Tuesday, December 25, 2018

Project Goerli - Building a Better & Unified Testnet

Today we're talking Testnets; the sandbox-style environment available to blockchain developers experimenting with smart contract technology and DApps.

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Hi there,

Today we're talking Testnets; the sandbox-style environment available to blockchain developers experimenting with smart contract technology and DApps.

Firstly, there is no testnet available that is both widely usable across all clients, and robust enough to guarantee consistent availability and high reliability.

That's where Project Goerli comes in. Led by Afri Schoedon and Aidan Hyman, the aim is to change the way proof-of-authority testnets operate within both the Ethereum Classic and Ethereum blockchains. We're working together to improve our ecosystems.

The ETC Cooperative, is so confident in this team and project's potential, we've awarded them with a grant of $125,000 to push the ball forward on widespread adoption approximately six months from now.

Project Roadmap & Development Bounty Info Available Here

P.S. The ETC Cooperative is hiring!

Thanks again for choosing to keep up with ETC.

Until next time,

~Anthony Lusardi
Director, US | Ethereum Classic Cooperative
@pyskell

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ETC Cooperative

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Happy Holidays!

and a Christmas surprise

Dec 25

Public post

Christmas, children, is not a date. It is a state of mind.
— Mary Ellen Chase

A very merry Christmas

Allow us to wish you all a very merry Christmas!

May your hearts and homes be filled with all of the joys the festive season brings.

Let us remember to take time to slow down, enjoy the simple things, recharge and be thankful for those around us.

Wishing you much happiness not just today, but throughout the New Year.

-Dmitriy & Kunyi

Christmas surprise

We're beginning to enter some very interesting times for Bitcoin and crypto so I'm bringing back the Market Sentiment (Example of what it will look like at the end of this letter).

It will be included once a week with the free Weekly Bulletin.

I need your help deciding

I'm contemplating whether or not I should send it out daily to subscribers (I'm thinking 5 times a week, usually before noon EST time).

This would be in addition to the regular letters.

If you're a subscriber and would like to start receiving the Market Sentiment, mention it in our Telegram chat, or feel free to just shoot me a one word email.

If you're not a subscriber, I'm giving you 50% off our subscription so you can support CoinSheet and receive the Market Sentiment daily. (So it's only $5/m)

It won't be $5/m for much longer.

Subscribe now

Market Sentiment

Technicals

Bitcoin (Daily Overview)

Didn't quite make it to the 50-SMA, but we did have a rejection.

Bitcoin (4h Volume)

(We'll highlight any price/volume divergences we see)

Bitcoin (4h Oscillators)

Bitcoin (4h Support/Resistance Levels)

Bitcoin (Macro Overview)

Below are the 3 most common scenarios I've seen being discussed for a Bitcoin bottom.

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)

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Closed for Good 😓

December 25, 2018

340+ UK Crypto Businesses Shutdown Operations in 2018

Trying to survive the bear market

According to Sky News, 342 cryptocurrency companies in the United Kingdom either dissolved or liquidated during the year.

Obviously, the discontinuation of cryptocurrency businesses have been influenced by the environment. Last year, when valuations were more favorable, only 139 companies ended operations.

Despite the market and many companies shutting down, more than 800 new blockchain related businesses opened shop during the year.

Extrapolating this across the globe

This report only discloses numbers for the United Kingdom. But, the rest of the world is suffering a similar fate.

It has been widely reported that all across the space, companies are struggling to stay financially afloat. The bear market has devalued companies reserves and now companies are scratching to stay alive.

For example, the crypto incubator Consensys recently laid off 60% of its entire workforce to save costs.

ADOPTION

Cryptocurrency Gaining Popularity for Remittances

Gaining market share

A study conducted by Clovr finds that cryptocurrencies are more often being used to send money across borders. According to a survey of 707 people who have sent money abroad in the past year, 15.8% of them used cryptocurrencies.

Cryptocurrencies still trail more traditional methods like online and money transfer services, and wire transfers.

Crypto users seemed to be pleased with the new technology. Of the respondents who used cryptocurrencies for remittance, ~86% said that they prefer it to other methods.

