“Setting goals is the first step into turning the invisible into the visible.”
- Tony Robbins
Happy Tuesday, fellow CMC-ers! Congratulations, you all survived Monday! 👍 It wasn't that bad, right? Small wins, fam...focus on the small wins. 🧐
Today in history (2009), former U.S. President Barack Obama ordered the closing of Guantanamo prison in Cuba, a place where prisoners were detained for years without charge, some subjected to interrogation that human rights groups say amounted to torture. 😲 This has still yet to happen, though the number of people imprisoned there has dropped from 242 to 55 (as of 2017).
In today's newsletter, we will be covering South Korean crypto exchange Coinnest mistakenly airdroping 6 billion Korean won (~$5.3 million) to its customers, SBI Group investing $15 million in slimline hardware wallet manufacturer Tangem and private Swiss Bank Falcon launching a crypto wallet that supports withdrawals to fiat.
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! 📚
Insurmountable odds 🎲
In the last 24 hours, total market capitalization hovered within a tight range of ~$118.8 billion and ~$119.8 billion. At time of writing, total market capitalization currently stands at ~$119.5 billion, a 0% change over yesterday. 😴 Most coins are seeing either gains or losses in the ~0-2% range. Notable movers of the day include Factom (FCT) and Mixin (XIN), both up ~16.9% and ~12.5% respectively.
Also at time of writing, BTC is trading at ~$3,580, down ~0.7% from yesterday. RSI levels on the daily chart did not move from yesterday's ~41.3, indicative of persisting market indecisiveness. Ever since BTC's rejection at the 50-EMA line on 7 Jan, BTC has been facing increasing downward pressure and has been producing lower highs and lower lows. 📉 We could soon see BTC retesting 2018 lows of ~$3,200.
Costly mistake 💸
South Korean crypto exchange Coinnest mistakenly airdropped 6 billion Korean won (~$5.3 million) in Bitcoin and other cryptocurrencies to customers due to a server error. 🤯
Instead of airdropping the intended We Game Tokens (WGT), the exchange made that costly mistake and even sent some customers Korean won. 😂
Coinnest resolved the server issues by 19 Jan, and now plans to roll back transactions to restore its assets. It has also requested for customers to return the funds they received by mistake. Shortly after, about half of the won was returned. Unfortunately, some also immediately sold their mistaken received holdings and caused BTC's price to flash crash to $50. 📉
Investing in the future 💰
Japanese financial services company SBI Group has invested $15 million in Swiss startup Tangem, manufacturer of a slimline hardware wallet for cryptocurrencies.
Designed to be used like a bank card and described to be a “smart banknote for digital assets", Tangem's product allows off-chain physical transactions to be performed (e.g. in-store payments) once cryptos have been loaded onto the device via an near-field communication (NFC)-enabled smartphone. The $15 million injection will help Tangem expand its technology to other areas such as stablecoins, ICOs, tokenized asset offerings, digital identity and more. 💪
According to the president and CEO of SBI Holdings, Yoshitaka Kitao, SBI invested in Tangem because its "highly secure and affordable", and "is an important tool to promote mass adoption of digital assets and blockchain.” SBI also believes that "utilizing Tangem will help stimulate the demand for other blockchain services provided by SBI.” 👌🏻
Nifty upgrade 😀
Switzerland-based Falcon Private Bank has introduced support for direct transfers and storage of select major cryptocurrencies (BTC, BCH, ETH, LTC) through its “segregated Falcon wallets”. Notably, the crypto wallet also facilitates the conversion of crypto into fiat money. 🙌
Falcom claims that its recent move has made blockchain assets “fully bankable,” as these select cryptos are also being included in the bank’s portfolio statements and tax reporting documents.
Falcom also claims that its “proprietary custody solution” can provide the secure storage of digital assets, and has been audited and examined by third-party providers. The bank also states that its crypto service is compliant with local Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations. 🙏🏻
Falcon Private Bank is the bank, authorized by the Swiss Financial Supervisory Authority (FINMA) in July 2017, to manage blockchain-based assets.
A set of international laws enacted to curtail criminal organizations or individuals laundering money through cryptocurrencies into real-world cash.
Other news 📰
Crypto exchange Coinbase has hired a former director at London-based regulatory reporting firm Abide Financial with over 3 decades of experience in compliance and auditing (Grant Thornton, Barclays Capital and Lehman Brothers), Mark Kelly, to be its new U.K. head of compliance. 🤝
In a recent Bloomberg interview, Huw van Steenis, the senior adviser to Bank of England’s (BOE) Governor Mark Carney said that cryptocurrencies "fail the basic tests of financial services". According to him, "They’re not a great unit of exchange. They don’t hold value, and they’re slower." 🤦♂️
According to recent research published by the Bank for International Settlement (BIS), an organization consisting of 60 central banks, Bitcoin’s (BTC) problems, chiefly described as the insufficient incentivization of miners after all 21 million BTC are mined, are only solvable by departing from a proof-of-work (PoW) system.
How much do you agree with this statement: "By 2025, at least one of the major currencies (USD, EUR, GBP, CHF, AUD, CAD, NZD) will be on the blockchain"
The average vote was 6.6.
"Why do you think so?"
With Tether, the USD is already on the blockchain isn't it? - That's not the real USD that's backed by the full faith of the government. Tether (USDT) is simply a stablecoin that pegs its value to the USD. 😊 It's logical, they have to follow the future. - Time will tell... Even if they do, would they make it fully transparent? Hmm.. 🤔 They need to compete, sweden is already doing it - I wonder who's next? 👀
Gov wants to stop shadow transactions - Possibly! Although that could very well open up a can of worms. 🥫 I think blockchain has tremendous benefits. However, only time will tell how far this new technology will go. - My gut says its gonna go far (: Citizens don't trust governments and their bankster masters. - Banks have failed us time and time again. The entire fractional reserve system, coupled with unfavorable investments made have created a house of cards. 🤦♂️ No fiat currency shall ever converted to crypto currency. - Never say never! Venezuela already introduced theirs. Sweden is looking into introducing theirs too! 🙃 Because nothing is impossible with them. - Preach it! 👌🏻 Because of the incipient rise of cryptocurrencies and the growing distrust of treasonous currencies - Seems like we have a believer. 😬 Highly unlikely. Governments won't adopt it that quick - Highly unlikely, but I would not completely rule out the possibility too. Although not the best comparison, but just look how much the internet changed the world in the past 2 decades! 💪 Currency reset is inevitable, digital after for better government tracking 2025 and u are still stuck to old ways - no way, i think much before 2025 the entire banking, payments & allied industry to fully integrate blockchain.. just like they shifted to computers. - If governments were to commit to it, I would agree that it wouldn't take them long to port over. ⚡
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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