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April 25, 2018

 

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Crypto Market Commentary

Market Takes A Big Hit

Bears Remind Us We’re Still In Their Market

The market ended a 12-day run of positive or neutral days with a 56 Billion negative move today. Interestingly, the volume is the highest it has been since February 6th with over 40 Billion moving in the last 24 hours, and Bitcoin shorts remain very low. To that end, this move was largely technical and even has started to move back to the upside marking the day as only a net loss of 30 Billion or so.

Likely leading the rebound was the news that the US Nasdaq exchange will consider becoming cryptocurrency exchange.

 

“Certainly Nasdaq would consider becoming a crypto exchange over time,” Nasdaq CEO Adena Friedman told CNBC’s Squawk Box Wednesday. “If we do look at it and say ‘it’s time, people are ready for a more regulated market,’ for something that provides a fair experience for investors.”

 

What’s standing in the way of Nasdaq and other institutional investors is regulation, which Friedman said needs to be better defined before the company would add an exchange. Nonetheless, she was bullish on the future of digital assets.

 

“I believe that digital currencies will continue to persist it’s just a matter of how long it will take for that space to mature,” Friedman said. “Once you look at it and say, ‘do we want to provide a regulated market for this?’ Certainly, Nasdaq would consider it.”

 

Adding to the Nasdaq news, the cryptocurrency exchange, Gemini, announced their partnership today with NASDAQ in order to monitor cryptocurrency markets.

 

“Our deployment of Nasdaq’s SMARTS Market Surveillance will help ensure that Gemini is a rules-based marketplace for all market participants,” said the Winklevoss twins in a statement.

 

Between these two pieces of news, we see the beginnings of what will likely shake out in our future. With exchanges, such as the Nasdaq, trading cryptocurrency we will be on a level that is far and above where we currently are. Moves like those we’ve seen in the past six months, both up and down, will pale in comparison to what is to come. Mark our words on that.

 

For long-term holders, the influx of volume from exchanges like the Nasdaq will be very exciting, even if more experienced traders will look to be taking as much profit as they can.

 

For the amateur trader and the weak hands amongst us, this introduction will be devastating as they will not be able to keep up with that level of competition.

 

For those who already have money in crypto (hopefully many of this community), and who want the market to balloon as much as possible without having to put in more fiat, this is exactly the type of news that should make you very excited.

 

Last, for those who are true believers in decentralization and anti-regulation, this is very bad news. Cryptocurrency is quickly moving towards being as centralized and regulated as the fiat currency it is trying to replace, and for those that adhere strictly to Satoshi’s vision that is a scary thought. With the SEC regulating ICOs as actual securities we’ll see cryptos move back to a land of middlemen fees and brokers and exclusivity over accessibility. It’s certainly not a pretty picture.

 

But the future is not yet written, and it is very possible that regulators find that laws constricting the possibilities of this technology would cause other countries to get ahead and that certainly does not make good business sense.

 

Whatever the case, it’s a very interesting time to be in cryptocurrency so enjoy the ride!

 

This was especially evident today as we were reading the Wall Street Journal.

 

As affirmation to the potential power of decentralized economic entities, the Trump administration revealed that it is likely to end public access to a web portal used by hundreds of thousands of consumers each year to file complaints against financial companies.

 

The Consumer Financial Protection Bureau (CFPB) database has drawn 1.5 million consumer complaints on financial companies and products since its launch in 2011. It includes the names of the companies that receive complaints and detailed consumer experiences.

 

“I don’t see anything in here that says I have to run a Yelp for financial services sponsored by the federal government,” Mr. Mulvaney said at a banking industry conference, holding up a copy of the 2010 Dodd-Frank financial law that created the CFPB.

 

Whatever your feeling on the state of U.S. politics, it should not be controversial that taking away power from the Consumer Financial Protection Bureau is anti-consumer. This is exactly the sort of governmental practice that Satoshi protested against when he released Bitcoin to the world.

 

Moves like these will inevitably only encourage people to seek more consumer-friendly alternatives such as cryptocurrency. While cryptocurrency is not an all-inclusive solution just yet, it is given power by those who abuse theirs.

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.

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

How to read this portfolio: Ticker: Contains the ticker code for the coin. You can search this ticker in Coinmarketcap to learn more about the coin. The color denotes the risk tier by our evaluation. Dark Red = T1, Dark Green = T2, Dark Blue = T3, Light Blue = T4 (Colors in the Ticker column do not interact with the colors in the other columns) Cost Basis = Our average purchase price for this coin. Current price = The average price of the coin based on the exchanges it is listed on. Strategy = What we plan to do with this coin. Staking is receiving dividends for that coin. Master node is also staking, but with a higher return rate for having a (large) number of that coin. Stop = Our exit point, if it exists What do the colors mean? The colors in the ticker column represent the risk profile of that coin. The colors in the other columns reflect what sector(s) that coin belongs to. Some coins belong to multiple sectors, which is indicated by multiple colors. 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 ($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.

