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Yesterday’s post on passive investing and the 108 Token was mostly well received, but as expected, a couple of folks came out swinging, completely trashing the idea of an index. One BTC whale (at least a dolphin, at any rate) wrote in –  “I bought BTC back in 2013 and if I had indexed across the top 15 then I would not have had these returns”. Most criticisms were variations of this same theme, basically “I know what I am buying because I was a genius because I bought BTC in 2013”. Our very simple counters to these are as follows:

  1. It is not 2013, the market is far more mature, BTC upside story is going to play out over the next few years in a slow, steady, institutionalized manner with spurts
  2. Even starting in 2013, if you had adopted rebalancing around a passive strategy instead of just holding onto BTC, you would arguably have had far better returns – you would have enjoyed stupendous gains in all the top 10-15 crypto currencies. Simply put, even if you had opted to balance across the top 5 instead of just BTC, your gains would have far outperformed BTC. Hell, with only BTC in your portfolio, you would have completely missed the big Ethereum run-up of 2017
  3. You have a significant portion of your net worth in BTC, so when you are being a BTC (or ETH) maximalist, you might be a visionary, but you might also be just shilling your own book! Any reduction in BTC dominance will directly affect your net worth

Meanwhile in Crypto Wonderland….

“WSJ Coin” In an attempt to understand the crypto world better, Wall Street Journal created its own cryptocurrency called WSJ Coin with the help of a Japanese developer. Only two units of the coin were issued and when the prospects of issuing the coins to a larger audience were discussed, WSJ’s ethics head vetoed against the idea on ethical grounds. The coin was promptly shut down later.

“Argentina’s Crypto ATMs” Cryptocurrency automated teller machines (ATMs) are a huge growth market in Latin America with companies such as Athena Bitcoin and Odyssey Group looking to tap into the region’s increasing use of cryptocurrencies in an environment clouded by persistently high inflation. Odyssey itself has plans to install 150 ATMs in Argentina while Athena has already had success with 12 machines installed in Colombia and is now expanding in Argentina.

“Poloniex Aligning with US Regulations” Poloniex, a crypto exchange set up in 2014 and owned by Circle (Goldman Sachs-backed), has decided to take steps to better align its operations with probable regulatory requirements. The firm, which used to allow customers to short sell cryptocurrency products and lend to earn interest will now “remove margin and lending products for US-based customers”.

“Gemini Gets Insured’ Gemini Trust, the cryptocurrency exchange and custodian company founded by the Winklevoss twins has secured insurance coverage for digital assets. The insurance package was secured from a syndicate of top insurers led by Aon.

108 Token NAV Update

Today’s NAV is ~$1.26, up roughly 29% since launch.

You can express your interest in 108 Token Series II here. This will be an open-ended, rolling vehicle.

Also reach out to us if you are a market maker or a liquidity maker that is interested in a conversation around the 108 Token.

Crypto Twitter Pick

What We Are Reading / Listening To

Combatting Vote Manipulation on EOS by Aurora EOS

How dYdX Allows You to Take a Short Position in One Token with Antonio Juliano

Overnight Performance of Top 10 Cryptocurrencies

In addition to this daily newsletter, you can find more stuff to read at our news and research portal, our crypto index token and our upcoming relayer.

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Satoshi&Co Daily Crypto Newsletter

By Ramani Ramachandran and Rohit Alluri

ZPX - Daily Crypto Update