×
The future of crypto investing
25.03.2019
March 24th – Weekly Crypto Digest
ANDREW LEE
@alee
Jack Dorsey tweets that Square is hiring 3-4 engineers to make open source crypto contributions. He also tweets his excitement for the crypto community: “I love this technology and community. I’ve found it to be deeply principled, purpose-driven, edgy, and…really weird. Just like the early internet! Square has taken a lot from the open source community to get us here. We haven’t given enough back. This is a small way to give back, and one that’s aligned with our broader interests: a more accessible global financial system for the internet.” – Link 

Binance is preparing to launch margin trading according to TheBlock; launch date unknown. – Link 

Bitmex CEO Arthur Hayes predicts $10k BTC by end of year: “2019 will be boring, but green shoots will appear towards year end.. Free money and collective amnesia are powerful drugs. Also after two years of wage cucking, punters should have a few sheckles to rub together. The 2019 chop will be intense, but the markets will claw back to $10k. That is a very significant psychological barrier. It’s a nice round sexy number. $20k is the ultimate recovery.” – Link 

Chat screenshots show Bitmax CEO George Cao choosing to avoid the listing of a token called Lition after its initial circulation would be ~$7-8M because Bitmax would not be able to “support that high valuation.” Cao then suggested Lition to reserve $1M for market making to support the price, according to screenshots shared on Telegram. – Link 

IEO news roundup: 
– Binance successfully runs its 3rd IEO for Celer; raising $4M from 3129 people (39003 people tried)
– Binance announces a $BNB hold incentivization model; participants must hold 100 BNB for 20 days before the sale
– Huobi Prime will offer its first IEO for TOP Network on March 26

Korea’s largest exchange Bithumb plans to cut staff by 50% from 310 to around 150. – Link 

Beyond Blocks cancels upcoming conference in Hong Kong on April 15 and puts their summer conference in Seoul on hold due to market conditions. – Link 

Beijing Finance Industry Association says fundraising methods through ICOs, IEOs and STOs are illegal financial activities and anyone found involved with them will be severely punished.Beijing says such activities are just meant to speculate on the concept of blockchain. – Link 

Bakkt’s plans to store customers’ BTC for its futures could face further delay due obtaining approval from United States regulator the Commodity Futures Trading Commission, WSJ reports. Bakkt is currently valued at $740M post-money based on its $182.5M raise last year, according to TheBlock. – Link 

Facebook controversies and news this week: 
• 100s of millions of Facebook users’ passwords were stored in plain text and searchable by Facebook employees, KrebsOnSecurity reports. Facebook admitted the report was true and notified users.
• A Facebook spokesperson admitted that employees were aware of improper data-gathering practices by Cambridge Analytica months before the Guardian reported it publicly in December 2015.
• Facebook is hiring a lead counsel for its blockchain product partnerships.

Six international banks have signed letters of intent to issue stablecoins on IBM’s World Wire payment network which uses the Stellar public blockchain. The disclosed banks so far include Philippines-based RCBC, Brazil’s Banco Bradesco, and Bank Busan of South Korea. – Link 

Ethereum Foundation-backed browser Mist sunsets after extreme security challenges and competition from other web3-integrated browsers and native ethereum native apps including  Brave, Opera, and Coinbase Wallet mobile. – Link 

Bitwise reports that 95% of bitcoin spot trading is faked by unregulated exchanges. – Link 

Multicoin says BNB will have long-term fundamental value when BNB tokens will earn dividends from trading fees once Binance Chain launches. Staking and earning dividends is also becoming a massive trend with several other projects offering it, including QuarkChain, Iotex, IOST, Loom, Resistance and more. – Link 

KakaoTalk will integrate a crypto wallet inside its messaging app that will allow users to send crypto to each other, fnnewsreports. Kakao has 44M users in Korea. – Link 

Geoff Golberg, an analyst of fake social media sentiment driving Twitter accounts, uncovers XRP’s massive shill army that coordinate replies and defend against negative XRP sentiment on social media. Golberg also proves that ~20k of Justin Son’s most recent followers are fake. – Link 

