“Wisdom consists of the anticipation of consequences."
- Norman Cousins
Welcome back, CMC crew! During this week, we are gonna be seeing the end of April, and that means that we will be 33.3% done with the year in 2 days! Dang, time sure flies. 😱
Today in history (2018), animated series "The Simpsons" surpassed "Gunsmoke"'s 635-episode count to have highest episode count of any series on TV. 👍
In today's newsletter, we will be covering 100 million stablecoin Paxos (PAX) tokens to be issued on the Ontology (ONT) blockchain), crypto exchange Bitfinex responding to the NYAG's insolvency allegations via an official email and Ethereum developers recently receiving funding to third-party audit the ProgPoW code.
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! 📚
Of importance 🛎️
Over the weekend, total market capitalization experienced an early Friday morning dip from ~$179 billion to ~$169 billion, and spent the remainder of the weekend in that region (bouncing within ~$168.5 billion and ~$173 billion). BTC dominance has staying within the ~54,5% this month, the highest compared to other months, signifying the market's preference for more stable crypto assets.
BTC is currently trading at ~$5,300, following a weekend bouncing within a range of ~$5,210 and ~$5,370. On the weekly chart, BTC managed to close above the 200-day EMA line. It has yet to see 2 successive closes above this since mid Jan 2018. As such, this will prove to be quite an important week for BTC from a price action perspective. 👀
Opening up markets 👐
Stablecoin issuer Paxos (PAX) has partnered with Ontology (ONT) and will issue up to 100 million PAX tokens, each pegged 1:1 to the U.S. dollar, on the ONT blockchain starting next month. 👐
This move will enable make it easier for ONT tokens users to transact in fiat-pegged tokens. The new version of PAX would have the same ticker symbol, but will follow the Ontology blockchain’s OEP-4 token standard. 👍
According to Ontology co-founder, Andy Ji, the launch of stablecoin PAX on the Ontology blockchain "will greatly accelerate real business applications on Ontology, create more success stories of traditional businesses shifting to distributed businesses, and provide enterprise partners and institutional investors with a regulated, reliable, and safe gateway to the world of digital assets.” 😄
In response 🤨
Crypto exchange Bitfinex has responded to the recent insolvency allegations by the New York Attorney General (NYAG), in that they are “filled with inaccuracies and false assertions.”
According to an official email received by Bitfinex users, Bitfinex CEO Jean Louis van der Velde explained that the materials brought against the exchange do not constitute a civil or criminal complaint and declare, and said that "we [they] want to assure you [users] that the allegation that we [they] have ‘lost’ $850 million is categorically false.”
The letter went on to explain that those funds were safeguarded in several jurisdictions, including Poland, Portugal, the United Kingdom and the United States, and that they are actively working to cause those funds to be released and "vigorously challenge the false assertions made by the New York Attorney General’s office in their filing.” 🤔
Funding acquired 💰
According to Ethereum developers, funding (~$50,000) has recently been sufficiently obtained to audit the code change known as "Progressive Proof-of-Work" or "ProgPoW." Developers have been, since February, been gathering funds for a third-party audit of the ProgPow code. 💰
According to Ethereum Foundation community relations manager, Hudson Jameson, the audit is to examine “the expected effect of ProgPoW on the security of Ethereum,” as well as on Ethereum’s mining landscape as a whole. The third-party auditor is Berlin-based computer security firm, Least Authority, the same company that was hired for 3 separate security audit reports for Zcash (ZEC) last year.
The proposed code will make it more difficult for specialized hardware, as such ASIC machines, to mine on Ethereum, and create more equal competition between them and normal GPUs for mining rewards on the network. ⚖️
A public blockchain. It is one where anyone can be a node and join the network, and read the chain. It is also open to the public to make changes (as long as they follow the rules). In other words, public blockchains are decentralized by nature.
Other news 📰
The former chief technology officer at MakerDAO, Andy Milenius, recently published an open letter expressing his concerns over the project’s internal conflicts. ✉️
The recently acquired equity fundraising platform by Circle, SeedInvest, has been granted an alternative trading system (ATS) license by FINRA. 👍 It can now facilitate the secondary trading of private equities, although these equities cannot be tokenized.
