Market Report: 7th Feb. 2019 — Subscribe to our newsletter.
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CRYPTO NOTE
The daily view from our desk
Marine life is causing havoc on the roads of Devon as a man swerved and crashed to avoid an octopus. Police found no evidence of a tentacled mollusc but did find a man under the influence in a hedge. Meanwhile, in New Zealand, a working USB has been found in the frozen faeces of a seal, and as marine biologists have nothing better to do they’re looking for the owner. It’s a long shot but…
IF (L)EARNING WAS THIS EASY
ABOUT THOSE BASIC EARNING OPPORTUNITIES
Another seemingly calm day in the crypto markets. Bitcoin barely moved, standing exactly where it was 24 hours ago — whereas the rest of the market moved just 1% on average. But several alts managed to jump more than 10%, with the most noteworthy being Brave’s BAT — which had fallen 15% over the past week and recovered all those losses yesterday when it was added to Earn.com.
Earn is a service originally built to fight spam by allowing users to earn bitcoin for answering emails. And it is now letting crypto startups to use their platform to reward those who learn about their projects. While Brave’s open-source browser has been rewarding its users since last June, it’s now offering up to $10 just to complete some lessons. Oh, what the bear market does to some people!
OH, COWARDLY NEW WORLD
THAT HAS SUCH ALTS IN IT
Meanwhile, it’s getting clearer by the day that in the short-term, most trading opportunities won’t concern original cryptoasset speculation, even if 100x bitcoin plays are still perceived by some as a risk-free strategy. Or, perhaps, exactly because of that! As degenerate leverage bets return to its niche status, new traders — if that’s even a thing — are more likely to feel attracted to alts again.
While Lucid TA disagrees and considers an interesting BTC pop, Crypto Hunter Gon offers two more reasonable scenarios. On the one hand, even if bitcoin has bottomed there are not many reasons to believe it will move much over the next semester. And, on the dark side of the moon, bears are just waiting to discover new lows. Oh, wonder. How many fearful bulls are there here!
WHAT YOU CAN’T MISS TODAY
DON’T LEAVE FOR THE WEEKEND WHAT YOU SHOULD READ TODAY
▪ Yesterday’s really brave project was Abra. They announced their platform now allows users from around the world to invest in shares and ETFs with bitcoin.
▪ Yesterday’s really brave regulator was the FCA. The UK regulator warned consumers of the latest trend in scams, including cryptocurrency related ones.
▪ Yesterday’s really brave ERC-20 token was WBTC. Launched by BitGo, this Ethereum-based project allows dApps to use Bitcoin for liquidity purposes.
▪ Yesterday’s really brave blockchain critic was Wired’s Bruce Schneier, which clearly explained why “there’s no good reason to trust blockchain technology”.
▪ Yesterday’s really brave analyst firm was Vision Hill Advisors. Their massive MakerDao Case Study paints three scenarios for MKR’s price over the next decade.
▪ Lastly, today and tomorrow our really brave conference is M-1, about the future of (digital) asset management. Check the agenda here and follow the live stream.
QUOTE OF THE DAY
WOULD YOU FORK TRAVIS KALANICK?
“Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.”
- By Vitaly Buterin
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