CanYa co-founder JP Thor explains why CoinMarketCap’s “Bitcoin Market Dominance” percent, which stands at is 50.5% today, is flawed since it does not factor in liquidity; when weighting for volume, Bitcoin’s market cap dominance stands at ~80%. – Link 

US-based prediction market project Numerai raises $11M from Placeholder and Paradigm through a private token sale. – Link 

Seoul-based blockchain identity project Metadium releases its SDK on Unity Asset Store. – Link 

Unrelated to blockchain: video-conferencing service Zoom, founded in 2011, files to go public with $330M in revenue ending January 31, 2019 and gross profit of $269.5M. Raised $135M to date from Emergence, Sequoia, Digital Mobile Venture, Li Ka-shing and more. – Link 

Also unrelated to blockchain: Google announces its game-streaming service Stadia, allowing desktops, phones and TVs with Chromecast to stream games; launching later this year. – Link 

Naval talks about how the internet enables people to scale any niche interest: – Link 
• “The fundamental property of the internet more than any other single thing is it connects every human to each other human on the planet. You can now reach everyone.. The Internet allows you to scale any niche obsession”
• “The more authentic you are to who you are, and what you love to do, the less competition you’re gonna have. So, you can escape competition through authenticity.”

Naval explains how trust works similar to compound interest and recommends picking an industry where you can play “long-term games with long-term people”: “Every time you reset [industries], every time you wander out of where you built your network, you’re going to be starting from scratch. You’re not going to know who to trust. They’re not going to know to trust you.” – Link 

What’s Happening on Twitter

Peter Thiel invested $500,000 into FB for a 10.2% stake in 2004. In 2012, Peter cashed out over $1bil worth of FB shares resulting in a ~200,000% ROI. Crypto returns are only absurd to retail investors because they aren’t normally able to fund early-stage ventures. – Into the Ether podcast host Anthony SassanoMost base layers of blockchain are destined to become a verification layer for computation, ZKPs & transactions. – Maya ZehaviThe CTO of Groundhog, which is creating a suite of tools to allow for crypto subscriptions, Andrew Redden hacks together a way to link your Twitter ID to an eth wallet and a way to make Uniswap trades inside Twitter via media embeds.

Highest paying job in 10 years: Twitter ghostwriter for politicians, CEOs, athletes, and celebrities. – Qiao Wang from MessariMapping out the MakerDAO emerging ecosystem – 85% of the projects launched just in the last 9 months – Foreground CapitalPrivacy is not for bad guys, it’s what protects you from bad guys. – Conner Brownuniswap is the dex we have all been waiting for: 
– competitive pricing due to optimal storage on the blockchain. 
– permissionless economics allowing anyone to put assets on it. 
– simplicity in design that reminds me of google’s early days. 
@haydenzadams is a legend. – Santi 

Blockchain will eliminate 95% of social media profit as users take more than their privacy back from Facebook – Block.one CEO Brendan BlumerIf you own shares in any US stock market listed company sell them now, while you still can. Reinvest in gold, silver or crypto. Trust me. – Kim Dotcom 

A self-proclaimed hacker on Twitter (@0xDUDE) shows how Alipay collects customer sales data such as location, vendor and time, and allegedly sells it to third-parties. – Link 

People will care about privacy when real solutions are built. Today we  don’t have options. No choice, no consent. People have to accept how things are. – Tor Bair from EnigmaAn analyst on Twitter has a take at using a power law relationship model to predict $55k BTC after the next halving in May 2020. – Link
Written & Curated By Andrew Lee
Founding Editor-in-Chief of W3J
TwitterFacebookLinkedIn

Read this next

18.07.2019
March 29th – Weekly Crypto Digest

Thailand-based CP Group acquires Omise for $150M, TheBlock reports. Omise was foudned in 2013 and raised $20M to date. CP Group is headed by Thai billionaire Chatchaval Jiaravanon. - Link $105M worth of ETH and ERC20 tokens were moved out of CoinB

Sign up for a weekly curated newsletter on what’s being built in crypto.

Enter your email below and you’ll get a weekly newsletter with bite-size summaries of all the top news related to fundamentals and research.

Sign up for a weekly curated newsletter on what’s being built in crypto.