San Francisco-based startup Dharma Labs has facilitated more than $6.4 million worth for crypto loans since its peer-to-peer lending platform launched on 8 April. 🤯
Crypto calendar 📅
16 May - U.S. SEC's decision on the NYSE Arca and Bitwise Asset Management's Bitcoin ETF application
21 May - U.S. SEC's initial decision on the VanEck, SolidX and the Cboe BZX Exchange Bitcoin ETF application
"How much do you agree with this statement: "I've always had my reservations about the Bitfinex/ Tether relationship.""
The average vote was a 8.2. Same here!Too many sus points. The lack of transparency, the weird Bitfinex Tether affiliation and the uncanny BTC price pumps after USDT creation. 😂
"Why do you say so?"
I opened an account at Bitfinex in 2017 & only used it a few times as it seemed like a "shady" exchange compared to Binance, Bittrex or Kucoin. - Hahaha that could simply be the interface! The 3 exchanges you mentioned do have cleaner, simpler interfaces. 😬
Crypto projects came out of open source culture. Tether came out of speculative trade culture. Nuff said. - Stablecoins can open up markets though. But those that control its production have to be held accountable and there must be third-party oversight. 👀
I've had the feeling they could be scamming ever since Tether ducked and dodged the audit. - Yeah, they did not handle that well at all. 🤦♂️
Once I started hearing about their shady business practices from the Twitter account "Bitfinexed", I did my own research and vowed to stay far away from Bitfinex and Tether. - I've always felt it was a ticking time bomb. The problem is that it's fall could create some very nasty ripply effects that would reverberate throughout the entire crypto ecosystem, because of how big they've both become. 😔
Interesting things happening, other countries rules I have no idea about, very surprising they are still as big as they are after all the bad news, months ago, and all the other stable coins that have popped up - It's great that new, more transparent stablecoins have popped up in recent months. Should Tether ever fall, the adverse effects should be cushioned because of this. 🙏
It's hard to trust anyone with that much control over so much...but I honestly didn't see it coming. I need to do more research and up the skepticism. - Do read more into it! It's a pretty interesting case. You might lose some faith in the crypto world though. 😓
thief - 🦹
Maybe not so much of that relationship, but definitely suspension of Tether due to their lack of audibility. - Well according to the leaked Paradise Papers, Bitfinex officials were responsible for setting up Tether Holdings Limited in the British Virgin Islands back in 2014. Additionally, the CEO of both Tether and Bitfinex is the same person! (Jan Ludovicus van der Velde). 😲
from previous news casting doubt on tether & bitfinex it always appeared to me all is not holy. i have used tether to hedge before, but will be very cautious in future. - Rightfully so. I believe that where there is smoke, there is fire. 🤔
😄✌- Those emojis say it all. 😂
"What are your plans for the weekend?"
Go visit my mom. - Racking up those filial points! 💪
Door knocking campaign for the Greens, watch Endgame movie with son, attend workshop ‘business for good’. - Exciting stuff! Wish I had half the weekend you had. 😂
Nothing much. Just chillin and watching the NBA playoffs - I think GSW is gonna take it again this year. Cheering for the Rockets though... 🤞
Working on my garden, doing some reading, hanging out with friends, etc. - Sounds like the perfect weekend to me! 😄
Enjoy and usually 🍄&🌴🌳🌲- Hope you had a good trip 🤪
Crypto research and wildcrafting - An uncanny pairing, but I like it. 😄
breakfast and sea - By 'sea', do you mean boating/ yachting? If you do, then I'm hella jelly!
Try to make more money to put into crypto. - Respect! Keep that hustle going its gonna pay off for sure. 💪
Travel to native place - Cool stuff!
we are planning to make pickles, and also dry vegetables. also if time permits we will be making munchies snacks.. - My stomach legit growled after hearing that. 😔
Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙
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