Cardano Dan's Newsletter - Issue #93
Small & Great Things
Quote of the Day
“Great things are done by a series of small things brought together.”
― Vincent Van Gogh
Van Gogh is one of my favorite artists. I really like his work.
I really like this quote too. Cardano is a great example of this quote in action. Decentralizing the next financial system of the world isn’t something that happens in one magic moment.
It happens gradually in a series of small steps. First all blocks are produced by SPOs, then peer to peer networking is deployed, and finally the future development of the ecosystem is fully governed by its owners.
Along the way, there are other really important small (or big) steps like deploying smart contracts as part of the Alonzo hard fork and then releasing best in class tools for developing and deploying smart contracts on the network.
The Cardano team is doing a series of small things and bringing them together, and if you have the wisdom and insight that’s needed, you can see a really great thing coming very soon.
In The News
The Ethereum London hard fork went live yesterday. Approximately $395K of Ethereum is being burned every hour! Here’s what I think about that.
The US Senate is on the verge of VERY negative cryptocurrency regulation as part of the Infrastructure Bill. The situation is quite fluid and complicated. Feel free to read my twitter profile for A LOT of updates and info about this. To summarize…
There is the original language in the bill that is very dangerous for crypto innovation in the US. Then 3 separate amendments: Toomey-Wyden-Lummis (good amendment with common sense approach), Cruz amendment (good amendment to remove all crypto regulation from infrastructure bill) and Warner-Portman-Sinema amendment backed by the White House (bad amendment that only resolves regulations problems for Bitcoin but no other blockchain protocols).
If you live in the U.S. and care about the American economy and innovation opportunities remaining in the United States, please call you Senators and let them know what you think! The vote is on Saturday!
Here is a resource that will make it very easy to get in touch with your Senators.
Cardano Updates
Charles shared a livestream about the regulatory situation and his emotion matches my own. The situation is extremely frustrating. If you have the time, it’s worth a listen to understand why it’s frustrating and to understand the real concern about the situation and the far-reaching impacts this regulation will have.
Technical Analysis / Price Discussion
Cardano ADA has closed above the 50D EMA for three straight days! It’s getting squeezed into a very narrow area below $1.40. I expect that resistance to fail in the next few days and to see a quick move to $1.50.
However! All short-terms bets are off because of the cryptocurrency regulation discussed above. It is a really big deal and could have far-reaching impacts on markets depending on how things proceed.
That’s it for today. Hope you have a great weekend! Please call your Senators tomorrow!
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.