🧘♂️SPOTTED: Future of Crypto
Market Meditations | October 5, 2021
Featuring Fortnite, Facebook & Snoop Dogg
Dear Meditators
The metaverse has been a trending topic recently. A lot of questions have been left unanswered. Until today. What is it? Why does it matter? How will it impact the real world, crypto and our identities?
Today’s Meditations:
🎆 Top Things You Need to Know About the Markets
💠 Metaverse 101
🕯 Candlestick Challenge
🎣 Coinbase Phishing Attack
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⏰ In A Rush?
🧚♀️ Axie Infinity developer secures $152M in Series B funding from investors
🌱 NFX unveils $450 million fund, aimed at pre-seed and seed investments across tech and crypto
❌ Citadel’s CEO says regulatory uncertainty is keeping the firm out of crypto
Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool.
🗺 What’s the Meta With You?
💠 Defining Something That Doesn’t Really Exist Yet
The metaverse is the convergence of physical, virtual, and augmented worlds in a seamless way. It is a futuristic world where ownership of digital assets will transcend borders to interact on a common platform enabled by the internet’s connectivity.
Glimpses of this sci-fi fantasy are already emerging:
Last year, a concert in Fortnite gathered over 12.3 million viewers to watch a 10-minute Travis Scott performance.
Snoop Dogg recently entered The Sandbox and is offering a variety of social events and concerts on the decentralized platform.
Snoop also sold NFTs that could be used in The Sandbox which came attached with the opportunity to be featured in the above music video.
These examples cover some aspects of the metaverse.
However, such experiences are mostly specific to individual ecosystems.
Fortnite players can’t leave a concert to return to their virtual homes on a plot of land in The Sandbox. The skin you bought for your League of Legends character can’t be applied to your undead Priest in World of Warcraft. The metaverse could change all that.
💠 Where Are We Headed Next?
But it isn’t all fun and games in this brave new world. The metaverse has plans outside the realm of entertainment:
Facebook CEO Mark Zuckerberg revealed his “overarching goal is to help bring the metaverse to life” in an interview last July. Zuckerberg envisions a future where meetings are conducted in virtual and augmented reality, rather than over Zoom.
Snap unveiled Spectacles, augmented reality enabled smart glasses, in May this year with the aim of helping content creators broaden their toolbox.
The recent Cardano Summit took a different approach to hosting and presenting information. Instead of a webcast featuring visuals of speakers standing at podiums, seven virtual worlds were created to deliver 48 hours of content, news, and interviews.
From here it isn’t too far-fetched to picture a world where your office doesn’t exist on Wall Street, but in The Sandbox, or Decentraland. You may be wearing pyjamas when you log on, but by the time you reach your virtual corner office your avatar is sporting Armani.
This futuristic reality will not be built without blockchain. Migrating value from the real world to the metaverse requires infallible and persistent data. As it stands, the only truly immutable ledger technology resides in the crypto space, making it intrinsically tied to the internet successor’s advancement.
💠 Concluding Remarks
As crypto enthusiasts, we wear early adoption as a badge of honour. The metaverse stands to change how we view and interact with our world. If successful, this is quite possibly the next age of our civilization.
Unlike NFT Gaming, Yield Farming etc. the Metaverse has yet to really disrupt the crypto space. For those that believe in its promise, potential and have carried out their due diligence, upcoming Metaverse projects may present significant opportunities.
I hope you’re ready, player one.
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🐂 Bullish Reversal Patterns
In last week’s puzzle we labeled all the key parts of a candle. This week we are identifying what type of candle we’re seeing.
What type of bullish reversal pattern is shown in the above purple box?
Bullish Harami
Inverted Hammer
Hammer
🔎 Plenty of Phish in the C
Coinbase alerted at least 6,000 users last week that they were impacted by a phishing attack, which resulted in their account funds being drained to unknown wallets. But how did the attackers get past the multi-factor authentication and have the users been compensated?
Hackers successfully managed to login into users accounts between March and May 20th 2021.
To do this they needed the user’s email address, password and phone number. They also required access to their personal email inbox.
While Coinbase does not know how the hackers got this information, they believe that large-scale phishing campaigns are on the rise, which trick users into providing their secret details.
Multi-factor authentication (MFA) is a recommended step to add an additional layer of protection. This can be in the form of an SMS message or via the use of a dedicated authentication app or device.
However the attackers were able to exploit a bug in the SMS account recovery process, which allowed them to receive an authentication token to login.
As soon as they discovered the issue, Coinbase updated the recovery protocol to prevent further user losses, and have since stated they will reimburse all affected users fully.
So it just goes to show that a system with trust is only as strong as the weakest link, whether that is trusting that a centralised system is secure, or the user being too trusting in perceived authority. Multi-factor authentication is a must, but the SMS type is not one we would recommend. For more tips on keeping your funds safe, check out our 9-step essential security guide.
3. Hammer
It was a hammer!
But how do you identify a hammer? A candlestick with a long lower wick at the bottom of a downtrend, where the lower wick is at least twice the size of the body.
And what does this type of candle mean? Some believe a hammer shows strength from the bulls. The long wick indicates several defeated bears and is significant given the bears were winning up until then.
⛔️ A word of caution. Candlestick patterns in isolation are not a buy or sell signal. Consider them one of many ways to look at market structure. We prefer the following tools: Moving Averages, Fibonacci Retracement or Volume and Open Interest.
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🌎🧘♂️✍️ Stories in this newsletter were written by Kyle F., Isambard FA, Nick T., Max P., Kimia K., Ellen B. and Koroush AK. Graphics were produced by Gerasimos P.
Not financial or tax advice. The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision. See our important security disclaimers here.
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