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The $420,000 mistake 😨

February 11, 2019

ARCHIVE

QUOTE OF THE DAY

"Governments are good at cutting off the heads of a centrally controlled networks like Napster, but pure P2P networks like Gnutella and Tor seem to be holding their own."

- Satoshi

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MARKET

COIN	PRICE	24H
BTC	$3,665.93	+ 0.50%
ETH	$122.84	+ 4.36%
XRP	$0.306552	+ 0.89%
LTC	$44.5	+ 11.55%
EOS	$2.80	+ 3.34%

*Information as of 10:00 AM EST

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REVIEW

The Mistake That Cost $420,000 in Life Savings

The QuadrigaCX debacle rocked the crypto community recently after the exchange lost access to over $190 million worth of assets following its founder's death.

But while many lost access to their crypto trading funds, one user lost access to something worth much more: his entire life savings.

The move to Canada

According to the Star, 30-year-old Tong Zou lost $420,000 in the incident after he moved his life savings to QuadrigaCX in October.

During that time, Zou was preparing for a move to Canada from California and was using the exchange to avoid transfer fees.

Since then, Zou hasn't seen a single penny in deposits despite having waited for more than four months.

Hoping for a return

Recently, Zou confirmed in court that he believes he is one of the "largest affected individual" users in the situation.

To pay back users like Zou, QuadrigaCX is allegedly looking to sell its exchange platform.

For now, however, Zou will continue with the savings he has.

"It's all my savings, so I'm just living on what little I have left and trying to start over. It pretty much took everything away from me."

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INSTITUTION

ICE is Looking to Fund Bakkt with More Than $20 Million This Year

Intercontinental Exchange (ICE) is looking to invest more than $20 million into its new venture Bakkt, a crypto trading and custody platform.

That announcement came just a month after the new platform already set out to raise a whopping $182 million to build its vision.

Not your typical product

In addition to the $20 million expense estimate, ICE CEO Jeff Sprecher called Bakkt "a bit of a moonshot bet" saying that it's not a typical ICE product.

He's got a point. Right now ICE owns and operates the New York Stock Exchange, several clearing houses, traditional futures markets, and creditors - all heavily regulated businesses.

With Bakkt bringing Bitcoin futures into its family, it is aggressively seeking regulatory approval that has already caused two delays that pushed back launch dates.

However, this time around, Sprecher simply commented that the exchange will launch "later this year."

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HACK

MetaMask Lookalike Sneaks its Way into the Google Play Store

MetaMask, an app that allows users to access Ethereum decentralized apps (dapps), was alarmed on Friday to find it was being impersonated on the Google Play Store.

Discovered by security firm ESET, the fake app was set out to steal cryptocurrency from unsuspecting users.

The malware would find any wallet addresses that users copied onto their clipboard and replace them with the hackers address.

Not the first time

The Google Play store has had a tough time filtering out scammy cryptocurrency apps beginning last year.

In response to the issue, MetaMask tweeted:

"We would appreciate if @GooglePlayDev would reserve trademarked names for apps, especially repeat phishing targets like us."

---

BITS

But wait, there's more...

• 👀 IBM Blockchain is assisting in California to help track groundwater-usage in a drought-prone area.
• 🚀 SEC "Crypto Mom" believes the delay in regulation may allow more freedom for the technology.
• 🚨 The Bank of Spain has sent warnings to its citizens regarding cryptocurrency and the lack of regulations.

