“A foolish consistency is the hobgoblin of little minds.”
- Ralph Waldo Emerson
We have come to the end of November. It has been a turbulent month for the crypto community, but many argue that the shakeout was necessary. Anyhow, I hope everyone had a great month, and is ready for the next. I'm sure you are all ready and excited for the festive year end! 🎅 I know I am. 😊
Today in history (1998), Exxon and Mobil oil companies agreed to a $73.7 billion merge, creating the world's largest company, Exxon-Mobil. Talk about money moves! 💰
In today's newsletter, we will be covering Fidelity Digital Assets Services looking to expand its trading service offering, ConsenSys Labs leading a $2.1 million seed round for an Ethereum privacy startupand Sirin Labs' unveiling of its blockchain phone's finalized design. We will also be covering VeChain (VET) in our weekly deep dive. 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! 📚
Not this time 😔
Our 2-day green streak has been broken. 😟 The last time the crypto space saw a 3-day streak was back in end October. Man, it sure has been a brutal month.
Total market capitalization currently stands at~$135.8 billion, down ~$2.1 billion in the past 24 hours. There were also sizable fluctuations in the past 24 hours as it was seen fluctuating between ~$135.2 billion to ~$142.6 billion. Most cryptocurrencies are seeing losses in the ~1-5% range.
BTC is currently trading at ~$4,210, down ~2%. It's RSI levels on the daily chart is currently at ~30, up ~1.2 but still within 'oversold' levels. However, MACD indicators on the daily chart are signalling that we are on a likely cusp of a short term bull run in the coming days. Let's all hope for a weekend rally! 🙏🏻
Give the people what they want 🤗
Fidelity Investments is looking to expand its digital crypto asset platform, Fidelity Digital Assets Services, beyond BTC and ETH to also include trading services XRP, XLM, BCH, EOS and LTC. 😀
Tom Jessop, head of Fidelity Digital Asset Services, explained that Fidelity is presently taking a customer-driven approach and as such is looking into the top few coins in terms of market capitalization, due to some expressed demand.
As to whether they will provide support for security tokens, he explains that Fidelity is still waiting for the securities and security tokens space to develop even further before they start looking into those. 👀
Attract and entice 🤑
ConsenSys Labs has led a $2.1 million seed round for an Ethereum privacy startup called AZTEC. The funding round also saw the likes of Entrepreneur First, Samos Investments, Jeffrey Tarrant of Mov37 and Charlie Songhurst investing. 💰
AZTEC was created by the mathematician Tom Pocock and nuclear physicist Zachary Williamson, and seeks to make transactions private, through the use of zero-knowledge proofs (aka zk-SNARKs), such that financial institutions can comfortably use the Ethereum blockchain. 👍
According to Pocock, AZTEC is different from other privacy projects because it’s specifically working on the Ethereum mainnet (i.e. not a test environment or private chain). It will also be “significantly more efficient in terms of gas costs”. 🤖
The next step 👣
Sirin Labs, creator of the Blockchain phone "Finney", has unveiled its final design for at an event today in Barcelona, and claims it will advance the user experience of decentralized apps with the new hardware. 📱
As the phone is designed to carry around cryptocurrency, Sirin's chief marketing officer Nimrod May went to great lengths to emphasize the team’s wealth of experience in cybersecurity and its use of artificial intelligence for intrusion detection. He also added that the phone's operating system, SirinOS, is a modified version of the Android's, and was designed with blockchain functionality in mind. 🤖
The $999 phones are expected to start shipping by late December, and can be pre-ordered now for holders of the Sirin (SRN) token.
Crypto deep dive: VeChain
Market Capitalization Rank: 22nd ($285 million)
Consensus: Proof of Authority (PoA) - the 101 PoA masternodes must disclose their identities such that they are held accountable and incentivized to work in the best interest of the network.
VeChain was originally a supply chain management focused blockchain platform. It has since rebranded into an enterprise-focused dApp platform for products, services and data.
It seeks to connect blockchain technology to the real world through advanced IoT integration and real world applications.
Why people love it 😘
VeChain already has several working dApps on its permissioned blockchain, illustrating adoption potential.
VeChain has secured several partnerships with established brands such as PwC, BMW, Renault and DNV GL, which can result in a desirable snowball effect as they might be exposed to the networks of these big brands.
