What's Up BCH?!

The buzz in the crypto space on this fine morning seems to be all about Facebook and the possibility that they may be creating their own cryptocurrency.

Now, speculation about some sort of FaceCoin has been rampant since May, when they appointed one of their senior officers to head up a new "blockchain initiatives" department. The rumors have now been reinforced by this article on Bloomberg today...

For what it's worth, I don't believe that this article really brings us any closer to understanding what's about to happen. 

Firstly, the article is based largely on quotes from "people familiar with the matter," which is never a good sign when looking for factual information.

Secondly, the article later quotes an actual spokesman for the company who was extremely vague about what the team is doing, stating that they're looking into a lot of different things and "we don't have anything further to share at this time."

Furthermore, the choice of starting off in India strikes me as odd. As someone who's been watching the Indian payments space very closely over the last two years, there could not be a more difficult market for a new competitor to enter, especially a company like Facebook.

Today's Highlights

  • Shutting Down
  • What's up BCH?!
  • Scrap the ICO Laws

Traditional Markets

As if the stock markets didn't have enough to worry about at the moment, it does seem like, short of a miracle, the US government will be shutting down this evening until further notice.

As we mentioned before, this type of thing is known to happen in the two-party system of Washington DC. However, this time might be different. President Trump absolutely refuses to sign any bill that doesn't include $5 billion for a border wall, and Congress just doesn't seem to be willing to draft any such budget.

So, we are at an impasse.

Most stocks are now at their indices are at their lowest levels in more than a year. Here are a few long-term charts to get a grip with the size of this dip.

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