QUOTE OF THE DAY
“Never let a win go to your head, or a loss to your heart.”
- Chuck D.
e-BTC to Pull a Bitfinex?
Cryptocurrency exchange BTC-e (which recently had their databases and wallets seized by the FBI) considers debt tokens and possibly an ICO to repay users. The exchange said it had control of 55% of its reserves, with 45% remaining under control of the FBI. Oh, and it looks like their also facing a $110 million dollar fine from the US Securities and Exchanges Commission (SEC). Read more about this here.
You're probably going to have a better day than them.
Ethereum Trading Coming Near You!
Actually, it's probably already there, unless you were using Bitstamp. Until now! The large European cryptocurrency exchange that goes by the name Bitstamp will launch new trading pairs for Ether next week.
To help promote the market, Bitstamp will waive trading fees for those pairs until October 1.
Scalable Autonomous Smart Contracts
So yesterday Vitalik "Based" Buterin tweeted something about Plasma or DNA or something (I don't know, I'm not a scientist).
Plasma is a way to create a blockchain (as a set of smart contracts) within a blockchain, by simply committing the root hash of the "meta" child chain (Plasma) on the main chain (Ethereum).
The child chain acts kind of like state channels on steroids, and only the final state transition hash is committed to the main chain. If someone commits an invalid plasma state transition hash/block, the protocol incentivizes committing "fraud proofs", where parties who are interacting in the child chain can show that someone behaved maliciously, and penalize them, reversing the faulty transition.
The child plasma chains can themselves also have child plasma chains, and those chains can have child chains, etc... this "tree" of chains can be reduced through MapReduce, such that billions of transactions/state transitions can be trustlessly/verifiably encoded as a simple hash committment on the root chain.
Now if someone could only write a TL:DR of the TL:DR...
Even More ICO's
COMSA, a NEM-Powered ICO Platform raises $9 million in venture capital from Japanese VC Funds. You can read more about it here.
UK Wants Your Crypto
So the UK Police want to change the law to make Bitcoin seizures easier. Yeah...good luck with that.
THINGS I LIKE
Great article by Gideon Greenspan. Gideon writes that Blockchains are essential for some projects and poorly suited for others. Using them where it is not needed could be a costly mistake.
So...do you really need a Blockchain for that? Read his article here.
North and South
Great article from ZeroHedge titled This Is How South Koreans Are Trading The North Korea Crisis. You can find the article here.
Agnieszka, a business operations manager at Neofund talks about taxes and money in the cryptoworld. If that's your thing, check it out her article here.
Bitcoin will likely test ~3500 by today or sometime tomorrow. After that I anticipate a correction where we will test ~3000. If you're not an experienced trader, it might be best to sit this one out and wait for the correction to get your crypto as a discount.
I do not think we will have a clean break of 3500 in the next two days (where we break ~3500 stay there for a while).
My Current Sentiment: Bearish
Daily Number Indicator
Momentum is beginning to slow down. If we get a 9 tomorrow, it will signal that you should take profits and stay in cash.
Have suggestions? Questions? Want To Say Hi?
Let me know on Twitter @dmitriy_or_dima.
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