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April 8, 2018Watch this video to see how to use this newsletter. Click the square in the lower right to expand the view.
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Crypto Market Commentary
Week In Review
Flat Line Market
Compared to the preceding weeks, this week has been flat. We had a brief jump up to 280 Billion on Tuesday, but for the most part, we’ve bounced between 250 and 260 Billion. Bitcoin bounced around too, finding equilibrium around $7000.
By far the largest news capturing the market’s mind right now is centred around India’s Central Bank. The Reserve Bank of India (RBI) issued a statement about entities regulated by RBI shall not deal with or provide services around cryptocurrencies.
Here’s a verbatim quote of what RBI said in the press release:
“Entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time.”
All banks registered in India come under RBI’s regulation must follow this mandate.
Unfortunately, this is bad news for cryptocurrency exchanges in particular who rely on banks for their business. Interestingly, this still allows for dealing in cash, akin to LocalBitcoins. Forcing people to use a payment method normally associated with money laundering in the name of preventing money laundering certainly takes my award for the most perplexing move by a government yet this year.
Not only that, but the government can’t tax or trace cash transactions. The RBI has given 3 months time to all banks to settle their transactions with crypto exchanges, so at this moment trading crypto on exchanges is perfectly legal in India.
To me, the 2016 Indian banknote demonetisation fiasco seems relevant to understanding the government’s agenda in relation to cryptocurrency. At 8 pm on the night of November 8th, 2016, the current Indian government suddenly announced that all ₹500 and ₹1000 notes (~$7.50 & ~$15), or 86% of circulating currency, would become illegal at midnight. Again, this was to, “crack down on the use of illicit and counterfeit cash [used] to fund illegal activity and terrorism.”
So, it’s apparent that the Indian government’s endgame is not declaring digital currency is evil and banning off their subcontinent — quite the opposite. They’re going to strive for a “digital rupee”. After their actions in 2016, I would not trust them to operate in good faith or in an expedited fashion.
Instead of encouraging new innovation and technology, the Indian government is saying no to it. India will surely miss the next digital revolution if things continue like this. It is our hope that upcoming elections will help to steer India in a different direction.
Already there is a vocal petition against the RBI’s actions.
“Crypto and blockchain as a concept can’t be stopped. You can just decide whether you want to participate with full throttle or get left behind. The current stance from the government shows they would want to remain left behind after missing the internet revolution first, AI revolution next and now blockchain revolution,” says the petition.
We couldn’t have said it better.
In other news from this week, we saw continued outrage and anger at the scam artists in this space.
The SEC Charged the founders of Centra Tech ($CTR), which was promoted by Floyd Mayweather Jr. and DJ Khaled, with fraud. CTR was promptly delisted from Binance.
We exited our position in Verge ($XVG) in response to their unprofessional fundraising campaign and the absolutely horrid response to their network being hacked. We do not tolerate censorship, and when a developer is not aware they hard-forked their own currency, it’s time to move on. We look forward to seeing who their upcoming partnership is with, which they have claimed will “change crypto forever” and will “make Verge a household name”. We’ll see about that.
Deconomy, an international blockchain forum, took place in Seoul, South Korea, from April 3 to 4.
Among the event’s many speakers was Craig Wright, chief scientist at nChain, who in 2016 controversially announced himself to be Satoshi Nakamoto.
Ethereum co-founder Vitalik Buterin was also a featured speaker at the event, and during the Q&A period that followed the presentations he pointed out several errors in Wright’s presentation and asked, to hefty applause, “Why is this fraud allowed to speak at this conference?”
Lastly, there’s been some murmurs of Bitcoin ETFs being considered by the SEC. According to a document posted on the SEC website, the agency has begun the process to approve or disapprove a change in its rules that allows two bitcoin ETFs to be listed on the NYSE Arca exchange. The introduction of bitcoin ETFs could add further liquidity to bitcoin markets by providing another venue for investors. While we do think ETFs are inevitable, we do believe they will come after the SEC clarifies their position on a lot of matters related to crypto.
Talk to you tomorrow.
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Offense – Adding Trades
Offensive Actions for the next trading day:
- None.
Defense – Managing Risk
Defensive Actions for the next trading day:
- None.
Current Portfolio
Desired Holdings
How to read this portfolio: Please click on the Chart Key tab above for definitions and color codes. The colors correspond to our 7 categories in the graphic below.
None.
