"Take the attitude of a student, never be too big to ask questions, never know too much to learn something new.”
– Og Mandino
O' sweet weekend! Friday is here folks! I'm sure you've all been working tirelessly this past week, so now it's time to enjoy the fruits of your labor. Rest up and enjoy the weekend! ⛱️
Today in history (1971), Frank Robinson hit his 500th home run. ⚾
In today's newsletter, we will be covering Klaytn blockchain's KLAY token to make its first official exchange listing on Upbit, Bitcoin.com looking to list a Bitcoin Cash (BCH) futures contract on a regulated exchange and Dapper Labs collaborating with Warner Music to create a blockchain called Flow.
Today, we will also be covering Ontology (ONT) 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!
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! 📚
Market indecisiveness 🤔
Over the past 24 hours, total market capitalization pretty much stayed at ~$263 billion
rose slightly from ~$259 billion to ~$262.4 billion, with most coins either seeing gains or losses in the ~1-2% range. 24-hour volume registered ~$49.1 billion.
BTC is currently trading at ~$10,340, up ~2% over yesterday. On the daily chart, BTC broke to the upside of the the 50-day EMA line, and is now attempting to break through to the upside of the 21-day EMA line. RSI is at ~49.9. BTC dominance is currently at ~70.3%. 👀
South Korean messaging app Kakao’s native cryptocurrency of its recently launched Klaytn blockchain, “KLAY” token, will soon make its first official exchange listing on crypto exchange Upbit. 🍻
The firm set up by Kakao to develop the Klaytn network, Ground X, recently announced that KLAY will list on Upbit’s Singapore and Indonesia platforms by the end of this month.
According to Upbit Singapore, KLAY will be listed following price discovery via a Dutch auction on 18 Sept. The auction will run for 12 hours, or until a yet-to-be-determined hard cap is hit. Successful bidders will then receive their KLAY on 19 Sept. A KLAT/BTC trading pair will be enabled at a future date.
Tryna get in the game 🙏
In an interview with Bloomberg, Bitcoin.com's head of exchange division, David Shin, said that the company is looking to list a Bitcoin Cash (BCH) futures contract on a regulated exchange.
Shin mentioned that he had early talks to ensure a BCH futures contract would be available on an exchange regulated by the Commodity Futures Trading Commission (CFTC), and that Bitcoin.com hopes to partner with a retail brokerage. 🙏
No CFTC-regulated exchange currently offers BCH futures, and so Shin believes that the push into futures would increase BCH's trading volumes, liquidity, and market cap.
Scaling games 🍄
The company behind CryptoKitties, Dapper Labs, is collaborating with Warner Music to create a new blockchain called Flow. 🤝
According to Forbes, Dapper Labs has received $11 million in funding for the project from the likes of Warner, Andreessen Horowitz, Union Square Ventures, Digital Currency Group, Venrock and Accomplice. 💰
According to David Pakman of Venrock, Flow is aimed at a specific games use-case. He says that “Ethereum (ETH) and pretty much every other Layer 1 smart contracts platform [is] attempting to build scaleable networks for transactions — like payments. Decentralized gaming and things like cryptocollectibles place different scaling requirements on blockchains that sharding fundamentally doesn’t fix." and that "Dapper is building Flow to allow decentralized games to scale to tens of millions of users.”
The Capital presents its speaker line-up! We're shining the light on this group of trailblazers, technologists, analysts, and business builders in crypto and blockchain, who are coming together on November 12-13 in Singapore for a special occasion! They'll take the stage to contribute their best thoughts and lessons learned, to drive the conversations on liquidity and adoption forward!
We know the brilliant discussions that will ensue among you, the attendees are also not to be missed! Check out The Capital speakers and their bios! Which speakers do you already know, and who are your favorites? #TheCapital #ComingSoon #Singapore #FlightBooked
Crypto deep dive: Ontology
Market Capitalization Rank: 23rd (~$395 billion)
Consensus Algorithm: Verifiable Byzantine Fault Tolerance (VBFT) - A combination of Proof-of-Stake (PoS), Byzantine Fault Tolerance (BFT) and Verifiable Random Function (VRF).
