Premium Daily Crypto NewsletterApril 11, 2018
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Crypto Market Commentary
Sustained Positive Move
Not Out Of The Woods Yet But Feels Like Fresh Air
It’s a rare sight in this market currently, but we finally can see green across the board. It’s certainly a sight for sore eyes.
Of the large caps, EOS led the pack with its announcement of EOSIO Dawn 3.0.
“EOSIO Dawn 3.0 is a developer release designed to be “feature complete” with stable APIs. We believe the platform is now stable enough for serious application developers to start building their applications. EOSIO has become far more powerful and easy to develop for than we had conceived a year ago.”
Essentially, as we get closer to the official release of the EOS platform, we expect the price have a lot of volatility. Today’s release gives developers access to the suite of tools needed to build DApps on the EOS platform. EOS is aiming to be much easier to develop on compared to Ethereum. Combine that with their claim of a theoretical 8,000 TPS and the noise they’re making is hard to ignore. They just took the number 5 spot dethroning Litecoin.
The EOS rally is also connected to the eosDAC airdrop, whose blockchain snapshot is scheduled for April 15. All Ethereum wallets holding at least 100 EOS tokens will receive an equal number of the eosDAC tokens, which will be able to be used and sold once the EOS mainnet launches later this year.
NEO is also making a healthy amount of gains. This is more price action based, but people are starting to wake up to how important the NEO coin is to the NEP5 ecosystem and how compelling that ecosystem truly is. Certainly between EOS and NEO having platforms serving as the core of your portfolio doesn’t seem like a bad idea.
In other news, Reuters is reporting that JP Morgan Chase and Co has been filed with a lawsuit in Manhattan federal court. The lawsuit alleges that it charged surprise fees when it stopped letting customers buy cryptocurrency with credit cards in late January and began treating the purchases as cash advances.
Those cash advances carry extra fees that JP Morgan charged and higher interest rates on the cash advances than on credit cards. JP Morgan also refused to refund customers when they filed a complaint.
With no advance warning, Chase “stuck the plaintiff with the bill, after the fact of his transactions, and insisted that he pay it,” the lawsuit said.
The reasoning behind the Chase decision was that they decided that using your credit card to acquire cryptocurrencies was the same as using it to acquire a non-crypto currency (aka cash advance). In order to win this lawsuit, the plaintiff would have to prove that cryptocurrency isn’t “money in coin form”, which won’t be easy given the top crypto is named Bitcoin.
Chase, and many other big banks, have since banned the use of credit cards to acquire cryptocurrencies. While it may seem like the moves of a dying breed, remember that credit cards pay with the bank’s money until the debt is resolved. So, if they feel that cryptocurrencies infringe on their business (which they absolutely do), they are within their right to selectively prevent such purchases with credit cards.
In a similar manner, we are within our right to selectively abstain from using their services once we feel that crypto has evolved to the point where traditional banking is obsolete and outdated.
Talk to you tomorrow.
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Offense – Adding Trades
Offensive Actions for the next trading day:
Defense – Managing Risk
Defensive Actions for the next trading day:
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.
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 ($NEO) is classified as a Dividend and Platform coin. As our largest holding, we believe NEO has the potential to become a dominant smart contract and DApp platform in 2018. It’s four most compelling features are:
- An innovative consensus algorithm which will allow for greater TPS (transactions per second) over its competitors.
- A dividend structure for holders, incentivizing coin retention and network stability / diversity.
- SE Asia location, enabling NEO to break into markets more easily than competitors.
- Agnostic smart contract language, allowing for smart contract developers to use existing mainstream programming languages, which allows for cheaper smart contract implementation as compared to Ethereum who’s proprietary smart contract language, Solidity, can be a barrier to integration.
NEO is best acquired through Binance. Storing NEO on the Binance exchange will result in a GAS distribution once a month on the first. We recommend the NEON wallet for safe storage. GAS will be distributed on the NEON wallet daily.
