Sunday, March 17, 2019

Weekly Bulletin (Mar 17, 2019)

CoinSheet #248

Have patience! In time, even grass becomes milk.
— Chaudhary Charan Singh (1902-1987)

Weekly Bulletin

Hello folks,

Missed you guys last week, but don't worry, you didn't miss anything.

I kinda want to jump into a look at the market so here are some quick snippets of events/news I thought were interesting.

ETH isn't a security

SEC Chairman Clayton confirmed Commission staff analysis that found Ethereum (and cryptos like it) are not securities.

Like, we already knew this. But that didn't stop shit coins from pamping.

BIS statement on crypto stuff

The Basel Committee on Banking Supervision, a group of international banking authorities, has warned that the growth of cryptocurrencies poses a number of risks to banks and global financial stability.

You can read their letter here.

Tether

Tether has updated the terms on its website, saying that its dollar-pegged USDT stablecoin may not be backed 100 percent by fiat reserves.

My stance on this remains the same. Stable coins are stupid, Tether is boring and I don't care about it.

Cosmos

Cosmos is a decentralized network of independent parallel blockchains, each powered by classical BFT consensus algorithms like Tendermint.
The first blockchain in the Cosmos Network is the Cosmos Hub, whose native token is the Atom. Cosmos is a permissionless network, meaning that anybody can build a blockchain on it.

TL;DR - It's a new meme coin that wants to be Ethereum soo bad.

If you actually want to read more about what it is, you can read this article.

If you're looking for reasons to stay away, look below.

Kyle Samani@KyleSamani

This is an amazing moment in history. Very excited to see the launch of Cosmos. Congrats to the cosmos team for all your hard work to make it here! Now the fun begins!

Cosmos - the Internet of Blockchains@cosmos

Cosmos launch genesis file is out: https://t.co/c5ZQue54rG . Validators set your marks for 23:00 UTC (4pm PDT) launch sequence!

Jeremy Allaire@jerallaire

Excited to announce that .@circlepay .@Poloniex are listing Cosmos ATOM, a very important major new blockchain platform.

Poloniex welcomes Cosmos, enables preview and redemption of ICO AtomsWe are excited to welcome Cosmos to the Poloniex family and to be the only exchange to allow Cosmos ICO participants to preview and claim…medium.com

Eric/@wheatpond

Cosmos is extremely Good for Bitcoin

Erik Voorhees@ErikVoorhees

An impressive new blockchain was born today. Congratulations to a successful launch @cosmos cosmos.bigdipper.live #cryptoThe Big Dipper by Forbolecosmos.bigdipper.live

Ryan Selkis@twobitidiot

We've added Cosmos to @onchainfx and have a 90% complete profile at @MessariCrypto. (Wrapping up loose ends this week.) We look forward to working with the team as a registry participant! https://t.co/ZT7LvhHdnj

Messari@MessariCrypto

Cosmos is live! 🚀 Want to know what the future supply curve for Cosmos looks like? 📈 Curious to see who contributes and who invested? 💰 We have you covered 😎 https://t.co/ovHLe6sKUo https://t.co/iiKAZHpSxH

Andrew Keys@ConsenSysAndrew

Congratulations to the entire @cosmos team. Huge milestone. Congratulations to @BKBrianKelly for recognizing their talent early. Also, isn't @MessariCrypto's UX 🔥?q

Messari@MessariCrypto

Market Sentiment

Did we bottom yet?

The public sentiment seems to be changing. Lots of industry folks are beginning to think we've already bottomed.

Maybe. Maybe we have. But I want to know why. And if you can't make an effort and tell me why, I'm probably not going to listen to you.

So why have we bottomed? Does it have to do with hash rate? Trading volumes? Number of UTXO's? NVT? Number of active addresses?

If someone is telling you that we've bottomed, or that we haven't bottomed, best ask them why.

(*In my case, I'm mostly looking at momemtum, trend and volume.)

Bitcoin (Daily Overview)

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

Also, in the second chart below, take a note at how shorts are increasing.

Bitcoin (Daily zoomed in)

Here I added some moving averages and BTCUSD shorts vs longs.

I've been asked what it would take for me to start thinking that we're beginning to go bullish.

Pretty simple. I want to see the price cross the 200 SMA, and then I want to see a 50 SMA / 200 SMA crossover. This is one example of a scenario that would put me over the 50% threshold and I would say we're in a bullish trend.