Friday, April 19, 2019
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Nodes on the Networks:
Bitcoin: 10,193 | Ethereum 8,610 | Litecoin 210 | Bitcoin Cash 1,554 | Dash: 4,720 | Monero: 1,513 | Zcash: 389

Binance has successfully mined the genesis block of Binance Chain with all 11 validators behind the Delegated Byzantine Fault Tolerance (dBFT) protocol working; mainnet swap is planned for April 23rd, the same day wallets and a block explorer should go live; Binance CEO Changpeng Zhao made the first transaction on mainnet, although no trading pairs will be listed until the first Binance Coin batches are finished - Link
Binance quietly updated their white paper with significant revisions surrounding Binance Coin burnings; according to The Block, who spoke with Binance CEO Changpeng Zhao, the white paper's lanaguage was clarified for legal and descriptive reasons; commentators say the language change most likely reflects securities concerns, but would have little effect on any regulators assessments Link
📚    Recent BitMEX research shows Bitcoin SV miners are at a total net negative of $2.1M since the hardfork in Nov. 2018; the cost of electricity alone from the fork onwards sits at $20.9M; when using the price resistance level at $70 per coin, the sale price of newly minted coins only comes out to $18.8M, and that's without the mining overhead and maintenance costs. with the recent price crash after the Binance delisting, Miner Update claims revenues could see another 14% plummet. If profit isn't keeping the coin alive, then ideology could be; billioniare proponent Calvin Ayre has the largest BSV mining pool and is stomaching the enormous losses, perhaps waiting to cash out if the coin's value reinflates; with Binance delisting the coin--where 80% of BSV is traded--Ayre's out may be lost - Link
In a bid to move Belarus towards a digital economy, Belarus President Aleksandr Lukashenko has proposed building a dedicated data center for Bitcoin mining; Lukashenko recently spoke with members of Belarus' IT sector to discuss the mining center, along with other state sponsored fintech policies; according to Miner Update, the Bitcoin center would be next to the country's nuclear power plant and could be up by the end of 2019 - Link
Coinbase missed its projected 2018 revenue by 60%: Reuters and Bloomberg sources; in 2018, the firm earned $520M in revenue compared to a projected $1.3B; in 2017, Coinbase earned $923M in revenue, down 44% year-to-year - Link
Bakkt may be seeking a New York BitLicense as a solution to CFTC concerns with their futures application: Bloomberg; the CFTC has cited custody for consumers as major hiccup; a state custody license like NY's BitLicense would be recognized by the CFTC, checking the box for Bakkt. Even if a license is granted, Bakkt would still need CFTC approval to launch - Link
Democratic presidential candidate Andrew Yang has released an official statement on cryptocurrencies and digital assets, according to CoinDesk; Yang's campaign called for clearer regulatory guidelines to help promote and protect the digital economy with specific citations of both the Token Taxonomy Act currently before Congress and Wyoming's recent crypto legislation; if elected, Yang promised to define crypto taxonomy through legislation, assign regulatory duties to specific agencies, clear up tax concerns, aid consumer adoption through protection, and develop a national framework to supercede state regulations - Link
📚 Bitcoin is in the accumulation phase of the bear market and is therefore undervalued, according to a recent report by Adamant Capital. Current sentiment can best be understood as hopeful, as unrealized profits and losses stand at 14% and 3% respectively, based on historic price movements and supply. Capitulation, which hit hardest on Nov. 14th, 2018, aka 'Bloody Wednesday', has given way to hope. Multiple parallels exist between previous price cycles and the current cycle, giving strength to the undervalued thesis. Going forward, cycles should become less steep and have lower volatility. According to the report, the latter is already occuring with value investors replacing speculative buyers from the past few years hinting that the market is maturing.
Adamant believes that if prices fall going forward it can be attributed to four discrete causes:
  1. Bitcoin exchange hacks or failures
  2. Macro economic downturns
  3. Secondary mining market capitulation
  4. Various factors such as Mt. Gox fund dispersal, hardforks, or extreme regulatory crackdowns
From a price movement perspective, Bitcoin now faces what Adamant calls the "wall of worry" or "accumulation cylinder," wherein patient buyers have accumulated excess supply which will squirt prices upward, out of the cylinder. The fundamental drivers of this price action are layer 2 protocols like Lightning or federated sidechains going mainstream. Lighting, for instance, has had month-to-month growth of 45%. The financialization of Bitcoin is complementary to price actions, if not more important. Bitcoin futures and capital lending are hitting Wall Street and should take the price along for the ride. Finally, the report mentions millenials as a catalyst, as a thoroughly anti-authoritarian generation can only be expected to latch onto Bitcoin once fully developed Adamant Capital

The New York State Department of Financial Services' executive deputy superintendent for banking, Shirin Emami, responds to Bittrex's explanation of their recent rejected BitLicense application in New York in an op-ed published by CoinDesk; NYDFS plainly says the exchange "continues to misstate the facts and it presents a misleading picture about the denial"; specifically, Emami counters Bittrex's explanation of the rejection with regard to transaction monitoring, missing or incomplete customer identity data, and unsatisfactory asset listing criteria - Link
Social platform Mithril has announced that it will migrate its token from the ERC-20 format to Binances new BEP2 token following the earlier launch of Binance Chain; Mithril, which partnered with Binance to be the first token to migrate to the new chain, highlighted the benefits of the Binance DEX as a reason for the move - Link

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