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Your daily newsletter for 3 September, 2019
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"Success usually comes to those who are too busy to be looking for it."

- Henry David Thoreau

Welcome back, and welcome September! πŸ‘ We're all gonna kill it this month. Let's start off the final third of the year on the right foot! πŸ‘£
 
Today in history (1972), Rod Stewart had his 1st #1 hit, "You Wear it Well". πŸŽΆ
 
In today's newsletter, we will be covering Korean start-up Artbloc to fractionally selling 2 works by artist David Hockney on Ethereum, Billionaire Alan Howard launching a crypto portfolio platform geared towards institutional clients and Electric Coin Company (ECC)'s Q3 2019 financial report
 
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. πŸ’­ Happy reading! πŸ“š

A weekend rise πŸ“ˆ

Over the weekend, total market capitalization rose gradually from ~$244 billion to ~$251.7 billion, with an average 24-hour daily trading volume of ~$40 billion.
 
BTC is currently trading at ~$9,780, up ~1.6% over the weekend. On the daily chart, BTC broke above its 100-day EMA line and RSI is at ~43. On the weekly chart, BTC looks to be testing its 21-day EMA support line soon - This will be its first test since it broke above it early April this year. πŸ‘€
Total Market Capitalizations

Fractional ownership πŸ€

Korean start-up Artbloc will be fractionally selling 2 works by artist David Hockney. The firm recently acquired "Focus Moving, 2018" and "Pictured Gathering with Mirror, 2018", and will be issuing 8,500 tokens for the former and 5,000 for the latter, each priced at 9,900 won (~$8.18), and will be offering the tokens during an event to be held at Lounge K in Gangnam 19 Sept. πŸ–ΌοΈ
The tokens will be recorded utilizing the Ethereum (ETH) blockchain and will be tradeable privately or via a platform for exchange to be set up in Hong Kong early next year. They will not be listed on crypto exchanges as each work will have its own token.
CEO of Artbloc, Jun Kim, seeks to bring high-end works to regular investors. He zoned in on Hockney's work because of his popularity in South Korea. Back in 2018, his "Portrait of an Artist (Pool with Two Figures)" sold for ~$90 million - the most ever for a painting by a living artist.

Crypto fund of funds πŸ’°

According to a recent Financial Times report, the head of Brevan Howard hedge fund, billionaire Alan Howard, is launching a crypto portfolio platform geared towards institutional clients. The platform will make strategic investments in other crypto hedge funds, essentially becoming a fund of funds. The fund is projected to manage as much as $1 billion in investments. πŸ€‘

The firm that manages Howard’s personal digital assets, Elwood Asset Management, will oversee the launch, construction and direction of the new fund. Elwood may also design bespoke portfolios for each investor and charge an undisclosed management fee, in addition to a fee to access the underlying funds.

Howard’s venture seeks to identify enough firms to invest in to offer their own clients portfolio options that satisfy their risk profiles, liquidity needs and diversity requirements.  

At a deficit πŸ˜Ÿ

According to the recently published Q3 2019 report of Electric Coin Company (ECC), the for-profit company that supports the development of privacy-centric cryptocurrency Zcash (ZEC), the firm incurred financial losses in Q1 2019. πŸ’Έ

ECC operated at an average monthly deficit of ~30%, amounting to ~$186,000 during Q1 of the year. The company took in $449,000 per month while expenses averaged $635,000, leading to multiple teams cutting staff. 

It is interesting to note that ECC’s overall holdings increased, as "the company currently holds approximately $6.4M worth of USD and Zcash”, up from Q1's $5.2M. 

Blockchain term of the day πŸ€“- Genesis Block

The first block of data that is processed and validated to form a new blockchain, often referred to as block 0 or block 1.

Special announcement πŸ“’   - CoinMarketCap 'The Capital' Global Conference 

Do you like free stuff, good vibes, staying in the know, and connecting with like-minded people from all over the world? Then you better start making plans for 'The Capital', CoinMarketCap's event designed just for you!
 
The Capital brings together crypto advocates, entrepreneurs, developers, traders, and teams to explore how we can advance our industry. We're gathering crypto and blockchain leaders to drop some awesome knowledge on us come November!
 
Take part in discussions, meet influencers, expand your social network, and win awesome prizes like your own NFT designed by an artist. All of this will take place inside a gorgeous venue! Here are our best reasons to attend The Capital. Which ones are you coming for?
 
On a separate note, have you followed us on Instagram yet? πŸ˜‰ Follow us right now to get more of these updates and for more exciting content! Yes... right now!

Other news πŸ“°

  • Telegram’s new blockchain project, Telegram Open Network (TON), will be compatible with Ethereum (ETH), according to a tech startup building tools for the network, TON Labs. πŸ˜„
  • According to The Bangkok Post, the Customs Department of Thailand is integrating the logistics platform jointly supported by IBM and Maersk, TradeLens, to streamline its shipment tracking procedures. πŸš’
  • Philippine boxing champion Manny Pacquiao has, with the financial support of private investors such as Michael Owen and Sheikh Khaled bin Zayed al-Nahyan, launched his own cryptocurrency, PAC. It will be listed on Singapore’s Global Crypto Offering Exchange (GCOX). 😲

