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The sacrificial lambo

Market Report: 9th Nov. 2018 — Subscribe to our newsletter.

CRYPTO NOTE

The daily view from our desk

Another Friday in the bag. A Friday where some mothers feel they got pregnant from breast feeding. A Friday where other mothers take naked pictures with kids on the toilet. A Friday where some believe doing yoga is demonic. SEC ban hammer or Brexit celebration time?

THE SMELL OF A RUMOUR

Did Craig Wright lose it after 100x longing BTC after reading old fake news?

Oh, the smell of a rumour coming in that still fails to pump the market. Yesterday, an article on a relatively unknown crypto-news portal was picked up by some Crypto Twitter figures. It tried to make news out of a decision made last month by the Shenzhen International Court of Arbitration, which we covered here. The sensational piece even referenced a statement by Katherine Wu, who had analysed the case, for credibility.

But, reading the whole thread, it’s clear such arbitration is not law. If you felt tempted to use this rumour as an edge, we point you towards Alex Krüger’s note that “trading on old or fake news is a fantastic way to lose money”. On average, the top 100 projects fell 0.6% over the past day — despite a couple of solid +10% pumps. As usual, think critically and, if you want some drama, you can follow Craig Wright’s deranged mails.

THE SACRIFICIAL LAMBO

The bear market will only end when memories of 25x EtherDelta pumps fade

Since yesterday, Poloniex created a pre-fork market for the two cryptocurrencies that will split from Bitcoin Cash next week. As expected, Bitcoin Cash SV, the one backed by Faketoshi — as these days there’s practically a unanimous consensus that Craig Wright is a fraud, after Roger Ver finally admitted he “may have been fooled” — is trading for 10% of the value of Bitcoin Cash ABC, as Larry Cermak showed earlier.

Meanwhile, Bitlord represents us all when he says the cryptosphere “literally had enough”. Not of funny stories, for sure, but of dumps and non volatile times. He asked for a sacrificial lamb, but all we got was the SEC fining Zachary Coburn, who founded Ether Delta in 2016, for nearly £310k ($400k). This quasi-decentralised exchange was at the hearts of last year’s bull run and was sold to Chinese investors for millions, so there’s no need for pity. As Jake Chervinsky explains, the US SEC is looking for easy settlements.

WHAT TO LOOK OUT FOR

Filter the noise and stay ahead of the pack

▪ Samsung NEXT has introduced its Stack Zero non-equity grant, which aims to “support early-stage teams building decentralized technologies”. No strings attached here.

▪ A fresh YouGov survey indicates that “93% of Brits have heard of Bitcoin”, but only “4% say they understand Bitcoin ‘very well’”. Share our newsletter with those 96%!

▪ Ethereum London’s November meet-up takes place next Wednesday at Imperial College and features an interesting talk on “Artistic expression on Blockchain”.

WHAT TO READ TODAY

An insight a day could give you more profits to play

▪ Jonathan Otto, the founder of the popular ‘To the Blockchain’ Twitter bot, dispels the myths surrounding Ethereum’s supposed “need for 1.6 terabytes of disk space”.

▪ In Mosaic’s Jason Yannos analysed Q3’s “Cryptoasset Industry Funding” and concluded it’s “evident there is an insatiable demand for deals through the private markets”.

▪ Jesus Rodriguez concluded Part IV of the “Do Security Tokens Need a New Blockchain” series. This final article considers using an Ethereum sidechain for the job.

FOUNDATIONAL TRIVIA

Because the building blocks of crypto needn’t be irrelevant

In March we talked about the potential silence of the lambos, but now that there’s no money for gas it’s time to consider sacrificing luxury cars to repent the sins of the bulls.