Decrypto Daily Update – July 17, 2018

Market Snapshot

Total Market Cap: $269,998,194,436
24 Hour Volume: $13,898,386,299
BTC Dominance: 42.7%
BTC-O: $6,357.01
BTC-H: $6,741.75
BTC-L: $6,357.01
BTC-C: $6,741.75

LINE launches BitBox, a Singapore-based cryptocurrency exchange.

Today, LINE officially launched its cryptocurrency exchange, BitBox. The exchange is operated by LINE’s Singapore-based subsidiary, LINE Tech Plus. BitBox currently supports 28 cryptocurrencies and is available in 15 different languages. On the restriction front, BitBox is currently not available in Japan, USA, and a few other territories.
BitBox currently supports AION, BAT, BCH, BTG, CVC, DGB, ELF, ETC, ETH, GNT, KNC, LTC, MONA, NCASH, OMG, QSP, QTUM, RDD, REP, SALT, SNT, VEN, XLM, XRP, ZIL, and ZRX in various BTC, ETH, and USDT trading pairs.
Considering ICON’s recently announced venture with LINE, I’m surprised ICX didn’t make the cut. I’m guessing LINE’s priority for the platform’s initial launch was to support the popular Top 10 coins, along with a few of the more well-known ERC-20 tokens. Thus, ICX, which currently sits at #27 in market cap rankings and is no longer an ERC-20 token, didn’t make the list. BitBox’s launch should also put to rest all the rumors about LINE’s crypto exchange being ICON’s upcoming DEX. Nonsense.
I’m pretty impressed with BitBox’s UI, especially considering the service just launched. The interface is well laid out and uncluttered with a good choice of font families, sizes, and weights.

The trading charts look great as well, and LINE even built in a bunch of customizable indicators and settings for advanced users. Most importantly of all, the interface feels really responsive and snappy. I’m excited to see what LINE will bring to the table over the coming months.

It’ll be interesting to see how LINE plans to increase BitBox’s trading volume over the next few months, and if the company will market the exchange to a portion of its 200 million monthly active users of the LINE messaging app – many of which probably know next to nothing about cryptocurrencies.

Coinbase’s Index Fund is close to launching.

Earlier this year, Coinbase announced it’s upcoming cryptocurrency index fund, and it looks like the service is close to launching. A few hours ago, I was looking through my iPhone’s widgets and saw this.

Coinbase should probably change the display text to read “CBI”, but it looks like there is already an API to track prices for the index fund. As of 9:17 PM JST, CBI’s price was $3,049.59. Cool.

Decrypto Daily Update – July 14, 2018

Market Snapshot

Total Market Cap: $248,699,757,825
24 Hour Volume: $10,759,637,562
BTC Dominance: 43.2%
BTC-O: $6,235.03
BTC-H: $6,310.55
BTC-L: $6,192.24
BTC-C: $6,238.05

Coinbase is exploring Cardano, Basic Attention Token, Stellar Lumens, Zcash, and 0x.

In a post on their official blog, Coinbase revealed they are currently looking into adding ADA, BAT, XLM, ZEC, and ZRX to their list of supported digital assets. Coinbase is also working on implementing ETC at the moment.

  • Back in March, Coinbase announced their intention to support the ERC-20 token standard, which led to many speculations about future ERC-20 token listings. Many expected ZRX, the network utility token for 0x’s Ethereum-based decentralized exchange, would be one of the first ERC-20 Coinbase listings following a tweet from Brian Armstrong last August. It looks like that’s exactly what happened – ZRX made the list.
  • Interestingly enough, ZRX and BAT are the only two ERC-20 tokens on the list. All the other tokens will require specialized implementation of their respective blockchains.
  • The diversification of this initial token list from Coinbase shows how much thought the team put into the process of compiling it. Cardano is one of the leading smart contract platforms in the world. Stellar Lumens is focusing on cross-border payments and is also developing a DEX that uses the XLM token as a liquidity source. 0x is a building an open protocol for trading ERC-20 tokens, and I wouldn’t be surprised to see a Coinbase ERC-20 exchange built on top of the 0x protocol in the future. The most interesting asset on this list is Zcash, a cryptocurrency that supports private transactions. If Coinbase was really interested in the privacy angle, Monero, the only truly private coin with adequate liquidity, would be the obvious choice, so I’m not exactly sure why they’re looking into Zcash.

Decrypto Daily Update – June 20, 2018

Market Snapshot

Total Market Cap: $282,940,473,130
24 Hour Volume $14,278,427,971
BTC Dominance: 40.1%
BTC-O: $6,742.39
BTC-H: $6,822.50
BTC-L: $6,709.92
BTC-C: $6,769.94

South Korean exchange, Bithumb, hacked for ?35,000,000,000.

In an official statement on their website, Bithumb said they “noticed that between last night and today early morning, about 35,000,000,000 KRW (~$30 million USD) worth of cryptocurrencies was stolen.” As a result of the hack, deposits and withdrawals have been halted for the time being. To ease panic, Bithumb has stated they will compensate users for any lost funds.

  • Great response from Bithumb on the PR and damage control front. Fortunately, $30 million is only about two weeks of revenue for Bithumb.
  • I’m putting on my tin foil hat here, but the market really feels scripted to me – an exchange hack right as the market is showing some signs of life. A $30 million heist also seems like the right amount to cause a small drop, but not enough to cause a huge panic in this already bearish market. BitGrail lost $200 million and Coinrail lost 37.5 million – Bithumb dwarfs these two exchanges in terms of volume and market dominance. $30 million from a Top 5 exchange? Weird.