Crypto calendar  πŸ“…

29 Sept - U.S. SEC's decision on the Wilshire Phoenix's Bitcoin and Treasury Investment Trust ETF application, under the NYSE Arca exchange (initial decision)
13 Oct   - U.S. SEC's decision on the Bitwise Asset Management's Bitcoin ETF application, under the NYSE Arca exchange (final decision)
18 Oct   - U.S. SEC's decision on the VanEck/SolidX Bitcoin ETF application, under the Cboe BZX exchange (final decision)
TBA       - ICE's Bakkt Bitcoin Daily Futures Contract updated launch timeline
TBA       - Justin Sun's lunch with Warren Buffett
 

What's up in the markets

Bitcoin Dominance
Daily Top 10
Greatest Crypto Gainers
Greatest Crypto Loses
New on CoinMarketCap

Poll of the Day

How much do you agree with this statement: "I would be interested in fractionally owning real estate through blockchain."
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Why or why not? Share with me in the polls! πŸ˜† 

What you said

"How much do you agree with this statement: "I believe that widespread use of cryptocurrencies will worsen the money laundering, cyber crime and terrorist-financing situation."" The average vote was 3.4.
"Why or why not?"
Crypto might expose the governments hand in illegal activity ! - Haha possibly. 
 
these problem will exist regardless of existence of cryptocurrencies - True. Look at cash haha. πŸ˜‚
 
Money launderers will always find ways to hone their process regardless of the avenues. - Agree. 
 
The widespread use of privacy coins has this potential. However, coins which comply with federal and international KYC, anti-moneylaundering, and other mandates will serve to counter this issue as they compliment government tracking and enforcement actions. - I truly do not know how government bodies are gonna be able to stop laundering through privacy coins like XMR. πŸ€”
 
i don't think so. as i see crypto cannot be stopped. there will be instances where crypto will be used for undesired activity. if the country embraces & makes laws for crypto i hope things will be fine. crypto is a new asset class & things will come & will be ironed. - I'm sure there will be ways to mitigate the situation, but I don't it will be anywhere close to bulletproof. πŸ˜…
 
That is just an excuse for people like Neil Walsh to hide behind for not making progress on an age old problem, crime and money laundering. Fiat is anonymous too!!! - Yeah! Time to get on with the program haha. But privacy coins presents quite a difficult situation. 
 
Those crimes are still happening with fiat. - Yeah cash can be pretty anonymous too. 
 
cash money is the best way for criminals - True.
 
The FBI once said I wished every criminal used Bitcoin. As soon as people connect to the internet you get automaticely trackers and its much easier to see what you did or are doing. The safest thing to money launder is still by using paper money. Blockchain won't make it worse. Ofcourse people like Donald Trump say such things but I bet he don't know what blockchain is. - Yeah that is true for BTC, but what about privacy coins like XMR? Those are close to impossible to track. πŸ§
 
Widespread use will only make it easier to facilitate. Even with every agency in the world on BTC there are so many other options and mixers and wallets and not all want to use KYC rules. The crypto-atm makes it even easier. Some of the reasons behind all of this was anonymity and control. Blockchain analytics can only go so far. - Govts can implement stricter KYC rules on access points like exchanges though. I think that's one way they can reduce laundering activities. πŸ€”
 
Regulations will follow. - I think govts will monitor fiat-crypto access points, and introduce more KYC practices for em.
 
Cryptocurrencies would allow criminals to work behind the scenes. - Privacy coins gonna take the lead on this. 
 
criminals find a way to launder money regardless of the currency used. Crypto is no different - Yeah... no doubt. 
 
Much easier for money to be laundered undetected. - Not true, especially when using coins with public ledgers like Bitcoin. πŸ˜Š
 
Nah, Cash is much more anonymous, why risk using Crypto - Yeah cash def is more anonymous.
 
The KYC and AML policies imposed upon the exchanges will make it much more difficult to use crypto for illicit purposes. Nothing is more anonymous and better suited to illegal activities than the current cash system. - That's true. Cash is so hard to detect. The only thing is that it's not as easily transportable/ transferrable as crypto. 
 

"What are your plans for the weekend?"

Doing some intensive foreign language study. - What language! Always great to learn a new language. πŸ‘

we are at home. our lawn garden needs some maintenance. - Pick out them pestering weeds. πŸ˜ 

It's Labor Day weekend in the US, 3 day weekend. Chill with the fame! It is also the start of college football season, Give 'Em Hell Big Red!!! πŸ˜‰ - Long weekends are the best! Sorry but, go Trojans πŸ˜‰

Go to fishing - Hope ya caught plenty! πŸŽ£

workworkwork - Hope you got everything done! 

Working... - It'll all be worth it! Keep your head down and keep on keeping on! πŸ’ͺ

Work, work, and more work. - You too?! Wow so many of you folks were grinding it out over the weekend.  

Barbeque and yardwork - Well balanced combination, I must say...

some rest, while read the news - sounds exciting enough for me.

party - Music to my ears~ πŸ˜Š

Family functions, birthday party, church & enjoying Labor Day holiday. - Pretty packed weekend. Hope you and your family had a great time!

I'm on dailysis..not much..study - Stay strong homie! πŸ’ͺ

switch off completely and chill chill chill - Sometimes, you just gotta unwind. Hope you're all rested up for the new week and month!

My Bestie is over from Canada, so I'm entertaining πŸ™‚ - Bet it was a great reunion!

This weekend I am flying out to Benidorm for a lads holiday πŸ™‚ - Sounds like its gonna be a weekend of debauchery muahaha. πŸ˜‰ Get it boys!

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

See you again tomorrow!

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