Coin Sheet - September 5, 2017


QUOTE OF THE DAY

Half of seeming clever is keeping your mouth shut at the right times.” 

—Patrick Rothfuss, The Wise Man's Fear


COIN BULLETIN

China: ICO Exchanges Begin Customer Refunds

Looks like some ICO's in China have begun issuing refunds to customers having participated in token sales.

According to CoinDesk, ICOage (some ICO?) moved to suspend its operations, and it is now refunding only customers who have made purchases but who have yet to receive the tokens.

But wait! Not everything today is made to make you feel FUD (fear, uncertainty, and doubt)!

Chen Weixing, an ICO investor and the former founder of transportation startup Kuaidi Dache said this about the situation:

"Many times the government announced we were illegal" Weixing said referring to his one-time ride-sharing startup which later merged with a competitor in 2015.

You can read the article here.

Hong Kong Regulator: ICO Tokens May Be Securities

Hong Kong financial regulator, the Securities and Futures Commission (SFC), has announced that tokens issued via initial coin offerings, or ICOs, may be classified as securities.

"The Securities and Futures Commission (SFC) has noticed an increase in the use of initial coin offerings (ICOs) to raise funds in Hong Kong and elsewhere. This statement serves to explain that, depending on the facts and circumstances of an ICO, digital tokens that are offered or sold may be “securities” as defined in the Securities and Futures Ordinance (SFO), and subject to the securities laws of Hong Kong."

Source

IRS Defends Coinbase Customer Investigation in Court

The IRS is still upset at everyone. But hey, look at this.

Quote from IRS lawyers:

"The IRS sought and issued the summons to Coinbase because it suspects there is a tax compliance problem with U.S. taxpayers using virtual currency and it is duty-bound to investigate issues of tax non-compliance − not for research or any public relations purpose. Nevertheless, the summons is not made unenforceable because the IRS will benefit from the additional educational aspect of the summons and any research it may yield."

You can read more about this here.

Brazil's Central Bank Considers Blockchain Settlement Prototype

According to CoinDesk, Brazil's central bank has released a new research paper that details possible use cases for blockchains and distributed ledgers while outlining how various available platforms could be used to test the technology.

You can read more about this here.


THINGS I LIKE

Dear Crypto

Today we have a nice little conspiracy'esq piece by Jesse Livermore (you know how much I love my conspiracies).

The main point of the article, in his own words:

It’s my belief, based on my decades of firsthand experience of seeing Wall Street’s games play out over and over and over, that this entire ‘China banning ICOs’ story is the last-ditch ploy by Wall Street, to get you, the newbie Crypto-trader/-holder, to sell your Crypto before a Bitcoin (and/or Ethereum) ETF is approved in a matter of months (or possibly even weeks).

You can read the article here.

The Summer Of ICO's

Great article from Jeff Bussgang about the venture capital implications of initial coin offerings.

You can read his article here.


MARKET SENTIMENT

Technical Signals

1.PNG

My Current Sentiment: Neutral

Daily Number Indicator

BTC

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.

ETH

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.

LTC

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've been asked to include the daily counts for ETH and LTC, so here you go.

Today will be an important day for the markets, and could determine whether or not we break 5k by mid September.


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