The Weekly TEA 🍵 #5

Dan

Curated news for virtual assets not only of an ICONOMI DAA

Your weekly input of curated news from the blockchain & crypto space.
Let’s look at what happened in the week from 14th to 21st of October.
After Tether almost imploding, the markets seemed to have caught a break from the eternal bear.

Crypto 🗝 Events

Bitcoin Liquid launches

Blockstream launched Bitcoin Liquid, as a federated side chain network. It’s geared toward institutions, market makers and brokerages.
Current exchange partners are OKCoin, BitMex, Bitfinex, Xapo. The choice of partners (except Xapo)especially after recent and current events, leaves a bitter taste.
Bitcoin Liquid, creates somewhat opaque markets, where huge volumes may be moved without impacting the prices on central exchanges. On the one hand for example this brings more flexibility to the currently somewhat stifled OTC markets, on the other it allows for more obscure market activities.

Tether Illiquid?

The supposed stable currency created by Bitfinex, that should be pegged to USD has been hit hard last Sunday, dropping to $0.86. Main reason being deposits and withdrawals suspended due to a bank switch, again! After Wells Fargo and a one week intermezzo with HSBC, they now were “rescued” by a 4 months old bank based in Hong Kong, “PROSPERITY REVENUE MERCHANDISING LIMITED”.

On Bitfinex the bitcoin price spiked up to 7k USDT, arbitrage followed and pushed the overall price average up on all other exchanges, leading to a fresh breeze on the market.

What assets will traders hedge into once Tether starts breaking again, maybe next time for good? Will it be other stable coins, back into bitcoin, other privacy focused coins or legacy assets like precious metals and (tokenized) real estate?

Sony & Blockchain: a Digital Rights Management story

Obviously DRM is a big deal for big players. Applause for Sony to try and apply blockchain to the development of the rights management system for digital content. Apparently this new system also helps to construct a foundation for new educational and learning services where multiple educational institutions will be able to make use of its data.

Fidelity Investments leaps into crypto

Institutions have arrived, after Yale now comes mutual fund giant Fidelity. Interesting coincidence how bitcoin has been below $7k the best part of the year. Great blog post by Kyle Samani about how much value is still to wash ashore crypto beaches.

Ethereum Constantinople delayed

Due to a consensus issue with the Constantinople fork that was release onto the test network “Ropsten” on October 13th, it became unusable. In order to debug and fix the issues and deliver a running test net with the Constantinople fork , developers decided in a meeting to delay the release to 2019.

The Constantinople hard fork is is a system-wide Ethereum update designed to increase the network’s efficiency, and notably includes plans to reduce block rewards for miners, as well as to introduce changes to the network’s consensus mechanism that would make it more resistant to ASIC miners.

BAKKT — On track for November Release

Things are looking good for Bakkt, Adam White leaves Coinbase to join as CEO. User on boarding and testing is done in November, followed by warehousing and trading in December. Bakkt will not engage in leverage trading and aims to be completely regulated and transparent.
A reminder what BAKKT is doing:

Bakkt’s first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR. For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.

other 📝 worthy stuff

The Value of DGD?

DGX is equal to one gram of gold.
DGD is a share of ownership in the DAO that receives a share of profits from DGX usage.

Civil scratches ICO

Interesting route taken by Civil, who executed their ICO to fund a decentralized network for journalists.

Will other projects follow in order to be compliant with approaching regulations? Is it because they’re based in the US?

Decreed launches Politeia!

What’s Politeia!? It’s their unique governance mechanism and they’re opening it up to token holders!

Politeia gives holders of the cryptocurrency a way to exercise control over every aspect of the project, meaning it puts the Decred treasury in their hands. That treasury currently holds DCR 570,000, valued at roughly $21 million.
The treasury is funded by a portion of new coins emitted with each block, so it’s constantly growing.

If Iconomi manages sometime in the future to enable voting of held assets, this would be a top pick for a new TEA addition.

As Decred users start making proposals for expenditures and the community begins voting them through, Yocom-Piatt is going to initially maintain a veto power over expenditures. His veto power will sunset in six to 12 months when control of the funds moves from Decred Holdings Group LLC, an organization he manages, to a smart contract.

Monero Bulletproof live!

Average fee reduced from 60 to 2 cents!

Binance Coin 🔥

On 17th of October Binance burnt 1,643,986 BNB (roughly $17MM USD equivalent). That is substantially less (almost 50%) than the burns before, does this. Why you wonder?

In the Medium post, Binance mentions that the cryptocurrency market has been “extremely stable” during the majority of the last quarter. This stability has, in turn, resulted in less price volatility on the exchange, and ultimately less trading volumes.

Moving 194M USD for 0.10c

No big news, but rather a reminder what bitcoin is able to in the direction of nay sayers like Roubini.

BitGo receives $15M from Goldman Sachs

GMS aims to offer various products linked to digital assets “in response to client interest.”
Veem and now BitGo, is Goldman Sachs building their own crypto infrastructure?!

Ravencoin Main Net Launch imminent

Ravencoin is a proper decentralized project, without ICO or premine play, I’ve been following for quite some time now. Bruce Fenton is doing an amazing job of spearheading the community all the while delivering premium educational content. Apart from being listed on Bittrex and couple of weeks back Binance, the protocol is gearing towards releasing its asset layer very soon.

This protocol is designed to do one thing and do it well: help people easily issue secure tokens.

Get ready to reserve any desired names and be sure to stack up on RVN in order to do so.

Main net Launch is set for 31st October.

The 🎁 Corner

The Bike of Lightning

Bank prohibits buying bitcoin, now possibly laundering money

After prohibiting employees, beginning of this year to buy bitcoin or other cryptocurrencies, Nordea bank is now quite possibly involved in money laundering. And now also this:


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Dan

Written by

Dan

#earlyadopter, #hermetist, #technoshaman, #DAA Manager and occasional Business Analyst into #blockchain #cryptocurrencies

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