Trader View - June 4, 2018

OSL Trader View - June 04, 2018

The European Central Bank shutdown Estonia’s attempt to role out a national cryptocurrency a.k.a. Estcoin saying the only permitted legal tender within the EU was the Euro.

In the US, an Albanian-American citizen had his life savings confiscated as he was set to board a domestic flight on suspicions of drug trafficking. The amount? $58,000. Thats like your bus conductor strip searching you and saying you are not allowed to bring cash on the bus. There are no laws governing domestic flights… Murica

And since when was Nouriel Roubini so versed in coding? his denouncement of smart contracts being neither smart nor a contract was totally uncalled for.

Meanwhile, Visa had an issue with their payment system in Europe leaving those with no means of other payment stranded. The go-to comparison when it comes to crypto capacity issues… always have a backup plan.

And while on capacity, TRON has bounced off lows post immediate launch when they were running on 50 odd active nodes that were processing just 12 transactions per hour. Those figures have since bounced to 159 nodes and 1200 transactions per hour. Still a far way away from the 36mn they purport to be able to handle but nothing wrong with having some extra headroom.

$EOS popped +18% on the day the mainnet launch and by printing $2.8bn, moved up a notch to be recorded as the third most actively traded token for the day. The majority of the coins out there have supply capped and this has been one of the arguments for people to be bullish. This is all the more so for EOS as not only are the number of tokens capped, anyone willing to build a dAPP will have to secure enough coins that provides them with the computing power of the virtual machine and the HODLers consequently, will benefit not only from the reduced supply (which will be in effect as long as the dAPPs exist) but also the airdrops to which you will be entitled to. (well explained by these guys: https://youtu.be/EZfQ9YRtlmU. The price action has put the platform theme back under the limelight. IOTA +23.5%; ONT +23%; ADA +20.3% KNC +19.8% WoW.

And while it’s Binance that takes the crown in raising the largest amount ($1bn) to back startups in the space, it is Huobi’s token that has come out on top. Over the course of the past week, the latter has launched an ETF and pledged alliance with New Margin Capital (China) & Kiwoom Securities (Korea) to launch a China Korea Investment fund. The only way to invest? through Huobi Tokens ($HT). Expect to see the other exchanges follow suit with their offerings of more use cases for their tokens.

May trend be your friend. Happy Trading!

SJ Oh
Trader
Vice President
[email protected]

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