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February 22, 2018

 

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Crypto Market Commentary

Market drops another 50 Billion

Continues To Bleed Slowly

 

With the market continuing to take marginal loses, it’s important to keep perspective in mind. With the market currently at the mid 430’s, it is almost exactly halfway between the monthly high of 596 Billion and and monthly low of 279 Billion. That should tell you exactly how indecisive the market is and as I’ve said multiple times now, a big piece of that is the lack of volume in the market right now.

The good part about this is that the largest coins are holding onto most the gains they’ve made with the price action near the vital support zones giving us encouragement. Quite obviously the overall correction is not over yet, and it’s likely further losses are on the way, but without a considerable change in price action we’ll eventually see a return to the rally started last week.

One of the most interesting developments I’ve seen in crypto this week was the launch of the pre-sale for the Petro, the Venezuelan government-issued cryptocurrency. So what’s going on here and why should you avoid this like the plague?

A little backstory on Venezuela for those out of the know. They’ve had a huge deficit in USD monetary supply which has led to hyperinflation, absence of basic goods, and a huge price discrepancy between official and black market currency exchanges. Part of what’s driving this are US sanctions, which have been increased under the Trump Administration, in response to the dictatorial practices of the country’s president, Nikolas Maduro.

Needless to say, the country is at the threshold of financial collapse. One possible relief could come in the form of Venezuela’s massive oil reserves. As assessed by OPEC, Venezuela possesses the largest known volume of readily retrievable proved oil ahead of Saudi Arabia, Kuwait, and others.

So this brings us to the Petro, Nikolas Maduro’s attempt to raise capital to keep the failing government afloat.

Maduro claims the Petro is backed by oil, gas, diamonds, and gold. However, no details were revealed as to how the Petro currency will work, which is important when considering an investment.

Despite this, Maduro has heavily touted the success of the coin so far. In two days it has supposedly raised 735 Million in the pre-sale alone, according to him. And it’s that last part that’s the most important.

If you actually go to the website they’re selling this on, endure a myriad of errors, and click the button to buy it, nothing happens. Despite this, the Petro team is claiming they’ve raised enough money to put them within the top three valuations of initial coins offerings. Ever. Something clearly isn’t adding up.

Thanks to the nature of the blockchain, the network for transferring petro allows anyone to see the full record of transactions, and there have been zero —  all petros are controlled by one address.

So that’s the takeaway here. If you’re considering investing in a centralized coin backed by a dictatorial regime, don’t. If you see a number being advertised, such as the amount raised for an ICO, question it. The beauty of the blockchain is that everyone can see everything, so you can refute something because code is more absolute than word. Finally, understand what you’re investing in and where the motivations are. Even if the Petro goes on to make money, which I seriously doubt, it’s doing so off the backs of a struggling economy and an exploited group of people. It should be pretty obvious that there are other ways to make money that don’t involve supporting dictators.

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Talk to you this weekend.

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Offense – Adding Trades

Offensive Actions for the next trading day: 

  • Entered PHR position.
  • Expanded OMG position.

Defense – Managing Risk

Defensive Actions for the next trading day: 

  • Exited ICX position

Current Portfolio

 

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.

Tier 4

OriginTrail

OriginTrail enables seamless data sharing along any supply chain. The decentralized, blockchain-supported network protocol ensures trust, transparency, and security. It helps companies exchange relevant data seamlessly and in a secure way to build accountability, protect their brands and increase efficiencies.

Po.et

How do you take an open, trustless and decentralized system that anyone can write to at basically no cost and determine what information is useful, trustworthy or accurate? What’s to stop someone from copying a famous work, timestamping it to Po.et and claiming it as their own? How do you filter the “good” from the “bad”? Facts from “fake news”? The answers to these questions, these problems, can be crowdsourced by aligning economic incentives of content creators, publishers and curators via competing token-curated marketplaces, using the Po.et token — POE.

EVE

HPB

ITC

XBY

BIX

PFR

DNA

PHR

Tier 2

OMG

 Tier 3

REQ

SUB

LINK

NANO

ICON

Tier 4

BNTY

TAU

WISH

PHR

LOCI

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.

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.

 

 

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.

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.

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, are highly risky, and we are contributing no more than 2% of our portfolio to. 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.  

 

Fundamental Currency Research

Bitcoin’s failure to find a foothold north of the $11,000 mark has all but negated the bullish sentiment we began this week with.

