“Faith is taking the first step even when you don't see the whole staircase.”
- Martin Luther King, Jr.
Happy Thursday, ladies and gents! Glad to see you all back here again. The week is almost over, so continue pressing on for the weekend is just around the corner! 💪 Today in history (2006), NASA revealed photographs from the Mars Global Surveyor that suggest the presence of water on the red planet. 💧
In today's newsletter, we will be covering crypto exchange Binance's decentralized exchange demo, 7 EU nations signing a joint declaration to commit to blockchain technology andRepublican Congressman Warren Davidson planning to introduce federal legislation that will regulate ICOs and cryptocurrencies.
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! 📚
A common sight 👀
In the past 24 hours, total market capitalization dropped from ~$126.3 billion to ~$119.2 billion earlier on in the day before swiftly recovering back to ~$123.1 billion for an overall ~$3 billion loss for the day. With that, most cryptocurrencies are seeing ~1-6% losses for the day. Today, we also saw ETH dropping below $100 today to ~$98.3 before quickly recovering to ~$103 where it remains to be trading at.
In similar fashion, BTC saw a drop earlier in the day to ~$3,740 before climbing back up to ~$3,860 for an overall ~0.4% loss for the day. Consolidation at these levels seem to be continuing, although overall downward bearish pressure still remains apparent. 😔
Staying true to the vision 👁️
The world’s largest cryptocurrency exchange Binance has released a demo of its decentralized exchange, "Binance DEX". 👀 The video shows a very similar interface to its existing centralized exchange, with some additional features including an option to generate a 24-word mnemonic seed phrase for users’ private keys, a “balances tab” to inform users of the status of their accounts and a “user icon” in the navigation bar that shows individual wallet addresses. 😍
Binance DEX is built on its own Binance Chain, and is aimed to offer “low latency, high throughput trading, as well as decentralized custody of funds.” Traders will also be able to send and receive Binance’s own BNB tokens and other coins via trading pairs. While BNB coins are currently ERC-20 tokens, it will soon be migrated to Binance Chain upon its mainnet launch. 👍
Banding together 🤝
7 Southern EU Nations - France, Italy, Spain, Malta, Cyprus, Portugal and Spain - have united and signed a joint declaration in Brussels to commit to collaborating on developing blockchain technology in order to become “a leading region in this sector.” ✍️
While the EU has yet moved to regulate blockchain technology across the region, it has launched initiatives to investigate and trial the tech. In late November, the European Commission announced the launch of a new blockchain association with 5 major banks on board, including Spain’s BBVA. That initiative is aimed to develop guidelines and protocols for the blockchain industry, and to promote the EU’s blockchain standards internationally. 👏
Paving the way 🚧
Republican Congressman Warren Davidson, a huge proponent of Bitcoin and blockchain, plans to introduce federal legislation that will regulate initial coin offerings (ICO) and cryptocurrencies. 😊
The bill would create an “asset class” for tokens, which would prevent them from “being classified as securities, but would also allow the federal government to regulate ICOs more effectively.” 👌
In Washington D.C., there have already been activity to promote the mainstream adoption of cryptocurrencies. In September this year, Republican Congressman Tom Emmer introduced 3 bills that will support the development of crypto and blockchain - Blockchain Regulatory Certainty Act, Safe Harbor for Taxpayers with Forked Assets Act and the Resolution Supporting Digital Currencies and Blockchain Technology. 💪
Other news 📰
Abu Dhabi Global Market (ADGM) announced the successful completion of the trial of a blockchain-based know-your-customer (KYC) application. The trial discovered that the KYC process, which is currently “cumbersome, repetitive and cost intensive,” can be “radically simplified” using distributed blockchain tech. 🤖
Massachusetts General Hospital (MGH), a top 5 U.S. hospital, is exploring blockchain in an effort to better store and share patient data. 📝
Crypto exchange Coinbase has added privacy-focused Zcash (ZEC) to its crypto trading service, less than a week after adding it to its professional trading platform. 🎉
Poll of the Day
On a scale of 1-10, how much faith do you have in storing your cryptocurrencies in crypto exchanges? 💭
And...where do you usually store your cryptocurrencies? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "If I didn't discover cryptocurrencies, my life would be much more boring." 💭
The average vote was 8. Glad to hear this space injects some excitement into your lives. 😂 Don't neglect other aspects too though! Balance isn't overrated. ☯️
"Why do you think so?"
You guys said:
I don’t do anything without my wife, or she doesn’t let me do anything without her would be the most accurate statement, but I was able to convince her to let us get in and has been exciting for both of us learning and growing together - Great to see that you guys have embarked on this journey together. It's awesome to have someone to bounce ideas off of, especially when it comes to this space as it can get pretty complex. 👌 I’m retired and holding/trading Cryptos makes it interesting. - Happy to hear you've found something to keep yourself occupied with. Enjoy your well deserved retirement! 😊 I was out of work and my son put me on to the "Singularity University"... I found a renewed interests in economics! Now I am about paradigm solutions to reduce the public debt using cryptocurrencies. - Sounds like you've come a long way in your crypto journey. That is awesome! Hopefully one day we will both get to see our crypto visions come to fruition. 🙏🏻
In January it would have been a Ten - Hahaha, perfectly understandable. It affected us all. 😔 Definitely! Love cryptos... Been following the crypto space for over 3 years now and many brilliant initiatives came up and are still coming up... It is only a matter of time and one (followed by more) will break through; it is a very dynamic space... - It certainly is an exciting space to be a part of, as everything moves so quickly. Like you, I believe that adoption will eventually happen due to the reduced inefficiencies of blockchain technology. As more brand names continue to integrate it into their business solutions, we will see adoption rates escalating. 😁 I've got a number of other things I should be spending my time on! - All about that balance! ☯️ It gives me great hope and inspiration. - Glad to hear that. Let it run its course, I'm confident that it will all pay off in due time. 😉 I learnt a lot of new stuff. - I believe you spoke for a lot of people when you said that. This space has much to offer. For one, it provides insight on the benefits of creating a cashless world. 💲 After i was introduced to Bitcoin a lot has changed how i see things.. not just finance.. i am amazed with the trust that people in this eco system has on each other.. & the willingness to engage with beginners & helping us learn.. its amazing.. - It certainly is. The community is so inviting and always seemingly eager to educate the newbies, as evidenced from forums such as Reddit. 😊
"Do you still find the blockchain space to be exciting?"
94.4% voted "Yes."
5.6% voted "No."
Guess most of us are in the same boat. Having been in the space for some time, watching it grow and continue to grow has been remarkable. It's nice to see people collectively working together, from all corners of the world, towards a common goal. 😊
"Not-related to crypto, but do you have any specific Wednesday routines?"
You guys said:
Usually like to go down to south Beach, chill at the kava bar, walk along the intercostal, sobi, sofi, love it❤️❤️ - Sounds like the perfect way for some midweek unwinding. 🏖️ Now I do! Making positive commentary whenever and wherever allowed to nurture the crypto-beast in us all! ...Yes! I call it "Dreamin' like a Steemian!" - Feed the beast in ya. 🦁 I am always busy. I am now concentrate on Airdrop - Great way to make extra money on the side! 💰 Work, reading, jogging - Productive! 👍 I do giveaways on Wednesday. You should also start the same with your newsletter. - All I can say is... stay tuned 😉
Thank you all for reading thus far! Catch you back here again tomorrow! 💙
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