Day in day out

Your daily newsletter for June 5, 2019

Consistency

"Consistency is the true foundation of trust."

- Roy T. Bennett

It's midweek, ladies and gents. The crypto markets have been slipping as of late, but don't let your work ethic slip! 💪

Today in history (1956), the first independent government of the State of Singapore was sworn in with the late Lee Kuan Yew as Prime Minister. 🇸🇬

In today's newsletter, we will be covering the U.S. SEC suing Kik, blockchain platform NEO implementing a new consensus algorithm iteration and Binance releasing its official Trust Wallet on Binance DEX.

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! 📚

Bearish buildup 🐻

In the last 24 hours, total market capitalization dropped from ~$251.2 billion to ~$249.6 billion, with most coins seeing losses in the ~1-3% losses.

BTC is currently trading at ~$7,820, down ~1.9% over yesterday. It is still trading below its 21-day EMA line, something we have not quite seen since early Feb this year. Longs levels are at the lowest they've been in a month. On the weekly chart, the MACD line has tipped and seems to be headed towards crossing to the underside of the signal line. If that happens, we could see more downward action and possibly BTC trading in a cup and handle formation.

Kik in the face 🦶

The U.S. Securities and Exchange Commission (SEC) is suing Kik for allegedly running an unregistered securities sale during a 2017 initial coin offering (ICO) for its KIN token. 😲

The SEC is saying that Kik violated Section 5 of the Securities Act of 1933, which requires offerings to be registered. According to the SEC, Kik sold "$100 million in securities without registering the offers or sales" and "deprived investors of information to which they were legally entitled, and prevented investors from making informed investment decisions”. 😠

Prior to the ICO, Kik's management predicted internally that it would run out of money in 2017, and losses averaged about $30 million a year resulting from its sole product, an online messaging application. They even failed to get acquired by a larger company, with 7 potential suitors all declining to buy or merge with the company. They then sought to pivot to a new type of business, and financed it through the sale of one trillion digital tokens to the public, and to wealthy purchasers.at a discounted price.

New engine ⚙️

Blockchain platform Neo (NEO) has implemented a new iteration of its consensus algorithm, dubbed the Byzantine Fault Tolerance mechanism (dBFT 2.0), on its mainnet. 😄

dBFT 2.0 provides immediate transaction finality, as it includes a new procedure for reintegrating failed nodes back into the network and adds a “commit phase” of consensus to alleviate forking issues.

dBFT differs from the consensus mechanisms used by other cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) because of this "commit phase", which forces forces node assignment to new blocks. Users will only need to wait for one confirmation (~15 seconds) to ensure the irreversibility of the transactions and prevent double-spending. This is also makes the platform very suitable for financial applications. 👍

dBFT 2.0 is also a key step in creating the next iteration of the Neo blockchain, Neo 3.0.

Keeping funds #safu 🛡️

Crypto exchange Binance has released its official Trust Wallet on its decentralized trading platform Binance DEX. 👐

The integrated Trust Wallet will help support Binance DEX users wishing to maintain custody and full control over their funds, whilst still benefiting from fast trading services.

Trust Wallet will also provide users with access to decentralized applications (DApps) that can be accessed via the wallet’s mobile or desktop version.

Trust Wallet also plans to launch support for layer-2 payment protocols such as Lightning Network, and support for staking services, in the future. 😊

Blockchain term of the day 🤓 - Hidden cap

Hidden cap is an unknown limit to the amount of money a team elects to receive from investors in its Initial Coin Offering (ICO). The purpose of a hidden cap is to even the playing field by letting smaller investors put in money, without the large investors forming an accurate understanding of the total cap and adjusting their investment as a result.

Other news 📰

French retail giant Carrefour has attributed a recent increase in sales to its use of blockchain ledger technology to track meat, milk and fruit from farms to supermarkets. 🎉
Blockchain startup Fluree, a Public Benefit Corporation, received a $4.7 million round of funding from venture capital fund 4490 Ventures to develop and market their decentralized data storage ecosystem. 💰
Crypto exchange OKCoin has expanded its trading services and opened an office in Malta. It serves non-United States customers, who can now deposit and withdraw Euros, and participate in Euro spot trading for cryptocurrencies such as Bitcoin (BTC), Ether (ETH), and Bitcoin cash (BCH). 🎉

Crypto calendar 📅

16 May - U.S. SEC's decision on the NYSE Arca and Bitwise Asset Management's Bitcoin ETF application (decision has been delayed)

19 Aug - U.S. SEC's initial decision on the VanEck, SolidX and the Cboe BZX Exchange Bitcoin ETF application

TBA - ICE's Bakkt Bitcoin Daily Futures Contract updated launch timeline

Catch the CoinMarketCap team at these community events! 🤝

8-11 Jul - RISE Conference 2019 (Hong Kong)
10-11 Jul - Barcelona Trading Conference (Barcelona, Spain)

Poll of the Day

How much do you agree with this statement: "Justin Sun and his 7 companions will be able to convince Warren Buffett about Bitcoin." 💭

Why or why not? Share with me in the polls! 😆

What you said

"How much do you agree with this statement: "If I (like Tron founder Justin Sun) had the money, I too would spend $4.57 million to have lunch with Warren Buffett.""

