How to be token seriously

Market Report: 13th Feb. 2018 — Subscribe to our newsletter.

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CRYPTO NOTE

The daily view from our desk

Were you featured in Forbes’ 30 under 30? Of course you weren’t (unless you’re Jonathan Levin in which case please disregard the following), you were too busy breaking into a pizza hut and leaving incriminating DNA at the scene. Or you were looking for a new place to smoke and ended up being greeted by a tiger! Let’s be honest, regardless of a feature in Forbes, you’ve only really made it once you can buy a nuclear bunker in the Nevada desert.

YOU CAN TAKE THE CRYPTOSPHERE OUT OF TEXAS

BUT NOT THE TEXAS OUT OF THE CRYPTOSPHERE

One year ago, we were urging our readers not to fall for pump and dumps. Volatility was starting to decrease — with a 1% average move that day — and desperate profit-seeking traders were flocking to pyramid scams which jumped 25x over the weekend. By then, the total market cap was already down 50% from its top but was still hanging around £290 ($400) billion — 3.3x higher than today.

On the surface, the current market situation is not that different. The top 100 projects moved 1.4% on average, with some more or less legitimate alts making the ranks — like EOS, MKR, or ZEC, which all appreciated more than 5% yesterday. But, despite Quadriga, despite Balina, and in spite of McAffee, the cryptosphere seems far safer now. At least outside Texas, USA, that is!

HOW TO BE TOKEN SERIOUSLY

SOME NEW SIGNS THIS SPACE IS MATURING NICELY

Meanwhile, despite the past few days witnessing an unusual, but not extraordinary, increase in unconfirmed Bitcoin transactions queued in the mempool — a digital limbo where transactions dwell until a miner picks them up — Diar reports its “fees dropped to 4-year low as transaction count continues to rise”. Additionally, Hester Peirce, everyone’s favourite US SEC Commissioner, is back on the fight!

More interestingly, after the popular cryptographer Nick Szabo showed the way, @NVK is now transferring Bitcoin offline through the use of radio waves. Lastly, and perhaps more importantly, Matt Ahlborg performed a comprehensive analysis of LocalBitcoins.com transactions and, despite relative low volume, the data suggests the original cryptocurrency “is working as Satoshi intended”.

WHAT YOU CAN’T MISS TODAY

DON’T LEAVE FOR THE WEEKEND WHAT YOU SHOULD READ TODAY

▪ BitMEX Research’s latest post describes the “anatomy of the next global financial crisis”. In brief, a repeat of 2008 is unlikely, so whenever a global financial crisis strikes upon us, you shouldn’t expect it to have a positive impact on the price of bitcoin.

▪ Peter McCormack’s latest podcast interviews Abra’s CEO, Bill Barhydt, about their new product which allows users to invest in stocks and ETFs with bitcoin.

▪ Nic Carter’s latest funny, yet newsworthy remark is that “one of the biggest use cases for Bitcoin is the settling of bets between traders regarding Bitcoin itself”.

▪ Crypto Winter’s latest defining moment is that Pompliano announced “a $40 million crypto venture fund anchored by two public pensions”, but BTC didn’t move.

▪ London’s latest crypto conference is also the “world’s largest university-led conference on fintech & blockchain”! Use the code LBX19 for a discount here.