No idle threats, no second chances

Well we picked a pretty good time to take up the Craig Wright story.

(If you missed yesterday’s essay, you can catch up here.)

Around five hours after I sent my copy over for yesterday’s Exponential Investor, Binance officially delisted Bitcoin Cash SV (BSV).

Then Shapeshft followed suit. And a couple of hours later Kraken did the same.

In Kraken’s case, it actually let users vote on the delisting, and they overwhelmingly voted yes.

These are major exchanges. Binance is the number one exchange in the world by volume. And Kraken is one of the biggest in the US.

On this news BSV’s price understandably plummeted. As I write, it’s around 20% down in the last 24 hours.

You’d expect it to be down more than that, given the most powerful players in the industry have effectively just blacklisted it. But then again, this is crypto.

This viral (at least in terms of crypto) Twitter post summed up the whole absurd situation well:

So why hasn’t BSV dropped even further? I mean “good” projects can fall 20% in a day. That drop is nothing exceptional.

Well, the chances are, that just as when BitConnect was exposed as a scam and its team arrested, most of the trading is done by bots. And bots don’t follow the news, they simply follow algorithms.

The big question now is, what will Craig Wright and his allies do?

Dr Wright has enough money to crash the crypto markets, and a history of throwing his toys out of the pram.

Let’s not forget that the big drop last winter was mainly ascribed to the Bitcoin Cash war… the event which created BSV in the first place.

Wright has already crashed crypto once in order to further his own ends. And now he has nothing to lose.

I guess we’ll have to wait and see what Wright’s next move is. But you can be sure he’s not just doing to roll over and lose this fight willingly.

There really is never a dull day in crypto.

An eerie time to be in Paris

Now, if you’re a regular reader, you’ll know that this week I’m in Paris, for the Paris Blockchain Week summit.

I landed Monday night, just as the spire of the iconic Notre Dame was burning down.

It was a pretty surreal experience. Someone whatsapped me about it just as my train announced it wouldn’t be stopping at Saint-Michel–Notre-Dame station where I was supposed to get off.

When the carriage doors opened at the next stop there was an overwhelming smell of burning wood.

As you can imagine, it’s a strange time in Paris right now.

On the plus side, Sam Volkering told me today that L’Oreal, the Bettencourt Meyers family and the Bettencourt Schueller Foundation have announced they will donate 200 million euros to rebuilding Notre Dame.

As I write now, the total amount pledged is up to 600 million euros.

On the not-so-plus side, Notre Dame took two centuries to build. So it’s probably going to be a while before it’s back at full strength.

But to get back to Paris Blockchain Week, given all that’s gone on in the last 24 hours, I was surprised to see a BSV spokesperson taking part in this morning’s panel debate.

There he was, evangelising that BSV is the one true vision and the only crypto asset the world will ever need.

Unfortunately, no one on the panel called him out or brought up the lawsuits or the delistings. But it was a strange thing to see, especially after all that’s just gone on.

I mean, what would you do if you were employed to push BSV at a major event the day after it was shunned by the community? I guess you’d just have to go on as if nothing had happened, just like he did.

Aside from that, there were some very good comments and presentations made by some major institutions and projects.

One of the best and most intriguing speeches came from Mark Yusko of Morgan Creek Capital Management.

He disclosed so much good information that I might devote all of tomorrow’s Exponential Investor to unpacking what he said.

But I’ll leave you with this…

Around six weeks ago something changed in the crypto markets. This was when we saw a big shift in market sentiment. Things finally started looking up.

And here we are today, in the first recovery phase we’ve seen in more than a year.

Obviously something big changed behind the scenes.

Well, it turns out Morgan Creek first started buying bitcoin for its fund six weeks ago, when bitcoin was around $4,000.

Coincidence?

Okay, I’d better get back to the summit. I’ll be reporting from here again tomorrow, and hopefully I’ll be able to bring you something good. So look out for my email.

Until next time,

Harry Hamburg
Editor, Exponential Investor

PS One important thing before I go…

My colleague Eoin Treacy has spotted something very interesting happening in the gold market right now.

He told his clients to get in right at the start of the last gold spike, in 2000. And called the top in 2011.

He’s not the only one who’s seen it either. He’s gathered six of the world’s gold investing experts together to show you what they’ve seen.

Click here to learn more.

Category: Cryptocurrency

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