We’re looking to see if any reversal signals could help the currencies turn the ship around, and as of writing we’re seeing a nice little bounce, but it’s not enough yet.

Today marked the beginning of Robinhood trading cryptocurrency. While the features, coins, and availability is limited right now, we anticipate this will begin a new wave of casual cryptocurrency trading and investing which should help break the monopolies of companies like Coinbase.

“Over the past few weeks, we’ve been overwhelmed by the enthusiasm towards Robinhood Crypto and are excited to contribute to the cryptocurrency community in a meaningful way. With the release of Robinhood Crypto, we’re continuing our mission of making the financial system work for everyone, not just the wealthy.”

 

We’ve exited our ICON ($ICX) position today as we hit the stop. It has been a rather dramatic downfall for what we’ve often stated as one of the most promising cryptos of 2018. It may be disheartening to see, but we know this is only temporary and mostly coming off the back of people who got in during January and are disappointed with the results so far.

We’ll aim for a lower entry point to bring down our cost basis and continue to look forward to them long term horizon for this coin.

We’ve expanded our OmiseGo ($OMG) as we’ve seen very positive news today surrounding a meeting with the SEC of Thailand. Given that OMG will have staking implemented later this year, it is only natural for us to want to expand a position that will earn us dividends.

Lastly, we’ve made an entry into a position we previously had gotten out of. Phore ($PHR) is undergoing a re-brand this weekend and as such we anticipate some good price action related to that.

 

 

 

 

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:

Shping

For flipping Good.

For long-term holding Good.

What is it? 

Shping is a world-first integrated shopper marketing, brand protection, product safety and global product database rolled into a single ecosystem that rewards consumers for using it and contributing to it.

Shping Coin will become a decentralised cryptocurrency that fuels the growth and adoption of the Shping Platform amongst shoppers. Brands, retailers, certification bodies and other authorised agents can use Shping Coins to incentivise and reward consumers in retail shopping situations to influence purchase decisions, validate product authenticity and drive customer engagement and loyalty.

What is our verdict? 

What we like: Very unique idea and good team to make it happen.

What we don’t like: Lots of the data is dependent on other parties.

  • 27 days 21 hours left
    Token
    SHPING
    Price
    1 SHPING = 0.01 USD
    Platform
    Ethereum
    Accepting
    BTC, ETH, ETC, LTC, DASH, ZEC, Fiat
    Country
    Australia
    Whitelist/KYC
    KYC & Whitelist

Website: https://tokensale.shping.com/

Whitepaper: https://tokensale.shping.com/assets/shping_coin_whitepaper.pdf

Technical Analysis Research

It might be time for me to bring up the dreaded “capitulation” word again, one that I was throwing around in early February as the Bear probed a new low in the crypto markets. (If you haven’t listened to the “bear market survival webinar” it’s in the Premium Home member’s area) Before this market can truly bottom and get off of the ground, everyone that bought at the highs needs to give up…and dip buyers have to stop buying every little dip, because they keep washing out at the first sign of heat.

 

In today’s video I’ll show how to use multiple directional Fibonacci retracements to get a better sense of the levels that need to hold – or break- for the price to find support, or perhaps finally capitulate. I would truly feel better with a massive washout low that leaves everyone broken and bruised, laying on the ground. I know that this sounds Machiavellian, but this is precisely how financial markets operate.

 

If you read somewhere that someone “knows” precisely when/where the price will bounce, start ignoring that person. Price can do whatever it wants, whenever it wants to. We trade at the pleasure of the markets’ direction.

 

 

We held an excellent class recently, Introduction to CryptoCurrency Trading. (Click here for more information and to sign up) This class is really targeted at the Crypto investor who wants to get moving but is somewhat uncertain about what they should do, and how to go about it. Another great candidate would be the recent investor who bought in at the top and is unsure of their actions. While you can’t attend the live class and the Q&A any more, the content is all there and we give you the slide download as well. If you go to buy the course at our online “store” you can receive $10 off the $59 street price with your member’s “coupon code” of member18crypto…or you can simply use the link above but that does not offer paypal.

It is hard to get too excited about Altcoins right now but Mav has found a bevy of new ones lately. These could be huge if they take off, but every market is somewhat depressed right now. All it will take is one spark and the entire market will be off like a forest fire before long. Remember, your best trades will always feel the worst to place.

     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.

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