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Tencent’s digital currency research group

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Your daily newsletter for 24 December, 2019,
brought to you by:

“Our plans never turn out as tasty as reality.”

- Ram Dass

In today's newsletter, we will be covering:

  • Chinese internet giant Tencent planning to create a digital currency research group

  • A PBoC official claiming that the digital yuan would not need currency reserves to support its value

  • Bakkt's 2 new appointments as former CEO leaves for U.S. Senate

 

Also, just a reminder that the daily newsletter will continue after Christmas! Merry Christmas, CoinMarketCap family! 🎅

Daily Market Summary - Bearish 🐻

 

Total Market Cap: ~$194.5 billion (~2.3%)                  BTC Price: ~$7,380 (~2.6%)

24-Hour Volume: ~$80.6 billion (~4.1%)                     BTC Dominance: ~68.8% (~0.3%)

Notable movers: VeChain (VET) (~11.2%), Bytecoin (BCN) (~44.9%)

 

 

BTC is currently trading at ~$7,380, down ~5.3% over the past 24 hours. BTC recently contested its 100-day EMA line (4th attempt since it broke below it early November this year) and broke through it! RSI is at ~52. On the weekly chart, BTC held its 100-EMA line, a level it has been battling to hold for the past month. 

 

 

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. 👀

Total Market Capitalizations

Poll of the Day

How much do you agree with this statement: "Crypto trading is confusing to me"

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Why or why not? Share with me in the polls! 😆 

Creating a new digital currency research team 🙏

 

 

Operator of Chinese social media application WeChat, Tencent, could be deliberating the set up of a digital currency research group for blockchain technology research.

 

 

According to Chinese media outlet, iFeng, the company recently released a statement to its employees stating that it is looking out for the new head of the research group. 👀

 

 

The group will purportedly use blockchain technology to advance Tencent further in the digital payment industry.

Unbacked CBDC? 🤔

 

 

The leader of the People's Bank of China (PBoC)'s digital currency research subsidiary, Changchun Mu, recently said that China's cryptocurrency would be "distinct from other forms of cryptocurrencies, including Libra." 

 

 

He explained that the digital yuan currency will be used to spend and not to speculate with, and thus will not have the characteristics of Bitcoin's (BTC) speculation, nor will it need a currency basket to maintain a stable value. 🤔

 

 

He also said that the PBoC's engineers had "nearly finished" the digital yuan's developmental roadmap, and would soon start gradually issuing the digital yuan via its commercial partners like Tencent and Ant Financial.

New helm 👑

 
 

Former PayPal and Google veteran Mike Blandina has been selected as the new CEO of leading cryptocurrency trading platform Bakkt, effective as of 20 Dec. 

 

 

Bakkt has also appointed a former executive at leading U.S. cryptocurrency exchange Coinbase, Adam White, to be its new President. 

 

 

The new appointments came after founding CEO Kelly Loeffler was appointed to a U.S. Senate seat. 💺

 

 

Blandina will continue charting Bakkt's strategic direction, payment products and markets, and regulatory issues, while White will focus on digital asset markets, trading and custody. 

Other news 📰

 

  • Cryptocurrency exchange Coinbase intends to focus only on its in-house developed Coinbase Earn, and shut down cryptocurrency learning platform Earn.com. 😔

  • Thomson Reuters has partnered with Verady to create a new cryptocurrency tax tool, the Thomson Reuters GoSystem Tax RS, giving accounting professionals necessary correct data to reconcile cryptocurrency transactions. 💻

  • Crypto exchange Poloniex unveiled a new account tier, Level 1, that allows access to spot trading, unlimited deposits and up to $10,000 in daily withdrawals without Know Your Client (KYC) onboarding. 💵

Blockchain term of the day 🤓 - Brute Force Attack (BFA)

 

A method of trial-and-error, in which automated software generates and tries a large number of possible combinations in order to crack a code or key.

Special announcement 📢: View from The Capital: Tokenizing Hashpower

 

 

It’s been some time since Titan presented their vision for tokenizing hashpower at CoinMarketCap’s inaugural conference. The rationale was a powerful one: Hashpower is critical to securing PoW chains — and those chains stand to become the security root of the future Internet.

 
 

Given the primacy of that PoW networks are likely to have, we deserve an Internet where the hashpower that secures it offers the following:

 

 

  • Stability: According to our polling, more than 40% listed hardware management as the most difficult aspect about mining — twice as many as those who pointed to profitability.
 
  • Accessibility: Miners should be able to swap hashpower amongst themselves. Ultimately, though, one shouldn’t need to be a miner at all — tradeable, provable hashpower should be available in a decentralized network. 
 
  • Transparency: Between miners, pools, cloud providers, and other participants, much of mining hashpower remains a black box. Observers only see the output.
 

To learn more, download Titan’s preliminary whitepaper and watch their presentation. Also, follow them on Twitter!

Crypto calendar  📅

 

TBA         - Justin Sun's lunch with Warren Buffett

What you said

 

"On a scale of 1-10 (10 being most likely), how likely is Satoshi Nakamoto still alive today?"

 

The average vote was 8.1. 54.8% of y'all voted a '10'! I personally think he's alive too. 

"Why or why not?"

 

 

I'm betting that Craig Wright is very possibly telling the truth, and I have some BSV, just in case. But Dave Kleiman did much of the coding and writing. He deserves to be called Satoshi, too. - I really doubt CW is. 😂
 
 
If he existed at all then he is alive on the other hand he may not exist, and the name was made up. - Yeah almost certain it's an alias. 
 
 
I met Craig Wright in late 2008 early 2009 we discussed his new peer to peer monetary system, and also his Pseudonym. I also bought Bitcoin off him at that time, Craig S Wright is definitely Satoshi Nakamoto.,, with out a doubt🙂✌️ - Can he prove it though? He can simply move funds around from the S.N BTC address but yet has not done it. 
 
 
i think he is still alive... & watching us..👀
 
 
youve got a guy who is either really shy, or dead. how many people could develop a coin and never tell anyone about it. that is one humble dude! maybe its a women who wants the dust to settle first before she comes forward. y - Yeah! Why can't it be a woman?!
 
 
Of course, Nick Szabo is not dead. People who have wanted to know Satoshi and have done their homework already know he's the one. How to know? Read the white paper, visit his blog, go to Nakamoto institute, read his write ups, follow him around the web and you won't have any doubt. You can't force someone to accept what he doesn't, though. Or may be it was agreed that the 3 of them - Szabo, Hal Finey and Wei Dai constitute the Satoshi team (him as leader), no one knows. The reason people are so mad about Craig wright not being Satoshi is because there's no public evidence showing his involvement in those technologies leading up to the birth of bitcoin. - Yeah, CW def ain't him IMO. 
 
 
Elon is still live & kicking ! - Good ol' Elon 😂
 
 
Probably Satoshi Nagomoti consist of a group of people from which not everyone is alive today. - Possible 🤔
Thank you all for reading! Catch you back here again after Christmas for your daily dose of crypto news! 💙

See you again in 2 days!

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