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Interstellar overdrive

Market Report: 7th Nov. 2018 — Subscribe to our newsletter.

CRYPTO NOTE

The daily view from our desk

This weather is in perfect unity with The White House. Did Trump get Trump’d by democrats? As children we thought the pyramids were built by aliens. We now know they had a stairway to heaven. Any Spurs fans? Seems like sweet capitulation. When moon? As for Liverpool, twinkle twinkle little dump! Don’t BAT an eye. 🐔

INTERSTELLAR OVERDRIVE

From lauding to laughing, what to think of Stellar’s massive airdrop?

Everyone is lauding Stellar’s XLM airdrop — the largest in history — that was announced during yesterday’s Web Summit. In brief, the Stellar Development Foundation partnered with Blockchain.com — a UK startup that created one of the most widely used crypto-wallets — to distribute £95 ($125) million worth of XLM among its users. Their goal is to foster an “inclusive digital economy”. But the critics are laughing, as Larry Cermak shows.

While Stellar had disclosed it wanted to give away 50% of XLM’s 100 billion supply to individual users, after having conducted an airdrop to BTC and XRP holders in 2016 and 2017 — having distributed 8.6 billion XLM so far — this time is different. At least for Bitcoin or Monero advocates. As Udi Wertheimer notes, if users want to receive the free tokens, they have to verify their identity and risk losing the privacy of their wallets.

INTERMARKET BULLISH DRIVE

As the entire market finally moves up as a whole, what to think of the bears?

Meanwhile, popular developers united to recommend against this marketing tactic — with Nic Carter even noting how the Proof of Work mechanism elegantly provides a fair distribution, comparing it to XLM’s pre-mine. But the markets continued to move — blessing XLM with a new higher high shortly after the news. DonAlt is still bullish on Stellar lumen’s weekly chart, but if you’re not in, don’t FOMO as the entire market is up.

With the top 100 projects by market cap rising 2.6% over the past day — a poor, but available metric that is in dire need of a better alternative, as Eric Turner calls out — it’s clear we moved from last week’s cycle of selective pumps to a more generalised change in sentiment. Cantering Clark reminds the traditional “holiday season euphoria” seen in equity markets that translates into a possible cryptoasset bottom. Fasten your seat belts!

WHAT TO LOOK OUT FOR

Filter the noise and stay ahead of the pack

▪ A non-profit “Consumer Center” surveyed 1000 Germans and found out 28% of the under 29 year-old are ready to invest in cryptoassets. Find more insights here.

▪ Despite the bear market, VCs are continuing to fund companies in the cryptosphere. Cryptokitties just raised £11 ($15) million last week, doubling its previous funding.

▪ Curiously, the People Bank’s of China recently clarified its ICO-ban extends to airdrops, which they consider to be “disguised Initial Coin Offerings”. More details here.

WHAT TO READ TODAY

An insight a day could give you more profits to play

▪ Now that even Bloomberg is sharing TA suggesting bitcoin could be “poised for upward move”, consider Crypto Rand’s new article about the “top 10 trading mistakes” here.

▪ Alex Tapscott from the Blockchain Research Institute wrote an interesting op-ed for the New York Times here, defending “it’s time for online voting”.But it’s not a silver bullet.

▪ Bakkt is coming soon — on December 12th — so Jake Chervinsky took the chance to explain what it is and why “it might be exciting” here. But are the news priced in?

FOUNDATIONAL TRIVIA

Because the building blocks of crypto needn’t be irrelevant

Stellar is an open-source platform that uses lumens (XLM) — the sixth top cryptoasset by market cap — to transfer money around the world fast and with low fees. It was launched in 2014 by Jed McCaleb, who co-founded Ripple and created the Mt. Gox exchange.