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You’re a product of your systems

Your daily newsletter for January 2, 2019
“Quality is not an act, it is a habit.
- Aristotle
Happy Tuesday! After the extended break I'm sure you're all motivated, raring to go, and eager to get back on that grind. Let's get it! 💪

And...we are bringing about some changes to the newsletter, as per some popular suggestions/ requests from you guys. We want to let you know that we have heard your voice, and are introducing a blockchain term of the day section to help newbies ease into the space, as well as a crypto calendar to remind you all of significant events in the near future! We got you, fam! 😎

Today in history (1981), British police arrested Peter Sutcliffe, also known as the "Yorkshire Ripper". He was convicted of murdering 13 women and attempting to murder 7 others, carrying out this savagery over the span of 5 years (1975–1980). He claimed that is was the voice of God had sent him on a mission to do so. Dafuq? 🤷🤦‍♂️

In today's newsletter, we will be covering the Reserve Bank of India (RBI) holding off its plans to release a digital currency, a recent WSJ article on how the majority of current digital currencies are still only largely usable only by developers and Stellar (XLM) co founder Jed McCaleb's phone conversation with Yahoo! Finance on his insights on the current crypto landscape.

Please don't forget to answer the polls down below too! It's a great way for us to interact with you all and hear what you have to say. 💭 Happy reading! 📚

And we are 1/1 for 2019! Over the past 24 hours, total market capitalization rose from ~$125.8 billion to ~$129.8 billion, with most coins seeing gains in the ~2-6% range. Overall volume has been tapering off from the relatively action-packed month of December. 

BTC experienced a midday spike from ~$3,710 to ~$3,840 where it continued to remain for the rest of the day. It is trading above its 21-day EMA line on the daily chart, but RSI levels continue to remain in the ~50 range. BTC continues to consolidate at this level due to current overall market indecisiveness. 🤜🤛

Murky waters 🌊
According to Indian business news outlet the Hindu Business Line, the Reserve Bank of India (RBI) is holding off its plans to release a digital currency. 😔

The central bank of India originally announced its intentions to consider a central bank digital currency (CBDC) in April 2018 and even established an interdepartmental group to look into potential advantages and feasibility. However, it is reported that RBI has had a change of heart as the government "thinks it is too early to even think about a digital currency" as more understanding of the crypto economy needs to first be achieved. 🧐

This comes after comments made last week by the Minister of State in the Ministry of Finance and Ministry of Shipping, Pon Radhakrishnan, that "in absence of a globally acceptable solution” it is unlikely for lawmakers to issue formal statues in the short term. 

(Un)ease of use 😕
According to a recent article by the Wall Street Journal, Bitcoin and the vast majority of digital currencies out in the market today are still only "largely usable only by developers.” 🤔

The article talks about how actual crypto development in 2017 “took a back seat to getting rich” and how 2018 was "whether Bitcoin could live up to the hype of 2017’s manic rally,” to which we came to discover it didn't by the end of 2018. 😟 

It also delves into a huge pain point of how developing apps for the Ethereum (ETH) platform is much less intuitive than for other non-blockchain platforms, and how there are no developer kits currently available to build an app for iOS or Android, and so “building a similar app for the Ethereum platform involves developing an entire suite of tools to connect the app to the platform itself.”

That being said, the article admits that we could see new new institutional investors entering the space when Bakkt launches. 👍
Penny for your thoughts 💰
According to a phone conversation with Yahoo! Finance, co founder of Bitcoin exchange Mt. Gox, Ripple (XRP) and Stellar (XLM), Jed McCaleb, shared some of his insights on the space. 💭

He believes that eventually "most financial institutions are not going to use Bitcoin" but public chains will still be required for trust reasons. He also shared even though the crypto market saw some turbulence in 2018, that in his view its still "way way up" in the grand scheme of things. 

When asked what his takeaways were from the crypto space “beyond the price”, he said that the "allocation of capital and resources is wild to watch" as many projects with "zero technical merit" are able to receive millions from the public and fortunately, the calming down of markets in 2018 saw less of it. He then went on to brand 90% of the projects out there as "bullshit", citing Tron as an example as he believes it just doesn't technically work. 😲

Blockchain term of the day 🤓 - Proof of Stake (PoS)

A type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. In PoS-based cryptocurrencies, a user can mine or validate block transactions according to how many coins (of the network) he or she holds. The more coins owned by a miner, the more mining power he or she has!

