How will a bet about the future of blockchain tech fare over the next 5 years?
Consensus 2018 started, but not much splash came out of it yet. After all, what should one expect from a major cryptoasset conference, which doesn’t accept cryptocurrency payments for tickets? Additionally, what about those whose check-in process failed to capitalise on blockchain’s potential?
It was a good first day just not that exciting. We had rented lambos, rare talks, and rad announcements that led to some projects being hit by serious FOMO. So, what else besides cool cartoon drawings and sensational scenes — like Hilton’s security guards screaming at the crypto crowd or the staged ‘Bankers Against Bitcoin’ protest?
Well, the best and least consensual moment was when Jimmy Song, a popular Bitcoin developer and investor, struck a bet against Joseph Lubin, Ethereum and ConsenSys co-founder. Song believes no non-money “blockchain tech” project would have traction by 2023, and just asked on Twitter for objective measures to define the terms of the wager.
Project-wise, Zcash’s ZEC, a privacy cryptoasset touted by Edward Snowden, appreciated over 20% after the Winklevoss brothers disclosed Gemini, the crypto exchange they lead, is listing ZEC on May 22nd — together with LTC and BCH. What’s key to understand is that Zcash, who some claim to have “0 privacy” was deemed compliant for Gemini, a NY-licensed exchange, so other reputable exchanges may consider listing it in the future too.
It’s positive to see the total crypto market cap is hanging at £300 ($405) billion, having recovered over 10% since Saturday’s low. Nonetheless, there are both bullish and bearish news that can trigger further volatility. On the bright side, UPbit — the Korean exchange which caused last weekend’s dip — confirmed its users’ funds weren’t manipulated. However, regarding last week’s Ethereum FUD, the Wall Street Journal just reaffirmed there is a “high-level SEC and CFTC working group” considering whether or not ether is a security. If it’s deemed so, consensus is its price would plunge. Conversely, it may have the opposite effect should it not be deemed a security. Keep your eyes peeled.
Lastly, consider technicals continue bearish for the major cryptoassets. Peter Brandt, a popular analyst, noted it’s the third time since October 2017 that a key indicator “is on the verge of turning down” for BTC. DonAlt, a famous CryptoTweeter, also detailed some signs of weakness for ether, who had been “leading the charge on this mini-season” for alts. Meanwhile, check these simple tips on how to best trade this sideway range!
Arthur Hayes, CEO of Bitmex — a popular crypto derivatives exchange — just appeared on CNBC’s Fast Money. He revealed the average leverage used by Bitmex traders is 8.5x, why Asia dominates crypto, and predicted bitcoin will hit £37k ($50k) later this year.
Ripple, the popular settlement protocol behind XRP, the third-largest cryptoasset, just announced “Xpring” — a project aimed at funding the development of the XRP ecosystem. It will be led by Ethan Beard, who directed Facebook’s Developer Network until 2012.
If one bought Odyssey (OCN) last Sunday after FOMOing into the heavy ‘shilling’, they would currently be down 50%. Always do your own research, don’t always buy the dip, and always question when several Twitter accounts simultaneously mention a coin in a repetitive manner. A good one to keep in mind; Are they geniuses?
Pineapple Fund said farewell. Pine, a mysterious Bitcoiner benefactor made his last donation and closed the £40 ($55) million fund. “If you’re ever blessed with crypto fortune, consider supporting what you aspire our world to be” — a post to be remembered.
Placeholder VC said why it was invested on Decred. Chris Burniske and Joel Monegro’s fund shared its first public investment thesis on the non-speculative on-chain governance project. They are bullish on governance tokens. We are bullish on governance mascots!
Jimmy Song elaborated on ‘why blockchain is hard’. The popular Bitcoin cowboyexplains “how one can be for Bitcoin but say anything bad about the technology behind it”. In brief, forget the impossible, as “the faster we get rid of the hype, the better off long-term we’ll all be”.