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Tuesday, August 14, 2018

📰 CoinSheet - August 13, 2018 📰

August 14, 2018

It is hard to be evangelical about moderation.
  -R. Curtis Morris Jr.

CoinSheet #213

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COIN BULLETIN

Why is ETH Crashing?

Because folks are selling ETH.

I wish this was more complicated (I really don't tho) so I could write a long article, but it's pretty simple.

Anyone who's making this more complicated then it needs to be is either derping or is somehow after your money.

Simple concepts tend to be hard to convey, but sometimes it's just that (Ockham's razor, thank you based Socrates).

Check out this thread from some Facebook group that I commented on. It's from about half a year ago.

And as of today, ETH is still very profitable to mine (I think the break-even cost on mining ETH is somewhere between $100 and $150).

Oh, and let's not forget all the ICO's who have treasuries full of ETH.

Bitmain IPO

I'll just say this, if you have an opinion that is similar to the angry Panda below, change it, it is probably wrong.

Anyone who has access to the Bitmain IPO deal is investing in the Bitmain IPO deal, and it's probably not because they're planning on losing money.

What else is going on...

Nothing super important

THINGS I LIKE

dApp Capitulation

Some large ETH holdings. Which ICO is holding it. And Which ICO is moving it.

You can them out here.

MARKET SENTIMENT

Top 5 Winners

Top 5 Losers

Technicals

You don't want technicals, you just wanna get rich quick don't ya

(technicals aren't super now important unless you're day trading, and if you're day trading you shouldn't be getting your charts from me).

Bitcoin

BTC is fine, stop worrying.

Later this week or early next week I'll write about why I'm still super bullish on BTC.

Oh, and that yellow arrow is the price area (~$8,600) from where I tweeted you should probably short.

It was a bearish tweet no one liked it, and no one wanted to see it.

welp.

ANNOUNCEMENTS

I'm still travelling around EU.

Remember to join my little telegram announcements page.

I'm trying to pilot what a SMS alerts thing from me would look like and if it's worth setting up.

https://t.me/coinsheets

I'll only try to post things I think are important. Most things aren't important, so you won't see much.

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CARIBBEAN CRYPTO: By the end of this year, investors in Jamaica may be able to trade crypto tokens on the Jamaica Stock Exchange (JSE).

The JSE has signed a memorandum of understanding (MoU) with Blockstation, a Toronto-based blockchain startup, to create a new digital assets trading platform. In addition to listing coins for trading, the exchange may even issue its own. Full Story

B ROUND, A LIST: Enterprise blockchain startup Axoni raised $32 million in a series B round led by Goldman Sachs and Nyca Partners, with JPMorgan, Wells Fargo, Y Combinator and a16z among the participants. Full story.

CRYPTO FANTASY FOOTBALL: CrownThrown Inc., a Florida-based blockchain startup, announced that it is raising nearly $100 million for an initial coin offering to create a crypto-powered fantasy football league.

Called the Crown League, the project will be seeking to form 12 teams initially, which will collectively be owned by fans via the platform’s crypto tokens. Though it would act similarly to other fantasy leagues, one major feature that separates this one from others is that it will be a single, unified entity operated by professional managers and owned by the general public. Full Story

Markets took a dip this past week. CoinDesk Research took a look at the performance of major coins:

• The biggest declines: Ethereum Classic: -37 percent and EOS: -33 percent
• The smallest declines: BTC: -9 percent and LTC: -22%
• Bitcoin's share of the total cryptocurrency market cap grew from 50% to 56% during the course of the week

Learn more crypto research insights here.

SPONSOR SECTION

The Oxford Blockchain Strategy programme is developed for business leaders, innovators, and future thinkers with an interest in blockchain. This programme gives you a fundamental understanding of blockchain, and its implications and effects on your business strategy. Visit the programme page to learn more.

UNDER PRESSURE: Down two-thirds from its all-time high of around $20,000 last December, bitcoin now faces the risk of dropping below $5,755, technical analysis indicates. Full Story

BEST OF THE BEST

BLOOMBERG: The business newswire examined the recent sharp price drop of ether and found that initial coin offering (ICO) projects were to blame for the decline.

ICOs were the main force behind the price surge of ether last year, as more and more blockchain startups at the time were building projects on the ethereum blockchain.

But now, according to Biswa Das, a founding partner of BloomWater Capital, a cryptocurrency quantitative hedge fund, some of the projects are “cashing out” the ether they raised, in part to cover their expenses, but also in anticipation that this bear market won't end soon.

THE REST

FINANCIAL TIMES: Wall Street is not as skittish about cryptocurrencies as most people think, according to FT writer Ben McLannahan.

Despite their skeptical public stances, big Wall Street names such as JPMorgan Chase and Goldman Sachs have begun to “dip [their] toes” in the space, for instance trading bitcoin derivatives on behalf of fund manager clients.

McLannahan also discussed several hurdles that the banks are facing in the crypto market including concerns over safe custody.

THE WALL STREET JOURNAL: Bank of China (BoC), one of the four biggest state-owned commercial banks in China, has revealed details on its blockchain efforts, according to the Journal.

Liu Quiwan, the chief information officer of the BoC, said during a press conference in Beijing that the bank is currently running a dozen pilot projects involving blockchain technology.

We've launched our new podcast, Late Confirmation, which are the top stories in the blockchain world, delivered daily from the team at CoinDesk, sponsored by the Oxford Blockchain Programme.

Listen to Latest Episode and Subscribe

WHO WON #CRYPTOTWITTER

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BitGo Jobs

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Five Factors Providing Sell Pressure in the 2018 Crypto Market

QUOTE OF THE DAY

"Your present circumstances don't determine where you can go; they merely determine where you start."

