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March 14, 2018

Crypto Market Commentary

Market takes another dip

Selling pressure intensifies

 

 

The market took another nosedive today as thin volume compounded by a reaction to the news that Google would be banning cryptocurrency-related ads starting in June weighed on an already depressed market.

A similar sell-off occured on January 30th when Facebook announced that it would also be banning cryptocurrency-related ads on its platform. We still stand by our original hypothesis at the time: Facebook made the move because on the surface it claimed wanted to protect its users from cryptocurrency scams like Bitconnect, but secretly it was doing that to clear the way for its own cryptocurrency to be introduced on the platform. I’m updating my original hypothesis to bet that the name of the Facebook cryptocurrency will be called the “Zuck-Buck” after CEO Mark Zuckerberg. Bets start at 0.0001 BTC.

 

So Google is likely also dabbling in their own cryptocurrency efforts, being one of the tech giants of the world. After all, Google is known for being on the bleeding edge of the tech space, or acquiring the companies that are:

Likely we’ll see coin offering of some kind in the next few years from the Googlers, but in the short term we do think this is positive for the space. After all, many cryptocurrency scam websites have been known to outrank the legitimate ones on searches, and if there’s ads it make it that much more dangerous an environment for someone who doesn’t know better.

 

“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution,” said a representative from Google.

 

We have learned that reputable companies in the space (we like to think we’re one) that have proper documentation of running an honest business can go through a certification process they’re working on, so it’s not a complete ban in the long term.

 

That being said, sweeping actions such as these remind us why we’re supporting and invested in a decentralized space: banning ALL ads, despite the stated intentions, IS a form of censorship. Yes, the search platform of Google and the social media platform of Facebook are theirs to police as they wish, but that’s why we need an alternative and decentralized space where no one has the power to police thought and expression — a true and open internet.

 

I for one would much rather have an ecosystem that has decentralized autonomous organizations (DAOs) all competing for my business fairly rather than Google being the sole arbitrator of who can and cannot advertise. Let people decide what is and is not reputable, not a monopoly.

Speaking of monopolies, Coinbase (which is not a monopoly but close) has been granted an e-money license by the U.K. regulator the Financial Conduct Authority (FCA).

 

What this essentially means is that Coinbase is now able to issue e-money and provide payment services in the U.K. and will have passed additional checks in terms of things like the segregation of client funds, which means that customer fiat balances are separated from Coinbase’s own operational funds and kept in separate bank accounts.

 

“The license requires Coinbase’s e-money operations to meet the strict rules enforced by the FCA and the Payment Services Directive,” writes Coinbase U.K. CEO Zeeshan Feroz in a company blog post. “For our customers, this will ultimately help us deliver a better experience through new partnerships and an easier to use product”.

 

In related news, Circle, a Goldman Sachs backed payment platform which acquired Poloniex last month, is launching Circle Invest in the U.S. except in NY, MN, HI and WY. The app is now available in the App Store and Play Store and lets you instantly trade the most popular cryptocurrencies without any fee.

 

This is exactly what we predicted when Circle acquired Poloniex last month. Circle, and Goldman, are looking to disrupt Coinbase’s hold on the industry.

 

EOS, which some people refer to at the “Linux Of Blockchains”, was recently in the spotlight for their less-than-ideal spokesman, Brock Pierce. Pierce was notorious for outlandish claims and was called out for them on John Oliver’s segment earlier this week. In a move that confirmed Oliver’s criticisms, Pierce was let go from the EOS project this week:

 

“Brock Pierce was an early advisor to Block.one for several months and made significant contributions to the awareness of the EOSIO project. His past experience working with projects such as Ethereum, Blockchain Capital, and as chairman of the Bitcoin Foundation have proved immensely valuable. As we mentioned last week, we recently came to a mutual agreement that Brock would end his role at Block.one as he transitions to independent community building and investment activities. We thank Brock for his contributions, support, and continued larger than life passion for the EOSIO project.”

 

We’re still skeptical if this truly is going to be the “Ethereum Killer” crypto or not, but they are going to be releasing their product this summer so we’ll see if their year-long ICO and claims are worth it.

 

Have a great week everyone.  

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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 3

REQ

SUB

LINK

NANO

KNC

Tier 4

BNTY

TAU

WISH

PHR

LOCI

XBY

ELA

ECC

POE

HPB

ICX

BIX

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

“Congress has a responsibility to ensure that investors are protected without unduly preventing growth,” said U.S. Rep. Randy Hultgren of Illinois during today’s hearing in Congress entitled “Examining Cryptocurrencies and ICO Markets.”

