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March 6, 2018

 

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Crypto Market Commentary

Crypto market falters

When will it ever end?

 

Let’s clear the air if you’re at all confused or upset by today’s price action:

 

We are still in the bear market. The weather might be bullish from time to time, but the climate is still definitinity bearish.

 

Let’s explore some reasons why that is the case.

 

Volume has completely dried up. Volatility is non-existent. The public who were interested in crypto back in December have moved on to the next thing.

We aren’t worried though, they’ll be back.

 

Nothing fundamentally has changed regarding crypto itself. In fact, it can easily be argued that with many ICOs drying up, scams such as Davor and Bitconnect going under, and favorable governmental oversight developing, crypto is far better off than it was 3 months ago, even if the price doesn’t reflect that.

 

But don’t tell the average investor that. They want to believe that they were right all along, that the $100 they put into Bitcoin and has since dropped to $55 proves to them that their initial suspicion was right, this is all a scam or ponzi or bubble. Whatever makes them sleep better.

 

People see headlines like today’s where a Harvard Economist predicts that Bitcoin will hit $100 before it hits $100,000, and they think he must be right. Professor and economist Kenneth Rogoff said, “I would see $100 as being a lot more likely than $100,000 ten years from now,” continuing: “Basically, if you take away the possibility of money laundering and tax evasion, [Bitcoin’s] actual uses as a transaction vehicle are very small.”

 

The institutional and retail investor money is coming. As an indicator of that, Coinbase just announced they will be offering an Index fund for the cryptocurrencies they trade (BTC, BCH, LTC, ETH). While they’re only offering this for accounts of 1M+, they will be rolling it out to smaller accounts in time.

 

This is extremely promising, and brings us one step closer to the inevitable ETF and the common investor being able to trade crypto like they trade the stock market. Most people don’t invest in individual assets, they invest in funds, and the market should reflect that.

 

For example, if you wanted to invest in the privacy coins, you could spend a bunch of time trying to pick which one is the best, or you could just invest in all of them at the same time.

 

This sort of investing will attract investors both big and small, and will bring back the volume we’re desperately seeking.

 

Lastly, I trust you’re a very intelligent person and as my reader I care about your safety and prosperity. So, as such, I want to make sure you don’t fall victim to a rampant trend on Twitter right now.

If it sounds too good to be true, it is. Even in crypto. Not to insult your intelligence, but please don’t send your crypto to anyone unless you’re absolutely 100% sure of their intentions.

Talk to you tomorrow.

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Offense – Adding Trades

Offensive Actions for the next trading day: 

  • Expanded NEO position

Defense – Managing Risk

Defensive Actions for the next trading day: 

  • Exited ELA 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.

None.

Tier 1

NEO

 Tier 3

REQ

SUB

LINK

NANO

Tier 4

BNTY

TAU

WISH

PHR

LOCI

XBY

ELA

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

Of the top 10, NEO has taken a huge beating recently, currently at -25% for the past 7 days.

Let’s break down what’s happened and why we’re not concerned.

The FUD started with the blog Store Of Value and their article, “NEO Is A Multi-Billion Dollar Disaster”, which accused NEO of having remarkably poor performance, especially considering it advertised having 1000 transactions per second.

The primary evidence presented by the author was that of the huge block time differences during the recent ICOs, which are notoriously high traffic periods. Furthermore, they highlighted the lack of features and poor code of NEO’s smart contract ecosystem. Then a few days later NEO had a 2 hour block, an abnormally long time which occured with no ongoing ICO. In response to the Store Of Value article and the 2 hour outage, Bitcoin.com published an article, “NEO Is Either a Raging Success or a Total Disaster”, which questioned NEO’s technical prowess and conjectured that it was a “Billion dollar disaster”. Soon after a Bitcoin.com and blockchain engineer, Eric Wall, tweeted out a 16 tweet long rant on the ineffectiveness of NEO’s dBFT consensus algorithm. His criticisms also were directed at the single-node-failures bug and how expensive it is to deploy a smart contract on the system.

When it rains it pours it seems.

The team soon responded to the 2 hour outage saying that a single node went down causing a deadlock in the consensus process. A patch was in the works and should resolve it soon.

