October 7, 2018
QUOTE OF THE DAY
"The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the rest of the time, they don't. It's just that simple."
- Charlie Munger
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| COIN | PRICE | 24H |
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| BTC | $6,567.11 | -0.36% |
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| ETH | $223.50 | -0.78% |
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| XRP | $0.477417 | -5.16% |
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| BCH | $513.53 | +0.43% |
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| EOS | $5.68 | -0.67% |
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*Information as of 9:30 AM EST
Senate Committe Holding Hearing Entitled "Exploring the Cryptocurrency and Blockchain Ecosystem" on October 11th
Hearing set for the 11th
The United States Senate Committee on Banking, Housing, and Urban Affairs has scheduled a hearing for October 11th to discuss cryptocurrencies and blockchain technologies.
The hearing will be webcast online on Thursday the 11th at 10 am EST. You will be able to watch the hearing here.
Two sides face off
The Senate Committee on Banking, Housing, and Urban Affairs is bringing in two witnesses to educate them on the subject. Dr. Nouriel Roubini and Mr. Peter Van Valkenburgh will speak at the hearing.
Roubini is a Professor Of Economics And International Business at the New York University Stern School of Business. He is known as "Dr. Doom" after predicting the 2008 financial crisis. Over the years, Roubini has been a harsh critic of Bitcoin and other cryptocurrencies. He once called blockchains nothing more than a "glorified Excel spreadsheet." He has also referred to crypto enthusiasts as "hodl nuts" and "cyber terrorists."
Defending crypto and blockchain is Van Valkenburgh. Van Valkenburgh is the Director Of Research at Coin Center. Coin Center is a cryptocurrency advocate group that educates policymakers on the potential of the technology. At the hearing, Van Valkenburgh will be explaining to the committee how crypto and blockchain can benefit society
Gemini Announces Custodial Insurance on Customers' Crypto
We got your back
In a press release, Gemini announced that customers' cryptocurrency held on the exchanged will be insured for losses. Gemini hopes to provide a greater sense of safety for its customers, allowing them to trust storing assets on the exchange.
Yusuf Hussain, Gemini's Head of Risk, commented on the announcement:
Consumers are looking for the same levels of insured protection they're used to being afforded by traditional financial institutions. Educating our insurers not only allows us to provide such protections to our customers, but it also sets the expectation for consumer protection across the crypto industry.
Much needed solution
Custody is a major pitfall of cryptocurrencies. Regular investors don't like to be tasked with custody of their own assets. With insured wallets on exchanges, investors can leave their funds on the exchange and not have to worry about the exchange being hacked.
Expect more exchanges to follow in Gemini's footsteps and provide similar insurance. Investors will be more likely to use exchanges that have insurance, so the exchanges that provide this service will be more successful.
Pantera Digital Asset Fund Down 72% in 2018, Bitcoin Only Down 50%
The bear market hits hard
Pantera Capital is well known for having one of the most popular crypto funds in the world, however, that hasn't helped the fund from this grueling bear market.
According to @CollinCrypto, who posted a picture of the fund's returns on Twitter, Pantera's Digital Asset Fund has had some painful numbers in 2018 so far with the fund dropping 72.7%.
Critics crack jokes
The numbers quickly circulated around crypto Twitter and some notable influencers took stabs at Pantera's performance.
Well-known trader @ThinkingUSD commented on Pantera's portfolio makeup of "illiquid sh*tcoins":
As for Alex Kruger, a popular crypto commentator, he cracked a joke that played off of Elon Musk's "funding secured" tweet:
Alright, alright let's get serious
While the entire crypto market has been hit by painful numbers in 2018, Bitcoin is only down 50% compared to Pantera's 72.7%.
Because of this large discrepancy, many are asking if diversifying portfolios using conventional financial theory is really the correct move in the emerging crypto market.
While Pantera is in the hot seat right now, many other funds have been hit in similar ways. However, this bear market hasn't stopped new crypto hedge funds from launching as institutions begin to see more efficient gateways to invest in digital assets.
But wait, there's more...
- Bitcoin (BTC) protocol developer Mark Friedenbach introduced a method for Bitcoin scaling he claims will not require a hard fork at a workshop.
- Crypto exchange Bitfinex is reportedly using HSBC, the 7th largest bank in the world, to operate through a private account.
- Japan's prime minister has appointed the country's new Science Minister with a proven pro-blockchain history.
Electroneum (ETN)
Electroneum has coined the phrase 'enablement currency' as it is going to enable a new 3 trillion dollar market (Price Waterhouse Coopers predicts this market to be as large as USD 3 trillion in their 2017 Global Fintech Report) by allowing over 350m smartphone users in the developing world to enter the digital market for the first time.
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