Cardano Dan's Newsletter - Issue #115

Heaviest Burden

Quote of the Day

“God places the heaviest burden on those who can carry its weight.”

― Reggie White

Life can be tough. Are you carrying a heavy burden? This quote rings true to me. Those that are capable of carrying the heaviest burdens are most often the ones asked to do it.

When I’m carrying a heavy burden, I find it really helpful to remember “suffering produces perseverance; perseverance, character; and character, hope.” (Romans 5:3-4) God not only gives us what we can bear, but he also develops our character in the process. I hope that’s an encouragement to you when you carry a heavy burden.

In The News

1. There are some big movements around the Democrats Budget and the associated tax increases to pay for it.

   Between Joe Manchin saying he won’t support a 3.5 Trillion dollar budget and House Democrats having a slim majority, House Dems are looking for tax hikes that are “a little less aggressive” than what Biden is looking for.

   An interesting nugget in the news around this story is that the capital gains tax would go into effect September 13th instead of being retroactive all the way back to April. That’s moving in the right direction. I personally think any hikes should have to wait until the next tax year to go into effect.

2. The Solana network went down for hours after experiencing “resource exhaustion.” It’s the second time in two weeks that the “mainnet cluster experienced instability.”

   Two thoughts. First, people lost their minds over Cardano testnet challenges. I don’t see the same concern over another blockchain’s mainnet failure. This is telling.

   Second of all, the design and governance approach of a blockchain protocol really matters.

   Gavin Wood @gavofyork

   Events of today in crypto just go to show that genuine decentralisation and well-designed security make a far more valuable proposition than some big tps numbers coming from an exclusive and closed set of servers. If you can't run a full-node yourself then it's just another bank.

Cardano Updates

1. The Cardano team made good on its schedule for delivering smart contracts! And some skeptics of that schedule made good on their promises to donate money if it happened. It’s great seeing them follow through like that! Respect. Here is one example.

   Polymarket @PolymarketHQ

   Yesterday @Cardano monumentally launched Smart Contracts & $ADA believers won >$1m on Polymarket.com At Polymarket, we believe in giving credit where it's due & sticking to our word. We stand corrected & donated $50k on behalf of @IOHK_Charles & the Cardano Community.

   

   

   Charles Hoskinson @IOHK_Charles

   So since @PolymarketHQ lost, they have to donate $50,000 to the charity of my choice. I thought about it and found a small one with a really good heart https://t.co/dIgeqCrEuK

2. Here’s a little teaser from the Cardano Foundation on why you’ll want to be paying attention to the Cardano Summit coming up in a couple weekends!

   Sidney Vollmer @SidneyVollmer

   Don’t really want to brag or anything but… some of the partnerships we’re announcing at the #CardanoSummit will blow people’s mind. Really grateful for the chances we at @CardanoStiftung have to change the world for the better, and have fun together. Tune in.

   

Technical Analysis / Price Discussion

Cardano ADA was overbought on the daily for a while. That is no longer the case. On the weekly charts, ADA is showing some interesting similarities to the last breakout.

I see four clear waves of this bull run so far. March - July 2020, July 2020 - Oct 2020, Oct 2020 - May 2021, May 2021 - July 2021, and now we’re in the fifth wave.

If you look at ADA’s behavior after it broke the Wave 1 high at the beginning of Wave 3, there was a consolidation at the Wave 1 high before really taking off.

I see Cardano ADA doing the same thing at the Wave 3 high right now. I’m not sure how long it will do this, my guess is another 1-3 weeks. When it’s done, I think it will be fun. (That rhymed.)

This newsletter is for entertainment and educational purposes. I’m not a financial advisor and you should do your own research and consult a financial advisor before investing in cryptocurrencies.