Other news 📰
  • The in-game merchandise store of online game Fortnite now accepts Monero (XMR) as a form of payment. 😊
  • The founder of dark web marketplace Silk Road, Ross Ulbricht, has written Bitcoin Cash proponent, Roger Ver, seeking his help in getting clemency for the double life sentence he is currently serving at the United States Penitentiary Florence High in Colorado. 🙏🏻
  • The government of the Republic of Abkhazia has cut power to 15 cryptocurrency mining farms due to electricity concerns. 👀
Crypto calendar 📅

Early Jan - ICE's Bakkt Bitcoin Daily Futures Contract updated launch timeline
27 Feb     - SEC's ruling on VanEck Bitcoin ETF application

Poll of the Day
On a scale of 1-10 (10 being most confident), how confident are you that 2019 will bring about regulatory clarity for the overall crypto space? 💭
Why do you think so? Share with me in the polls! 😆
What you said
"On a scale of 1-10 (10 being most confident), how confident are you that 2019 will be a great year for crypto?" 💭

The average vote was 7.9. Not too shabby indeed. Personally, I think 2019 will bring about more regulatory clarity, fiat-crypto ramps and institutional presence. 👌🏻

"Do you think 2019 will be a better year for crypto compared to 2018?"

95.9% voted "Yes".
4.1% voted "No".

Really digging the optimism, fam! In 2018 we saw some significant developments on the infrastructure front for crypto (e.g. more stablecoins, decentralized exchanges and fiat-crypto ramps), and so I too believe that we are gonna see the space take off this year! 🚀

"Why do you think so?"

You guys said:

World will continue to embrace the technology behind the cryptocurrencys. - Market sentiment is isn't too good at this point, but I think it will change this year. 👍
The space is maturing and finding it's place. - This will facilitate better price discovery too. 👌🏻
Better defined regulations - Really hoping to see more regulatory clarity this year. With that, institutions will have more guidance on how to navigate the space, and those on the fence on entering might be pushed to enter. 👐
Awareness increasing and investment banking inroads. - We are gaining traction. 🏃
Was bear now bull - We are very much still in a bear market! 🐻
People are getting interested - More on boarding ramps too to facilitate them entering the space. 
The population that has heard about Cryptocosm has grown big as there was a lot talked about crypto on various media ...this will stimulate the desire for many to try out cryptocurrency and the fact that Bitcoin showed resistance at 3000$ and never tested 2000$ and below as most thought ...that was great and it will encourage many to invest in cryptocosm,it's a sign that crypto is here to stay!! - We shouldn't rule out the possibility that BTC won't breakdown the $3,000 level. There is still significant bearish pressure currently, and the bears have the overwhelming advantage at this point. 😔
One reason is that last year around this time a lot of cryptocurrencies rised substantially in price. Also, a lot has been going on in 2018 (partnerships, upgrades etc.) and maybe we'll see the fruit of it all in 2019. - There certainly has been much progress made in 2018, despite the unfavorable price action. Let's hope 2019 will bear the fruits of 2018! 🤞
Once the Bear is out of the picture the New Year Bull will be BIG! - Let's hope so! 🙏🏻
Future ... always expected to be better! - True. We humans are generally optimistic by nature. 😊
How much worse could it get? - Believe me, it can get much worse. 😂
Wild swings are over since the markets stabilize with time. Also major cryptocurrencies survived and are still thriving. So consumers will have more confidence - This space still has a long way to go to become a mature market and achieve some level of price stability. 
Better or worse depends on the individual investor, to whom I deem the question is put. The market representative BTC may move up to eg $100,000 but end the year at $2000 (obviously not likely), in which case 2019 deserves a 10, although the so called hodler would disagree. Generally I believe the market can expect mainly positive moves (Bakkt, ETFs, etc.); can you say 10? - I am fairly optimistic of 2019. More institutions are getting their hands wet, which will attract more liquidity into the space and thus more traditional investors. It'll have a snowball effect. 🔮
Hype will build up regarding 2020 bitcoin block halving rewards - This has historically proven to be true with the price in happening about a year before, especially prior to 2016's halving. Although I believe it will have a positive effect on the price of BTC, I doubt it would be anything substantial. 🤔
Technology will still advance and adoption will continue - Optimistic on this too! 😀
It proves in 2018 that there are enough people that believe in crypto no matter what happens or how bad things are going - The revolution has only just begun. 😉
Hard to see how it can't be better? Perhaps 2019 will just be 'less bad' than 2018. - 2018 sure was brutal, but I think there is still room for downward price movement. 🙃
2018 was depressing! - A very painful crypto winter indeed. 😔
2019 we are looking at some solid blockchains which will solve scalability like ZILLIQA & THUNDER. Also ETH fork in Jan mid & lot of other good projects coming up. Hopefully we will see likes of Google, Amazon, Microsoft come up with their own blockchains & related products. - 2019 is gonna be an exciting year. Can't wait to see how this year plays out. 👀
Good progress fundamentals - Agreed. 👍
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
See you again tomorrow!
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