The VeChain team is extensive and well equipped. They have a good combination of multinational corporation and crypto expertise.
Why people doubt it 🤔
VeChain architecture is not entirely decentralized. They adopt a semi-centralized "balanced approach." This might not enable them to garner the support of decentralization maximalists.
Some argue that VeChain has too ambitious a plan for growth. The lack of specific industry focus may come back to bite them as they already face strong competition in both the supply-chain and enterprise dApp space.
Current VeChain team may be too big. Some who visited its Shanghai office said that they have over 80+ employees in that location alone. This rapid expansion could lead to some manpower inefficiencies.
Other news 📰
Crypto exchange Coinbase Pro adds privacy coin Zcash (ZEC) to its listings. 🙌
The U.S. Securities and Exchange Commission (SEC) has fined boxer Floyd Mayweather $614,775 and music producer DJ Khaled $152,725 for promoting ICOs without public disclosure. 💸
A blockchain platform that seeks to bring new efficiencies to energy commodities trading that is built by Vakt Global, a consortium venture set up by major firms including Shell and BP, has just been launched. 🍻
Poll of the Day
How much do you agree with this statement: "We humans are creatures of habit" 💭
And...do you consider 'being consistent' as one of your strengths? What do you have planned for this weekend? Share with me in the polls! 😆
What you said
"On a scale of 1-10, how likely will we see a crypto rally by the end of 2018?"
The average vote was 6.5. I'm on the fence with this as the odds are against this. The ball is still well within the bears' court. 🐻
"Why or why not?"
You guys said:
The whales are coming out from under the covers and showing they are investing. Btc is real!! - BTC is undoubtedly legit. But as to whether there will be an end year rally, let's hope so! 🙏🏻 There's a small chance of a bounce, but the real turnaround will take a couple of months, at least. - I agree with this. The last few weeks have weeded out a great deal of speculators. Now the crypto space can start afresh and start building again. 👍 The bears can't win all the time. - Can't argue with this. Although, the question is when is it the bull's turn to win? However, let's not forget that there is also a thing called "the gambler's fallacy." 🎲 Still awaiting SEC to decide if they are going to try to control cryptos like securities. - They will definitely have their hand in it somehow, which does not necessarily mean a bad thing. The enacting of a legislative framework can give investors the confidence they need to enter, as they then can be assured that it is an adequately regulated space. 👌 Bears are still feeding - There is still strong downward momentum in the mid term outlook. 😟 People start thinking of an alternative to BTC in crypto. You buy other crypto without buying BTC, and some have unlimited resources. - I believe that in a few years, BTC dominance will drop significantly and there may be a far less price action correlation between BTC and the altcoins. 👀 50-50... we might go up a bit but not as we saw them in 2017. Reason is sentiment. Will surely come around again when more positive news (development milestones and adoption) hit the cryptomarkets - I agree, in fact I would rather we not see a parabolic growth run similar to the one we saw end 2017 for the end of this year, as the growth would not be organic and unsustainable. Major positve news from usa fed - General news sentiment has indeed been more positive as of late. 😊 We have seen the bottom of the market and now it is time to get on and enjoy the ride up! Hold on to your hats!!! - Hopefully, BTC has found its bottom. 🙏🏻 We have bottomed! - We can only hope so! I personally think that there is still some juice left on the bear train. 😞 The value of crypto currencies are fraudulently posted on virtually all crypto exchanges. Why do i say that? The exchanges are basically in the hands of corrupt governments and their "agencies". I do not believe there will be any true market discovery on any crypto until the governments, banks, and their affiliated "agencies" can't manipulate the markets in their own interests. - The same can be said for traditional financial markets? 😂 Based on instinct.. i see positives in coming month for good projects.. - There certainly has been some interesting developments as of late. I think 2019 is gonna be a great year for the crypto space! 😀 Rush rally for 2019 Prospects - Hahaha, we can only hope!
"Do you think that daily over-the-counter (OTC) trading volume is greater than the daily trading volume reflected on CoinMarketCap?"
52.4% voted "Yes."
47.6% voted "No."
Several studies have shown that the OTC markets have a much greater daily trading volume. For example, earlier in July international research company TABB Group revealed in a report that the OTC crypto markets exceed exchange volumes by 2-3x. 😲
Thank you all for reading thus far! Catch you back here again on Monday! 💙
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