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|Jul 13, 2018||Public post|| 1|
Top of the morning lads! We end the week collectively $16 Billion crypto poorer than we were last Friday. I don’t know about you guys, but I have much higher anxiety during bull runs. Everyday, questioning how much more irrational the market can get before a sudden crash and burn. See ya’ll on Monday :)
3 things you need to know:
One: Binance is laying the groundwork for a decentralized bank. Seriously. It’s pretty cool if you ask me. Binance has said they’re in the process of setting up the “Founders Bank” in Malta, and that it has invested in a 5 percent stake alongside other anchor investors at a 133 million Euro ($155 million) pre-money valuation.
A DAO in the making: The group of angel investors are looking to turn Founders Bank into the first decentralized and community-owned bank in the world. The first step will be creating a token offering that Founders Bank will conduct through a blockchain-based equity fundraising platform. The next will be structuring and devising the rules for this community owned bank. We are truly living in the future.
Two: Robinhood adds Litecoin and Bitcoin cash to it’s trading platform. Adoption, adoption, and more adoption. Robinhood finally adds two more cryptocurrencies to its arsenal in its continual bid to catch up with Coinbase. Robinhood claims to have topped 5 million users across the entire Robinhood platform, boosted by, “significant momentum” generated over the last several months with the introduction of Options and Crypto. Robinhood’s biggest selling point is that it doesn’t charge any fees when purchasing stocks or crypto on its platform.
No fee…but also no wallet: Robinhood doesn't actually let it’s users withdraw any cryptocurrency, which is a little contrary to the point of cryptocurrency itself (y’know, the whole be your own bank thing). Unfortunately, Robinhood is just a way to get exposure to trading cryptocurrencies. I will note that they recognize this is a gripe for some users, and they are currently working on their own internal wallet so customers can withdraw their crypto.
Referral: You also get a stock for free (worth anywhere from $5-$200) if you sign up for Robinhood, and if ya click that link, CryptoAM gets a free stock too…
Three: New York passes regulation that will allow power companies to negotiate rates with crypto miners. In the past year some municipalities have tried to ban crypto mining because they have been sucking up so much power. This new regulation will allow for flexible rates to be charged to crypto miners without raising the cost per kWh to the average consumer.
Takeaway: Allowing for negotiation is probably beneficial for both parties, but utility companies must be careful not to price gouge miners because they will just move to somewhere with cheaper power.
Money Quote: “We must ensure that business customers pay a fair price for the electricity that they consume,” Commission Chair John Rhodes said in a statement. “However, given the abundance of low-cost electricity in Upstate New York, there is an opportunity to serve the needs of existing customers and to encourage economic development in the region.”
Also in the news:
What I’m watching today:
Have you ever wondered why exactly Bitcoin is basically immutable? You already need 51% of the network to even begin to think about rewriting history, but once you do have that power, what is involved if you want to rework what has already been calculated? The video below provides a great visual explanation of what happens if you want to change the data in a previous block.
Start at 6:06
Around the corner:
CBOE Bitcoin Futures Expire on July 18th
3rd annual DC Blockchain conference takes place on July 26th
We tested the bottom support of around 6.05k like predicted yesterday, and bounced off nicely confirming the support of that level, which lends hope to the bull case.
Charts should be straightforward — we are currently resting on 6.25k as support. If we break down below 6.2k, expect to try 6k again. We could be making lower lows, but for this to be confirmed we must break above 6.8k. A break above 6.8k would likely send us to a higher high of around 7.2k.
This is not financial advice and it’s totally possible I’m wrong :)
And a closer look:
Fear & Greed:
We’ll make a Crypto version of Yes Indeed - Lil Baby ft. Drake if we get 50 signups within the next week. Go tell your friends.
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