Weekly Bulletin (Feb 17, 2019)

CoinSheet #243

That men do not learn very much from the lessons of history is the most important of all the lessons of history.

— Aldous Huxley (1894-1963)

Weekly Bulletin

Hello folks,

Hope you’ve all had a great week.

Let’s get right into it.

JPM Coin

The first cryptocurrency created by a major U.S. bank is here! (and by here, I mean not here, and that they’re still working on it, and you probably won’t be able to use it anytime soon).

JPMorgan Chase is planning on launching JPM Coin to speed up payment settlements.

Let’s take a took at JPMorgan Chase has to say about their coin.

So what exactly is the JPM Coin and what is it used for?

JPM Coin is a digital coin designed to make instantaneous payments using blockchain technology. Exchanging value, such as money, between different parties over a blockchain requires a digital currency, so we created the JPM Coin.

Are JPM Coins a currency or legal tender?

The JPM Coin isn’t money per se. It is a digital coin representing United States Dollars held in designated accounts at JPMorgan Chase N.A. In short, a JPM Coin always has a value equivalent to one U.S. dollar. When one client sends money to another over the blockchain, JPM Coins are transferred and instantaneously redeemed for the equivalent amount of U.S. dollars, reducing the typical settlement time.

Does the JPM Coin run on Quorum, J.P. Morgan's blockchain technology?

The JPM Coin will be issued on Quorum (*an open source, permissioned fork of Ethereum) Blockchain and subsequently extended to other platforms. JPM Coin will be operable on all standard Blockchain networks.

You heard it here folks, it be will operable on all the blockchains. ALL THE BLOCKCHAINS.

Okay, got it, so it’s basically a stable coin representing the U.S Dollar.

Do we call this JPM Coin a cryptocurrency?

I say yes.

I don’t usually agree with Ari Paul because he usually says some wild shit. But I agree with him here.

Create JPM Coin to further establish Bitcoin, I’ll take it.

So where are we now on the 5 stages of grief?

With this JPM Coin, we're finally half-way through "Bargaining."

A monumental step forward.

  1. Denial (Bitcoin is a scam)

  2. Anger (terrorism, global warming, etc... )

  3. Bargaining (blockchain not Bitcoin)

  4. Depression

  5. Acceptance

If you want to listen to more about this topic, here’s a great talk by Lord Andreas about Bitcoin, banks and the five stages of grief.

Ahhh folks, what a day to be alive.

Nasdaq adding Bitcoin and Ethereum Indexes to its Global Index Service

Stock exchange operator Nasdaq is adding indices for bitcoin and ethereum to its global data service later this month.

Cool stuff, the acknowledgements just keep coming.


Market Sentiment


Bitcoin (Daily Overview)

Not much action here, bitcoin has been ranging all week.

The consensus among traders is still that the 3k support will be broken.

I’m still bearish since the 50 SMA resistance has not been broken.

Bitcoin (4h Support/Resistance Levels)

Resistance 2: ~3,935
Resistance 1: ~3,795
Pivot point: ~3,565
Support 1: ~3,420
Support 2: ~3,200

Bitcoin (4h Volume)

Still seeing bearish divergence that started last week.

Expecting downside.

Bitcoin (Macro Overview)

Below are the 3 most common bottom scenarios.

  • Option 1: Fractals analysis bottom (2,300 - 2,600)

  • Option 2: Fib extension bottom (1,700 - 1,900)

  • Option 3: Retest support of 2017 rally bottom (900 - 1,200)

As of Feb 17, 2019 my confidence level are:

A bottom between 1,700 and 2,600 = about 70%.
We've already bottomed = about 25%.
Retest 900-1,200 = About 5% chance.

Recommended Readings

JPMorgan just killed the bitcoin dream

About a decade ago, a group of anarcho-capitalist coders rallied around the utopian notion that the digital protocol developed by the pseudonymous Satoshi Nakamoto would one day create marginal efficiencies for JPMorgan Chase ’s back-office operations.

Good lol for you today.

You can read it here.

The end

If you think something important happened last week and we missed it, let us know!

Continue the discussion in our Telegram group.

That’s all for now.

See you later space Cowboy