Decrypto Daily Update – June 15, 2018

Apologies for missing the daily update yesterday. I was busy networking with some crypto folks in town, and spent the evening installing the MacOS Mojave Beta. Night Mode is awesome.

Market Snapshot

Total Market Cap: $286,093,292,456
24 Hour Volume $15,948,130,949
BTC Dominance: 39.6%
BTC-O: $6,342.75
BTC-H: $6,707.14
BTC-L: 6,334.46
BTC-C: 6,675.35

The SEC has confirmed that ETH is not a security.

At today’s Yahoo! Finance All Markets Summit, the SEC’s William Hinman stated that “putting aside the fundraising that accompanied the creation of Ether, based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions.

  • It looks like Ethereum is definitely not a security, but this is not the case for 99% of the other projects that conducted ICOs. Based on Hinman’s speech today, it’s pretty clear to me that the SEC is going to start cracking down on quite a few projects very soon.
  • This part of the speech was especially interesting to me:
  • But this also points the way to when a digital asset transaction may no longer represent a security offering. If the network on which the token or coin is to function is sufficiently decentralized – where purchasers would no longer reasonably expect a person or group to carry out essential managerial or entrepreneurial efforts – the assets may not represent an investment contract. Moreover, when the efforts of the third party are no longer a key factor for determining the enterprise’s success, material information asymmetries recede. As a network becomes truly decentralized, the ability to identify an issuer or promoter to make the requisite disclosures becomes difficult, and less meaningful.

  • I hope we get some clarity on this in the coming weeks, but it almost sounds like the SEC will allow tokens to morph into non-securities over time. I’m only speculating, but perhaps the SEC will give current ICO-funded projects some sort of grace period to get a functional and decentralized network up and running. I suppose this would be an example of regulation without regulating.
  • The market showed some signs of life after this announcement.

Overstock announced they generate $120,000/week in crypto revenue.

Jonathan Johnson, who serves on Overstock’s Board of Directors said, “we have somewhere between $68,000 and $120,000 a week in cryptocurrency revenues; people buying sheets and toasters using bitcoin or ethereum or other coins.

  • This figure was actually shocking to me. Sometimes I forget there are people out there who actually use Bitcoin for its intended purpose. It’s easy to get lost in the Sea of HODL.
  • Crypto only accounts for 0.2% of Overstock’s revenue. From what I understand, crypto payments are only available for shoppers in the USA and Canada. I suspect Overstock’s website in other countries processes payments through a third party service that doesn’t support crypto. Still, 0.2% for a major mainstream retailer like Overstock is impressive and an actual sign of real world adoption.

Decrypto Daily Update – June 13, 2018

Market Snapshot

Total Market Cap: $273,927,678,341
24 Hour Volume $15,778,829,093
BTC Dominance: 40.4%
BTC-O: $6,905.82
BTC-H: $6,907.96
BTC-L: $6,542.08
BTC-C: $6,582.36

QuantStamp doesn’t accept QSP for its audit services.

Last year, QuantStamp raised over $30 million of QSP in their initial coin offering. In an article posted today, CoinDesk claims they have received documents indicating that “that the company has accepted ether (ETH) for services in one instance and priced its offerings in U.S. dollars in another.” QSP investors are upset that QuantStamp is not accepting QSP for their auditing services – a move which allegedly make the QSP token worthless.

  • In order to request an audit from QuantStamp, the client must first hold a minimum of 200,000 QSP, worth ~$19,350 at today’s prices. I actually think this is preferable to transactions via QSP, as this form of temporary (or permanent) staking effectively reduces QSP’s circulating supply.
  • At ~$60 million, QSP is a fairly low market cap token with no fiat pairs. QuantStamp is in the business of providing audits, and they pay their bills with their profits. If you’re QuantStamp, why would you accept payments in the form of a low liquidity token that you can’t cash out at a stable price? When it comes to financial commitments, like paying your employees, you want a relatively stable form of income. Thus, I don’t see the issue in accepting ETH, which is relatively more stable due to its much higher market cap. As a startup business, the predictability and stable value of USD is even better.
  • ICO buyers, you purchased a utility token, and you were never promised a ROI. If QSP is required for QuantStamp’s services, there’s value. If that’s not good enough for you, sell your tokens.

Binance has signed a MOU with Jersey, a country that uses the British Pound.

According to Changpeng Zhao, Binance has “chosen Jersey to be the next big step in [their] global expansion strategy for its clear and pro-crypto investment and regulatory environment.” In a following statement, Binance CFO, Zhou Wei said, “with the set up of the fiat exchange here, there will be a lot of interest from the blockchain universe looking at Jersey.”

  • If Binance manages to secure EUR and GBP pairs against their extensive altcoin offerings, they’ll truly become a powerhouse in the cryptocurrency industry. Coinbase is doing too little, too late.

ICON’s token swap has been announced by Binance.

Binance has released a statement about supporting ICON’s ICX token swap. The exchange plans to suspend ICX deposits and withdrawals at 12 AM (UTC) on June 20, 2018.

  • It seems like Binance has a history of releasing ICON-related news before ICON. Last year, they announced ICX trading before ICON did. Now, they’ve announced the token swap before an official statement from ICON. It’s a little amusing.
  • Binance has also announced a ICX/USDT trading pair.


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