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China’s nationwide blockchain network

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Your daily newsletter for 9 January, 2020

“What I like to do is try to make a difference with the work I do.”

- David Bowie

In today's newsletter, we will be covering:

  • China's nationwide blockchain network BSN launching in April 2020

  • former Bakkt CEO and new U.S. Senator Loeffler helping oversee CFTC

  • Ant Financial aiming to launch its enterprise blockchain platform this month

Daily Market Summary - Bearish  🐻

 

Total Market Cap: ~$210.7 billion (~4.0%)                 BTC Price: ~$7,980 (~4.4%)

24-Hour Volume: ~$88.6 billion (~8.7%)                    BTC Dominance: ~68.8% (~0.4%)

Notable movers: Bitcoin Diamond (BCD) (~13.7%)


 

BTC is currently trading at ~$7,980, down ~4.4% over the last 24 hours. BTC finally broke its 6-green day streak. On the daily chart, BTC is contesting its 21-day EMA line, a level it broke above 2 days ago. RSI dipped slightly from ~70 to ~67, still indicative of significant bullish momentum. On the weekly chart, BTC is contesting its 50-EMA resistance line. The MACD line looks to be approaching to cross to the upside of the signal line, something we have not seen since early Feb 2019!

 

 

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: "I believe that the crypto community is over anticipating/ pinning too much hope on the BTC halvening event in May"

1
2
3
4
5
6
7
8
9
10

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

Coming soon 😀

 

 

China's nationwide blockchain network, the Blockchain-based Service Network (BSN), is set to launch 6 months after it was sent for testing in April 2020.

 

 

The project, supported by Chinese government policy group the State Information Center (SIC), intends to offer a scalable and trusted infrastructure to support new blockchain projects and develop smart cities and the digital economy. 

 

 

Chinese finance-focused publication Sina Finance reported on 7 Jan that the news was announced at the China Urban Regulation Innovation Forum in early January by Deputy Head of the Smart City Development Center of the SIC, Tang Sisi. 📰

 

 

The establishment of a new national grade blockchain network will be an important milestone for China's approach to strengthening blockchain adoption and expertise.

New appointment 🤔

 

 

Ex-Bakkt CEO and now new Georgia Senator Kelly Loeffler will aid in overseeing major U.S. financial regulator, the Commodity Futures Trading Commission (CFTC).

 

 

Farm and policy publication Agri-Pulse first reported on 6 Jan that the cryptocurrency-friendly businesswoman is now a part of the Senate Agriculture Committee that oversees the CFTC, while the official announcement was made on 7 Jan.

Enterprise-focused chain 👏

 
 

The financial affiliate of Chinese e-commerce giant Alibaba, Ant Financial, will be launching its enterprise-focused "Ant Blockchain Open Alliance" platform this month. 

 

 

On 8 Jan, local Chinese news agency Bihai123 reported that Ant Financial Group's Vice President Jiang Guofei revealed that the network has gone live in beta since November 2019, and will soon be launched as a fully operational chain. 👍

 

 

Jiang added that it will be the 1st open alliance chain to share platform use rights, allowing small-scale and micro-enterprises and developers to enter the blockchain industry at a reduced cost to develop and start their own applications. 

 

 

Guofei first framed the project in September 2018 as an initiative to open the company's in-house technologies "and accelerate the commercialization of blockchain applications."

Other news 📰

 

  • Thailand's oldest bank, Siam Commercial Bank (SCB), has collaborated with Ripple to create a mobile application, SCB Easy, that is able to send cross-border payments in seconds and offer customers micro-payment services. ⌚

  • The European Central Bank (ECB)'s President Christine Lagarde says the prospect of central bank initiatives in central bank digital currencies (CBDCs) does not mean that they will obstruct nor discourage private enterprises' solutions for fast and efficient retail payments in euro. ☺️

  • Oman's biggest port, the Port of Salalah, has become a member of IBM- and Maersk-founded blockchain supply chain platform withTradeLens to bring a global transparency standard to shipping operations. 🛳

Blockchain term of the day 🤓 - Distributed Denial of Service (DDoS) Attack

 

A cyber-attack in which the perpetrator seeks to make a machine or network resource unavailable, disrupting services of a host connected to the Internet, by overloading the system with requests so that legitimate requests cannot be served.

Thursday think tank 🧠

 

Our friends over at Flipside Crypto have produced data revealing the most under- and overvalued coins for the week! 🧐

 

 

The scores you see below refer to the ratio of each coin's current FCAS rating to its current market capitalization, both standardized to a 1000-point scale. A score above 1 reflects an undervalued coin, and a score below 1 indicates an overvalued asset!

