To whom it May coincern
Market Report: 1st May 2019 — Subscribe to our newsletter.
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OUR SATOSHIS
The daily view from our desk
This week NASA are applying a little foresight by organising a conference with the aim to prevent a fictional asteroid crashing into earth. In other intergalactic news, this Oxford professor believes invisible aliens are interbreeding with humans. Whilst seemingly far fetched, the Indian army have claimed to have found yeti footprints — so anything is possible.
TO WHOM IT MAY COINCERN
“BULL MARKETS ARE BORN ON PESSIMISM, GROW ON SKEPTICISM, AND MATURE ON OPTIMISM”
May has started well, with 91 of the top 100 cryptoassets by market cap on the green by an average of 3.8% over the past 24 hours. As Diar reports, USD Tether’s peg is converging to $1 again. And official, long-awaited confirmation of the real percentage of outstanding tethers backed by dollars finally came out yesterday, as Tether executives fight back the NYAG order. In brief, it’ now 74%up.
So far, the market hasn’t been baffled by such news. After all, this was expected — since at least February, when Tether subtly changed its terms & conditions and no longer stood by its 100% dollar backed promise. Curiously, some popular fund managers can’t understand why the space hasn’t moved beyond basic FUD. However, this is problematic as it goes against the expected transparency we should have.
AT LEAST RISK ASKING QUESTIONS
“IS BITFINEX ‘TOO RISKY’? IS ‘TETHER’? IN ISOLATION, THOSE ARE MEANINGLESS QUESTIONS.”
Meanwhile, BTC’s strength is showing up, as The Crypto Dog remarks. Perhaps because what people should do and what people end up doing rarely converge. The average cypherpunk might be outraged with the current scandal. But what about the average investor who just wants to make money? And it could also signify rational investors understand the difference between BTC and the rest.
Additionally, Crypto Twitter has a deep Western bias and forgets Asian investors — who mostly drove the last two bull runs. It’s plausible to assume that investors in some Asian countries may deem such government meddling as less risky — if such cultures trust the government to protect their interests and they perceive that as something that mitigates potential losses. Anyway, risk explains a lot, and Ari David Paul nicely summarised some theories about it here!
WHAT YOU CAN’T MISS TODAY
DON’T LEAVE FOR THE WEEKEND WHAT YOU SHOULD READ TODAY
▪ Spencer Bogart, from Blockchain Capital, published “Bitcoin is a Demographic Mega-Trend: a Data Analysis”. Check the mega-study and its summary here.
▪ Some people are calling it the “most convincing bullish data they’ve seen all year”. But Eric Olszewski disagrees and argues its data is flawed and biased.
▪ Lastly, to decompress from all the serious talk, Decrypt’s Ben Munster tells how Craig Wright ”imploded” during a recent debate at the Oxford Union.
QUOTE OF THE DAY
OH, WHAT DID FITZGERALD SAY ABOUT “THE ABILITY TO HOLD TWO OPPOSED IDEAS IN MIND”?
“Bitcoiners: fractional reserve banking is bad.
Also Bitcoiners: fractional reserve banking with tether is okay because it is similar to how commercial banks operate”
- By Tim Swanson