Week 46: Five Bullet Friday. New strategic advisors and a rebranding update!

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Share Share Tweet Read Later Forward Five Bullet Friday If this is the first time you're reading our newsletter you can subscribe here and guarantee you don't miss out on important news.  Week 46    Two New Strategic Advisors Dr Sajib Datta a Senior Lecturer at the University of Texas at Arlington and Mike Toutonghi, the Lead Dev from Verus Coin are both joining Komodo, bringing with them a wealth of knowledge and experience. Read more here: https://komodoplatform.com/komodo-two-strategic-advisors/.   Phase 4 Of Komodo's Rebrand In mid-August, Komodo announced it was teaming up with Ideas By Nature to launch a full rebrand and an overhaul of its product and business strategies. Now, Komodo is pleased to report that much progress has been made since the initial announcement. This post will highlight all the tasks that have been completed as well as the ones that are currently in production: https://komodoplatform.com/komodo-rebranding-update. Agama #iOS app beta test now open to the public. f you're interested in being a tester join #agama-ios-beta-test in Komodo discord. The channel topic has the invite link needed for the iOS Agama Wallet via Apple's Test Flight app. Discord: https://discordapp.com/invite/94gfSYv Crypto Conditions Gone Wild Community member @smk_cartografix tweets about an early preview of an oracle crypto-conditions DApp that tracks a wandering dog using leaflet and Particle. If you think this is cool give it a retweet: https://twitter.com/smk_cartografix/status/1062988307519332352.   Join us in Helsinki Helsinki, the capital of Finland, is a vibrant seaside city of beautiful islands and great green parks. It's also playing host to our next meetup. Join us on November 23rd. Let's have a great evening and talk about Komodo, blockchain and Bitcoin. Full details here: https://www.meetup.com/Helsinki-Komodo-Meetup/events/256448334.   Click for past issues of Five Bullet Fridays Thank you for being a part of our community! Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.

Banker Has Beef 😡

November 16, 2018

ARCHIVE

QUOTE OF THE DAY

"Someone's sitting in the shade today because someone planted a tree a long time ago."

- Warren Buffett

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MARKET

COIN	PRICE	24H
BTC	$5,608.40	+ 2.03%
XRP	$0.473305	+ 4.90%
ETH	$178.24	+ 1.77%
BCH	$404.69	- 4.38%
XLM	$0.241990	+ 8.07%

*Information as of 10:00 AM EST

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OPINION

EU Central Banker Calls Bitcoin a 'A Combination of a Bubble, a Ponzi Scheme and an Environmental Disaster'

Meeting of the bankers

The Economics of Payments IX conference, is being held this week in Basel, Switzerland. The conference is hosted by the Bank for International Settlements, also known as the "bank for central banks".

Bankers, economists, academics, and government authorities all attend the conference to discuss the latest happenings in payments and financial markets.

The welcome address was delivered by Benoît Cœuré, who serves on the European Central Bank's executive board. Cœuré set aside a portion of his speech to discuss cryptocurrencies.

'Extremely clever idea'.. or is it?

Not surprisingly, Cœuré is a harsh critic of cryptocurrencies and expressed his opinions during his address. The banker went as far as to call Bitcoin the 'evil spawn of the financial crisis'.

However, Cœuré did acknowledge that Bitcoin is an extremley clever idea, his full quote reads:

"Lightning may strike me for saying this in the Tower of Basel – but Bitcoin was an extremely clever idea. Sadly, not every clever idea is a good idea. The opportunities of the blockchain are many, but the problems of Bitcoin are also plentiful. I believe that Agustín Carstens summed its manifold problems up well when he said that Bitcoin is 'a combination of a bubble, a Ponzi scheme and an environmental disaster.'"

But, banks are adopting the tech

Despite the bankers criticism, central banks are researching and testing cryptocurrency now more than they ever have in the past. According to some studies, two out of every three central banks are at the very least exploring blockchain.

Cœuré did rain on this parade, saying that is is unlikely that any central bank issues a digital currency within the next decade.

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REVIEW

Recapping the Bitcoin Cash Hard Fork

The break up is official

Yesterday, the Bitcoin Cash split into two different blockchains, one supporting the new Bitcoin ABC code and one supporting the new Bitcoin SV code.

The event occurred just after 11:00 AM Eastern when the last "common block" was mined and the Bitcoin.com mining pool mined an entirely new block - signifying a chain split.

