CryptoAM: Coinbase Adds, Gets Even More Money, and Bulletproof Proofs

Spread the Knowledge

Good news everyone! We’re going on an adventure.

To the moon 😎

3 things you need to know:

One: Coinbase is exploring adding additional assets. In a blog post Coinbase announced it is looking into adding Cardano, Basic Attention Token, Stellar Lumens, ZCash, and 0x. 0x should come as not surprise as Coinbase just acquired Paradex Exchange. There were a few interesting tidbits from the blog post…

  • “These assets will require additional exploratory work and we cannot guarantee they will be listed for trading”

  • “We may also only enable certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses”

  • Takeaway: Coinbase almost certainly will add some of these assets to its platform, and a nice pump will likely accompany. Even just the news of exploration sent these assets soaring over the weekend. Since Coinbase is mostly a portal for retail investors, I would expect that the assets that look cheaper per unit (Ripples 50c per unit to Bitcoins $6,000 per unit) will be affected in an outsized manner. I call this the retail tax…

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Two: Bitmain and Peter Thiel are reportedly investing in This will bolster’s already substantial lineup of big ticket institutional investors.

  • Money money money: has announced $675 million out of its $1 billion promise to fund development on the EOS ecosystem. This new round may bring that number closer to that initial pledge. I would not be surprised it announced that it was raising the amount it will pledge towards development due to the sheer amount raised during its ICO.

  • Read more…

Three: Monero has a successful audit of Bulletproofs. Bulletproofs is a new zero knowledge proof protocol that has been developed in the last year. The Audit was completed by Kudelski Security who did not find any major issues.

  • “We did not identify substantial discrepancies between the Java version and C version of the integration of bulletproofs in RingCT. Although we didn’t find major security issues, the relative complexity of the new protocol combined with the limited set of tests (in particular, without test values) is a potential risk.”

  • In addition to introducing a new zero knowledge proof protocol, Bulletproofs will also reduce transaction size by 80%.

  • Takeaway: Watch out Z-cash. One of the main arguments against Monero concerns their use of ring signatures to ensure privacy rather than Zero-knowledge proofs which are theoretically more secure. Bulletproofs is a new proposed protocol for Monero that would leverage ZKP’s making the protocol more secure. Monero is already the leading privacy coin and the implementation of Bulletproofs would likely cement that position.

  • Read more…

Also in the news:

What I’m reading today:

Todays Crypto-Asset Valuation Frameworks

Since cryptocurrencies are still in their infancy (only existing for the past decade), there are a lack of solid ways to assign value. Currently, there are a ton of different models that people are building, with hundreds more that people are thinking about. The top five most accepted (but still widely debated) valuations models are as follows:

  1. “Store of Value” Thesis

  2. Token Velocity Thesis

  3. INET & Crypto J-Curve Thesis

  4. Network Value-to-Transaction Ratio (NVT)

  5. Daily active addresses/users (DAA)

When taking long term positions in coins, it definitely helps to compare them using these different metrics and models. I wholeheartedly believe that solid pricing models will come before long term adoption. Without an easy way to understand the value of cryptocurrencies, most investors will stay away.

Around the corner:

Market Outlook:

Quick Take

We made some higher lows over the weekend and into this morning, and broke through strongly on resistance.

This is good news, and 6.8k is a strong possibility. If we break through 6.8k on strong volume, a run to 7.7k is probable. Look to the support levels on the chart for invalidation. If we break 6.3k, this reversal will likely be considered dead.

Some nice strong hopium here is that Bitcoin has rocketed above it’s 20D EMA, showing that bulls are taking charge now. I’m moderately bullish over the next week, and now I have some long positions taken at the 6.45k and 6.6k levels.

Daily Chart:

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