Decrypto

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 12, 2018

Market Snapshot

Total Market Cap: $301,110,288,427
24 Hour Volume $15,355,508,631
BTC Dominance: 39%
BTC-O: $6,799.29
BTC-H: $6,910.18
BTC-L: $6,706.63
BTC-C: $6,906.92

Binance will support EUR trading pairs by the end of 2018.

In an interview with Bloomberg, CZ revealed Binance will start supporting EUR trading pairs from it’s Malta location by the end of this year, with more fiat pairs to come in the near future.

  • It will be interesting to see how trading dynamics on Binance will change (if at all) as a result of a real fiat pair.
  • Malta is a SEPA participant, so hopefully Binance’s Euro operation will be SEPA-compliant, allowing for quick and low cost bank transfers for traders in SEPA countries.
  • There will definitely be KYC.
  • Now might be a good time to load up on BNB.

Justin Sun, founder of TRON, has acquired Bittorrent, Inc.

Bittorrent, Inc. has been acquired by Justin Sun for an undisclosed amount. TRON Foundation claims this acquisition is part of a plan to build a “decentralized Internet” for developers to build DApps on.

  • When most people hear “Bittorrent”, they automatically think of “that thing that lets you download movies and software for free.” Yes, that’s what most people use it for, but that’s not what it was originally designed for. Bittorrent, or BT, is simply a P2P file transfer protocol for decentralized data transfer. I suppose “decentralized transfer of HTML files” is technically a primitive decentralized Internet.
  • The Bittorrent (BT) protocol is an economy of leechers (downloaders) and seeders (uploaders). Let’s say a band wants to use BT to distribute their latest album on the Internet. The band uses their torrent client to create a .torrent file – a small file containing metadata about where the album is stored on the band’s computer, a list of trackers which are “computers that help participants in the system find each other”, and a cryptographic hash of the album data . After the .torrent file is created, the band uploads it to the Internet. A fan sees the .torrent file and downloads it. Once this initial file transfer starts, the band is the seeder and the fan is a leecher. During the download process, the fan can also seed the part of the file that he has to other leechers on the network. In this kind of network, file availability and bandwidth increase as more seeders join.
  • The current “problem” with Bittorrent is that there aren’t really any tangible incentives to contribute to file availability via seeding. Certain “illegal” websites offer imaginary Internet points and special access to forums, but these incentives don’t translate into real world financial value. Of course some people like to seed out of good will, but let’s face it… money wins. That’s why TRON’s acquisition of Bittorrent is so interesting to me. By introducing a token, whether it’s TRX or some other token, as an incentive for seeding, suddenly people will have financial motivation to contribute to file availability and network bandwidth.

Dennis Rodman shills Potcoin at the USA-North Korea summit in Singapore.

I’m just going to leave this here.

Yes, that’s Dennis Rodman arriving in Singapore for the monumental USA-North Korea summit wearing a Potcoin t-shirt. The shill is strong. Meanwhile, Potcoin has pumped 15% as a result of this… sign of adoption?
Watch the full video here.

Ethereum Classic, ETC, to be supported on Coinbase.

In a recent tweet, Coinbase has announced it will be supporting ETC on its exchange platform in the “coming months”.

  • I haven’t been paying much attention to ETC, so I was pretty surprised to see it consistently has more network transactions per day than BCH.
  • In light of the recent CFTC probe into market manipulation by exchanges, it will be interesting to see how Coinbase will dump its large stash of ETC that it never distributed to ETH holders on the platform following the fork. Remember what happened after the Bitcoin Cash listing last year?

Decrypto Daily Update – June 7, 2018

Today’s daily update, featuring Coinbase’s institutional progress and classic trillion dollar shilling from Mr. Novagratz.

Coinbase announces they are “on track to become a US-regulated blockchain securities trading venue”.

After their recent unveiling of a suite of institutional-level financial products, Coinbase announced today that they are “on track to operate a regulated broker-dealer, pending approval by federal authorities.”

  • I don’t think Coinbase would make a public announcement like this if they weren’t fairly certain that the SEC and FINRA are on their side. Similarly, Coinbase wouldn’t spend millions of dollars on R&D for their institutional products if no one would be able to use them.
  • The announcement also suggests that Coinbase is interested in listing more SEC-approved crypto assets in the future. Currently, the majority of PoS ERC-20 tokens in existence can be classified as securities. NEXO is one token that claims to be SEC-compliant. Crypto assets that use a PoW consensus algorithm with no premine (BTC, LTC, XMR, etc.) are also not being scrutinized by the SEC.
  • Coinbase also stated that they “envision a world where we may even work with regulators to tokenize existing types of securities.” Okay, they definitely wouldn’t say something like this if they didn’t have some kind of positive support from the government.

Mike Novogratz, CEO of Galaxy Digital Capital Management, claims institutional money is preparing to move into the cryptocurrency market.

In an interview with Bloomberg, Mike Novogratz made a very bold claim – institutional money is hungrily waiting on the sidelines, and the crypto market will hit $20 trillion USD before the bubble bursts.

  • The term “institutional money” is intentionally vague. In my opinion, institutional-level money has already been in the game for a long time, but not for the same reasons as retail investors. Instead of creating value and nurturing the market, I think the current class of institutional investors are in the business of extracting as much value as they can before regulations come into play.
  • This statement comes at an interesting time. Back in March, Coinbase announced Coinbase Asset Management and the Coinbase Index Fund. This product, which requires a minimum investment of $250,000, is only open to accredited investors in the USA. I’d consider $250,000 to be institutional-level money, albeit on the lower side. More recently, Coinbase revealed more about it’s institutional suite of blockchain-based financial products. Institutional this, institutional that. I think institutional something is coming.
  • Yesterday, Jay Clayton, the chairman of the United States SEC, made a statement saying BTC is not a security. I suppose we all knew this already, but it’s nice to get some clarity on the issue. On the other hand, Clayton made it seem like ETH and XRP are now being considered as securities. I think the SEC needs to stop evaluating new asset classes with established rules. In the past, there were no assets that could be classified as what we now call “utility tokens” now. ETH and XRP are required for the utility of their respective networks. The rules need to be changed.


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