Now, according to data from Coin Dance, Bitcoin ABC is leading Bitcoin SV by over 30 blocks and controls more than 58% of the network's hash rate.

So...now what?

Well, since two blockchains coexist at the moment, there are two possible outcomes:

1. Two blockchains coexist in the long term as separate networks
2. One blockchain gives way to the other

Meanwhile, bystanders are watching carefully to see if Craig Wright, Bitcoin SV's outspoken supporter, will attempt an attack on the Bitcoin ABC network like he threatened earlier this week.

To do so, Wright would attempt to mine empty blocks - blocks without any transactions - on the Bitcoin ABC network to potentially corrupt the blockchain.

Still heated

Regardless of Bitcoin ABC's current lead, there is still heated debate in the community. Insults have even dropped as low as espionage accusations and child pornography claims.

According to Wright, the hash war is a "marathon, not a sprint" and he has a point. Technically mining pools could switch support to Bitcoin SV and begin mining the new blocks. However, so far, it seems Bitcoin ABC has secured a steady lead with no signs of stopping.

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TECH

Microsoft Launched its Azure Blockchain Development Kit

Onboarding developers

According to a press release published yesterday, Microsoft is looking to help both individuals and organizations develop blockchain networks through its newly launched blockchain development kit called Azure.

Allegedly, the kit comes fully stocked with SMS and voice interfaces, data monitoring, and off-chain identity features among others.

Azure mostly aims to help developers grasp smart contract development to encourage unique use cases for blockchain technology.

Already in use

According to the release, in October, Azure was integrated with traditional stock exchange Nasdaq to help facilitate transactions, settlement, and more for the platform in the future.

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TECHNICALS

Bitcoin's RSI Hits 4-Year Low

📉 What is RSI? RSI is short for Relative Strength Index. RSI is an indicator used by technical analysts to measure the momentum of a stock. The metric is on a scale from 0 to 100. A RSI under 30 indicates an asset is oversold and an RSI of over 70 indicates an asset is over bought.

Indicator hits a low

On Wednesday, Bitcoin crashed almost $1,000 in a day. The dip marked the largest single-day drop in the currency since March 30.

As Bitcoin quickly depreciated, so to did its relative strength index (RSI), which measure the momentum of the asset. The RSI dropped all the way down to 18, which is the lowest value for the indicator since September 2014.

This is a bullish indicator for Bitcoin, the RSI value indicates that Bitcoin has been oversold. The chart below, provided by CoinDesk, shows Bitcoin's price movement along with its RSI:

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BITS

But wait, there's more...

• The giant Bitcoin rat is back at it again outside on the streets of New York.
• Nvidia released its third quarter results and its crypto mining business isn't doing too hot.
• Interest from both employers and job seekers in blockchain and cryptocurrency-related jobs has declined in the past year.

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CryptoWeekly #82 - Understanding the Bitcoin Cash hash war

The best cryptocurrency news, guides and resources.

