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The future of crypto investing
22.04.2019
April 21st – Weekly Crypto Digest
ANDREW LEE
@alee

Adamant Capital releases an in-depth report suggesting that Bitcoin is in heavy accumulation and in a last stage of bear market, but re-testing November lows could be possible: – Link
• 2017-2019 drawdown of 84% ($19,949 to $3,141) is on par with drawdowns from previous cycles (-92% in 2011 and -85% in 2014-15). 
• Markets could dip back down to re-test November lows, but Bitcoin is still undervalued at current prices.
• During the accumulation phase, weak hands will profit during rallies and create resistance, and strong hands buy the bottom of the range, which leads to “higher lows”, which eventually creates enough confidence for retail to start buying again. Similar to the $200-400 accumulation range in February 2015.
• Bitcoin still shows strong fundamentals and it’s a robust, universally-accessible protocol.
• As disposable income of millennials grows, it could provide tailwan for bitcoin price appreciation. Millennials grew up in the 2008 recession and used p2p protocols like BitTorrent.
• Bitcoin can trade between $3,000 to $6,500 before the next bull market.

Binance news roundup:
• Binance launches mainnet for Binance Chain and expects to swap BNB tokens on April 23. Binance Chain will be able to create BEP2 coins and will be used for Binance’s DEX product. 
• After the announcement, BNB jumped +30% in value in USDT terms to a new USD ATH of $25.49.
• Mithril’s price jumped 30% after it announced switching from ERC20 to BEP2 for “usability, security,” the “incredible speed of one-second block times” and to offer its token for trading on the Binance DEX. Red Pulse jumped 50% after announcing it will also switch to BEP2. 
• Press and Twitter users speculate that Binance Chain can beat Ethereum for the issuance of new tokens as the liquidity on Binance DEX will be easier rather than issuing a ERC-20 token.

Bitmax launches a presale on its exchange for DUO Network. Contributions will be in USDT, not the exchange’s $BTMX token. – Link

MakerDao token holders vote on whether to raise DAI stability fee by 4% to a new total of 14.5% per year. – Link

Out of 16 recent ICO/IEO listings in the past month, 13 of them are ROI positive in USD terms, according to data collected by ICO drops. Most of the tokens have vesting for private sale investors. – Link

Professional tennis player Serena Williams shares on Instagram that she invested in Coinbase through her family office Serena Ventures. – Link

PewDiePie, a 29-year-old YouTube star with the most the most subscribers in the world (95.6M), announces on YouTube that he will make videos for earnings commission free blockchain-based streaming platform DLive. DLive is a product by Lino, which is blockchain platform based in Silicon Valley funded by primarily Asia-based funds including Zhenfund, DFund, INBlockchain, LinkVC, PreAngel and more. – Link

Israel-based university Technion files a lawsuit against their school’s lecturer and Starkware Founder Eli Ben-Sasson for violating the school’s intellectual property regulations, claiming Sasson used research funded by the school for his own commercial business Starkware. – Link

Beam CEO Alexander Zaidelson says Beam will eventually be a platform that will enable other people to issue other types of tokens, including stablecoins, on Laura Shin’s Unchained podcast. – Link

What’s Happening On Twitter

Web3 is here. We own our data. We authorize apps to interact w/ our data. Largest attack vector is app logic does things that users don’t want it to do, like sending user data to a server. Are there solutions to this problem that don’t introduce trust assumptions (eg app store)? -Multcoin Founder Kyle Samani

ETH locked in DeFi is a pretty arbitrary / useless metric. Who cares how much ETH is locked unless it’s actually being used for something? For DEXs the interesting metric is volume, and for lending the interesting metrics are total borrowed & borrow volume. If we really care about ETH locked, WETH should be #1 😂– Antonio Juliano founder of dYdX

Maker “stability” fees at 14.5%! With $90m DAI outstanding that’s $35K/day. If those fees burnt DAI (instead of enriching MKR holders who provide no bad debt insurance) the peg would restore. I’ll help any team looking to fix this insane incentive misalignment. Fork @MakerDAO! – Ethereum Foundation Researcher Justin Drake

July 2011 – $31
– “Damn, I should’ve bought bitcoin earlier”
Apr 2013 – $266 
– “Damn, I should’ve bought bitcoin earlier”
Nov 2013 – $1,242
– “Damn, I should’ve bought bitcoin earlier”
Dec 2017 – $19,891
– “Damn, I should’ve bought bitcoin earlier”
2022-2023 – …
– “Damn..” – Misir Mahmudov

[GIF of Binance’s rise in volume] The rise and fall of exchanges. Restrictions on US-based exchanges in 2017 were a dominating factor. – Blocktown Capital

In cryptoland, paper law is a second class citizen to cryptographic law. – Placeholder Partner Chris Burniske

Written & Curated By Andrew Lee
Founding Editor-in-Chief of W3J

From Adamant’s report, “Bitcoin in Heavy Accumulation”: “As the coins available for selling run out, the market starts rising in a pattern of ‘higher lows,’ which in the end give even the retail public the confidence to start buying again.” – Link

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