The average vote was a 5.1. 28.9% of y'all voted a '10'. Danggg, you ballers!

"Why or why not?"

The money is going to charity and a great platform for business negotiations with one of the world richest - how I wish I could be a fly on the wall when it goes down. 🤔

this is business !!! - BIZTALK 🗣️

If U GOT THE BUCKS then U should give much more than 10% to charity. Problem is which charity is legit. Too much fake news - Hmm I don't think there is a need to give a specific percentage. I believe that you could do a lot more by pushing out your own philanthropic initiative. 🤔

Getting to pick the brain of that Genius, coupled with the money going to help thousands of people would be well worth it! - $4.57m though... 😭💸

Why not? I need to spent that well gained money before my life end! - Definitely true, you can't take all that moolah to your grave. Although, I do think there certainly are better ways to spend $4.5m. 🤔

I'd buy btc - Lmaooo 🤑

No way that's crazy. - Insane in the membrane. 🤪

With all due respect, but I would not spend a penny on it. But I must also say that I admire Warren Buffett and his value investing technique. Did you know that when he was a kid he already started a business with paintball machines? He's a crack!! And as he's not stupid, it will end up giving in to the reality of the value of the blockchain - Yeah Buffet is a beast. Im a big fan of his trusty sidekick, Charlie Munger too. He's a man of few words, but he's really insightful. 🧠

Buffet could become a Very powerful ally, or at least a powerful friend. - Could be doing it for the network gains and marketing/ publicity boosts.

Why not - Gotta flex on them haters sometimes. 😛

Heck yes. To get to sit and pick his brain and then enlighten him on crypto for the long term would be a great lunch. The fact that I helped a lot of people by winning this lunch is a huge plus as well. The opportunity to talk and learn first hand from him is priceless. - Imagine if Sun manages to be the one who convinces Buffet. 😂

I would rather try and save the environment lol - Is climate change real though? Hahaha, just kidding. 😂

Justine just wants to show off.. This is probably his way of creating news. I would rather host a crypt summit or use the funds for developing the blockchain project. - While I personally think it's a little steep in price, I think that it's great publicity. Sun is a marketing genius, and I admire him for that. 🙏

Mr Buffett has a team of Specialists and keep up with everything that's going on in the market he like other people of Finance understand that the world is changing around us in that technology is the key to the Future, Either he would join the movement or he will be left behind it's that simple the Chinese love mr. Buffett we will find it interesting to sit back and watch to see what happens in the near future but this could change everything if Warren Buffett understands that the Technologies is here and how it can benefit him and others around him and make serious Returns on their investments which that evidence is very easy to find ! - I hope Sun is bringing with him the brightest minds in the space. 🤓

i don't really know, if i have money from job or retirement i wouldn't spend on lunch.. if i head any company or organisation & think it will benefit the company in long run i would.. - Good way to think about it.

I would spend money to talk to a person like Dalai Lama, an astronaut or a Nasa or Cern scientific - Buffet's pretty interesting too!

i initially thought no way would i waste the money so pressed 2 but then thought about it and wanted to change to 10 because warren buffet is such an influencer in todays commercial world that having an opportunity to sit down with him is a moment that can not be missed.Justin can plant a seed of crypto that can blossom later on. - I sure do hope he does. 🙏 I guess the crypto world is behind him on this one!

Better spent feeding homeless or helping vets - Or more altruistic pursuits.

Absolutely not. There is so much good you could do with that amount of money. What a waste. - Hahaha that's one pricey lunch! I hope they're serving caviar!

I have always found Warren Buffet an interesting character and it for charity, but mostly I love picking people's brains and seeing results because of it. - Yeah, it's the mental gains that'll make it worthwhile. Still, $4.5m is one hugeeeee price tag. 💸

Rather sell my fiat currency for bitcoin - Load up the bags!

Thank you all for reading! Catch you back here again tomorrow for your daily dose of crypto news! 💙