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A possible privacy CBDC

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Your daily newsletter for 18 December, 2019

β€œNever assume the obvious is true.”

- William Safire

In today's newsletter, we will be covering:

  • Stanford University funding blockchain startup touted as the 'Microsoft for blockchain'

  • ECB believes that a private payment system for central bank digital currency is possible

  • Fidelity expanding institutional crypto business to Europe

Daily Market Summary - Bearish πŸ»


Total Market Cap: ~$178.2 billion (~4.4%)                  BTC Price: ~$6,660 (~3.8%)

24-Hour Volume: ~$86.8 billion (~18.6%)                   BTC Dominance: ~67.6% (~0.6%)

Notable movers: THETA (THETA) (~7.6%)

BTC continues on its downtrend for the week, and is currently trading at ~$6,660, down ~3.8% over the past 24 hours. As we continue on this downward trajectory, it is interesting to note that the breakeven point for U.S. miners is ~$6,000, and for China miners (the ones who control most of the global hashing power for BTC), is ~$3,000. On the daily chart, BTC is still trading below its 21-, 50- and 100-day EMA support lines, and failed to break through its 100-day EMA line yesterday. RSI is at ~29, indicative of significant bearish momentum. 

BTC is still trading within its lower highs and lower lows trading pattern/ channel/ zone it has been trading within since late June this year. It is currently testing the lower bound. πŸ‘€

Total Market Capitalizations

Poll of the Day

How much do you agree with this statement: "If a coin is not listed on CoinMarketCap, it must not be legitimate."
Why do you think so? Share with me in the polls! πŸ˜† 

Stanford-backed πŸŽ“


Blockchain infrastructure startup Alchemy has gathered $15 million in investments from various prominent mainstream entities, including Stanford University and leaders from other top firms. 

Alchemy's co-founders, Stanford alumni Nikil Viswanathan and Joe Lau, have high hopes for their blockchain project regarding adoption, with Viswanathan saying that "we [they] want to be the Microsoft for blockchain." πŸ’»

Lau also commented on the lack of computer usage experienced during the technology's early days and compared the situation to blockchain technology now. He explained that "only researchers" used computers back then, whilst "today everyone uses a computer."

Privacy is possible? πŸ’°



In a recent research report by the European Central Bank (ECB) dubbed "Exploring anonymity in central bank digital currencies," the ECB posits that it is possible to develop a central bank digital currency (CBDC) payment system that safeguards user privacy. 

The European System of Central Banks (ESCB) established a proof-of-concept (PoC) with technology firms R3 and Accenture for anonymity in CBDCs as part of its ongoing research of CBDCs and their possible public benefits. πŸ€”

The report states that with R3's open-source blockchain platform Corda, the PoC shows that it is possible to build "a simplified CBDC payment system that safeguards users' privacy for lower-value transactions, while still ensuring that higher-value transactions are subject to mandatory AML/CFT checks."

Catering to the demand πŸ‘

One of the world's largest asset managers, Fidelity Investments, is setting up a new business entity in the U.K. through its New York state-chartered limited liability trust company, Fidelity Digital Asset Services (FDAS). 

The new business will serve European institutional investors in digital assets, offering them to "hedge funds, family offices and market intermediaries." President of Fidelity Digital Assets, Tom Jessop, said that institutional investors have expressed "significant interest and engagement" since its U.S. launch 1 year ago. 

He added that they are also encouraged by continuous "corporate and venture investment in market infrastructure companies," and "the entry of traditional exchanges into the digital assets ecosystem," market indicators that show a market with increasing potential. πŸ€—

Other news πŸ“°

  • San Francisco-based cryptocurrency exchange Kraken has acquired Circle's over-the-counter (OTC) desk. 🀝

  • Financial services company State Street Corporation and the Winklevoss' Gemini cryptocurrency exchange will launch a cryptocurrency holdings under custody reporting pilot. πŸ“

  • Seoul-based co-working space operator SparkPlus has teamed up with blockchain funding platform Kasa Korea to innovate the city's sharing economy via a decentralized platform. πŸ’­

Blockchain term of the day πŸ€“ - Arbitrage


A practice of taking advantage of differences in price of the same commodity in two or more markets or exchanges. For example, cryptocurrency prices on Korean exchanges can be different from those on US exchanges. An arbitrage trader would be in both markets in order to buy in one and sell in another for profit.

Crypto calendar  πŸ“…

TBA         - Justin Sun's lunch with Warren Buffett

What you said

"How much do you agree with this statement: "In order for the crypto space to grow, it needs more avenues where people can about it in a formalized setting (e.g. university courses).""

The average vote was 8. 53.5% of yall voted a '10'!

"Why do you think so?"

It just needs to be promoted more and able to be used in the real world β€“ Needs more real world applications. UI has to improve as well. Just general overall more awareness about the space. πŸ‘ Absolutely agree. The main avenues I see now that introduce people to crypto are tech, politics ( libertarians love alternatives to government/ central bank control), and finance. My friends in finance are no where near sold on crypto, but they know about it. So absolutely yes, more avenues such as education, entertainment, etc would open crypto up to a huge new audience. I think the generation Z'ers will be using crypto more than anyone, soon. β€“ I believe so as well. Because the average person does not understand how it works β€“ Yeah, we need to bridge that gap. πŸ‘« People do not know enough about cryto and like anything new it will take institutions that people trust give it credibility. β€“ I agree. Of course yes! This is to get it right, right now, just as classes about money should have been added to grade/high school curriculums decades ago now. Governments wanting regular folk to wise up about the real nature of finance? Never mind that, better look at the shiny ball over there! - Institutions need to start teaching kids about things that really matter (like taxes, credit, etc), or at the very least give them the option to them. πŸ€“ The opportunity to formally learn about the cryptosphere is a great idea for the avid or professional investor. The rest of the space seems to be getting by with quality products like yours and youtube videos. - Yeah, but it isn't enough. We need more mainstream channels! πŸ€” Education is a key to adoption. β€“ Big key. πŸ”‘ University training is so contrary to true supply & demand forces, and laws of nature for that matter, that I have no confidence in these institutions getting principles of value, currency & crypto correct. Call it the paralysis of analysis. Young people are coming out of these institutions highly trained & dumb as dirt with poor attitudes. Crypto is truly a revolutionary innovation (not the Marxist ideals of revolution). It has the potential to shape the future for good or for ill. Viva la innovation. University approaches would merely cultivate heady technocrats. β€“ I feel that it isn’t fair to give a blanket statement that all young people that come out of institutions aren’t critical thinkers. While the education system is one that spoonfeeds and is engineered for your success (if you just put in some basic effort), it has produced brilliant minds as well. πŸ˜„ It will be a natural progression as no doubt crypto is here to stay. How it pans out over the next few years sorting the wheat from the chaff so to speak will dictate the direction that education will go in this space β€“ Yes, true. And so we need to do our part right now to steer this ship in the right direction. Cryptocurrencies are seldom used in day by day transactions. β€“ Well, for now. How many people used computers in the early days as well? It all takes time. πŸ•°οΈ Sure there a world of information available online, but how will crypto play in current economics courses and finance courses, also some older gen people, my mother, only takes financial advice from a guy with a wall full of diplomas, and he just says crypto is up to you. But I think a good first step will be to bring it as formal education{And that is very anti crypto of free and open}, but it the world we living in. Then there the tech side, where people shift into tech only because of crypto and there some nice courses available, but in a few years varsity kids will only be interested in crypto and want to become Blockchain specialist. And I'm not aware of anything like that currently. β€“ All in due time. I’m confident it’ll all pan out nicely. πŸ˜„
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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