Awareness is a hurdle

Cryptocurrencies are beneficial over other methods for remittances for several reasons. Mainly, crypto can be transferred faster and cheaper.

While cryptocurrencies are more efficient, they are not capturing a meaningful share of the remittance market.

According to the same survery cited above, the number one reason people are not using cryptos for remittance is that they do not know enough about the technology. The second most common reason is that the user worries that the recipient will not be able to spend the cryptocurrency.

MARKET

Cryptos Surge as Equities Tumble During Holidays

Seeing green

At the end of a very rough year for cryptocurrencies, the market is seeing a bit of a resurgence.

Cryptos were positive almost across the board on Monday with Ethereum being one of the biggest gainers. This comes after Joseph Lubin, co-founder of Ethereum and lead of Consensys, called bottom on the market.

In theory, cryptocurrencies should have little to no correlation with traditional shares of equity. However, this has not necessarily been the case in recent months, but times might be changing.

Santa rally M.I.A.

Historically, the end of the year has been a profitable period for the equity market. After a tough October and November, Wall Street was hoping for some relief to end the year.

Instead, investors were victim to the stock market's worst Christmas Eve performance in a century.

Good sign for crypto

Resisting to follow the equity market is a good sign for cryptocurrencies. It shows that the asset class can be seen as a safe haven from the recently volatile stock market.

Although, it is not certain that the recent cryptocurrency spike was influenced by the ongoings of the equity market.

BITS

But wait, there's more...

😬 Japanese internet giant GMO exits Bitcoin miner production in Q4 due to "extraordinary losses."
👏🏻 TRON now has over 1 million user addresses six months after going live.

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Monday, December 24, 2018

1-week notice 😨

December 24, 2018

Bitmain is Set to Layoff BCH Developers to Get Rid of Fluff

1-week notice

Signs aren't looking too positive for the Chinese mining giant before it is set to go public on the Hong Kong Stock Exchange.

This time around, Bitmain is reportedly laying off up to 50 employees starting this week. The reason: redundancies.

Allegedly most of the targeted employees are part of the Copernicus team that works on Bitcoin Cash operations.

It could get worse

It might not stop at 50 employees either according to a report from Primitive founding partner Dovey Wan.

If the report is true, the layoffs could target up to 50% of Bitmain's 2,500 headcount - a massive shakeup for the business looking to IPO.

For now, Bitmain has yet to comment on the matter but according to Dovey Wan, reports like that are "usually very high accuracy, posted by employees themselves."

ANALYSIS

Bitcoin Private Secretely Secured 2 Million Coins for its Founders

Covert premine

On Sunday, blockchain analytics website Coinmetrics revealed that Bitcoin Private (BTCP) actually had a 23 million coin supply rather than the 21 million coin supply the whitepaper had established.

Where did the extra 2 million come from? Well, all signs are pointing to a "covert premine" - an operation that means means BTCP developers mined the cryptocurrency for themselves before other miners had the ability to.

Called out

After Coinmetrics announced the finding, one of BTCP's founders, Rhett Creighton, responded saying he believes BTCP suffered a hack. However, this tweet was later deleted.

Now, others are pointing fingers at Creighton saying he was the one who created the coins as it was some of "the earliest code work done."

Regardless of the allegations, Creighton has yet to admit anything and has furiously defended himself against claims made by users on Twitter.

The market knows

Following Sunday's events, BTCP suffered losses more than 20% as investors fear of inflated coins.

EXCHANGE

The XRP Community Got its Holiday Wish

Becoming "the standard"

The XRP community has long preached about how their beloved cryptocurrency should be "the standard."

For Binance, it might be just that - at least for the two new trading pairs it just added to its exchange.

That's because for the first time in Binance history the exchange is going to use XRP as the base cryptocurrency.

What does this mean?

For a long time Bitcoin ruled exchanges because it was the only base cryptocurrency that investors could trade against.

However, because of this, many believe altcoins are largely correlated to Bitcoin rather than individual performance.

As exchanges continue to grow and add new pairs, its possible that the rest of the market will become more independent from Bitcoin - a positive sign for many investors weary of overall market risks.