November 3rd, 2017
In my humble opinion...
ding, ding, ding! We have a winner here!
Question investors should ask crypto startups: "what is your relationship with the open-source contributors your business relies upon"
— Francis Pouliot NO2X (@francispouliot_) November 2, 2017
Coin of the Day
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Deutsche Bank admits that this may be the end of fiat money. Not to be dramatic, but this is a really really big deal.
Deutsche Bank's Global Head of the Fundamental Credit Strategy Group, Jim Reid, published a groundbreaking and brutally honest report on the current state of finance. Some key findings are that we're not only going to see a financial crisis in the next few years (yikes, but predictable), but that central banks, financial institutions, and debt are the ultimate causes for this future crash. Reid writes,
"If we’re correct, the fiat currency system may be seriously tested over the coming decade and ultimately we may need to find an alternative ... Cryptocurriencies are all the rage at the moment and are as much about blockchain as anything else but there could be an increasing desire for alternative medians of exchange in the years to come if we are correct."
Reid isn't the only one doubting global economic stability. Apparently, Goldman Sach's clients are "reluctant bulls" due to a number of factors, one being the recent crazy high start-up valuations, in addition to "pre-emptive" rate hikes from the Fed. Meanwhile, Coinbase added 100,000 users in 24 hours between November 1st and 2nd. So, that's pretty freakin' exciting. As the global market cap of crypto nears $200 billion, it's exciting but simultaneously scary to think about mainstream adoption. What will it take for Bitcoin, altcoins, and blockchain to integrate into society?
More good news from Wall Street about crypto! (There's a sentence we thought we'd never say...)
In a surprisingly positive week for crypto –well, Bitcoin's astronomical price increase probably doesn't hurt – Wall Street hasn't been hating on Bitcoin as hard as it normally does. A managing partner at Fundstrat and former strategist at Goldman Sachs said that not only is crypto a "huge revolution in terms of decentralized control," but that Bitcoin is important "for investors to own." It's exciting, except that he mentions cryptocurrency as a security.
As previously discussed in our other newsletters, the US hasn't totally decided how to define crypto. Security, asset class, fundraising tool, piece of mathematics that people don't understand well – we've heard it all. We've attended several tech conferences recently, and there've been endless seminars relating to conducting your own ICO. The first rule about initial coin offerings? Don't pass the Howey Test.
Well, Bitcoin Gold added replay protection to their program, but we're unsure as to whether or not that can save this new currency.
Cryptocurrencies are definitely going to be a thing, but this college professor thinks it's the bank-backed ones that will survive. We'll see.
The Central Bank of Swaziland has come out as "having [an] optimistic but cautious" approach to digital currency. Let's take that as a win!
Coin to Watch
EOS (EOS) is taking us on a wild ride, and it's up to you if you want to hop on. But we recommend you check out their seven-day chart (it's exciting).
— Dank Meme Spec Ops (@AnalyzerX7) November 2, 2017