Sunday, March 3, 2019

Weekly Bulletin (Mar 3, 2019)

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Weekly Bulletin (Mar 3, 2019)

CoinSheet #247

Our heads are round so that thoughts can change direction.
— Francis Picabia (1879-1953)

Weekly Bulletin

Hello folks,

What a week we've had. Plenty of seemingly important things to mention.

Coinbase listed XRP, Jihan Wu might be leaving Bitmain, and Facebook is planning on launching their stablecoin in H1 2019.

Let's jump into it.

Facebook to launch its stablecoin in H1 2019

Facebook is looking to launch its coin for WhatsApp sometime in the first half of 2019.

There are rumors that Facebook is already in talks with several exchanges, suggesting that they're probably someway far along with development.

The internal sources now claim that the new Facebook coin will be fiat pegged stablecoin. Also, its value shall be tied to three different national currencies, instead of just one.

The only thing I want to mention here is the thing most of us don't care about.

Currency controls.

Americans (and some Europeans) are privileged enough that we don't care about currency controls.

If you ever get a chance to, ask a Venezuelan (or a Greek, or an Argentinian, etc..) if they care about currency controls.

TL;DR - Facebook coin will make XRP look decentralized.

Coinbase and their surveillance company

Remember how last week I brought to your attention that Coinbase acquired a surveillance company?

And that their CEO was the ex-COO of a company that sold offensive intrusion and surveillance capabilities to governments, law enforcement agencies and corporations?

Yeah, so…

Coinbase gave us a great reason as to why they needed to buy Neutrino, that is, because their previous provider was selling client data to outside sources.

Director of Institutional Sales at Coinbase praising Neutrino's "best-in-class technology" and saying that they needed to migrate to another "provider" because their previous one was "selling client data to outside sources." (1:25) h/t @BTCismoney

Coinbase Exec on Controversial Neutrino Acquisition, Adding Support for Ripple's XRPCoinbase finally added support for Ripple's XRP this week, after years of leaving the world's third-largest cryptocurrency by market cap off its platforms. "There had been a groundswell of interest in adding the asset to the platform," said Christine Sandler, the company's head of sales, in an inter…cheddar.com

This is interesting.

I don't think Coinbase has previously disclosed the selling of customer's data.

And selling customers data and not disclosing the leak afterwards is a bigger problem.

Is anyone aware of Coinbase disclosing a data breach related to an analytics provider, publicly or privately to users? If not, they should feel compelled to disclose who that provider was, and make customers aware of what data was leaked.

Here are some tweets.

Udi Wertheimer@udiWertheimer

YOU DID WHAT?!?! A @coinbase official responds to #DeleteCoinbase by saying they had to acquire Neutrino because their previous tracking provider SOLD COINBASE CUSTOMER DATA TO THIRD PARTIES And that's why we should trust the people you choose to do business with?!?! https://t.co/XBb3ncHmxI

Janine@J9Roem

Director of Institutional Sales at Coinbase praising Neutrino's "best-in-class technology" and saying that they needed to migrate to another "provider" because their previous one was "selling client data to outside sources." (1:25) h/t @BTCismoney https://t.co/aM9D7RFtBQ

The Coinbase-Neutrino story keeps getting scarier. Apparently, user data has already been leaked and Coinbase never disclosed it to the public. That is insane

Udi Wertheimer@udiWertheimer

YOU DID WHAT?!?! A @coinbase official responds to #DeleteCoinbase by saying they had to acquire Neutrino because their previous tracking provider SOLD COINBASE CUSTOMER DATA TO THIRD PARTIES And that's why we should trust the people you choose to do business with?!?! https://t.co/XBb3ncHmxI

WhalePanda@WhalePanda

Can someone confirm that previous provider was @chainalysis? And which other exchanges are working with them?

Janine@J9Roem

Director of Institutional Sales at Coinbase praising Neutrino's "best-in-class technology" and saying that they needed to migrate to another "provider" because their previous one was "selling client data to outside sources." (1:25) h/t @BTCismoney https://t.co/aM9D7RFtBQ

>Your face

Market Sentiment

Technicals

Bitcoin (Monthly Overview)

Looks like we're seeing our first green monthly candle in half a year.

I mentioned in last weeks Market Update letter (subscribers only) that we should start paying attention to the TD Sequential.

For the next monthly candle to close as a red 8, we need to finish the month with a price below the close of the previous red 4 (around 3,970).

Bitcoin (Daily Overview)

I'm keeping an eye on this macro-trend line.

Bitcoin (Monthly Support/Resistance Levels)

Bitcoin (Weekly Support/Resistance Levels)

Bitcoin (4h Volume)

Bitcoin (Macro Overview)

Below are the 3 most common bottom scenarios.

Option 1: Fractals analysis bottom (2,300 - 2,600)
Option 2: Fib extension bottom (1,700 - 1,900)
Option 3: Retest support of 2017 rally bottom (900 - 1,200)

As of March 3, 2019 my confidence level are:

A bottom between 1,700 and 2,600 = about 70%.
We've already bottomed = about 25%.
Retest 900-1,200 = About 5% chance.

Recommended Readings

Markets Are Eating The World

A monster of a read from Taylor Pearson.

Blockchains may introduce markets into corners of society that have never before been reached. In doing so, blockchains have the potential to replace ledgers previously run by kings, corporations, and aristocracies. They could extend the logic of the long tail to new industries and lengthen the tail for suppliers and producers by removing rent-seeking behavior and allowing for permissionless innovation.
Public blockchains allow for rules without a ruler. It began with money, but they may move on to corporate ledgers, social ledgers and perhaps eventually, the nation-state ledger.

You can read the article here.

The end

What do you folks think?

Continue the discussion in our Telegram group.

That's all for now.

See you later space Cowboy

-Dmitriy

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