATBA) in 2019 and several major banks such as BBVA are already on board. 🤝

IATBA seeks to develop guidelines and protocols for the blockchain industry, and to promote the EU’s blockchain standards internationally. It will have representatives in both public and private sectors that will “garner support from private blockchain and [distributed ledger technology] experts to contribute to outline the EU’s strategy regarding these technologies." 👐

Efficiency, efficiency, efficiency 🗝️
The Swiss Federal Railways (SBB) has completed a 7-month proof-of-concept (PoC) for a blockchain-based identity and credentials management system that aims to improve its current manual, paper-based processes through a digital, audit-proof blockchain solution. 🤖

The robust identity system was developed by blockchain startup Linum Labs using the open-source technology of uPort. Workers could create digital identities through the uPort app on their mobile devices, which could then be used to sign in and out of construction sites where they worked via QR code scanning. 😲

Through the anchoring of the workers' digital identities on the blockchain, the internal manpower database can be more easily audited. 🕹️

Crypto deep dive: IOTA
  • Cryptocurrency: MIOTA 
  • Market Capitalization Rank: 12th ($864 million)
  • Consensus: Tangle (Directed Acyclic Graph)
  • Notable Supporters: Richard Soley (OMG's CEO), Johann Jungwirth (Volkswagen's Chief Digital Officer), Rolf Werner (Fujitsu's Head of Europe)
How it happened ⚙️
  • IOTA was founded in 2015 by David Sonstebo, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov. It held its ICO on November 25, 2015, and was created with a fixed supply of 2,779,530,283 MIOTA coins.
Why people love it 😘
  • Tangle has good scaling potential, as it theoretically scales according to the network size. Network integrity is upheld by everyone, as a small PoW of 2 past transactions is needed to send a transaction. This also makes IOTA energy efficient.
  • The IOTA network has a data marketplace for connected devices to transfer, buy and sell data sets. Data access can now be monetized. It also helps that machine learning and AI are both rapidly growing industries.
  • Existing partnerships with strong brands like Microsoft, Volkswagen, Fujitsu and Samsung.
  • IOTA is theoretically quantum resistant. MIOTA tokens are sent from different addresses, each connected to the seed wallet, for every transaction. This might be increasingly advantageous in the future, when the threat of quantum computing on security becomes more prelevant.
Why people doubt it 🤔
  • There is currently a presence of a 'Coordinator' entity that monitors transactions. It has the authority to stop bad actors. Although it will be removed once the network is ready, this is currently a centralization issue.
  • IOTA does not have smart contract functionality. However, the team is working on bringing this up.
  • Network presently has insufficient nodes and is small, hence only processes about 5 TPS. However, this will scale as the network grows.

Other news 📰
  • A crypto startup in France, Keplerk, has signed a deal with a cash register software provider to help tobacco retailers offer BTC vouchers in denominations from 1 Jan 2019. 💵
  • The Norwegian government has ended a power tax subsidy currently granted to BTC miners. Miners will have to pay normal electricity tax from the New Year. 💸
  • In a recent newsletter released by BitMEX, its CEO revealed that its research has found that the majority of ICOs have sold about 75% of the ETH they have raised. 🤯
Poll of the Day
How much do you agree with this statement: "At this point, I've grown numb to the downswings in crypto." 💭
And...how was your Thanksgiving? And, what are you up to this weekend? Share with me in the polls! 😆
What you said
"On a scale of 1-10 (10 being most likely), how likely do you think the launch of Bakkt will be the catalyst to the next crypto bull run?"

The average vote was 5.2. There is some hesitation here. 🤔 Likewise, I wouldn't think that Bakkt would be the one catalyst to trigger the next bull run. 💭 It may contribute to it, but standalone it is simply not enough. This is still very much a nascent industry, and many of the fundamental kinks need to be improved upon and refined before we can see some true organic growth in the space. 👍 However, entrances from these reputable financial institutions is great because it entails them buying the underlying assets too. I am confident that this space will live up to its potential. All in due time... 😛

"Why do you think so?"

You guys said:

It should but I don't have much confidence in my thinking about crypto these days. - Cheer up. Cycles are a part of any market. There will be good times and bad. Bad times are when you really have the time to re-strategize so as to maximize opportunities in the next bull run! 👍
Confidence, people sitting on the sidelines I’m sure but I just think people have been shaken - Shaken for sure, but also definitely looking to re-enter. 🛒
Intuition - 🔮
Yes & no.. prices should start improving before bakkt.. but is is possible bakkt brings some serious money & bitcoin will again go all time high. next bull run will not have much impact on dapps though.. - I think that it should be introduction of Bakkt first, before prices start improving. 🤔
It has physical delivery of bitcoins - This is gonna be so cool! 😎
Another bubble in a bubble bath. - Hahahaha, I actually think that the introduction of Bakkt is a pretty big deal. It might cause other institutions to follow suit and get their hands wet. 🌊
It's launches the beginning of institutional investment. Once retail investors see institutions investing it will spark confidence again in the market. - We can only hope it does! 🙏🏻

"What do you think will trigger the next crypto bull run?"

You guys said:

Action not talk from recognized major investment firms. - They are moving! 🚶
Time - It'll all come, all in due time... ⏲️
Fomo - Can't argue with this! 😹
A little improvement in market sentiment.. & when the scam icos of last year erode their value.. people will identify good products & their price will increase. - Very possibly so! The average investor is certainly getting more intelligent. 🤓
Stable coins and low interest - I like the idea of more stable coins being introduced to the market. They help bridge the gap between the traditional finance world and the crypto space. 👍
Lots of time..lots! - Hopefully, it will all be worth the wait. 🤞
Bakkt, SBI, wall Street the big money is coming soon. - Patiently waiting... ⌛Although, I believe that people are expecting that once these bigger players enter the fray, that prices will automatically prop up. I think what they will bring to the table, will instead be liquidity. With higher liquidity levels, more investors would then be attracted to the space. With more entrants, the space can gradually mature. 👍
SEC approved ETF - It will come! 🤭
:/ - 😊
"What are you thankful for this Thanksgiving?"

You guys said:

I'm an old guy. Just thankful I made it this far. - Old is gold. I'm sure you've still got many good years ahead of you! 💪
Healthy happy family - All that is needed, really. 💓
For everything in my life. - Blessed! 🙏🏻
Mobile phone and health - Where would we be without our mobile phones? 🤔
Realizing that the World is only a Stage play and not to take it seriously. - I have a friend who lives by that motto. When you really ponder about this, it's scary to think how true that statement actually is. 😨
I'm in the UK so no opinion on this - Come on, I am sure you have something to be thankful for! 🤨
Health - A wise man once told me "Health is Wealth." 😂
:/ - Cheer up! 😄

Thank you all for reading thus far! Catch you back here again on Monday! 💙
See you on Monday!
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Cheers to the weekend! 🍻
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