Tier 2
MOD
Tier 3
REQ
SUB
LINK
NANO
KNC
Tier 4
BNTY
TAU
WISH
PHR
LOCI
XBY
ELA
ECC
POE
HPB
BIX
EVE
XVG
NULS
DNA
ReadySetCrypto’s 7 Categories Of CryptoCurrency
Tier 1 coins are those coins which we have considerable assets invested, are firm believers in the project direction and execution, and have very little reason to sell within short to mid term. These are coins which we risk evaluated to be very solid, and have a high probability of existence duration.
NEO
NEO ($NEO) is classified as a Dividend and Platform coin. As our largest holding, we believe NEO has the potential to become a dominant smart contract and DApp platform in 2018. It’s four most compelling features are:
- An innovative consensus algorithm which will allow for greater TPS (transactions per second) over its competitors.
- A dividend structure for holders, incentivizing coin retention and network stability / diversity.
- SE Asia location, enabling NEO to break into markets more easily than competitors.
- Agnostic smart contract language, allowing for smart contract developers to use existing mainstream programming languages, which allows for cheaper smart contract implementation as compared to Ethereum who’s proprietary smart contract language, Solidity, can be a barrier to integration.
NEO is best acquired through Binance. Storing NEO on the Binance exchange will result in a GAS distribution once a month on the first. We recommend the NEON wallet for safe storage. GAS will be distributed on the NEON wallet daily.
WaltonChain
WaltonChain ($WTC) is classified as a Dividend and Utility coin. Waltonchain is on the cutting edge of using RFID hardware to enable supply chain management 2.0. We believe Walton has the potential to become a dominant IoT blockchain solution Waltonchain is the only truly decentralized platform combining blockchain with the Internet of Things (IoT) via patent pending RFID (Radio Frequency Identification) technology. The custom RFID chips are able to digitally sign and verify transactions at the integrated circuit level, automatically and instantly reading and writing data to the chain without human intervention. This unique implementation of blockchain + IoT facilitates the true interconnection of all things in the real world with the virtual world, creating a genuine, trustworthy and traceable business ecosystem with complete data sharing and absolute information transparency. Walton has two major competitive advantages:
- A recently confirmed (to be signed) partnership with China Mobile’s IoT Alliance. China Mobile is the largest mobile telecommunications service in the world as well as the world’s largest mobile phone operator by total number of subscribers. Walton’s Management system is set to be implemented through mobile communication networks, and China Mobile is the largest one. Waltonchain is positioning themselves to be the single connector of the entire Internet of Things initiative put forward by the China Mobile IoT Alliance.
- They implement the blockchain through the RFIDs at the foundational layer. Their technology is patent-pending and gives Waltonchain a solid claim as the only blockchain that connects the physical world with the virtual world with truly reliable data. This is because all other IoT solutions tag items through API, and this means all the data is first passed through a centralized intermediate, a potential point of vulnerability.
Ethereum
Ethereum ($ETH) is an open blockchain Platform that lets anyone build and use decentralized applications that run on blockchain technology. Like Bitcoin, no one controls or owns Ethereum – it is an open-source project built by many people around the world. But unlike the Bitcoin protocol, Ethereum was designed to be adaptable and flexible. It is easy to create new applications on the Ethereum platform, and with the Homestead release, it is now safe for anyone to use those applications.
OmiseGO
OmiseGO ($OMG) is classified as a Dividend and Utility coin. OmiseGO is a Southeast Asia-based company creating an e-wallet that will make transfer of assets and currencies possible. Merchants and users of the wallet can transfer whatever asset or currency they desire. For example, you could use your ethereum, bitcoin, international fiat, or even your airline points to buy groceries using the e-wallet app on your mobile phone. Transfers can happen across borders, or even while traveling abroad. Unlike Western Union or PayPal for example, the fees are almost negligible, and the transfer is instant. Because it’s based on a blockchain, there are no intermediary banks necessary and users don’t need bank accounts to access those funds. This is especially good for migrant workers who send money home and often don’t have bank accounts and are forced to use expensive wire services instead.