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MEME

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	CoinSheet #242 Happiness comes through doors you didn't even know you left open. — Unknown Weekly Bulletin Hello folks. Last week wasn't particularly exciting. Lots of noise, not much signal (as per usual). Sensationalized articles were in full swing. We now know that Facebook is Weekly Bulletin (Feb 10, 2019) CoinSheet #242 Feb 10 Public post Happiness comes through doors you didn't even know you left open. — Unknown Weekly Bulletin Hello folks. Last week wasn't particularly exciting. Lots of noise, not much signal (as per usual). Sensationalized articles were in full swing. We now know that Facebook is buying blockchain companies, Hamas is using bitcoin to fund terrorism, investors are losing money, and Brock Pierce is trying to rebuild Mt.Gox. YouTube Thank you folks for subscribing to my YouTube. As I wrote previously, I'm planning on releasing some crypto-related + not crypto-related content that you folks might like. I will put out the first video when we're at 1,000 subscribers (only 300 away so go and subscribe). Youtube: Click here, and then click subscribe Happy Lunar New Year! Thank you for the quick pamp (or was it the WallStreet bonus' ?!??). Cya again next year. BitTorrent ICO Few folks have been asking me what I think about the TRON BitTorrent Token (BTT). Probably because BTT was up something like 600% from its launch (this was as of Feb 5). Folks also brought it up in the Telegram chat. I'll write here what I wrote in chat: Everything is good and well until you get dumped on. Justin Sun has worked out a great formula for pumping shitcoins and I'm generally skeptical of any motive he might have that isn't stacking cash. Tron doesn't "accidently" have the worlds largest crypto treasury. I think this will soon be more evident as we start seeing supply inflation. Stay away from these "high profile" ICO's There are many "projects" that are supposed to launch this year. You're going to see headlines like: You've got to realize that these "fund managers" and folks who've invested in these ICO's are all looking for ways to get rid of this trash. Whether to dump on hopeful retailers in a Justin Sun style marketing + listing blitz, or dump on another group that's even dumber then they are on some OTC market. Stay away, or… …Or don't stay away, and be part of this wonderful evolution. Arjun Balaji@arjunblj Interesting evolution: In 16-17 "crypto-asset" bull market, there was a flood of proposed valuation models working backwards from massive TAMs and usage metric projections. Since then, with poor usage, valuation thinking has moved to "softer" attributes like governance rights. February 9 2019 6 Retweets77 Likes Hacker who stole $5 million by SIM swapping gets 10 years in prison A college student who stole more than $5 million in cryptocurrency by hijacking the phone numbers of around 40 victims pleaded guilty and accepted a plea deal of 10 years in prison This is only interesting because it appears this is the first person to be sentenced for this specific crime. Source Market Sentiment Technicals Bitcoin (Daily Overview) The bounce of the 200-Week SMA is notable. Besides that, the daily isn't particularly interesting. The consensus among traders seems be that the 3k support will be broken. When will it be broken? No one knows. Bitcoin could rally to 4.5k, and then proceed to fall below 3k. Or it could fall to/below 3k right now. I'm leaning more bearish since it seems the 50 SMA resistance held up (orange line). Bitcoin (4h Support/Resistance Levels) Resistance 2: ~3,630 Pivot point: ~3,520 Support 1: ~3,320 Support 2: ~3,230 Bitcoin (4h Volume) Seeing bearish divergence on the OBV (volume isn't confirming bullish price movement). Expecting downside. Bitcoin (Macro Overview) Below are the 3 most common bottom scenarios. 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) As of Feb 10, 2019 my confidence level are: A bottom between 1,700 and 2,600 = about 70%. We've already bottomed = about 25%. Retest 900-1,200 = About 5% chance. Recommended Readings Why Monetary Maximalism could fall short of expectations The most popular argument for why that should be the case is that it already happened once – with gold.  There are two big assumptions baked into the grand narrative of monetary maximalism today. First, that the world will gravitate towards the soundest monetary-policy coin. And second, that gold-analogies are apt in describing Bitcoin.  We would argue that this is reasoning by analogy, and that the analogy is not self-evident even for many people inside crypto, let alone outside. We should steer clear of suggesting that we can use logic to determine how this will all play out.  You can read the full essay here. Regulation: A View from Inside the Machine Below is a link to remarks from SEC Commissioner Hester M. Peirce on her speech about Protecting the Public While Fostering Innovation and Entrepreneurship. Blockchain-based networks offer a new way of coordinating human action that does not fit as neatly within our securities framework. Satoshi Nakamoto, in the white paper that introduced bitcoin to the world, envisioned a "network [that] is robust in its unstructured simplicity." Uncoordinated nodes work together toward a common end "with little coordination."[8] Other blockchain projects likewise seek to build networks that operate organically, without a central organizer. Some projects seek to facilitate various forms of authentication to replace traditional recordkeeping transactions or to allow individuals to interact without using trusted intermediaries. The objective of many of these blockchain projects is to build networks that run on diffuse contributions, rather than to create centralized entities that run networks. In the end, there may not be anyone steering the ship. Source The end If 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 You're on the free list for CoinSheet. For the full experience, become a paying subscriber. Subscribe © 2019 CoinSheet LLC Unsubscribe 427 N Tatnall St #84981 Wilmington, DE 19801 A Substack newsletter