 

 

Hold your horses! Before you go ahead and jump right into investing, always remember to first D.Y.O.R (Do your own research)!

Crypto calendar 📅

 

11 Jan   - CryptoNight 2020 (Chile)

15 Jan   - Crypto Finance Conference (Switzerland)

15 Jan   - The North American Bitcoin Conference (Miami, U.S.)

20 Jan   - Blockchain Economic Forum (Switzerland)

21 Jan   - CV Summit Davos (Switzerland)

25 Jan   - The Genesis Block Conference 2020 (Bangalore, India)

TBA        - Justin Sun's lunch with Warren Buffet

What you said

 

"How much do you agree with this statement: "Most of my friends are against crypto""

 

The average vote was 6.3. 13.3% of y'all voted a '1', and 23.3% of y'all voted a '10'!

"Why or why not?"

 

 

Uneducated on subject. Listen to MSM. – MSM ain’t the way to go. It’s like being baby fed.

 

 

People afraid of what they do not know and unfortunately there is no free public materials to educate people about ctyptocurrencies and how any body can participate in this monetary future . - There certainly is a lack in educational resources in the space. 

 

 

i would not say they are against crypto.. but most of them are not aware of crypto. most have only heard of Bitcoin only.. they do not understand blockchain possibilities at all.. – I understand. Onus is on us to bring them over to our side. 😄

 

 

actually some friends got me involved. most of my friends r open to it. day before yesterday i asked u to explain what the catalyst was for the btc bull run. i enjoyed your answer . there have been several bull runs could you explain what triggered each one and give us a history lesson? i have researched this question alot and have no definitive answers. i think we all want to know the true history thanks – May I know which bull run(s) you’re referring to? Glad you liked my answer! 🙏🏻

 

 

Here in Brazil, a country of 210 million people, as in others both large and small, the role of the government and it's enrolled media friends plays a major part in public opinion. To the largely uninformed and misinformed masses, King Crypto has been easily condemned for its ties to organized crime and Ponzi schemes. Lack of government iniciative and regulation has led my friends to disdain the idea of crypto and thereby blockchain...which is very sad. If I tell you that 34% of local Stock Market volume is in Banks alone, who legally lend out money at exorbitant rates of 8% a month to people, while to big companies applies the official interest rate of 4.5% a year....you can see which side of the bread is buttered in the Third World; and exposure to crypto and blockchain thereby, and most sadly, severely hampered. 😔

 

 

As of now they do not understand the basics and concepts of how crypto will revolutionize the world in the future. Most of them think crypto space is another ponzi scheme. – I can’t blame them. There are many scams in the space. 😠

 

 

I try to shill crypto to my family, friends and colleagues. But only 2 of my colleagues bought crypto and 1 of them believes in it 100%. Most of them don't believe in it and think it will die. But if you are in this space you know the cryptomarket needs laws, custody etc. I think when the FOMO start they will jump in and I will sell my crypto. And then I tell them: I told you so.... - Hahaha the in your face moment. 💯

 

 

All of them, I'm over 70😁 – Wow mad respect! Would love to hear your perspective on crypto as a whole.

 

 

Reasons vary, from people who bought the high in 2017 and sold the low 2018, to people fearful because of that, to {my personal favorite} I can't trust anything that increased 9000000% in a decade. I try and educate them, some saw light, some skeptical. I use it as a store of value. Also, happened earlier today, a mate of mine wants to put money in BTC to forget about until he finishes paying house, saw something about Faketoshi and his "real bitcoin', and he out. (On a deeper level, I think people apart of crypto call other projects scams also hurting new people from joining, been saying it for a while, but sadly crypto community acting like own worst enemy sometimes); - Agreeed.

 

 

I started investing mid 2017 and told all my friends and family to do the same. Throughout late 2017 / early 2018 my portfolio was going up by £2,000.00 per day. Everyone said they had left it too late and no one entered. Now fast forward 3 years and everyone is laughing at me as I am many £1,000.00's down and no matter how much I try to tell them this is going to go back up they just wont have it. In their defence though I have lost count on how many times I have called the bottom of this market and the bloody thing has just continued to go even lower. – Hahaha, all I can say is have faith. 😄

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

See you again tomorrow!

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1 comment on “China’s nationwide blockchain network

  1. some interesting insights here.

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