NAVCoin
NAVcoin ($NAV) is a Privacy coin with upcoming Platform features. NAVcoin has been around for 3 years. It is not minable, instead being based on a Proof of Stake system in which stakers earn 5% annual returns. Theoretically this means there could be 5% inflation on the supply, however, that would require every coin holder to stake, so likely there will be very marginal inflation between 1 and 3% year over year. It is a currency originally based off of Bitcoin version 0.13, which should tell you it’s got a good foundation from which to build its feature set. Being based off Bitcoin, it currently is a method of transaction, with notable upgrades in the form of Segwit (with possible lightning network integration in the future) and 30 transaction times with extremely marginal fees. That’s great but a lot of coins have that going for them, so thankfully we’re just getting started with the real interesting pieces of NAV. The first and currently only implemented feature, NavTech is a unique dual blockchain technology. Essentially, NAV runs on these two blockchains in order to completely disconnect the sending wallet (your wallet), to the receiving wallet (where the money is getting sent). Think of it like a VPN, NavTech completely strips the sender’s details so the transaction is completely anonymous. The anonymous transaction space has really gotten big lately, with Monero’s recent price action and Ethereum’s implementation of ZKSnarks being two big examples that come to mind.Moving on to the roadmap, there are two big upcoming features for NAV:
- The first is Polymorph, which is a really cool blend of Nav’s anonymous transactions and Changeally’s instant exchange. What this means is that, for example, I wanted to pay someone in Bitcoin but I wanted to do it anonymously. Polymorph would take my bitcoin, turn it into navcoin in order to be processed and sent anonymously using the Navtech dual blockchain, then turned back into bitcoin at the to be sent to the receiving wallet. This will certainly set NAV apart, as it guarantees anonymous transaction for all of the coins on changeally. This is huge for exposure, and a great opportunity for NAVcoin to gain trust, which is absolutely critical anonymous transaction coins.
- The second big upcoming feature is ADApps, or Anonymized Decentralized Apps. This is also a huge potential win for Nav as there is already a huge amount of interest in the crypto space surrounding Dapps, such as Ethereum and Omni. Adding in the anonymous layer would attract projects that would value the anonymity. Nav is still in the planning stages for this project so it could still be awhile before it comes to fruition, but we should see the whitepaper for it soon, and if they could be first to market with ADapps that could prove to be a killer feature for them as it would give them first access to the interested demographics.
Ripple
Ripple ($XRP) is a real-time Payment protocol for anything of value. It’s a shared public database, with a built-in distributed currency exchange, that operates as the worlds first universal translator for money. Ripple is currency agnostic and has a foreign exchange component built right into the protocol. Ripple acts as a pathfinding algorithm to find the best route for a dollar to become a euro or airline miles to become Bitcoin. It will look at all the orders in the global order book. The case for XRP comes down to the following: 1) Payment systems work best with bridge assets to focus liquidity. 2) There are good reasons to expect a cryptocurrency to be the most popular bridge asset. 3) There are good reasons to expect that cryptocurrency to be XRP.
- Open, decentralized payments will have lots and lots of assets, including national currencies of all kinds and cryptos. A significant fraction of payments will be among assets that aren’t the most popular. Using intermediary assets to settle those payments concentrates liquidity and reduces spreads.
- National currencies are always tied to jurisdictions and can’t be universal. Systems built around them will never be as open and inclusive as systems that aren’t.
- XRP settles faster than any other major crypto. It higher transaction rates than other major cryptos. It is beat by others only by the amount of liquidity available today. And, most importantly, XRP has a company that is devoted to making sure XRP succeeds for this specific use case.
ICON
Simply put, ICON ($ICX) is a massive scale blockchain Platform that allows
- Decentralized Application (DAPPS) – Build DAPPS on ICON Platform like on Ethereum and NEO. Yes, soon, you will see ICOs happening on ICON platform for different DAPPS
- Interchain (Interoperability with Blockchains) – Allows different blockchains connecting to one another through their protocol. ICON is fully compatible with traditional blockchains like Bitcoin and Ethereum and in future can bridge other public blockchains such as Qtum, NEO and many others to achieve their mission statement – “Hyperconnect the world”
- Artificial Intelligence (AI) – Use of AI to ensure all nodes contributing to ICON Republic/platform are rewarded fairly and not to have certain powers over distribution policies. AI will continue to learn a variety of variables to determine optimal distribution policies and achieve complete decentralization.
- Decentralized Exchange (DEX) – ICON will integrate different DEX protocols on their platform to facilitate exchange of ICX and other future ICON platform currencies. Bancor protocol will be their first DEX protocol when mainent launches this month end and Kyber and others will follow. Not just throwing Kyber’s name out there, it was confirmed they are working with each other, official partnership yet to be announced.