- Nido Qubein

Happy Tuesday! Bitcoin dominance is at a 2018 high right now around 54%. Do you think Bitcoin dominance will continue to go up? Answer below!

Yes, Bitcoin dominance will continue increasing
No, Bitcoin dominance will settle back down

Cheers,
Blockchain Brew Team

MARKET

COIN	PRICE	24H

BTC	$6,167.927635	-4.29%

ETH	$268.17977	-16.37%

XRP	$0.266509	-12.74%

BCH	$500.309988	-14.15%

XLM	$0.216898	-8.9%

*Information as of 9:30 AM EST

MARKET

Five Factors Providing Sell Pressure in the 2018 Crypto Market

It is no secret crypto prices have declined sharply since the end of 2017. Now, Jonathan Cheesman, a partner at Distributed Global, expresses his perspective on what is providing downward pressure on the crypto market.

1. MINING

According to Cheesman, for a proof of work ecosystem, this is the most persistent downward pressure
With miners reaping rewards daily across a multitude of coins, they have to sell well over 50% to cover costs in fiat
In addition, mining adds new supply to the network thus causing controlled inflation and lowering the value of the tokens in the process

2. TAXES

Cheesman expects that some tax payments made this spring were raised by crypto sales
In addition, Cheesman believes the complication of crypto taxes could be a future deterrent for retail investors as well

3. EXCHANGES AND FEES

As centralized exchanges like Binance reap in profits, it is reasonable that the exchange would be selling crypto profits made from fees to cover expenses first
In addition, since exchange revenue and crypto prices are positively correlated, it is risky for an exchange to HODL all crypto so they likely sell a portion for fiat to hedge

4. ICOS

When ICOs boomed in 2017 it caused a high demand for Ethereum and shot the price sky high
Now, as many ICOs sell Ethereum for funding, it is causing sell pressure on the market

5. ALTCOINS

The altcoin boom of 2017 caused tokens with no product or use case to have multibillion-dollar valuations
In 2018, however, Cheesman believes investors are realizing these coins are worthless and have been providing massive sell pressure to liquidate their positions

Though Cheesman's list doesn't cover every factor and some are only assumptions, these sell pressures are important to think about.

NEWS

'Unhackable' Wallet Has Been Allegedly Breached by Researchers Who Meet Bounty Conditions

BITFI BOUNTY

John McAfee has been promoting his new cryptocurrency hardware wallet, BitFi, as "unhackable"
To prove it, BitFi has put out a bug bounty reward of $100,000 if hackers can penetrate the device and connect to BitFi's servers
Earlier this month, a fifteen-year-old hacker announced on Twitter that he had hacked the device but BitFi had dismissed the claim after he didn't prove it and didn't want to accept the bounty

BitFi's CEO told CoinTelegraph about dismissing the alleged hack:

"The person claiming to have cracked the bounty has not come forward to prove it and has tweeted 5 min ago that he will not be pursuing the bounty because it’s not worth his time. [...] Yet he tweeted to the whole world this morning that he hacked into our wallet. I think it’s a disgrace for any human being to do such a thing but I will leave to you to judge."

NEW HACK

According to The Next Web, a new set of hackers has now stepped forward to claim the BitFi bug bounty
In this case, the hackers have allegedly satisfied all three conditions by modifying the device, connecting to BitFi servers, and sending sensitive data using the device

@cybergibbons, a hacker that was part of the research group, announced the proof of the hack on Twitter:

AWAITING RESPONSE

McAfee and BitFi have yet to respond to the newly announced hack but it is likely they are investigating the case

ADOPTION

China's Communist Party Authors: Blockchain – A Guide for Officials

A GUIDE FOR OFFICIALS

China's Communist Party has published a book titled "Blockchain – A Guide for Officials" in hopes of educating government officials on blockchain technology
The book covers the rise of blockchain and cryptocurrencies, along with current and potential use cases and challenges facing the technology
This publication hints at the party's willingness to adopt blockchain technology

An excerpt from the book reads:

"The biggest impact of blockchain lies in its operation mechanism ... which seeks to achieve consensus as a way to govern a community. It offers us a brand new angle to think about and resolve different problems."

CHINA & CRYPTO

China has had a very contentious relationship with crypto and currently has a blanket ban on all initial coin offerings and trading
Although the government has a blanket ban in place, the country has been actively researching potential uses for blockchain
A couple of months ago, China's president, acknowledged that blockchain is a breakthrough technology

EDUCATION

The Periodic Table of Cryptocurrencies

The cryptocurrency environment can be a confusing place because it is difficult to research, understand, and categorize all the different coins.

Now, thanks to investinblockchain.com, we have an easy overview of 118 different cryptocurrencies.

periodic_table_cryptocurrencies.png?x88891

TABLE BREAKDOWN

The table is categorized into 9 different categories by color coding:

Currencies
Protocols, Exchanges, and Interoperability
Computing, Data Management, and Cloud Services
Platforms
Gaming, Media, and Social Networking Platforms
Privacy Coins
FinTech
Business/Enterprise
Others

With many coins overlapping categories, Invest in Blockchain chose the category they saw most fit. In the case of a miscategorization, Invest in Blockchain mentioned they are willing to take feedback.

MORE BREWING

US Federal Court Denies Motion to Remand Against Ripple
Hong Kong University Receives $20 Mln Research Grant for Payment Systems, Blockchain
Jamaica Stock Exchange to Trade Crypto Assets in 2018

TODAY IN CRYPTO

Bitcoin Cash (BCH)

Toronto Meetup

Bitcoin Cash meetup in Toronto from 7-9 PM.

PROOF | SOURCE

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COIN OF THE DAY

Jibrel Network (JNT)
The Jibrel Network provides currencies, equities, commodities and other financial assets and instruments as standard ERC-20 tokens on the Ethereum blockchain.
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