Market Report: 19th March 2019 — Subscribe to our newsletter.
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OUR TWO SATOSHIS
The daily view from our desk
How much would you pay for the Lewis Hamilton of racing pigeons? You didn’t know racing pigeons were still a thing? Well, they are and there’s big money involved! From high flying birds to flags. Over the weekend, the city of Sheffield was not firing on all cylinders when they raised the Welsh flag instead of the Irish one for St Patrick’s day. Which is bad, but not as bad as losing 12 years worth of music, ouch.
BEAR MARKET MEMENTO
SOME SAY “SOME MEMORIES ARE BEST FORGOTTEN”, BUT THE PAST YEAR’S LESSONS MUST BE REMEMBERED
The crypto market seems to have slowed down a bit, with bitcoin and ether barely moving. But there’s always a couple of popular alts pumping. Over the past 24 hours, Ravencoin is up 18% and Kik’s KIN is up +30%, having appreciated+125% over the past week — after the native blockchain of the Asian-focused messaging app finally launched.
Alas, even Stellar’s XLM is moving up — having trapped some bears who announced shorts yesterday. This was likely pushed by two things. The fact IBM had signed up six banks to use World Wire, a payment network built on top of Stellar’s blockchain — which CoinDesk’s Ian Allison explains here. And being added to a very popular crypto trading app. But will the momentum last?
“FACTS, NOT MEMORIES”
“YOU DON’T WANT THE TRUTH. YOU MAKE UP YOUR OWN TRUTH”
Meanwhile, The TIE’s latest cryptoasset-related investigation is out. It focuses on an old problem of the space: liquidity, and you can find it here. In brief, outside the top cryptoassets, there’s no real demand for the thousands of tokens some exchanges list. And The TIE argues those exchanges have “some form of suspicious activity” going on. Their data is open-source, so you can dive in here.
Anyway, as Travis Kling points out, the message is that “if you’re making investment decisions based solely on CoinMarketCap reported volumes, your analysis is heavily flawed”. And this is something many people do when looking for speculative plays on obscure, alternative cryptoassets. As usual, capitalise on your curiosity, but go beyond the typical “starter packs” you get access to.
WHAT YOU CAN’T MISS TODAY
DON’T LEAVE FOR THE WEEKEND WHAT YOU SHOULD READ TODAY
▪ The latest episode of Peter McCormack’s What Bitcoin Did podcast interviewed Andrew Poelstra on ”Bitcoin Math & Research”. Great listen here.
▪ The latest post of Katherine Wu’s blog explains why and how digital assets are making the US SEC “re-consider its Custody rule”. Great overview here.
▪ The latest issue of Diar’s weekly newsletter compares the latest Tether controversy to the fee hikes that Maker’s DAI, a decentralised stablecoin, is facing.
▪ The latest entry in Pirate Beachbum’s “Bitcoin Bear Market Diaries” series is a “raw and unfiltered” interview with Nic Carter. Great insights, must-read here.
▪ The latest essay of TokenEconomy’s Yannick Roux extends the new airdrop craze — lockdrops– by suggesting Uniswap provide immediate liquidity!
QUOTE OF THE DAY
EDUCATION ALWAYS HAS A COST
“In 5–10 years, most of us will look back and regard this 2018–19 bear market as one of the most valuable experiences we’ve ever had in our investing/trading ‘career’. First bear market for many, certainly not the last. Invaluable to learn the lesson early.”
- By Broccolex
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