 

Tier 2 coins are those coins which have performed extremely well, we have a large amount of assets with, and we believe will continue to operate with high marks. What separates these coins from our Tier 1 status is a flaw or they haven’t yet proven their defining feature, though we believe they will.

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.

 

Tier 3 coins are those coins which we have moderate investments and we believe have a possibility of high performance in the future, but as of yet have not shown enough performance to reduce their risk profile. Tier 3 coins are coins which are moderately risky, but due to our risk analysis of the project and team we believe have minimal chance of failure.  
Tier 4 coins are coins which we have minimal stake in and are highly risky. These coins represent the outer fringe of our risk analysis, in that we have little information to work with, have little insight into the coin’s performance, and at the very best we are making an educated guess that they will be successful. If a coin performs well and proves that it has a commitment to its compelling feature, it will be moved to the Tier 3 status.  

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

Last November over 360M in Ethereum was locked away by accident. As such, an unofficial vote took place over the last week to decide if a hard fork to save the lost funds would be acceptable to the community. The vote proposed to restore a disabled contract to unfreeze 587 wallets holding 513,774.16 Ethereum (ETH). The vote ended with a slight majority “no” vote today, indicating that the current Ethereum chain will remain whole and the funds will continue to be lost.

Our recent addition of ELEC has been one of the only positive movers in the market today. This is due to the news that ELEC will be airdropped to OMG holders, meaning that anyone holding OmiseGo will receive ELEC.

Token airdrop details are soon to come.

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:

DAOstack

For flipping Neutral.

For long-term holding Good.

What is it? 

DAOstack is designed to catalyze the future of collaboration. It powers decentralized companies, funds and markets to make fast and innovative decisions at scale.

What is our verdict? 

What we like: DAOs have tremendous potential and the blockchain service that gets them right will be worth a huge amount.

What we don’t like: No MVP, new technology, and the CEO has been part of a project called Backfeed that failed.

 

TOKEN SALE: 1 MAY – 7 JUN

  • Ticker: GEN
  • Token type: ERC20
  • ICO Token Price: 1 GEN = 1.00 USD
  • Fundraising Goal: 30,000,000 USD
  • Total Tokens: 60,000,000
  • Available for Token Sale: 66.67%
  • Whitelist: YES (PERIOD ISN’T SET, JOIN )
  • Know Your Customer (KYC): TBA
  • Accepts: ETH

Website: https://daostack.io/en/home

Whitepaper: https://daostack.io/wp/DAOstack-White-Paper-en.pdf

Technical Analysis Research

The crypto market took a pause today, which is what I had suggested would happen with just about every market showing an “exhaustion” signal. This is not necessarily a bad thing, any more than you need a few hours of sleep every night. Go too far, for too long, and you crash. Today was no crash, but just a normal reaction.

 

But it will not bother/surprise me to see the price pull back HARD again since we are still under the governance of a larger timeframe Bear. This will have to play out the hard way, else if we get an immature rally before it’s time then we’ll get dragged down later. I’d rather pay for 2017 now and get it over with.

 

We have a couple of swing trades listed in the portfolio below.

 

  • ONT/BTC – Per last night’s Telegram I went long on ONT/BTC @ .00051650BTC. (4/24)  I will set a limit order to sell the position at recent highs of .0007BTC
  • WTC/BTC – Long @ .00155980BTC (4/23). I’m going to scale back my target profit to 10%.

 

Please keep in mind that if you want to follow these trades, I am using FIXED RISK POSITION SIZING. This means that I am using a fixed amount of risk capital that is based on my account size, like 2%. I am assuming that the trade will burn to the ground and that I will lose that entire capital position! Only in this manner can one effectively manage a position the way that you have to. If you’ve every checked your blockfolio nervously every 5 minutes when you’re underwater, this will prevent that.

 

I will track these positions in this area and not in the main portfolio section. I will use a public portfolio tool to do so, which you can access by clicking below:

Public Swing Portfolio Link

 

 

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.

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..

With overall crypto markets in a dull corrective market, I’ll continue to focus more on the larger cap coins until they break loose, then it will be a better market for alt-coins. We’ve started to do some swing trades on alts, tracked in the previous section.

I am doing the majority of my Technical Analysis work on TradingView and Coinigy, and I have a BitFinex app on both my iPad and Android smartphone. All of these charting platforms call a TradingView API. TradingView is the 800 lb. gorilla in the Crypto charting space until the “established” players want to make a go at Crypto, like Ninjatrader, Tradestation, eSignal, Sierra charts, etc. My sense is that TradingView has such a head start that it will be very difficult for the big boys to make a dent in this space for a while. Until that point, TradingView has almost a monopoly in this space. If you have a particular tool that you think is superior, please let me know.   You can access the BitFinex and TradingView platforms for free, however there are some paid features that you might want to consider depending on your needs, such as expanded watchlists, different study sets, account alerts, etc.

 

  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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