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Week 8 Recap
Bitcoin broke through $4,500 USD for the first time in a month; looks like this rally has some staying power. I'm interested to see if Bitcoin will rally prior to 2x the same way it did prior to the last hard fork.
There were a few interesting bits of news this week (please remember that I take no sides in the 2x vs. No2x debate, I'm just regurgitating the interesting bits that I read):
- A completely uncorroborated rumour is going around that China will begin licensing bitcoin/crypto exchanges in order to curb OTC crypto trading and currency flight. I think currency flight isn't an issue yet compared to other forms of currency flight currently in use within China.
- Oracle introduced a B2B cloud blockchain platform at Oracle Open World this week. Oracle projects that 10% of global GDP will be stored within blockchains by 2027, and that there will be $176 billion dollars of business value add as a result of blockchain technology. Side note: does Oracle have a bot that automatically adds words like "enterprise-grade", "industry leading", "disruptive", etc. to all their press releases? More details here.
- The ideological holy war between 2x and No2x continues unabated. Exchanges are now announcing how they plan to handle the upcoming fork: Coinbase and Bitfinex have released statements. I'm assuming some of the larger exchanges will follow suit soon. tl;dr there will be two tokens on these exchanges, one for BTC (core, non-2x) and one for the 2x chain.
- We are currently 40 days away from 2x:
- 2% of nodes are signaling direct support for 2x (btc1 == 2x). Bitcoin ABC (desires adjustable block sizes) comprises 8.5% of all nodes and Bitcoin Unlimited (wants to remove blocksize limits) makes up 7.4% of all nodes. I don't know if ABC and Unlimited indirectly support 2x or not, but either way, Core dominates in terms of nodes being run.
- 21% of New York Agreement signatories have dropped their support.
- Bitfinex has announced two new futures tokens for betting on the outcome of 2x (read the fine print!):
Traders will be able to create chain split tokens– dubbed BT1 for the original chain and BT2 for the SegWit2x chain — by depositing BTC into the token manager.
If and when the fork occurs, Bitfinex will convert the BT1 tokens into BTC and the BT2 tokens into B2X. If a fork does not occur by December 31, the contract period will expire; BT1 tokens will be converted into BTC and BT2 tokens will be destroyed.
- Goldman Sachs is considering setting up a new trading operation Bitcoin and other cryptocurrencies.
That's it for news this week.
Week 8 Results
Not a great week, with the exception of Stox and Ripple. The winner this week (in terms of absolute USD gain) was Ripple with a gain of +4.63 USD (37%) and the biggest loser was...wait for it...AEON with a loss of -8.18 USD (-25.56%)! This reinforces my speculation last week that AEON was being pumped to be dumped. Stox was a runner up this week with a gain of +0.94 USD (37%). Details below:
|Symbol||Quantity||Price||October 1st||October 8th||Change $||Change %|
Want to follow along?
If you're Canadian and want to try the same thing, I use QuadrigaCX (wire transfer, interac online) and Coinbase (VISA, Mastercard, AMEX) to purchase bitcoin, ethereum, or litecoin to transfer to an exchange that supports all these alternative currencies. I used HitBTC to buy all 31 currencies, but many exchanges will work just as well.