Da Hongfei, founder of NEO, then responded with a statement refuting criticisms or clarifying their positions. You can read it here: https://neo.org/blog/Details/3067

We believe there is a lot of work to be done before NEO is a fully-capable smart contract and ICO platform. While the current state of NEO is less than optimal, but the very same thing could be said about Ethereum when it can be brought to its knees by Cryptokitties.

We have expanded our position in NEO in response to this as we believe NEO is destined to go on to great things, even if its current state isn’t perfect.

What a roller coaster ride it has been for WaltonChain ($WTC) over the past week.  

With the Twitter blunder last week, Walton severely damaged their reputation in the eyes of many supporters and observers. Despite that, today they are the only coin in the top 100 to have any mentionable gains.

So what happened? Alibaba, the 7th largest company in the world worth 500 Billion USD happened. Or more accurately, Alibaba Cloud. The announcement itself was titled, Smart City Founders, Alibaba Cloud & Waltonchain Subsidiary Zhongchuan IoT, Sign Strategic Partnership.

According to the article itself, “The partnership focuses on:

1. Promotion of Waltonchain blockchain technology to achieve the municipal and commercial IoT coverage.

2. Establishment of new smart cities in Xiong’an and Yuhang.

3. Construction of smart city schemes and their application; resource allocation optimization and achievement of smart resource allocation through the blockchain + IoT technology.”

So what does this mean? Immediately the critics were the loudest in the room, calling the partnership fake and claiming that an Alibaba Cloud partnership is not Alibaba itself nor is it noteworthy as all a “partnership” requires is becoming a client of Alibaba Cloud.

We think this is positive news due to how similar the structure of Alibaba Cloud is to Amazon Web Services, Amazon’s cloud hosting solution. In fact, the only reason Amazon is turning a profit is due to AWS. That’s right, the organization that just dethroned Microsoft to become the world’s third most valuable company is barely turning a profit in anything other than its web services division.

Alibaba Cloud will enable WaltonChain to host entire smart cities or even the entirety of Alibaba e-commerce on their blockchain. The possibilities are very exciting and while it may be some time before we truly see the outcomes of this partnership, it’s certainly a fantastic rebuttal to last week’s drama for WaltonChain.

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:

 

 

 

 

Sharpay

For flipping Good.

For long-term holding Good.

What is it? 

Sharpay is a new share and multi-share button for websites with blockchain-based rewards of content promotion for users. Multisharing is an opportunity to share content in several social networks in one click. Users receive rewards for sharing or visits of other users via the shared links. This means conversion growth for sites and comfortable sharing for users.

What is our verdict? 

What we like: Good idea and execution so far.

What we don’t like: Relies on network effect. Inexperienced team. Simple product for a huge amount of money.

  • 84 days

     

    Token
    SHRP
    PreICO Price
    1 SHRP = 0.00003 ETH
    Price
    1 SHRP = 0.00003 ETH
    Bonus
    Available
    Platform
    Ethereum
    Accepting
    ETH, BTC, LTC, Dash
    Minimum investment
    0.1 ETH
    Soft cap
    3000000 USD
    Hard cap
    45,000 ETH
    Country
    Belize
    Whitelist/KYC
    KYC & Whitelist

Website: https://sharpay.io/

Whitepaper: https://sharpay.io/files/Sharpay_White_Paper_EN.pdf

Technical Analysis Research

Crypto markets across the board went in the red today; I can’t see how any “trade war” would have an impact to crypto. In today’s video I cover how BTC did not (yet) punch through the $12k level and confirm the higher high, so that sets up two possibilities:

  • A Weekly Lower High – this could be a dangerous move lower which might wipe out the rest of the weak hands out of the crypto market. This might actually be necessary for the eventual capitulation to occur.
  • A daily range – the price would get “stuck” above the 38.2% fib retracement of the recent bounce high, but not high enough to print a “higher high.” This could eventually break above the recent highs.

 

I also show another new tool that Mav stumbled upon, trade.whaleclub.co  which allows you to define a practice trading account that would be very useful if you’re working on a new trading strategy.

 

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 last 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.

 

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. Moves are not sustaining right now.

 

 

  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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