Coin Sheet - September 4, 2017


QUOTE OF THE DAY

Even the intelligent investor is likely to need considerable willpower to keep from following the crowd.” 

—Benjamin Graham


COIN BULLETIN

Were You Planning On Doing An ICO In China?

According to CNBC, Seven government administrations including the People's Bank of China, China Securities Regulatory Commission, China Banking Regulatory Commission and China Insurance Regulatory Commission issued a joint statement where they reiterated that ICO's are unauthorized illegal fund raising activity.

China’s central bank said initial coin offerings are illegal and asked all related fundraising activity to be halted immediately.

While I hate to take China's side on this (because I love cryptocurrencies), I have to think that they are doing this because they want to protect their citizens.

The reality of the matter is that most ICO's are complete garbage, and the uneducated populus ends up getting taken advantage of because of the perpetual hype storms.

Just to clear up the any confusion, the ban is not on cryptocurrency, the ban is on companies that raise funds using ICO's (Initial Coin Offerings).

The TL;DR is that due to how the markets react to such news you might be holding some damn heavy bags for a while, but the world isn't over.

You can read the article from CNBC here.

Oh, and here's another article about it from Bloomberg.

Blockchain Conference Cancelled In Fear of ICO Crackdown

Apparently the Chinese take their government's words seriously.

Caixin reports that the 2017 DACA Blockchain International Summit scheduled for September 2 was “abruptly halted” just one day prior to the commencement of the cryptocurrency event as a consequence of the PBOC’s determinations.

You can find an article about this here.

Sequoia & IDG To Invest In Bitmain

According to Bloomberg, China-based mining firm Bitmain is to receive a $50 million investment from a number of venture capital firms (including Sequoia Capital and IDG Capital).

You can read more about this here.

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New Shill On The Block

More over Floyd, we've got a new shill on the block. Paris Hilton recently send a Tweet to her 16 million followers about the Lydian ICO. 

 

Now, before you go and call her dumb, just remember, she probably knew about Ethereum before you did.

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But wait, that's not the only photo of her...here's another one from a month later.

I Don't Take About Paris Hilton, How's Bitcoin Doing?

It looks like the Bitcoin price corrected a bit on the China news, but the uptrend is still intact.

Here's an article about it.

Things To Watch Out For

Cryptocurrency regulations in South Korea.

You can read more about it here.


THINGS I LIKE

Coinbase Co-Founder Interview

"We've seen some of the more typical hedge fund players - especially market makers - starting to sign up for GDAX over the past couple months"

-Fred Ehrsam, Coinbase Co-founder

You can watch the interview here.

4 Ways To Secure Your Bags

A throwback article from notsofast found on Steem.

His 4 tips are:

  1. Minimize counterparty risk.
  2. Practice safe walleting.
  3. Practice safe computing.
  4. Run your finances like the quietly wealthy.

Read his full article here, it's great.


MARKET SENTIMENT

Technical Signals

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My Current Sentiment: Neutral

Daily Number Indicator

 This is a number indicator is used for identifying trends, measuring momentum and spotting areas of price exhaustion.   Read more here .

This is a number indicator is used for identifying trends, measuring momentum and spotting areas of price exhaustion. Read more here.

I did tell you that this indicator was telling you to start considering taking profits on that "9."


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