Cardano Dan's Newsletter - Issue #4
There's something about Mary.
Welcome to the quick-hitting newsletter about Cardano, Crypto Trading, Blockchain, Monetary Policy, & Data Privacy.
I hope you enjoy this newsletter and that it helps you understand what is coming. If you enjoy it, please share it with others when you get to the end!
Quote of the Day
“How did you go bankrupt?"
Two ways. Gradually, then suddenly.”
―Ernest Hemingway, The Sun Also Rises
“Gradually, then suddenly” is the most famous part of this quote.
I actually didn’t remember that the first part of it was about bankruptcy before looking it up again. Quite interesting and relevant given that monetary policy is so relevant to cryptocurrency, but that is for another issue…
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In the News
Today we’re talking about Mary. There’s something about her.
Not that Mary, this Mary.
The one that introduced Native Tokens to Cardano’s Mainnet on Monday earlier this week. Native assets are something that is happening in Cardano’s gradual phase, but we’re getting closer and closer to the “suddenly” moment.
So what about Mary is so exciting? Here are some of the exciting things about “Native Tokens” on Cardano compared to Ethereum:
They’re easier to create and involve less risk because smart contracts aren’t needed to create them.
The user experience for working with them is already superior and available in the native Cardano wallets: Daedalus and Yoroi
Transactions cost WAY less than sending tokens on Ethereum AND you can send multiple tokens in the same transaction.
Basically, they’re WAY better than the way Ethereum tokens work all-around.
You should watch this really well-done video by David from IOHK who does a great job of explaining all of this.
Cardano Nuggets
Mary isn’t even 1 day old, and already there are 290 Native Tokens on Cardano.
Around the Block
“Big deal,” you say sarcastically, “why should I care about a better way of doing tokens?”
It is a big deal. Digital assets are going to transform the world in the next decade. But don’t take my world for it.
I’ve mentioned Real Vision Crypto is publishing a big interview with Charles Hoskinson this week. It’s part of their “Crypto Wave: Beyond Bitcoin & Ethereum” series.
The first video of the series digs into digital assets in a big way. Here’s a couple quotes from early in the segment.
“It’s my fundamental belief that we’re at the start of a journey that’s so enormous that we can’t get our heads around what is coming.”
— Raoul Pal, founder of Real Vision
“Cryptocurrency is one of four types of digital assets.”
— Jeff Dorman, Arca CIO
Per Jeff, the other three types of digital assets include Protocols & Platforms, Asset Backed Tokens, and Pass-Thru Tokens.
Native Tokens are an important part of EVERYTHING associated with digital assets beyond the cryptocurrency use case.
Investing Angle
IMHO, we’re just a few short months away from many exciting projects launching on Cardano. I highly recommend researching and preparing to invest in some of these projects. Subscribe to this newsletter to get an early look at some of these exciting opportunities.
Technical Analysis
This analysis is from 11 hours before it’s published. Doing crypto technical analysis that far in advance is tricky. It could be obsolete before the newsletter goes out.
With that in mind, I’m taking a broader look at daily Cardano ADA price action hoping it has a longer shelf life.
I see two primary possibilities here:
Immediate bull case. We’ve twice seen big runs, followed by 3-4 day pullbacks before continuing the run. We’ve had a 3 day 50% retracement from the last run already and the pattern could continue with another run in the next 24-48 hours.
Continued pullback. After such a strong run, Cardano ADA could continue its pullback to the bullish trendline somewhere around the .618 fib retracement level. That’s a very common level to see and it wouldn’t surprise me one bit.
By the time this goes out, the situation may already be clear, but I hope this provides some interesting insight nonetheless.
What Do You Think
Comments have been turned on for this post. I’d love to hear your thoughts, questions, and feedback below!
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.
You still haven't told us your price prediction :)
I just discovered your newsletter and I'm reading everything from day 1, thank you for this! It's incredibly valuable!