 

Coinbase, whose Chief Legal and Risk Officer, Mike Lempres, fired back:

 

“There is so much uncertainty about the definition of a security and the scope of regulatory control that the market is being chilled. This is bad for everyone because the technology won’t stop — it will simply move overseas and we will miss out on the opportunity to cultivate the benefits in the U.S.”

 

Lempres made clear Coinbase’s stance that it cannot support ICOs until necessary regulations are in place:

 

“We do not support any [ICO] at the current time because we are not sure what the regulatory [treatment] is… We are waiting for the dust to settle between the CFTC and SEC before we electively engage on supporting ICOs.”

 

Some committee members harped on cryptocurrency’s alleged association with terrorism. Rep. Brad Sherman, for instance, called cryptocurrencies a “crock” and expressed:

“Perhaps we’ll have another hearing after a major terrorist event” is financed using cryptocurrency,” adding elsewhere that cryptocurrencies are only “popular with guys who want to sit in their pajamas and tell their wives they’re going to be millionaires.”

 

The cryptocurrency community was quick to point out that, according to OpenSecrets, Brad Sherman raised $61,700 from the securities and investment industries in 2017-2018, while credit unions opted to offer him another $22,000. Money from the real estate, accounting, and insurance industries rounded out his top five donation sources by industry. In 2016, Sherman was funded by $133,525 from the investment and securities industry.

 

So, needless to say he is a bit biased.

 

Other congressmen cautioned that hasty or overbearing regulations could threaten the country’s status as a fintech leader:

 

“Regulation in this space is something that the U.S. has to get right, because poor or rushed policy in cryptocurrencies really threatens our reputation in finance and technology,” said Rep. Ted Budd.

 

“I hear elected officials who don’t have any concept of what we’re dealing with here and how exciting it is talking about, ‘Oh my gosh, we’ve got to run in and regulate and create more government infrastructure,’” commented Rep. Tom Emmer, adding that the access to capital that ICOs provide “is something Democrats and Republicans should celebrate.”

 

This is not, one can be sure, the last time Congress will find itself discussing cryptocurrency regulation.

If you missed my webinar on Fundamental Analysis, give it a watch here!:

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:

 

DIW Token

For flipping Neutral.

For long-term holding Good.

What is it? 

DIW’s unique concept plans to solve global security vulnerabilities in regards to private sensitive data including ID Documentation, Bank and Login details, Wills and Healthcare records to name a few with the introduction of a Secure Digital Vault. Additionally, it will enhance the use of crypto currencies by developing a check-out system accepting all major fiat and crypto currencies, easily integratable on thousands of websites. Furthermore, it will introduce a fully transparent, trusted, global directory featuring a rating system where organisations and individuals alike will be able to do business swiftly, securely and with full confidence. The DIW Token will be the preferred method of payment throughout the DIW network.

What is our verdict? 

What we like: Escrow service and single access are interesting.

What we don’t like: An increasingly competitive space and not much to stand out.

 

5 days left (PREICO)

Token
DIW
Price
1 ETH = 8000 DIW
Bonus
Available
Bounty
Platform
Ethereum
Accepting
ETH
Hard cap
28 000 000 USD
Country
Marshall Islands
Whitelist/KYC
KYC
Restricted areas
Residents of USA, China and Singapore

Website: https://diwtoken.com/

Whitepaper: https://docsend.com/view/qr8a4u7

Technical Analysis Research

Most crypto assets got rocked once again today, mostly to the tune of about 10%. The sooner that this happens, the sooner that the bandaid can get ripped off and we can start to see uptrending assets again. I will continue to say this statement: The next rally will be met with scorn and disbelief. No one will dare invest into it and buy the dip. Everyone will be convinced that it will just flop again. This is absolutely necessary to have this dystopian feel to it, because only then will it have a chance to rally. I said this during the last leg of the bear in early February, and while I did have some hope for the relief rally in early March it felt “too soon.”

 

News was almost universally bad across the board for crypto today. This is another key element necessary for the eventual rally.

 

Mav will be announcing his next class this week, “How to Find Your Next Big Cryptocurrency.” and if you missed it during Wednesday night’s webinar , then it’s available in the Premium Member’s Area under the “Classes Archive.”

 

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. Moves are not sustaining right now.
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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