Coin Sheet - September 26, 2017


QUOTE OF THE DAY

Learning never exhausts the mind.” 

—Leonardo da Vinci


COIN BULLETIN

SEC Announces New Enforcement Initiatives

Yesterday the Securities and Exchange Commission announced two new initiatives that will focus efforts to address cyber-based threats and protect retail investors.

The news comes less than a week after the SEC disclosed that its own database of corporate filings had been hacked. 

The one of these initiatives is the new "Cyber Unit" which will focus on dealing with cyber-related misconduct such as:

  • Market manipulation schemes involving false information spread through electronic and social media.
  • Hacking to obtain material nonpublic information.
  • Violations involving distributed ledger technology and initial coin offerings.
  • Misconduct perpetrated using the dark web.
  • Intrusions into retail brokerage accounts.
  • Cyber-related threats to trading platforms and other critical market infrastructure.

Great news! It would be even greater news if I wasn't already excluded from participating in almost all ICOs (you know, because I'm a US citizen).

Jokes aside, this announcement is probably less about protecting retail investors, than it is about setting up a framework to be able to justify approving a Bitcoin ETF (On second thought, just ignore me, I'm full of conspiracy theories).

Coincidentally, this news comes less than a week after the SEC disclosed that its own database of corporate filings had been hacked (See what I mean! Conspiracy theories left, conspiracy theories right...). 

In conclusion, either way you slice this, this is a super bullish annoucement for crypto.

You can read the full press release here.

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Bitcoin Trading at 85% Premium in Zimbabwe

Due to hyperinflation and  government that devalues its currency, the citizens of Zimbabwe are turning to US dollars and Bitcoin.

According to CoinTelegraph, the use of Bitcoin in Zimbabwe has grown exponentially as the government has begun to stop all credit card payments and has restricted the flow of cash into and out of the country. People wishing to make payments for vehicles have been forced to use Bitcoin and car lenders are happy to accept.

The result is that price of Bitcoin on the local exchange BitcoinFundi has soared to ~$7,200. 

Oh and before you get any ideas, you need to have a Zimbabwe bank account to deposit USD. But don't do it, their daily trading volume is ~2BTC (For reference, Bitfinex's BTC volume was like ~38,000 BTC yesterday).

You can read more about this here.

In Adoption:

According to CoinDesk, China Construction Bank (CCB) now intends to begin using a custom blockchain platform for bancassurance as soon as Q3, moving a process by which the bank today sells third-party insurance products to a distributed ledger.

(This is one of China's biggest banks)

Source

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THINGS I LIKE

Diversification

Great little article by Fred Wilson about how to survive a crash.

Here's an excerpt:

I know a lot of people who are true believers in crypto and have made fortunes in it. They are “all in” on crypto and have much of their net worth (all in some cases) invested in this sector. I worry about them and this post is aimed at them and others like them. It is fine to be a true believer and being all in on crypto has made them a lot of money. But preservation of capital is about diversification and I think and hope that they will take some money off the table, pay the taxes, and invest it elsewhere.

You can check out the full article here.

Jimmy Song Talks About Atomic Swaps

Jimmy explains atomic swaps and how this affects Bitcoin. As always, it's a great explanation.

You can read his article here.

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MARKET SENTIMENT

Technical Signals

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My Current Sentiment: Bullish

 

Daily Number Indicator

Bitcoin

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.

Ethereum

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.

Litecoin

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.


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