“The mathematics of rhythm are universal. They don't belong to any particular culture.”
- John McLaughlin
Happy Wednesday, ladies and gents! Most of you must still be getting back into the groove of things after the year end festivities, and so I hope everyone is having a fantastic week so far doing so. 😊
Today in history (1986), after a 10 year run, photographic company Kodak left the instant camera business due to a loss in a court battle that claimed that Kodak copied Polaroid patents. 📷 Kodak also appears in the "Other News" section in today's newsletter!
In today's newsletter, we will be covering the Ethereum Foundation awarding a $5 million grant to Parity Technologies, Japan’s Financial Services Agency (FSA) seeking to close a loophole in the country's Financial Instruments and Exchange Act and RippleNet surpassing 200 customers.
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! 📚
New beginnings? 🤔
In the past 24 hours, markets rose earlier in the day to a peak of ~$138.7 billion before slipping back down to ~$136.1 billion where it remained for the rest of the day. Most coins are seeing either gains or losses in the ~1-3% range. Notable movers of the day are Tron (TRX), Neo (NEO) and Chainlink (LINK), each up ~10%, ~12% and ~14.2% respectively.
At time of writing, BTC is currently trading at ~$4,040, up ~0.3% from yesterday. Similar to total market capitalization's movement, it had a slight run up earlier in the day to ~$4,110 and dropped back down to ~$4,020 levels for the rest of the day. BTC has been trading in an inverted head and shoulders pattern since end Nov 2018, and we are now seeing BTC trading inside the right shoulder which appears to soon be coming to an end. We could be seeing a new trading pattern in the coming days. Hopefully, we will be able to see BTC breaking through the ~$3,800 to ~$4,200 consolidation zone it has been trading in. 👀
Committed to grow 🌱
The Ethereum Foundation has just awarded a $5 million grant to Parity Technologies to support the firm’s work towards building Ethereum's next iteration, Ethereum 2.0. 💰
The funding is aimed towards improving Ethereum's “scalability, usability and security”. Particularly, the grant will be used to boost work on the proof-of-stake protocol upgrade "Casper" and to improve on the scaling solution "Sharding", among other improvement initiatives on light clients, developer tools, audits and infrastructure. 👍
The grant will be provided in several phases, as specific milestones are reached, such as the completion of eWasm compatibility work, shipping a light wallet for mainnet and the completion of the first 2 phases of the sharding effort. 📍
Closing loopholes 🕳️
According to Japanese news source Sankei Shimbun, Japan’s financial regulator the Financial Services Agency (FSA), is reportedly seeking to close a loophole in the country's "Financial Instruments and Exchange Act" that permits unregistered investment firms to solicit funds in cryptocurrencies rather than cash. 🤔
The current act prohibits unregistered schemes from collecting investments in fiat currencies, but does not omit cryptocurrencies. The revisions being planned are in response to the recent rise in crypto pyramid schemes in the country. 😠
Back in November, 8 men were arrested, alleged to have run such a scheme that collected 7.8 billion yen (almost $69 million) in crypto from thousands of victims. 💸 They collected most of the payments in Bitcoin, as well as another 500 million yen (about $4.40 million) in cash, under the guise of a bogus investment firm called Sener. Officials believe that if the scam had solicited only cryptocurrency, it’s possible the criminals might still not be caught. 🤯
Joining the movement 👬
Ripple has announced that 13 new financial institutions from Sweden, England and Kuwait have signed up for the RippleNet payment network, bringing its total customer count to over 200. 😲
Of the 13 additions, 5 of them (JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank) will be using Ripple (XRP) for liquidity for cross-border payments.
Ripple's CEO Brad Garlinghouse also noted that RippleNet is now seeing about 2-3 new customers joining each week, and a 350% increase in 2018 in customers sending live payments. RippleNet currently operates in over 40 countries. 🤯
Sharding is a blockchain scaling approach that enables splitting of blockchain states into partitions containing states and transaction history, so that each shard can be processed in parallel.
Think of it like this: We all have a huge research paper to work on, and we will be graded as a collective. If we each were to do individual versions of the research paper, it would take a long time to compare with each others' and compile. Hence, we break up the research paper into smaller equal sections so that the work can be distributed and disseminated, whilst ensuring that everyone does a good job through a "staking" mechanism - whoever messes up their part does not get a grade. That way, we save both time and energy while ensuring quality.
Other news 📰
Crypto exchange ShapeShift has laid off 37 employees, citing a range of difficulties including a tough market climate. 😥
The developer of a blockchain-based image rights platform licensed by photographic company Kodak, KodakONE, has generated more than $1 million in image rights licensing claims during its platform's beta test. 📷
Crypto exchange Gate.io revealed that it will absorb the loss of approximately $200,000 (40,000 ETC) in light of a series of double spend attacks/ deep block reorganizations (reorgs) on the ETC blockchain.
Crypto calendar 📅
Early Jan - ICE's Bakkt Bitcoin Daily Futures Contract updated launch timeline
27 Feb - SEC's ruling on VanEck Bitcoin ETF application
Catch the CoinMarketCap team at these community events! 🤝
Are you a fan of Ethereum (ETH)? Share with me in the polls! 😆
What you said
"On a scale of 1-10 (10 being most confident), how confident are you that at least 1 BTC ETF will be approved by the first half of 2019?" 💭
The average vote was 6.5.
"Why or why not?"
You guys said:
Geese what would cryptospace talk about if it got approved lol😛 - It will likely at the very least, trigger a short term bull run. 🔮 Because a company bought 24 billion dollars in crypto which means that some corporations are getting ready to make a whole lot of money they know something the rest of us do not and I believe is ETF. - Not in the least bit surprised if they do. Politics - Everyone be pushing their personal agendas. 🤦♂️ Just a hunch - Hunches for the most part are pretty accurate. 😀 For the complete 2019 I'd choose 10. - Naturally you'd be more confident about a longer time horizon. EU resistance - With Switzerland already approving one BTC ETF, the EU might actually beat US to the chase. 👀 Mass adoption - It's coming. Yep you heard it here first. 😛 The elite do not want crypto to succeed and threaten the dollar. - I'm pretty sure they already have their bases covered. 😂 This will definitely improve the overall outlook of the crypto market. - Even without, I think that things are already starting to pick up. 👌🏻 Eventually it will be approved, there is a good chance for it in coming months.. - I'm pretty confident too. It's a matter of when not if - Agreed. 👍
"Are you keen on investing in a BTC ETF?"
38.1% said "Yes". 61.9% said "No".
Interesting, many seem to want it to be approved but not many are keen on investing.
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
See you again tomorrow! 😍 our newsletter? Share with a friend! 😡 our newsletter? Spam your enemy!