CRYPTO WEEKLY November 16, 2018 | #82 THE MARKETS BTC: $5,535.00 | -$791.77 (-12.51%) since last week ETH: $176.23 | -$31.88 (-15.34%) since last week BITCOIN CASH Bitcoin Cash has undergone a hard fork this week after unresolved deliberations on a number of key upgrades, and tensions are running high. Two of the largest Bitcoin Cash implementations (Bitcoin ABC and Bitcoin SV) are at odds over which features to include, and as a result, a "hash war" has broken out. Bitcoin SV is led by Craig Wright (of nChain fame), while Bitcoin ABC is supported by the controversial crypto influencer Roger Ver. Both implementations are incompatible with each other, which means that in theory, only one can continue to be the "real" Bitcoin Cash. A hash war consists of two competing sides that are boosting their computing power in a bid to gain increased influence (and show support for) a preferred implementation, with mining power being used as a weapon to potentially kill off another blockchain. This is done using a pooling of hash power resources, which are the total computing resources assembled by a group of miners in the interest of keeping a blockchain secure. If either side has more than 51% of the hashing power in Bitcoin Cash, the dominating side would, in theory, be able to launch debilitating attacks on the smaller chain. This represents a troubling turn of events for a community that's been equal parts competitive and collaborative in recent years. Perhaps most important here is that neither side has implemented replay protection in the lead-up to the hash war. Replay protection is what allows traders to safely spend their funds when a fork takes place, and without it, any hard fork can quickly become a dangerous proposition. A lack of replay protection means that both chains intent to keep boosting their hash rate until the other loses, with the victor becoming the "one true chain" for Bitcoin Cash traders. Crypto investors on the losing side stand to lose a lot of money, and that's part of what makes this war amidst a hard fork so risky. On the exchanges front, most are already listing both Bitcoin Cash hard forks as trading pairs. Some (such as Poloniex) have suspended Bitcoin Cash trading altogether until the outcome is confirmed.  With a number of attacks that can be launched, both sides seem willing to fight to the death for the right to control Bitcoin Cash's future. While it seems likely ABC will emerge as the victor in this hash war, SV could still execute an attack to destroy ABC. Both blockchains are being pushed to their limits, and it's a great way for the crypto community to see the pros and cons of each. To follow the hash war live, check out Hashware Live or read this primer on the battle. SPONSOR DSX - Your professional cryptocurrency exchange From crypto to FIAT, trade with confidence on DSX - the FCA regulated London exchange. A variety of deposit and withdrawal options are available at the touch of a button. GOOD READS The $799 Coinmine One looks like an Xbox that prints money Crypto mining has long been the domain of hardware hackers and crypto enthusiasts, but that's about the change. The Coinmine One is the first crypto mining machine designed for the general public, and it's being funded by Coinbase Ventures and Arrington Capital. The IMF's digital currency push isn't about crypto - it's all about centralizing banking Despite giving a speech earlier this week on digital currencies, many suspect IMF head Christine Lagarde isn't really looking to adopt crypto as an international standard - but instead use it as a tool to centralize banking power yet again. Here are some of the coolest enterprise Ethereum use cases by industry Innovation in the Ethereum ecosystem has been on a tear as of late. This rundown analyzes the most exciting use cases for Ethereum in the enterprise space, ranging from supply chain management to energy and commodities. Triggered by the Bitcoin Cash conflict, Bitcoin has reached its lowest value in a year After news broke out of the coming "hash war" within Bitcoin Cash, the value of Bitcoin dropped below $5,500 for the first time since 2017. The decline dragged other cryptocurrencies with it, and earlier in the week the overall market dropped by 12% in less than 24 hours. CoinDesk has just announced an entirely new way to explore crypto-economic data CoinDesk's new Crypto-Economics Explorer is a game changer. It's a great way to track activity and interest in a given token, read news about hundreds of crypto projects, and analyze their economic properties at the click of a button.  Here's how Ethereum became the world's next supercomputer Ethereum is rapidly surpassing Bitcoin as a usable platform for applications, and this piece outlines how that came to be - all the way from its inception in 2013, to its status as one of the leaders in crypto today. Serious questions are being raised over Bitmain's profits after its IPO filing Bitmain's IPO is just months away, but key investors are beginning to raise questions with the Bitcoin mining giant's leadership after profits stated in its IPO prospectus turned out to be far lower than those published during the company's pre-IPO funding round. COMMUNITY NEWS Check out these 101 interesting facts about Bitcoin. Link Binance is going to list USD Coin, the USD-pegged stablecoin. Link Mike Novogratz's crypto firm is pivoting to tokenization of real estate. Link Binance Academy is now available in Spanish. Link Malaysia's CIMB is now partnering with Ripple on cross-border payments. Link KuCoin has just raised $20M in funding from a group of VCs. Link OKEx's parent company has launched support for crypto trading in Argentina. Link Binance just created the largest unspent transaction output existing today (but not all time) at 109k BTC (nearly $600M). Link International charity Oxfam formally launches blockchain rice tracker in Cambodia. Link COBINHOOD welcomes Jill Shih as CEO. Link Coinbase CEO Brian Armstrong is now officially a billionaire. Link Join Token2049 in Hong Kong from March 13-14, 2019. Link Ripple is hiring an Account Manager in Dubai. Link We just added 72 new crypto companies, 23 new ICOs, 6 new exchanges and more to CryptoList. Link Edited by Chris Osborne, founder of KintuLabs, in Bangkok (in town? reach out to get a coffee). Feel free to reply to this email with any feedback and/or suggestions. -- Nothing shared or published by CryptoWeekly constitutes an investment recommendation, nor should any data or content published by CryptoWeekly be relied upon for any investment activities. CryptoWeekly strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions. Copyright © 2018 CryptoWeekly. All rights reserved. No longer want to receive CryptoWeekly? Unsubscribe.