Welcome. This is Ponder Crypto.
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The newsletter that's like a fresh cup of coffee in the morning. Strong, bold and gives you a mental jolt.
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What we won't give you is yellow teeth... Take that coffee.
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📈 Ranging in a Tight Channel
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🚨 This is Why you Buy Bitcoin
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📰 Crypto Chronicles 2023: Week 8
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🎥 This Week on PonderTube
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📈 Ranging in a Tight Channel
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These are the upper and lower boundaries of Bitcoin's current ~6% low volatility spread.
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Traders, if you're looking for good entry points, Buy BTC below $23,600 and sell when BTC hits $25,100.
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Not financial advice, just an idea that traders MIGHT have when reading these charts... 👀
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PRO TIP: Many of the altcoins are currently trading with Bitcoin but showing a higher level of volatility.
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If you want to trade a wider spread, use these BTC ranges as entry/exit triggers to trade your target altcoin.
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BTC may be at ~6% but many alts are showing ~10-15% at those entry points.
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In general: we are slowly trending up but still trading sideways for now. Still targeting close to the summer for a clear break away.
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🚨 This is Why you Buy Bitcoin
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Have you ever seen a price chart look like the North Wall from Game of Thrones?
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This is what will happen to the value of Bitcoin when [fill in your country]'s currency hyperinflates.
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The Lebanese pound is just another notch on the belt of failed fiat currencies.
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Imagine if you will, a country where the cornerstone of its central bank policy has been pegging its currency, the Lebanese pound, to the US dollar at a fixed rate since 1997.
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The idea was to stabilize the economy after the severe devaluation of the pound following the Lebanese Civil War.
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But as time went by, the economy started facing a host of challenges, including a slow-down in foreign inflows, which created a liquidity crisis.
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And in a desperate attempt to avoid catastrophe, the central bank resorted to financial engineering operations, which, as we all know, can be like playing with fire.
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This decision increased public debt, costing the entire economy a fortune, and left the value of the Lebanese pound significantly diminished.
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The result was the closure of many businesses and a significant increase in consumer goods prices, making this one of the worst economic crises in decades.
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This can happen to ANY fiat currency.
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Unfortunately, countries that live in fear of destabilization will turn to Bitcoin as a wealth preservation instrument faster than citizens of the US, Canada or other G20 nations.
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But that shouldn't be the case.
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We live in a global economy where EVERY government currency is built on inflationary bedrock.
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Learn from others. Protect your wealth, protect your family.
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📰 Crypto Chronicles 2023: Week 8
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Top stories you should know this week.
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Brief Summary: In an effort to establish Hong Kong as a financial center for digital assets, regulators are proposing to ease the ban on retail investors from buying crypto tokens on licensed platforms, allowing only trades for tokens with the largest market cap. Also, all crypto trading platforms operating in Hong Kong must receive approval by the Securities and Futures Commission by June 2024, or else cease operations. Regulators are seeking industry input on these new policies by March 31st, 2023, which also requires exchanges to clarify what crypto derivative products they aim to offer and why.
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Our Take: Shocker for some. Not for us. Slowly countries will realize that if they don't embrace crypto, then they will fall behind other countries. Crypto cannot be banned at this point, so game theory suggests countries will need to take some degree of a pro stance or fall behind those that are forward-looking. Expect other large nations to follow suite.
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Brief Summary: Bankrupt crypto lender Celsius Network may not be able to "fully reconstruct" its multi-billion-dollar intercompany claim due to a lack of record-keeping, court filings show. The company's failure to sufficiently record transactions between its affiliate companies means that Celsius cannot accurately account for intercompany claims against its affiliates. A statement filed by Celsius Network LLC reflects its books as of its Chapter 11 bankruptcy filing in July, and indicates that it is near impossible to fully reconstruct the $9.1 billion intercompany claim held against Celsius Network Limited due to shortfalls in record keeping, including an estimated 7,000 unrecorded transactions between the two entities. The best estimate for the full claim held by the LLC against CNL is $3.5 billion.
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Our Take: Notice a pattern with these exchanges? FTX used QuickBooks to manage their multi-billion dollar company, oftentimes using a slack channel to approve multimillion-dollar expenses. The money being thrown at these companies was done with ZERO due diligence. Where I welcome regulation is holding financial service companies accountable for proper management of client capital.
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Brief Summary: Crypto exchange Coinbase has launched Base, an Ethereum layer 2 (L2) network built using Optimism's OP Stack that provides a secure, low-cost and developer-friendly way for users to build decentralized apps. While Coinbase is joining Optimism as a core developer on the open-source OP Stack, Base will not be limited to Ethereum and will also provide access to layer 2 networks such as Optimism, as well as other blockchain ecosystems like Solana. Coinbase aims to use its decade of experience building crypto products to incubate Base and plans to progressively decentralize the chain over time. Coinbase will not issue a new network token, and the Base Ecosystem Fund will invest in early-stage projects building on Base.
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Our Take: I don't buy how a centralized exchange, especially the most regulatory-compliant one, can establish a TRULY decentralized protocol. This is generating a lot of buzz in the developer community, which is always a good sign heading into the next bull market, but I want to see how Base will be leveraged before making any strong opinions.
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Brief Summary: Ethereum co-founder, Vitalik Buterin, proposed a "stealth address system" to enhance transactional privacy on the Ethereum blockchain. The mechanism will allow users to generate cryptographically obfuscated public addresses called "stealth addresses" to receive funds privately, making it difficult to track transactions or identify the sender and recipient. This system could improve the privacy of Ethereum transactions, which are public by default, and Buterin also suggested using zero-knowledge proofs to strengthen privacy and prevent linking the stealth addresses.
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Our Take: I am all about adding privacy options on blockchains. However, this will put a target on Ethereum's back with the regulators. Ethereum is sitting in a precarious spot right now as debate continues on whether or not ETH is a security. Should this upgrade gain traction, expect the SEC to go at Ethereum HARD.
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Brief Summary: Mastercard and Immersve have teamed up to offer a payment solution that allows consumers in Australia and New Zealand to use digital currencies from their web3 wallets to pay for goods and services in merchants that support Mastercard. Circle-issued stablecoin USD Coin (USDC) will be used for all purchases, which will be converted to fiat currency and settled on Mastercard's network during transactions. Users retain complete control of their crypto assets, and the system does not require a third party to hold their funds as collateral. Immersve will rely on Mastercard's identity services and CipherTrace solution for KYC/AML, online fraud detection, and blockchain analytics.
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Our Take: Visa and Mastercard see the writing on the wall. They better jump on the bandwagon or another payment processor will and challenge them for their market share. First they ignore you, then they laugh at you, then they fight you, then you win.
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🎥 This Week on PonderTube
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$31,000,000,000,000 Crisis! USA’s Debt Problem Explained
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The US is in a dangerous position with a $31 trillion debt and a disregard for consequences. The higher interest rates rise, the more the government has to pay in interest, causing the debt to keep growing. Got Bitcoin?
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This is not financial advice. I am merely stating my own opinion on how I am perceiving the current market structure and conditions. Consult with a legal investment advisor and all the other good legal stuff that needs to be said.
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Disclosure: All content shared in the Ponder Crypto website, newsletters, video channels or any other medium are for entertainment purposes only and should not be received as legal or financial advice. We are not legal experts or financial planners so please, exercise proper due diligence and do your own research.
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