"We humans have lost the wisdom of genuinely resting and relaxing. We worry too much. We don't allow our bodies to heal, and we don't allow our minds and hearts to heal."
- Thich Nhat Hanh
End of ze week y'all! Another week down! Or as renowned DJ Khaled so famously likes to say, "And... another one". ☝️
Today in history (2018),Facebook (Nasdaq: FB) had the single worst day of any public company on the stock market when it dropped 19%, equivalent to $119 billion in market value. That's like 45% of current crypto sphere market capitalization! 🤯
In today's newsletter, we will be covering a U.S. democratic presidential candidate recently launching a crypto-friendly political action committee, The Croatian Post partnering with Electrocoin to run a pilot crypto-to-fiat exchange in Zadarand the U.S. SEC permitting the issuance of a crypto gaming startup's tokens and deeming them to non-securities.
Today, we will also be covering Monero (XMR) for our weekly deep dive! Also today in our 'Blockchain term of the day' section, we have another well put together infographic done by cryptocurrency index building and trading automation software, Panda Analytics! So don't forget to check that out below too!
Please do not forget to answer the polls down below too! It's a great way to interact with you and hear what you have to say. 💭 Happy reading! 📚
Boring week 😴
Over the last 24 hours, total market capitalization dipped slightly from ~$279 billion to ~$271 billion, with most coins seeing losses in the ~1-5% range. 24-hour volume has been relatively low this week compared to the past few weeks, with current volumes averaging ~$50 billion.
BTC is currently trading at ~$9,810, down ~2.8% over yesterday. On the daily chart, RSI level is at ~43, indicative of the current market indecisiveness. There seems to be more consolidation going on at these levels. 🤜🤛
U.S. democratic presidential candidate Andrew Yang recently launched a crypto-friendly political action committee (PAC) called the Humanity Forward Fund (Humanity FWD). The PAC's payment processor, OpenNode, allows the fund to accept Bitcoin (BTC) payments from lightning wallets. 😊
According to OpenNode CEO, Afnan Rahman, the PAC "wants to receive donations as large as possible" but "individuals who want to donate just a bit to Yang’s platform now have that opportunity". It will accept BTC donations for the first 21 days, and will open it up to fiat donations after. 👍
According to OpenNode founder, Seth Cohen, it hasn't been decided upon whether "the PAC will hold bitcoin or immediately convert to fiat", and stated that there are challenges with managing BTC donations because “potentially earning or losing money creates additional regulatory requirements”.
Yang has come out as the most pro-crypto candidate and has even listed an official promise on his campaign’s website to “promote legislation that provides clarity” to the cryptocurrency industry. He even spoke at this year's CoinDesk’s Consensus (2019). 💪
Dipping its toes in the water 😊
The Croatian Post has partnered with Electrocoin to run a pilot crypto-to-fiat exchange in the city of Zadar that will enable users to convert Bitcoin (BTC), Ethereum (ETH), Stellar (XLM), XRP (XRP) and EOS (EOS) to cash in one of the Croatian Post’s local offices. 🤝
This exchange pilot is currently available at 3 post offices in Zadar to gauge market interest. The Croatian Post seeks to spread the service to major cities and tourist centers all throughout Croatia.
It is also notable that the Croatian Post’s partner, Electrocoin, has been running it’s Bitcoin brokerage for 5 years and has services that are available throughout the European Union.
New boundaries each day 👣
The U.S. Securities and Exchange Commission (SEC) has recently issued a no-action letter to Pocketful of Quarters (PoQ), a crypto gaming startup looking to issue tokens on the Ethereum (ETH) blockchain. This essentially allows PoQ to issue its tokens without registration, as the tokens have been deemed to be not securities. ✍️
According to the lawyer that PoQ to secure the approval, Lewis Cohen of DLX Law, the notable thing here is that "this is the first ERC-20 public blockchain token [approved for a sale]”. 🎉
However, the SEC has laid out several stipulations for PoQ which include "to market and sell Quarters to gamers solely for consumptive use as a means of accessing and interacting with Participating Games”, and to only allow Quarters holders to transact with PoQ with subject to KYC/AML “Approved Accounts".
