“I was taught that the way of progress was neither swift nor easy.”
– Marie Curie
And that's week 1 of November down. Good job y'all! Enjoy your weekend! 😊
Today in history (1895), Wilhem Rontgen stumbled upon the X-ray while experimenting with electricity.
In today's newsletter, we will be covering the FTC commissioner citing Libra in support of Fed’s real-time payment system, Venezuela President Maduro touting the Trezor Bitcoin wallet on national TV and Max Keiser saying that Bitcoin's 'self-settlement' is a revolution against dollar. We will also be covering VeChain (VET) in our weekly deep dive.
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! 📚
Another step back 📉
Over the past 24 hours, total market capitalization slid back again for the second consecutive day from ~$248.6 billion to ~$247.9 billion, with most coins seeing losses in the ~1-2% range. 24-hour volume registered ~$76.7 billion. Notable mover of the day is Maker (MKR), currently up ~14.2%for the day.
BTC is currently trading at ~$9,200, down ~1% over yesterday. On the daily chart, BTC is still holding above its 21-, 50- and 100-day EMA support lines, and RSI is at ~55.6. BTC's 21-day EMA line has also crossed to the upside of its 50-day EMA line. However, the MACD line has formed an inflection point and seems to be heading towards crossing to the downside of its signal line. BTC continues to be trading within its lower highs and lower lows trading pattern it has been trading within since late June this year. 👀
Poll of the Day
On a scale of 1-10, how excited are you for CoinMarketCap's "The Capital" Global Conference next week?
Federal Trade Commission (FTC) commissioner Rohit Chopra recently penned a letter to the Federal Reserve, backing the potential development of a potential high-speed real-time payments system the group is currently examining, dubbed the "FedNow Service". He believes that the Facebook's Libra project should be sufficient motivation for the Federal Reserve to launch a real-time payments systems. 😩
He commented that he need for the development of a public sector solution to the existing payments system as Facebook's Libra's "emergence underscores the appetite for real-time payments and the urgency of intervention by the Federal Reserve".
Chopra also highlighted the apparent demand for fast payments, highlighting the "pent-up frustration" hefty bank fees brought and how "other real-time technologies" have been quickly spreading. FedNow Service will not be live till 2024.
Strange times 🤔
On 6 Nov, Venezuela President Nicolas Maduro made an appearance on state-run television station Venezuelan Television Corporation (VTV) holding a cryptocurrency hardware storage device created by leading wallet supplier Trezor.
Maduro was seen to meet a company that reportedly introduced themselves as Trezor in Venezuela's representatives. 🙄
However, following the reports of this on social media, the official Trezor account on Twitter denied the information that the company featured on VTV is formally connected to Trezor, and said it was unaware of the representatives.
Trezor has since released an official statement to confirm that Trezor and Satoshilabs were not present for Maduro's cryptocurrency fair on 6 Nov, and explained that Trezorvenezuela was an Trezor's authorised reseller (based on a Q3 2018 mutual agreement) before the company removed them from the list due to inactivity.
In the latest episode of Keiser Report, RT host Max Keiser remarked that the cryptocurrency wins against fiat currency and gold as it does not require settlement since its transaction and settlement are "inseparable from one another".
As quoted, BTC is uniquely "self-settling"; shifting BTC means updating a ledger, translating to immediate settlement whilst miners confirm transactions. 💱
At the same time, Keiser put down U.S. congressman Brad Sherman, the infamous BTC critic who continues to argue to ban cryptocurrency, explaining that Sherman is "going to a gunfight with a knife", and "doesn't understand he's already lost".
A marketing campaign that distributes a specific cryptocurrency or token to an audience. It is usually initiated by the creator of a cryptocurrency in order to encourage use and build popularity of the coin or token. Most airdrop campaigns run with mechanics such as receiving coins or tokens in exchange for simple tasks like sharing news, referring friends, or downloading an app.
Crypto deep dive: VeChain
Market Capitalization Rank: 22nd ($285 million)
Consensus: Proof of Authority (PoA) - the 101 PoA masternodes must disclose their identities such that they are held accountable and incentivized to work in the best interest of the network.
VeChain was originally a supply chain management focused blockchain platform. It has since rebranded into an enterprise-focused dApp platform for products, services and data.
It seeks to connect blockchain technology to the real world through advanced IoT integration and real world applications.
Why people love it
VeChain already has several working dApps on its permissioned blockchain, illustrating adoption potential.
VeChain has secured several partnerships with established brands such as PwC, BMW, Renault and DNV GL, which can result in a desirable snowball effect as they might be exposed to the networks of these big brands.
The VeChain team is extensive and well equipped. They have a good combination of multinational corporation and crypto expertise.
Why people doubt it
VeChain architecture is not entirely decentralized. They adopt a semi-centralized "balanced approach." This might not enable them to garner the support of decentralization maximalists.
Some argue that VeChain has too ambitious a plan for growth. The lack of specific industry focus may come back to bite them as they already face strong competition in both the supply-chain and enterprise dApp space.
Current VeChain team may be too big. Some who visited its Shanghai office said that they have over 80+ employees in that location alone. This rapid expansion could lead to some manpower inefficiencies.
The Chinese central bank, the People's Bank of China (PBoC), is advertising the use of blockchain to solve asymmetries in trade finance and offer trade legitimacy. 👌
Pro-cryptocurrency Silvergate Bank's shares were launched for trading on the New York Stock Exchange on 7 Nov. 💹
BTC miners say that basement rigs will be eliminated with more profits in the future. 🔮
Crypto calendar 📅
TBA - Justin Sun's lunch with Warren Buffett
What's up in the markets
Daily Top 10
Greatest Crypto Gainers
Greatest Crypto Loses
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What you said
"How much do you agree with this statement: "EOS (EOS) will be the top protocol coin by 2025.""
The average vote was 4.6. 24.4% of y'all voted a '1'.
"Why or why not?"
Long run for sure cause buying a doughnut with bitcoin might not work out right – Gonna be tough for it to be a transactional currency imo. Think we can use other coins for that.
Because it’s development pace. – It’s pretty fast, not gonna lie.
I just purchased $20.00 worth – Oh that’s cool! 😄
Because it is centralized. – Yeah the dPoS system EOS set up seems set up in a way where it tends towards a cartel system. 🤔
i hope so.. they had the longest running ico & raised huge money.. i am not closely following but hope it makes something good & bring more adaptation to blockchain. – That was one crazy ICO no doubt. 🤪
I think EOS is the strongest one, and meets all the requirements needed to be the first. I trust on it.!!! – Hmm, my money ain’t on it to be the first, but it’s def gonna be interesting to see how everything pans out! 👀
EOS is top coin in market cap – BTC? ETH? 🤔
now way its not fully decentralized – Yeah its pretty darn centralized.
I don’t see it big – it smol 😂
I think since the beginning that EOS is one of the most promising crypto project. I really trust it, and I'm pretty sure it could be useful. However, I can't tell what is going to happen in 2021, so in 2025 is really impossible... But I hope it will be one of the top coins down here ! 🙂 – Given the backing that they have, I don’t doubt that it will remain one of the top coins in a few years. I has quite a large runway to make that happen.
Whats a protocol coin? – Coins that have their own custom blockchain.
Because it is designed for utility tokens versus securities. Much more practical and useful. – It’s def fast, but whether it gets the adoption is another thing.
Bcoz it's shit – Lmao! 😂
Thank you all for reading! Catch you back here again next tomorrow for your daily dose of crypto news! 💙