“When something is important enough, you do it even if the odds are not in your favor.”
- Elon Musk
Happy Tuesday, one and all! I hope you all managed to avoid the Monday blues. 😊 This fine day also happens to be the late influential musician, Jimi Hendrix's birthday! 🎸 The American rock guitarist, singer and songwriter would have turned 48 today. Today is also the birthday of scientist, educator and TV host, Bill Nye! 🤓 Bill Nye the Science Guy~ 🎵
In today's newsletter, we will be covering Securitize raising ~$12.7 million in a Series A funding round, Ohio becoming the first U.S. state to allow businesses to pay taxes in Bitcoin and Bitmain facing a class action lawsuit for ~$5 million.
Enjoy today's newsletter, and please don't forget to answer the polls down below too! (It's about underdogs today) It's a great way for us to interact with you, and it's always nice hearing your thoughts. 💭 Happy reading! 📚
Against all odds 👊
In the last 24 hours, BTC saw a ~6.81% loss and is currently trading at ~$3,770. For the 14th consecutive day on its daily chart, BTC has been trading below its 21-day EMA line. 😞 Daily RSI continues to remain in the oversold region of ~15, so we might see a quick upward correction in the coming days. 📈 However, RSI on the weekly chart is at ~29, and is at the lowest it has been since early Jan 2015. 😲 In the grander scheme of things, BTC is likely to see suppressed price levels due to strong bearish momentum, and MACD indicators seem to point to this as well. We are currently deep within bear territory. 🐻
Total market capitalization currently stands at ~$123 billion, down ~$6.5 billion as most cryptocurrencies are experiencing losses in the ~5-10% range. 😭
Creating your own 'luck' 💪
The security token startup that aims to digitize traditional securities products on a blockchain, Securitize, has raised nearly ~$12.7 million in a Series A funding round led by Blockchain Capital. 💰 Other investors include Coinbase Ventures, Ripple’s Xpring, OKEx’s OK Blockchain Capital, Global Brain and NXTP. 😲
Securitize plans to use the funding to streamline its investor relations, build up liquidity and compliance efforts, and maintain capital formation. Blockchain Capital's co-founder, Brad Stephens, will also be joining Securitize’s board of directors. 🤝
Securitize CEO, Carlos Domingo, believes that "the tokenisation of legacy securities industry is taking place right now on a global scale", and thus wants to "take advantage of this emerging market opportunity" by growing Securitize's "engineering team and geographic coverage from Latin America to the Asia Pacific Region and other parts of the world." 👍
Pioneering efforts 👑
Ohio has become the first U.S. state to allow companies' taxes to be paid in Bitcoin. Ohio companies can now pay several taxes, such as tobacco sales tax, employee withholding tax and public utilities tax, with BTC. 🙌
Businesses first have to register with the Office of the Ohio Treasurer through an online portal called OhioCrypto.com, including its tax details such as payment amount and tax period. The due amount in BTC can then be paid through one of the “compatible” crypto wallets: Bitcoin Core client, Mycelium, breadwallet, and others that are compatible with the Bitcoin Payment Protocol. 🤖
Tax payments will then be processed by Atlanta-based Bitcoin payments processor BitPay, which will convert BTC to dollars for the Treasurer’s office. 💲
Taking a stand 🕴️
Cryptocurrency mining company, Bitmain, is facing a class action lawsuit for over $5 million. On 19 Nov, lead plaintiff and Los Angeles County resident Gor Gevorkyan filed the case against Bitmain in the federal court of the Northern District of California, alleging that the firm’s devices use customers’ resources to mine cryptos for its own benefit prior to full setup. 😠
According to the filed complaint, more than 100 class members are involved in the action and the aggregated amount under debate “exceeds $5,000,000, exclusive of interest, fees, and costs." 🤑
Gervorkyan purchased his Bitmain ASIC devices in January this year, but faced difficulties configuring and installing the devices. He claims that "the ASIC devices were pre-configured to mine and deliver crypto currency to Bitmain" and in that time "operated at full power mode, consuming a substantial amount of electricity." As a result, Gervorkyan and others are seeking “full restitution of all expenses incurred as a result of Bitmain’s unfair and deceptive practices.” 💸
Other news 📰
Porn startup that boasts 6,136 active users as of October, SpankChain, has paid ~$72,422 in cryptocurrency to 31 webcam models since the site launched in April. 😲
According to the Malaysia's Minister of Finance, Lim Guan Eng, the country’s central bank Bank Negara Malaysia (BNM) has to first be consulted regarding cryptocurrency projects as the final decision to introduce new cryptcurrencies rests with the apex bank. 🤔
The Japanese crypto exchange that suffered a $533 million hack in January, Coincheck, has reinstated services for all listed cryptos on its platform.👍
Poll of the Day
On a scale of 1-10, how likely are you to root for an underdog? (e.g. sports, e-sports, movies etc) 💭
And...do you tend to perform better as an underdog? And, tell me about a time you were an underdog, but somehow managed to overcome the odds. Share with me in the polls! 😆
What you said
"On a scale of 1-10, how well do you think you handle setbacks?"
The average vote was 7.5. There seems to be a relatively high perceived ability, from you readers, in handling setbacks. 👌 It is great to have the confidence that setbacks will not severely faze you.
"What is your favorite way of dealing with setbacks?"
You guys said:
Buy cheaper Bitcoin - Buy da dip! 🤣 Realizing the possibility of extreme swings ..took my investment out 2 months ago. - That's great. You made the right call, but do continue looking for opportunities to buy back in to capitalize on the next bull run. 👌 Finding other options quickly. - Always have a plan B. When this happens, setbacks will faze you less. 💪 Look at broader picture / Recognize how blessed I am / Recognize the 'burden of existence' and that trying o make tings better is the right approach. - By looking at the grand scheme of things, we come to realize that our problems are so minuscule. Knowing that can provide one with some brief comfort and time to re-access the next best course of action. 😄 Stay calm & start the process to put things in order. and once done keep moving.. - Keep calm and carry on... 👌
Step back, reassess, and turn it around. - Keeping a level head is definitely important! 😊
I take the time to prepare myself further to reach the goal by keeping my eye on the prize. - Sounds like you have a laser focus when it comes to achieving your goals. Great! 👍
Sex, drugs and rock and roll. - That's hardcore! 😲 If I didn’t put it into crypto, I’d have blown it somewhere, so it’s more than I would have had. - Hahaha, that's one way to look at it. It will soon be a greater payoff. All in due time. 💰 Remind myself of the reason I got into this, the technology. - If you are a long term investor, always remember the fundamental reasons why you got involved in the first place, especially in tough times. Only when there are changes to those should you make changes to your investment strategy. 🤓
"Tell me about a time when a setback was needed for you to succeed in a goal."
You guys said:
I see a setback as a opportunity - Every setback sets the platform for a great learning opportunity. Not only does it train ones perseverance, it also allows one to train his/ her troubleshooting skills. 💪 Success is rarely a linear movement, rather it's the result of constant striving to improve and be better. - Well said! 🤗 Needed to sell a cottage I did not want to sell - I'm guessing you made a much greater ROI on what you purchased with the money from the cottage sale. 💰 A start-up i did few years ago, it turned a big headache.. - I hope everything turned out for the better. 👍 I am a business owner, every day - That's what will make the journey more fulfilling. The more bitter the setback, the greater the satisfaction from the success. 😊 What? Needed? Never. - All you do is win, huh? 👌
Thank you all for reading thus far! Catch you back here again tomorrow! 💙
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