Who let the ‘digs’ out
Market Report: 10th Jan. 2019 — Subscribe to our newsletter.
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OUR TWO SATOSHIS
New year, new takes on Britain’s strangest news
Black Mirror fans, did you know there’s a secret ending to Bandersnatch? And when you were making your decisions, did you ever think “what would Jesus do?” He probably wouldn’t have stolen his roommates $10m winning lottery ticket, but that’s because he would already be rich after finding this penny.
I’LL SEE YOU AGAIN WHEN I SURRENDER
Battle field is still, poppies on the hill, peace will come when you surrender
The Ethereum Classic hack covered yesterday. Beam’s wallet critical vulnerability — one of the first and most hyped implementations of Mimblewimble’s privacy tech -that was discovered today. And stories about the cryptosphere’s biggest scams of 2018 — ranging from the good-old Bitconnect to the now forgotten Twitter giveaways. Despite all the bad news, and the lack of bullish activity, the crypto market continues its stable path.
As average prices marked their fourth consecutive day of barely noticeable movement, we feel tempted to draw comparisons to traditional equity bear markets of the 1970s. As Barry Ritholtz explains, that was a period marked with cyclical volatility. But back then — as in 2009 — “few people could say with conviction that this low point was the low”. Why? Because bottoms take place when demand surrenders. Is that the case in crypto?
WHO LET THE ‘DIGS’ OUT
“Digging out from a deep hole isn’t a bull market”.
Well, in hindsight it will be easy to tell whether this was the bottom or not. But, for the moment, remember “digging out from a deep hole isn’t a bull market”. So, even if Coindesk reports that “bullish sentiment for Bitcoin is at a 5-month high”, note such interesting headlines are based on flimsy analysis based on a part of the market, i.e. Bitfinex longs and short data. Still, as Lucid wonders, what if prices go up from here?
WHAT YOU CAN’T MISS TODAY
Don’t leave for the weekend what you should read today
▪ In yesterday’s quote, we referenced the latest theses from Pantera Capital’s young co-CIO, Joey Krug. If you haven’t noted them, check the disruptive report here.
▪ China’s internet economy is very relevant to the entire crypto world. Joyce from Global Coin Research helps you understand its cryptocurrency ecosystem implications here.
▪ Jill Carlson begins the new year “thinking about industry trends”, in particular regarding the interest and funding of the cryptocurrency industry. Are you positioned to succeed?
QUOTE OF THE DAY
Take a break from the charts and prepare for the upcoming weekend
“Sometimes the best trade is no trade.”
by Anonymous