Cyberian Exile
Market Report: 6th March 2019 — Subscribe to our newsletter.
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OUR TWO SATOSHIS
The daily view from our desk
The latest craze sweeping the internet involves throwing elements of a charcuterie board into the faces of unsuspecting toddlers and dogs. What a waste. In more culinary news, people are getting high of poppy seed bread, whatever you do don’t feed any to these birds. And in sad, but not unexpected news, a man has been killed by a lion… he kept in his back garden.
CYBERIAN EXILE
IN THEORY, THE NEUTRINO BLAST WAS A GOOD MOMENT FOR PRIVACY COINS TO PUMP
While many spent the past two weeks legitimately freaking out over a certain exchange’s acquisition of a blockchain analysis startup. Some of their members have controversial ties to unethical activities, they have been dubbed “enemy of the internet” by Reporters Without Borders. Most forgot to pay attention to privacy-focused cryptoassets.
Because all that controversy is tied to the fact many new cryptoasset adopters — and the general public — fail to understand that Bitcoin, with capital B as it refers to the protocol and not the coin, is public. That means all its transactions are visible for all and therefore traceable. As exchanges are forced by governments to Know ‘thY’ Customer, a user’s address eventually becomes identifiable.
HYSTERIA CYBERIANA
THE PERFORMANCE OF PRIVACY-FOCUSED PROJECTS DURING THIS PERIOD WAS WEAK
What’s the meaning of the above? That while in the short-term Bitcoin’s pseudonymous nature is good for adoption — just consider whether Starbucks would accept the deal we shared yesterday if governments didn’t enjoy this surveillance potential — other privacy-focused projects will likely try to capitalise on people’s fears, even if it’s still possible to use Bitcoin anonymously.
However, looking at the numbers — and considering that since said acquisition was announced Feb. 19 the overall market stayed stable overall, but at least 50 coins jumped +25% — it’s a bit disappointing to see that the top privacy-focused cryptoassets barely managed to appreciate during this period. Perhaps because, as Zack Voell reminded, few of the many were really outraged. And becase most people don’t care much about privacy — even if they say they do. Oh, Cyberia!
WHAT YOU CAN’T MISS TODAY
DON’T LEAVE FOR THE WEEKEND WHAT YOU SHOULD READ TODAY
▪ Yesterday was a great day for traders — with BTC and ETH up 3% and 7% over the past 24 hours. But Hsaka argues a slow price decline will take place.
▪ While Hsaka’s prediction was for the short-term if you need something to balance your long-term hopium, see this $500 per BTC prediction by @Sawcruhteez.
▪ Yesterday was a bad day for surveys. Alex Krüger inquired Crypto Twitter and compared their sentiment with Zachary DeWitt’s popular pro survey. Guess what?
▪ The Liberty Project analyse the use cases that can drive Bitcoin adoption. The article is interesting, but they miss the point people don’t want P2P trade.
▪ On the other side of the equation, Chris Burniske argues the current developer adoption of crypto is okay, because “developers are the precursors to the users.”
▪ Lastly, yesterday was a great day for podcasts! The beloved Andreas Antonopoulos is the latest guest of Peter McCormack’s What Bitcoin Did weekly show!
QUOTE OF THE DAY
EVEN IN CYBERIA THERE’S HAPPINESS”. LET THEM HAVE THEIR HOPIUM!
“If you think crypto lending platforms enable you to become a risk-free creditor & collect interest on any size loan at several hundred basis points above the target federal funds rate in perpetuity, then I have a bridge to sell you.”
- By Jake Chervinksy