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March 5, 2018

 

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Crypto Market Commentary

Positive start to week turns sour

Bitcoin closing in on 6 Week high

 

What’s this? No Sunday dip? The tradition has been broken?

 

Perhaps it’s completely anecdotal, but one of the interesting things about crypto is that because it trades 24/7, the weekends are often low volume and set up a lower high leading to a lower low. In particular, if a week is going to be bearish, it usually begins on a Sunday. Again, completely anecdotal and this Sunday not having a dip could be nothing more than seeing patterns where there are none, but I believe if you’re looking for a reversal, you need to see healthy signs like a net-positive weekend.

 

One of the biggest pieces of news we want to discuss today is the lawsuit that just hit Coinbase.

 

Before Coinbase launched Bitcoin Cash ($BCH) trading on their platform December 20th, the price of Bitcoin Cash had spiked prior to the announcement. While the employees of Coinbase were barred by the company from trading in advance of the announcement, the plaintiffs of the lawsuit accuses the firm of negligence and insider trading.

 

While it may be hard to pin down exactly how much insider trading was involved as late December was some of the highest volume that crypto has ever seen, the image below is very suspect and it’s not much of stretch to believe there would be some nefarious intent given the unregulated nature of crypto currently.

 

Whatever the case, we are very disappointed with Coinbase’s business operations and ethics. Their response to these serious allegations in December was to launch an “internal investigation”, which is about as effective at repatriation of trust as saying, “we’re really sorry, it won’t happen again, believe us.”

 

It’s extremely frustrating for us because we want Coinbase to operate morally and with good customer support, but they don’t. Unfortunately they understand the value of quality UX, and no one in this space comes close to having the type of quality and ease of usability that Coinbase as a platform does, so users flock to it. They need legitimate competition ASAP if crypto is to thrive. There’s too many examples of users depositing large sums of fiat only for no confirmation to occur and no support from Coinbase. That is unacceptable. In the past (though I admit they have improved somewhat) when they would go down, they would take the total market down with them. They made over a Billion dollars in revenue in 2017, so they have every ability to improve their systems and customer support, but we just haven’t seen it.

 

As an alternative to Coinbase, we like Gemini, but they have an extremely slow approval process and only trade BTC & ETH. Thankfully, we think that true Coinbase competition is on the horizon this year, and the altcoin exchanges will soon begin accepting fiat deposits like Coinbase does, so in time this problem will be stratified but for now it’s somewhat debilitating.

 

One last thing we wanted to leave you with today is that you should be paying attention to the rising flood of money pouring into DApps, or Decentralized Apps. Cryptokitties, Etherbots, Ethermon, etc., if you’re able to get into these early, make sure there’s money flowing in, buy something that’s cheap and popular, and flip it for double your ETH, it’s a fun and easy way to make extra crypto. The bad ones will just have you buy a jpeg on the server, but the good ones like I listed actually allow you to use your crypto asset instead of just selling it to the greater fool. One of the best ways we look for good upcoming DApps is https://dappradar.com/.

 

To pick something good to enter, look through it, make sure the site is stable and there’s a good target audience. Then look at contract balance and the 24-hour volume. As always, treat this like investing and not gambling, and only use money you’re Ok with losing.

 

Talk to you tomorrow.

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Offense – Adding Trades

Offensive Actions for the next trading day: 

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Defense – Managing Risk

Defensive Actions for the next trading day: 

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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.

None.

None.

 Tier 3

REQ

SUB

LINK

NANO

Tier 4

BNTY

TAU

WISH

PHR

LOCI

HPB

XBY

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, 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.  

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

We’ve seen Ripple ($XRP) absolutely surging in the past few days following another rumor that Coinbase would be adding them.

Adding fuel to the fire, Ripple CEO Brad Garlinghouse is set to appear on CNBC’s “Fast Money” Tuesday, alongside Coinbase President and Chief Operating Officer Asiff Hirji.

After all, Ripple is one of the biggest and most talked about cryptocurrencies out there, and their offices are just down the street from Coinbase HQ. Though we do believe they are the most likely to be added, it still may be some time until that is the case.

This is due to the Jan 5th. statement from Coinbase which outlined their intention not to add additional assets to their platforms in response to the backlash over the Bitcoin Cash addition. No indication was made how long that would be in effect, but they confirmed this today with the tweet below.

 

So while Ripple won’t be added at this time, we think it’s still the most likely. In time, what Coinbase does or does not add will be less important to the market, but for now it’s certainly what investors care about.

One of the other coins that’s been burning up the charts lately has been Monero ($XMR). In fact, it’s almost back to its all time high, which is a very good sign. This is largely because Monero has been out of the mainstream conscience for a time, and because of an upcoming fork, MoneroV. According to their website, they claim that ‘MoneroV will implement new protocols that will solve the scaling problems facing Monero and other cryptocurrencies such as Bitcoin.’ We believe that MoneroV is a scam and not worth any investment, unless you already own Monero in which case you will get some MoneroV for free. Based on Coindrift’s article, MoneroV is a scam for the following reasons:

