Post-truth economics
Market Report: 12th Oct. 2018 — Subscribe to our newsletter.
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CRYPTO NOTE
The daily view from our desk
Thursday is the new Friday, so we hope you’re not as hung-over as we are today. A subtle cloudy morning for DC Comics to show Batman’s penis to all their readers. Or Gordon Ramsay’s as plan B? How Doctor Strange. Kanye & Trump are superman homies? It’s Friday, take a chill pill uncle Nouriel. CNBC, “actual advice”? Oh, the irony!
BACK TO WHERE YOU ONCE BELONGETH
What do you do when a month’s gains are crushed in a couple of days?
You recommend our newsletter to a friend, of course! Even though the top 100 projects only declined 1.1% during the last 24 hours, many fear this weekend won’t be as peaceful as the last. This recent survey by Flood, a popular Crypto Twitter trader, shows that 48% of over 4,250 voters believe bitcoin will see new lows soon. DonAlt illustrates that the lack of a bounce at this level would be problematic.
Still, Hsaka clarifies his expectations of the original cryptoasset continuing sideways action while everyone rests over the weekend. Still, note that by 1am BST today, right after the twelve UTC chimes, bears attacked ether — which fell 5%, to £143 ($190), and is struggling to stay above £150 ($200) since. Considering Mayne’s key level of £157 ($208), beware of a generalised sell-off in case ether bears are able to continue the sink.
POST-TRUTH ECONOMICS!!!
Bullish on Senators who study their topics, bearish on straw-economists
After the written testimony Nouriel Roubini was about to make to the US SEC was shared with the public, most took a stab at his poorly-crafted arguments against cryptoassets. But as yesterday’s hearing went on, it was clear that “Dr. Doom”, the permabear economist, knew one thing — in the era of post-truth economics hype matters, as his hyperbolic fallacies were echoed by the world of misleading news media.
Roubini’s parabolic run has been more impressive than BTC’s last December, but because it’s difficult to time a short of its top we’ll wait until the first crash for confirmation. Meanwhile, we point you towards Jake Chervinsky’s excellently balanced overview of the hearing in case you don’t believe the funny mockers. On the bright side, it seems US Senators are finally understanding blockchain, even if they don’t get cryptoassets.
P.S. To be fair, Roubini correctly notes that “asset and credit bubbles are not caused by central banks and the existence of fiat currencies”. This is well explained in the written testimony, so if you’re curious about it we recommend reading.
WHAT TO LOOK OUT FOR
Filter the noise and stay ahead of the pack
▪ Check out Peter Van Valkenburgh’s testimony defending cryptoassets. Coin Center’s Research Director is ruthless, yet fact-based in his attack of the closed financial system.
▪ The recent Bitfinex’s premium hasn’t gone unnoticed. Check XC’s overview of what caused it and why there’s no reason to be concerned about the whole situation.
▪ The recent volume decline hasn’t gone unnoticed. While many believe that means sellers are exhausted, Alex Krüger offers a simpler and very important explanation here.
WHAT TO READ TODAY
An insight a day could give you more profits to play
▪ Alphaville’s Jemima Kelly writing is so good that even negative articles must be shared. Read how “Civil, crypto-economics, and ‘constitutions’ won’t save journalism”.
▪ Qiao Wang’s data analysis is so good that even bearish perspectives must be shared. Learn why the next halving of Bitcoin won’t pump up the price, as many expect here.
▪ Under-the-radar articles are so good that it’s a duty we share relatively unknown authors. Check Awe and Wonder’s “Bitcoin “MVRV Z-Score”, a metric that predicts market tops with 90%+ accuracy”, Cryptopoiesis new take on Bitcoin’s “Mining Profitability Ratio and dominance”, and Chaoss’ “Investor Economics of Bitcoin”.
FOUNDATIONAL TRIVIA
Because the building blocks of crypto needn’t be irrelevant
Civil is a newsroom platform aided by blockchain and cryptoassets. It uses Ethereum to verify an author’s identity and that an article abides by certain journalistic values.