Fundamental Currency Research
Thankfully, both development teams behind these coin in particular have publicly stated that they will “hard-fork” to alter their coin in order to prevent any developed ASICs from working. While it solves today’s issues, it’s certainly concerning that nearly every major cryptocurrency mining algorithm has had an ASIC developed for it. It could be that mining becomes a purely ASIC dominated space, as it’s already looking like. We don’t like this possibility as ASICs are typically bought up in large batches by those who have the means, meaning the networks they mine on are now much more centralized. Whatever happens, it will be interesting to watch the cryptocurrency community evolve as ASICs become more dominant while more mainstream and institutional investors enter the space. How will the Swap be made?
The Token Swap will be implemented through our ICONex wallet and the exchanges that we are listed on.
- Token Swap using ICONex
Using the Token Swap feature in the ICONex wallet, you can directly exchange your ERC20 ICX tokens stored in the ICONex ETH wallet to be exchanged and moved to the ICONex ICX wallet as mainnet ICX coins. 
- Token Swap using exchanges
If you are holding your ERC20 ICX tokens on the exchanges, you do not need to go through a seperate Token Swap process. The exchanges will automatically swap the ERC20 ICX tokens to mainnet ICX coins.
When will the Token Swap begin?
The Token Swap feature in the ICONex wallet is currently ready. However the Token Swap schedule through the exchanges are still being adjusted. We are postponing the Token Swap so that both Token Swap processes can be started at the same time. The exchanges currently do not support mainnet ICX to be traded. If the Token Swap process using the ICONex wallet is opened before the exchanges support mainnet ICX coins, it could lead to unintentional trouble or financial loss where you cannot sell the mainnet ICX coins in the exchanges. (Once the Token Swap is made, the mainnet ICX coins cannot be swapped back to ERC20 ICX tokens) To protect users from any unintentional trouble or financial loss, we have made additional developments so that the ICONex Token Swap feature will be enabled aligned with the exchange’s status of supporting mainnet ICX coins. (You are free to check the feature, but the actual Token Swap does not happen at the moment.) We will be announcing the start time of the Token Swap through our SNS channels(Blog, Reddit, Telegram) and email as soon as the exchanges are ready to trade mainnet ICX coins. The Token Swap feature will be enabled accordingly. 
Will I be able to trade ERC20 ICX tokens?
The current ERC20 ICX tokens will be tradable in the exchanges as usual. Also, even after the Token Swap procedure begins, you will be able to trade and send your ERC20 ICX tokens until the Token Swap period is over.
How long will the Token Swap last?
The Token Swap will last for three months. The exact starting date will be announced once the exchanges are ready to trade mainnet ICX coins. We will be continuously sending notifications through our SNS channels and email. You can swap your ERC20 ICX tokens to mainnet ICX coins anytime during the Token Swap period.
Will the ERC20 ICX tokens be burned?
When you swap the ERC20 ICX tokens for mainnet ICX coins, we will retrieve the ERC20 ICX tokens and exchange them for mainnet ICX coins in return. The ERC20 ICX tokens retrieved will all be burned so that it will not be able for further use. For the ERC20 ICX tokens that do not participate in the Token Swap procedure, they will be locked after the Token Swap period is over so that not even the ICON foundation can use them.”
Hyperion
For flipping Neutral.
For long-term holding Neutral.
What is it?
The Hyperion Fund functions as a syndicated venture capital fund that provides independent investors access to the earliest stages of investing in blockchain projects
What is our verdict?
What we like: Potentially very needed in this market. Could help take the guesswork out of finding good projects.
What we don’t like: Investors know nothing about the fund managers’ ability to find good investment opportunities
Website: https://invictuscapital.com/hyperion
Whitepaper: https://cdn.invictuscapital.com/whitepapers/hyperion.pdf
Technical Analysis Research
If you go to buy any of our courses at our online “store” you can receive $10 off the $59 street price with your member’s “coupon code” of member18crypto..
Coinigy is a great tool for determining prices on each exchange, however I may not have access to the full suite of tools on TradingView charts. I am currently not using it as a front-end GUI for my exchanges, which it supports.I also use Blockfolio to give me a quick snapshot of my holdings, and find that it does an excellent job to aggregate all of my holdings into one easy-to-read snapshot of my cryptocurrencies, which are typically located in many different places.
I will also be experimenting with the Profit Trailer app which might be useful in this choppy market. I hope to share results and tips/tricks with you in here once I get this bot up and running.
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