  • Date of the Fork – Every 6 months or so the Monero developers update the protocol through a scheduled hard fork. Due to 100% consensus, no new coins are generated. The next update will address issues of mining centralization and is scheduled for March. It is suspicious that the MoneroV hard fork has been scheduled for the same date and it is likely this was done to cause confusion in the community.
  • No Exchange Support – In the FAQ on MoneroV website it states that no exchanges have so far announced support for the XMV. If it was viewed as legitimate, would exchanges not support it?
  • No Support from My Monero – It also says on the FAQ that the My Monero web wallet will support the hard fork. However a recent blog post from the My Monero team states explicitly that they will not support any non-native hard forks. They also go on to state that they see MoneroV as a hazard to users – more on this below.
  • Private Keys Needed to Claim MoneroV – Currently, the only way to claim your coins after the fork is by entering your private keys into the closed-source MoneroV wallet, with the team claiming they will only release their compiled wallet after the fork. This is a big red flag for a couple of reasons, both of which are detailed by the Monero team. Firstly, the wallet could be recording all private keys entered allowing all your XMR to be stolen. Secondly, it could also be used to expose details about the anonymous Monero blockchain, allowing the attackers to expose Monero user identities.
  • Premine – MoneroV has a 10% premine, which is often identified with pump and dump scams where the developers hype up a hard fork in order to profit from it.
  • Anonymous Team – Whilst much of the Monero team are anonymous, a project with this many uncertainties cannot get away with having no accountability.

This list is also a good test for future coins you might come across. If they have any or all of these characteristics, then it is worth avoiding.

Lastly, as we mentioned this weekend, Bitcoin is nearing a 6 week high as people are moving from altcoins into Bitcoin due to uncertainty in the market.

While we don’t anticipate this trend to continue if the market turns around, it’s certainly an interesting cycle to watch play out. As a disclaimer, we opened a position in BTC a few weeks ago due to price signals and not because we were moving from altcoins into Bitcoin.

One of the most interesting things about this most recent movement, however, is that despite Bitcoin looking good in value and dominance, it has recently hit a two year low in volume, with the lowest per day confirmed transaction since March 2016.

We made an entry into PayFair ($PFR) a few weeks back in anticipation of the masternode (trust node) release, which has just been released today. For those with 10,000 PFR, follow this guide to start passively earning fees on a monthly basis!

Havven, a stablecoin ICO we recommend in our ICO analysis section, has recently closed their ICO and has raised 30 MIllion USD.

    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:

 

 

BitRewards

For flipping Neutral.

For long-term holding Good.

What is it? 

BitRewards is one of the first blockchain movers in a +$100 billion industry of loyalty software, points, miles, stamps, bonuses and gift cards. The project is based on our working loyalty SaaS business GIFTD.

What is our verdict? 

What we like: Team seems very ambitious and excited. Good MVP.

What we don’t like: Website is not informational enough, very competitive space, lock up release is very quick (7 months), management % is very high compared to dev team.

  • 24 days left

     

    Token
    BIT
    Price
    1 BIT = 0.00003472 ETH
    Bounty
    Available
    Platform
    Ethereum
    Accepting
    ETH, BTC
    Soft cap
    3,000,000 USD
    Hard cap
    15,000,000 USD
    Country
    Singapore
    Whitelist/KYC
    KYC

Website: https://bitrewards.network/

Whitepaper: https://bitrewards.network/wp.pdf

Technical Analysis Research

I have taken the plunge and bought a license for ProfitTrailer. The purpose of this program is to perform automated “system” trading on your account on a continuous basis. It can be connected to Bittrex, Poloniex, and Binance. The license fee is .03 BTC. Here is what the interface looks like:

Let me share my opinions with you right off the bat so that I can set some expectations:

  • Install – the installation and configuration of this tool is DIFFICULT unless you are a developer or sysadmin. I’m the sort of guy that just opens things up without reading the instructions, as I have been around tech my entire life, and let me tell you, that would be a big mistake to do that with this program. If you install it with defaults enabled it will start trading as soon as you fire it up…definitely NOT what most folks want.
  • System Trading – there is a perception that system trading is like having an ATM in your home printing cash while you sleep. I have never found it to be that simple nor easy. Time will tell as to whether this was a good .03BTC experiment or a waste of funds. I have always found that the only “systems trading” programs that made money were ones that were continually evaluated and optimized to match the current conditions in the market being traded.
  • Signals for the room – In a perfect world, I could hook this beast up to our Telegram room and have it feed signals into there for your enjoyment. I don’t know if that’s a good idea or not; I suspect not because most retail traders will stop accepting signals after the first loss and will not endure eventual drawdowns well. I think that my best value might be provided helping others optimize their own installations.
  • Small – If you end up going this route for heaven’s sake please start small and earn the right to trade larger position size.
  • Please Hold – If you’re interested in this kind of trading please hold off buying this until I can get some altitude on this project. I won’t be able to research this and answer questions at the same time.

 

So that’s it for now…I’ve had this beast for a few hours and the level of homework required to just get it up and going is somewhat daunting. If I can get this enabled and trading by the end of this week I’ll consider it a success, and will keep you in the loop as I move forward. This might be a nice addition in a choppy, meandering crypto market until we see trends emerge.

 

 

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..

 In this weekend’s report I will show how you can chart an altcoin that your charting package might not have listed on its feed; as you know, the charting package has to pull a feed from an exchange that lists a coin. That is not a problem with one of the top ten coins that have multiple exchanges available to trade the coin. But one of the newer alt-coins might only be listed at one or two exchanges, and likely not one that say TradingView has a connection to.

 

 

  I’m not placing too much emphasis on charting Altcoins right now while markets are still working out the eventual bottom. Most coins are in an awful consolidation pattern whose only point now is to encourage investors to give up and toss their “bags.”

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.

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