How it happened ⚙️
Ontology was created in 2017 by the Chinese company, Onchain, which is led by NEO founders Da Hongfei and Erik Zhang.
Ontology is part of the NEO ecosystem and is a high-performance public multi-chain designed to be a distributed trust collaboration platform.
Ontology is an ecosystem of various inoperable blockchains due to its architecture, and acts like a bridge to link governments, businesses, and individuals to its main hub, NEO.
Why people love it
The Ontology architecture allows for an easy onboarding process of business of all sizes, even those with no prior knowledge of blockchain technology.
Ontology is backed by a strong leadership and technical team. It's core team has about 67 people, making it one of the largest teams out there. It is also backed by Onchain, which has had much prior success in the blockchain space with NEO.
Ontology has a strategic partnership with NEO, which enables both to share resources.
Why people doubt it
Ontology is operating in one of the stricter countries with regard to blockchain, China. The lack of regulatory framework might hinder progress and expansion.
There are many other blockchain projects also striving to create private/sidechain/consortium chains for private businesses. Whether companies actually adopt Ontology is the key question.
Some are unsure whether the focus of NEO founders Da Hongfei and Erik Zhang lie in NEO or ONT.
Other news 📰
CME recently announced that it has sent letter to the U.S. Commodity Futures Trading Commission (CFTC) stating its intentions to increase the spot month position limit for its Bitcoin (BTC) futures contracts, from 1,000 contracts per spot month to 2,000 for any single investor. 🙏
Spanish bank Banco Santander has issued what it claims is the first end-to-end blockchain bond. It has issued a $20 million bond onto the Ethereum (ETH) blockchain, where it will remain until the end of its 1-year maturity. 💰
The largest Russian bank, Sberbank, has bought ~$15 million worth of accounts receivable from the Singapore-based commodity trading firm Trafigura through the Hyperledger blockchain. 💰
Crypto calendar 📅
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)
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 often shill crypto to my friends.""
The average vote was 7.3.
"Why or why not?"
It's truly the money of the future......... - Aren’t you glad to be a part of it? 😄
not exactly shill, but if any acquaintance ask me about crypto, i try to answer his queries. - You’re the crypto go-to-guy! 🤓
No friends into crypto - Time to get them in! 👐
At some point the powers that be will collapse our old system. Its better to promote and help friends save some assets from the old system now then let it all go down in flames later. - Lol I don’t think it’s gonna collapse. I think there’s a place for both. 👀
Every chance I get. I even offer to help guide them on their journey to coinlightenment. I'm always sending out those "sign up and get free coin" from whatever exchange I'm on at the time. I send educational links from also. People always seem more interested as they grasp more. - Coinlightenment lmao! That’s true, once they start its hard not to get hooked. 😄
Either they wanna know or they don't. Why Cramer it down their throats? - True, but you could guide them in the right direction too.
Help spread the massage. - Evangelize! 🗣️
My favorite subject, why not talk about it. - Glad to know it is.
i am a person who tries to help people. so i cant help myself . i want to get everyone on board. long live crypto !!!!!! - Hahaha bring em all to the moon. 🚀
Half the reason is I'm an intellectual braggart (like huge losses cause I suck at trading is funny). The other half is most of my friends are tradesmen and working-poor and I see crypto as a level playing field and their big chance to change their fortunes. - Gotta do it tactfully. No one likes a braggart haha
I shill about crypto to anyone that will listen. I have been preaching about this thing since early 2017 and of all of my friends / family / work colleges / strangers down the pub I only know of 1 other person who believes in it. I am 100% certain I am right and they are wrong- Well you’re def not the only one. I think you’re right too. 😄
Thank you all for reading! Catch you back here again next week for your daily dose of crypto news! 💙