WaltonChain ($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 ($ETH) is an open blockchain Platform that lets anyone build and use decentralized applications that run on blockchain technology. Like Bitcoin, no one controls or owns Ethereum – it is an open-source project built by many people around the world. But unlike the Bitcoin protocol, Ethereum was designed to be adaptable and flexible. It is easy to create new applications on the Ethereum platform, and with the Homestead release, it is now safe for anyone to use those applications.
OmiseGO ($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 ($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 ($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.
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
So what we’re seeing today is some positive sentiment from Europe. European Commission (EC) Vice-President Andrus Ansip made remarks about Europe becoming a world leader in digital innovation. Europe is “home to the world’s leading AI research community,” Ansip argued. “[Blockchain is] now moving out of the lab and going mainstream. As with [artificial intelligence]: we should make the most of this new opportunity to innovate,” said Ansip. This comes after China yesterday revealed a new Blockchain development industrial park and a 1.6 Billion dollar fund to support blockchain projects. The government in Hangzhou has attached great importance to blockchain technology, ranking it just behind artificial intelligence and virtual reality technologies. “AI and blockchain as the areas where Europe is best positioned to play a leading role. However, it is no secret that we have to invest – both politically and financially. There is quite some ground to catch up. Other continents are moving ahead quickly,” said Ansip
Today’s EU positive sentiment matches perfectly with one of the brightest stars in our portfolio, Origintrail.
They’re moving forward in so many ways that it’s truly exciting to see where they are and where they’re clearly going.
In this section we’ll feature a daily ICO or new coin we think you should check out. Based on your country, you may not be able to participate in the ICO, but you will be able to trade the coin once it is listed on an exchange following its ICO (usually only a couple of weeks). ICOs are where a lot of money in crypto is made. Here’s proof. That said, we should warn you: ICOs are highly risky endeavours and you need to mitigate any potential losses. Treat it as money you’ve lost the moment you contribute to the ICO. We are not responsible for the ICO’s performance. Today’s featured ICO / New Coin is:
For flipping Neutral.
For long-term holding Neutral.
What is it?
Photochain revolutionizes the status quo of stock photography. It is a decentralized, peer-to-peer stock photography platform on blockchain with fair conditions, attractive incentivation mechanisms, lowest fees in the market and full control over the content, price and license type for the photographer. On the IPFS Photochain database, each uploaded photo is linked to a photographer through a blockchain transaction. This link cannot be removed or manipulated in any way. Photochain is in the pole position and ready to disrupt the monopolized stock photography industry with a great, experienced and influential team and board of advisors. We recently won 3rd place in the ICO Pitch Competition at the Blockchain Leadership. Thanks to our attractive demo MVP, the judges could see envision exactly what the final product will look like in addition to what we will achieve for photographers. We are partnered with the highly rated Swisscom Blockchain for advisory on our ICO and future strategy.
What is our verdict?
What we like: Perfect niche use-case for blockchain, great for creators.
What we don’t like: Pure utility token, lots of content censorship, needs to win over a non-technical audience.
Technical Analysis Research
Green candlesticks…what are those? The positive divergences and large amount of accumulated “energy” has now given a small kick to the crypto market and platform coins like EOS, NEO, and ICX are leading to the upside. I believe that this is a trade-able bounce at least until gravity takes over and the bear claws the prices down again. Every bounce must be sold into until the bear is no longer.
I would believe more of this “the crypto market will bounce after tax season is over” rumor if it was also true in the equities markets. I have not seen this amount of global political risk in the equities markets in some time, yet crypto is almost immune to those effects thus far.
If you missed my earlier webinar, “More Profits in 2018; Ten Ways to Chart Like a Pro.” then you can catch the replay here. My new class “Introduction to Technical Analysis” is now available via our online store. I’m giving a Q&A webinar to class attendees only tomorrow evening at 8pm ET; you must sign up to be able to attend!
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.