Do you even science & technology?

Market Report: 19th Oct. 2018 — Subscribe to our newsletter.

Join us on telegram

CRYPTO NOTE

The daily view from our desk

Whilst Putin may not be a fan of memes (see Tuesday’s report), we all know it’s the backbone of crypto culture and the internet as a whole. Even teachers are dishing them out to pupils. However, memes can come at a cost, remember to go outside and enjoy the fresh air, but maybe avoid Nebraska as it’s not for everyone.

DO YOU EVEN BUY HIGH?

Slow markets don’t necessarily mean doom. Will buyers get the munchies?

Crypto markets are so slow even infamous TV presenters joke they are considering leaving the cryptosphere to start a cannabis show. If this were to be true, Mayne suggests it would be the perfect bottom indicator. But even though there are now less and less people shorting bitcoin and ether — at least according to some new exchange reports and market sentiment — it’s difficult to bottom if there are also less buyers.

Many are wondering what will happen this weekend, following the 2.2% average plunge the top cryptoassets took yesterday on unimpressive volume. Additionally, as bitcoin gets closer to the end of the multiple descending triangle it has formed over the past few months, Mr. Anderson argues “the end is truly near”. But not all is doomed, check out the rarely talked about “compound fulcrum” scenario, which was first pointed out by Peter Brandt.

DO YOU EVEN SCIENCE & TECHNOLOGY?

Carl Sagan said “we live in a society dependent on science and technology”

Earlier this week, a CFTC Commissioner quoted the cosmic educator — referencing that in our society “hardly anyone knows anything about science and technology”. The topic was smart contracts, and Brian Quintenz’s speech at the Gulf international tech week might have been the most interesting thing to consider after Monday’s now pale green pump. Because regulators gonna regulate, but how can one regulate what is not understood?

Messari’s Ryan Selkis wrote a piece commenting on the “chilling implications” presented — in particular for prediction markets — which we recommend. In brief, it unofficially suggested some “developers could reasonably foresee that code would likely be used by U.S. persons in a manner violative of CFTC regulations”. Which means the CFTC “could prosecute those individuals for wrongdoing”. Watch out!

WHAT TO LOOK OUT FOR

Filter the noise and stay ahead of the pack

▪ Have you lost bitcoin in Mt. Gox? If so, you have four more days to submit your claim for the original cryptoasset. Bitcoin Cash claims can only be submitted later.

▪ Do you want to buy 660 Bitcoins? If so, the U.S. Marshals are auctioning such devilish tainted treasure in November and registration starts Monday. Details here.

▪ Do you wonder why certain anonymous Twitter profiles hate Tether so much? Check out Modern Consensus interview of the very vocal stablecoin critic “Bitfinex’ed”.

WHAT TO READ TODAY

An insight a day could give you more profits to play

▪ Crypto Compare published a 79-page taxonomy report. It sounds boring but it’s not. Check the great frameworks for classifying and grouping cryptoassets here.

▪ Curious about how such Bitcoin auctions work? Jinglan Wang offers an “introduction to auction theory” adapted to blockchain, covering five different auction formats.

▪ Pierre Rochard geeks out on what “stops the price of a bitcoin from crashing to zero in a bear market”. In short, both hodlers and buyers of last resort.

FOUNDATIONAL TRIVIA

Because the building blocks of crypto needn’t be irrelevant

The compound fulcrum is a rare pattern usually found in commodity charts that has — so far — indicated a bottom 80% of the time. It should be applied on high time-frames only.