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Monday, January 7, 2019
Bitcoin Passes $4,000 / Gab / Nevada / Ledger
Fort-not gonna happen 👾
January 7, 2019
QUOTE OF THE DAY
"Cryptology represents the future of privacy [and] by implication [it] also represents the future of money, and the future of banking and finance."
- Orlin Grabbe
| COIN | PRICE | 24H |
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| BTC | $4,043.50 | + 4.62% |
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| ETH | $153.85 | + 0.20% |
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| XRP | $0.368172 | + 2.92% |
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| BCH | $162.02 | + 0.61% |
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| EOS | $2.79 | + 1.53% |
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*Information as of 10:00 AM EST
Fortnite Accidentally Accepted Monero, But What Might Crypto Hold for Gaming?
Whoops!
Early last week it was reported that Fortnite, a popular Battle Royale game that has millions of online players around the world, had started accepting Monero (XMR) as a payment option for its merchandise store.
The move built confidence in the crypto community that adoption was accelerating and XMR would get all the glory.
Now, however, the founder of Epic Games - the company that developed Fortnite - is saying that the decision to accept XMR was accidental.
But don't count crypto out
Shortly after Epic founder Tim Sweeney announced the mishap, he continued to say that many "at Epic are big fans of the decentralized computing tech underlying cryptocurrency."
And Epic isn't alone. Crypto and gaming have stood hand and hand as investors and developers flock to build the next big game.
Last year Mythical Games secured $16 million to build a blockchain-related game. Similarly, CryptoKitties, an Ethereum app that allows users to buy and sell unique cats, gathered $12 million from investors.
So what's the use case?
Many believe crypto will take gaming to the next level with non-fungible tokens - a fancy way of saying each token is unique.
As for Fortnite, some believe the game could create a digital economy with real scarcity if player skins and items were built using non-fungible tokens - but this idea definitely has its skeptics.
For now though, Sweeney says the technology needs a lot of work on "volatility and fraud-proofing" before it hits the mainstream.
Bitcoin Transaction Fees Hit Three-Year-Low
Bitcoin transaction fees recently hit there lowest mark since October 13, 2015. At the time of this writing, the median transaction fee for Bitcoin is as low as $0.024.
Here's a comparison to when transaction fees were last this low:
January 6, 2019:
- Median transaction fee: $0.02
- Transactions last 24h: 253,673
October 13, 2015:
- Median transaction fee: $0.02
- Transactions last 24h: 134,741
Scaling the Bitcoin network
After having trouble with high fees in 2017, due to scaling issues, Bitcoin has seemed to figure out how it can grow while keeping the fees reasonable.
The Lightning Network is still in its infancy with a total capacity of 557 BTC. But, the network is rapidly growing. At launch, the Lightning Network was very difficult to use. Now with constant improvements, it is making progress and gaining more adoption.
Kraken Received 3x More Law Enforcement Requests in 2018
Government is getting nosey
According to a tweet from the exchange, Kraken received three times more inquiries in 2018 than it did in 2017.
The exchange received a total of 475 requests from government agencies during the last calendar year. In comparison, it received only 160 similar requests in 2017.
Of the 475 inquiries, a majority of them originated from United States government agencies. The US accounted for 315, followed by UK (61) and Germany (34).
You Can Get Married on Ethereum in Nevada
According to the AP, two counties in Nevada have either implemented or are conducting trials to put marriage certificates on the Ethereum blockchain.
The reason? Security. Add on the feature that each certificate is digital and can be accessed from anywhere and you've got a nice set up.
Not so fast though
Despite the legitimacy of each certificate, some government agencies are still reluctant to accept them.
While large organizations like the Social Security Administration are good at accepting the digital documents, state motor vehicle departments have different policies.
Still, it's an awesome move for the blockchain-loving state, and yet another win for the paperless economy.
But wait, there's more...
- 🎨 A French graffiti artist has hidden $1000 in Bitcoin in his latest project.
- 👨⚖️ Two lawmakers from the U.S. state of Colorado have introduced legislation seeking to exempt some digital tokens from securities laws.
- 🇯🇵 Japan's financial regulator is considering allowing Bitcoin (BTC) exchange-traded funds (ETF).
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Sunday, January 6, 2019
Weekly Bulletin (Jan 6, 2019)
Weekly BulletinNo yearly predictions from us. Our general thoughts are that things will start picking up steam toward the end of the year as we get close to the next bitcoin halving. Genesis blockOn January 3, 2009 Satoshi Nakamoto launched the Bitcoin network by creating the genesis block (the first block of a blockchain). It includes the following text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks." (This mostly serves as a timestamp to prove the genesis block was created on the same day the network was released, and that there was no secret premine.)
Fast forward 10 yearsBitMEX has taken an advertisement out on the front page of January 3rd, 2019 edition of The Times thanking Satoshi Nakamoto for Bitcoin. 10 years ago Bitcoin made a reference to The Times, and exactly 10 years later there is a Bitcoin reference in The Times. Pretty cool. DX Exchange launching next weekSecurity tokens are hot. Starting tomorrow, DX Exchange will begin offering tokenized stocks on the Ethereum blockchain via smart contracts. This will enable investors to trade companies like Apple and Facebook Inc outside of the U.S. even when the stock markets are closed. The launch will make DX the only exchange licensed to offer tokenized stock products in the EU. You can read more about this here. Personally, I'm not very interested in security tokens. Ethereum Constantinople hard forkJust a reminder that the Ethereum Constantinople hard fork has been scheduled for sometime around January 16 (target block height of 7,080,000). Binance and a few other exchanges have already announced their support. Market SentimentTechnicals
Bitcoin (Daily Overview)The meme is real. The January pump is here. Price broke through the 50-SMA. A daily close at this price would be a relatively strong short-term bullish signal.
Besides that, I'm also still waiting to see what happens with the Bakkt futures launch. Bitcoin (4h Volume)One warning here is that volume isn't looking too strong. Even seeing some bearish divergence on the OBV.
Bitcoin (4h Support/Resistance Levels)Resistance 1: ~4,200 (I'll post the new weekly levels for next week in the Telegram chat tomorrow)
Bitcoin (Macro Overview)Below are the 3 most common bottom scenarios.
Recommended ReadingsBitcoin Anonymity Guide 2019: How to use BTC like a straight up GI'm always getting questions about Bitcoin and anonymity. This is a good read that should answer most of your questions. Check it out here.
Bitcoin By the Numbers: 2018 RecapJameson Lopp gives us a wonderful recap of 2018. Check it out here. The endIf you think something important happened last week and we missed it, let us know! Continue the discussion in our Telegram group. That's all for now. See you later space Cowboy
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