Thursday think tank 🧠
Our friends over at Flipside Crypto have produced data revealing the most under- and overvalued coins for the week! 🧐
The scores you see below refer to the ratio of each coin's current FCAS rating to its current market capitalization, both standardized to a 1000-point scale. A score above 1 reflects an undervalued coin, and a score below 1 indicates an overvalued asset!
Hold your horses! Before you go ahead and jump right into investing, always remember to first D.Y.O.R (Do your own research)!
Monero (XMR) is a private, secure, and untraceable cryptocurrency. Users are in complete control of their funds and privacy, and no one else can see anyone else's balances or transactions.
Monero was created in April 2014, specifically to focus on issues like fungibility and decentralization. It was formerly known as BitMonero, a fork from Bytecoin. The person who forked it, a Bitcointalk forum member, "thankful_for_today", subsequently ghosted the project. Thus, a group of its users, led by Johnny Mnemonic took over the project and renamed it "Monero".
Why people love it 😘
True anonymity in transactions. The sending address, receiving address and amount is completely masked in all XMR transactions. It is a true privacy coin.
XMR is designed to be resistant to ASIC mining. As such, an ordinary PC without a GPU or an ASIC is suitable to mine XMR. Reduction of mining costs adds on to the decentralization appeal of the coin.
The block sizes on the XMR blockchain are adaptive based on transaction volume. As it increases, the size of blocks automatically expands to accommodate, thus making scaling easier.
Why people doubt it 🤔
As anonymous transactions may be used for nefarious reasons, it may be hard for XMR to gain institutional support.
XMR has several big privacy coin competitors like DASH, ZEC and BCN, each possessing strong communities and loyal followers.
XMR may currently possess the first mover advantage in the privacy coin space, but if BTC were to add a secondary layer atop its existing blockchain to include privacy features, it could drive down XMR's demand. Additionally, ETH is working on a privacy function, under 'zk-SNARKS'.
Other news 📰
Huawei CEO, Ren Zhengfei, recently said in a press conference, in response to a question from Italian economics journalist Fabio Savelli, that he thinks China can compete with Facebook for market share by issuing its own digital currency, and believes that "the power of a country is always stronger than an Internet company”. 💪
The U.S. Attorney’s Office of the Southern District of New York has charged Jon Barry Thompson, the head of Bitcoin (BTC) escrow company Volatnis Escrow Platform LLC, $7 million for 2 counts each of commodity and wire fraud. 💸
The international auditing firm that attests to Coinbase’s USDC stablecoin, Grant Thornton, recently announced that it has audited more than $10 billion worth of client assets in Q1 2019. 😲
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
Why or why not? What are your plans for the weekend? Share with me in the polls! 😆
What you said
"How much do you agree with this statement: "I believe that there will be a more widely used dApp store than Apple's App store by 2025.""
The average vote was a 6.5.
"Why or why not?"
i think crypto will be widely adopted by dApp as a source of revenue models. also games & video people will earn crypto instead of points which will be actually have value. the segment is waiting to explode. just wait for few to announce & we will see the heard following. - Yeah, and with interoperability and better DEXes, it's gonna be crayyyy. 🤪
Tron prediction 2020 - Lol master marketers. 😂
Evolution !!! - Yea yeah! 👍
I hover on this one .... I think that by 2022, Apple themselves will be in the crypto market - Blockchain phones by Apple would be rad. 🔥
Time alone. There is always market change in 5-1/2 years. - It's a pretty big market share to overcome though. Gonna be interesting to see what happens to Apple once dApps start to get mainstream. 🤔
Apple’s market dominance is slipping as we speak....... - Yeah, but they have pretty big diehard fans.. aka me lol. Been using their products for the longest time. Personally, I find it hard to switch. 😅
I am dead sure by ,2025 that DAPPs and smart contracts will be massive and an integral part of our lives by 2025. The digital revolution is here now and will explode in the next few years. - Woohoo! I too think the next 5 years are just gonna be revolutionary. 😋
They can't stop us!!! - Unstoppablez. 💪
I’m not sure it will happen quite that soon but it’s coming. - I believe so too.
If you haven't heard about Brave browser, it is time to get on the wagon. - Lol I just love the BAT community. You guys are really passionate. And yes, I am already onboard - been so for quite some time now. 😉
Not even the cryto community use dapps. - Lol, give it some time will ya. Rome wasn't built in a day. 😊
Thank you all for reading! Catch you back here again next week for your daily dose of crypto news! 💙
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