There’s just no way around it

We are done with week 1 of October! How did it all go for you all? 

Today in history (2006), internet activist Julian Assange launched WikiLeaks. 

In today's newsletter, we will be covering the MakerDAO bounty program catching a ‘critical’ bug just before launch, Vanguard Group testing a blockchain platform for trading currencies and an investment firm filing a prospectus with U.S. SEC a for new BTC futures fund.

Today, we will also be covering Stratis (STRAT) for our weekly deep dive! Also today in our 'Blockchain term of the day' section, we have another well put together infographic done by cryptocurrency index building and trading automation software, Panda Analytics!

Please do not forget to answer the polls down below too! It's a great way to interact with you and hear what you have to say. Happy reading!

Consolidation

Over the last 24 hours, total market capitalization dipped back down again from ~$221.5 billion to ~$218.5 billion, with most coins seeing either gains or losses in the ~1-3% range. Seems like the market is seeming some consolidation at these levels, following the large market downturn we saw late last month. 24-hour volume registered ~$49.8 billion, pretty much at average levels for the week.

BTC is currently trading at ~$8,190, down ~1.15% over yesterday. More consolidation going on at these levels for BTC as well. It will be interesting to see if BTC can hold this $8,000 range, a level it faced some difficulty breaking to the upside of in May - June this year. Breaking down from this level could see BTC easily falling down to the $3,000 levels. On the daily chart, the 50-day EMA line has crossed to the downside of the 100-day EMA line, and RSI is at ~29 (indicative of strong bearish momentum).  

Bug begone 

MakerDAO's bounty program had a "critical" bug fixed right before its upcoming Multi-Collateral Dai (MCD) upgrade that could have resulted in over 10% of the system's combined collateral being put at risk.

The bug was found by HackerOne user "lucash-dev" during the testing phase, and he received a $50,000 reward for identifying it. 

It would have allowed an attacker to steal all collateral placed in MCD during the liquidation stage, "possibly within a single transaction".

MakerDAO engineering head Wouter Kampmann assured that bug tracking events like this were "routine", and was how they "make sure that it's absolutely as secure as possible before you [they] launch it".

Watch out 

The Vanguard Group has been piloting a 2-month-old blockchain-enabled platform that will make way for asset managers to trade currencies and circumvent big investment banks simultaneously. 

Entering the global currency market means that Vanguard could disrupt some leading investment banks that have dominated the sector for decades.

According to a spokesperson for the investment group, Vanguard is “currently piloting a project focused on improving the efficiency and reducing the risk of FX hedging."

It's only the beginning 

Stone Ridge, an investment management business, is attempting to register a new Bitcoin (BTC) futures fund with the U.S. Securities and Exchange Commission (SEC). 

The new fund, NYDIG Bitcoin Strategy Fund, is “a non-diversified, closed-end management investment company that continuously offers its shares".

The fund will only invest in cash-settled BTC futures that are traded on SEC-registered commodity exchanges, and aims to ultimately achieve capital appreciation.

Other industry players have also been surveying BTC futures, like Bakkt's physically-settled futures trading and Binance's 2 new futures testnet platforms.

Blockchain term of the day - Tokens vs. Coins

Crypto deep dive: Stratis

Special announcement  - CoinMarketCap 'The Capital' Global Conference

Other news 

• Police of Indian city Pune have requested a court directive to move frozen cryptocurrency seized from a Bitcoin (BTC) ponzi scheme.

• VC Andreessen Horowitz has started its Crypto Startup School focusing on startups planning to produce cryptocurrency-related initiatives.

• Crypto exchange Binance has teamed up with Coinfirm, a cryptocurrency analytics startup, to bolster its anti-money laundering (AML) compliance

Crypto calendar  

13 Oct     - U.S. SEC's decision on the Bitwise Asset Management's Bitcoin ETF application, under the NYSE Arca exchange (final decision)

TBA         - Justin Sun's lunch with Warren Buffett

Poll of the Day

On a scale of 1-10 (10 being most eager), how eager are you to see more crypto derivatives products on the market?

What you said

"On a scale of 1-10 (10 being most interested), how interested are you to try out Telegram's Telegram Open Network (TON)?"

The average vote was 5.1. 

"Why or why not?"

I don't use Telegram and i don't trust dem Russians lol. – Iol 

TON, who dat? - Lel Telegram Open Network!

I think it will be very covenient - Yeah it def can be!

All bull shit – lmao! Nothing gets past this one. 

BCS IT IS A NEW APP AND I WANT TO GIVE IT A TRY – Def gonna try it out as well. 

Fairly large user base. – It’s def gonna be interesting to see if people actually use it and if adoption will take off! 

I like the platform, I like the idea, still reading the whitepaper, but so far i'm a fan. - That's awesome! I assume you're gonna pick up a couple of their tokens?  

I picked some up during Liquid’s sale. TON/GRAM such a razors edge and ‘dramatic’ platform I couldn’t resist. – No harm getting a couple GRAMs IMO. Haha that sounds so wrong. 

I'm a faithful telegram user, I am looking forward to this!!! – I’m def gonna pick some up as well, just cause I use the app. 

See you again on Monday!

our newsletter? Share with a friend!

our newsletter? Spam your enemy!