Premium Daily Crypto Newsletter

May 22, 2018

Crypto Market Commentary

Bitcoin Drops Below $8,000

Markets In Fear Of Possible Regulations

 

Happy Bitcoin Pizza Day! Today is a comical holiday celebrated annually by the cryptocurrency community.


8 years ago a Bitcointalk user paid for two pizzas using 10,000 BTC. While it’s easy to laugh at the 80 Million dollar price tag for two Papa John’s pizzas at today’s prices, it’s important to understand what it symbolized.

It was the first time that someone paid for a real good or service using cryptocurrency. With anything, someone had to do it first, and it just so happened to be pizza with Bitcoin.

 

Unfortunately, the market did not react positively to Bitcoin’s pizza party.

The fear in the market stems from regulatory uncertainty from both the US and China, which obviously have the most power to help or harm crypto’s future.

 

In China, a report issued by the Ministry of Industry and Information Technology emphasized the government’s position that “certain risks that cannot be ignored” in regards to ICOs. The report compares the current climate of crypto to internet’s early days, advising against “false propaganda” and “excessive speculation”.

 

Recently we saw news out of China that the ICO market is still very active, despite a government ban, and there are fears in the market that because of that the Chinese government will further increase strict regulation on crypto instead of embracing it.


Meanwhile, in the US, there was a lot of news today.

 

First, U.S. Commodity Futures Trading Commission (CFTC) issued an advisory statement for listing cryptocurrency derivative products which aimed to provide clarity for exchanges and clearinghouses.

The advisory specifically focuses on areas involved in listing derivatives on a designated contract market or swap execution facility. It emphasizes the necessity for more market surveillance, large trader reporting, coordination with CFTC staff, and Derivatives Clearing Organizations (DCO) risk management.

Amir Zaidi, the director of the Division of Market Oversight (DMO) in the CFTC, said that, “the CFTC staff is committed to providing regulatory clarity as much as possible . . . CFTC staff will seek to provide additional guidance to help market participants keep pace with innovation while complying with CFTC regulations.”

 

“Commodity Futures Trading Commission (“CFTC” or “Commission”) staff believes it is important to encourage innovation and growth in these products, but within an appropriate oversight framework that enables exchanges and clearinghouses to operate within the confines of the core principles. To this end, Commission staff continues to monitor developments in these products and discuss the risks and challenges they present with industry and market participants.”

 

Division of Clearing and Risk Director, Brian Bussey, added, “CFTC staff is providing this information, in part, to aid market participants in their efforts to design risk management programs that address the new risks imposed by virtual currency products. In addition, the guidance is designed to help ensure that market participants follow appropriate governance processes with respect to the launch of these products.”

 

Essentially, the CFTC is focusing on the latest “best practices” for launching cryptocurrency derivative contracts. They believe exchanges should be able to monitor “underlying cryptocurrency spot markets” and importantly coordinate with federal regulators.

While the advisory is not considered a final “compliance checklist,” it does offer insight into the CFTC’s expectations and aims with the future of clearinghouses and exchanges in the dynamic crypto market.

 

We see this as an important step forward for crypto and more importantly crypto exchanges, as working with regulators right now is the best course of action for long-term viability. Exchanges receiving the blessing of the CFTC would take us one step closer to mainstream adoption and institutional investment, which is important at this stage in crypto’s lifecycle.

 

Meanwhile, Jay Clayton, chairman of the U.S. Securities and Exchange Commission (SEC), praised the joint effort between the United States and Canada for cracking down on cryptocurrency fraud through their task force — “Operation Crypto Sweep.”

“I applaud our fellow regulators in the United States and Canada who are coordinating and participating in efforts to police fraud in the Initial Coin Offering (ICO) markets,” Clayton remarked in a statement released today. “These state and provincial regulators play a critical role in protecting Main Street investors.”

He added:

“The enforcement actions being announced by NASAA should be a strong warning to would-be fraudsters in this space that many sets of eyes are watching, and that regulators are coordinating on an international level to take strong actions to deter and stop fraud.”

Operation Crypto Sweep was launched last month under the supervision of the North American Securities Administrators Association (NASAA).


We’ve learned that the task force has launched 70 investigations into potential cryptocurrency scams and fraudulent ICOs since it started.

 

This is “the largest coordinated crackdown to date by state and provincial officials on bitcoin scams,” the Washington Post wrote.

NASAA president Joseph P. Borg said the task force has sent numerous cease-and-desist letters to potential scam artists. “The actions announced today are just the tip of the iceberg,” he vowed.

 

From Jay Clayton’s letter:
“When investors are offered and sold securities, whether through traditional channels or through an ICO on a sales-oriented website, state and federal securities laws apply.  These laws have applied to our securities markets for over 80 years. At their core, these laws require full and fair disclosures of material information about both the securities and the venture being funded.  Unfortunately, some market participants seem to believe that the use of new technology provides a basis for ignoring the core principles of our securities laws. In the United States, we have built a $19 trillion dollar economy by facilitating investments in our public and private capital markets through our disclosure-based approach to regulation.  Certainly, there are improvements that can be made to our regulatory system. There always are and we are pursuing various initiatives to increase efficiency and enhance investor protection. But there is absolutely no case for abandoning our core principles. . .

. . . The enforcement actions being announced by NASAA should be a strong warning to would-be fraudsters in this space that many sets of eyes are watching, and that regulators are coordinating on an international level to take strong actions to deter and stop fraud.“

This move by the NASAA is certainly going to drive fear in the market in the short term, but we think this is an important move that should not be overlooked. Government agencies are distinguishing between legitimate and fraudulent projects, and this will continue to be the norm. If the SEC has their way, ICOs will have to go through them, so there will no longer be these “get rich quick” ICOs that steal investor’s capital, but at the same time, this will impact the speculative nature of the market, leading to less volatility.

 

These are all good things and beneficial to the greater crypto space in the long term, even if it is uncomfortable in the short term.

 

The news from the US continued as the US Department of Defence (DoD) recognized cryptocurrency as a form of foreign currency that could potentially have an impact on decisions in recruiting new employees.

 

The DoD’s primary concern is whether investment in cryptocurrencies indicates criminal intent, which would possibly detrimentally affect a candidate’s profile should they be considered for security clearance.


For now, no official stance has been given. The DoD is reportedly waiting for the Treasury Department, Securities and Exchange Commission (SEC), and other agencies to give a legislative interpretation of cryptocurrency.


That being said, a closer examination of job applicants who own crypto would certainly affect their efforts to expand operations in cyberspace. Greg Touhill, the first Federal Chief Information Security Officer, said:

“If we’re going to say that if you’ve got a Bitcoin or another digital currency account that could be a signal or shoot up a red flag for a security clearance, guess what? Those people aren’t going to sit around waiting to try to onboard for a government job. It would grow the backlog considerably, in my view.”

 

We agree with Greg in that this is a trivial notion and the thought that owning cryptocurrencies somehow is indicative of criminal intent is laughable at best. Perhaps that criticism could have been levied against the early Bitcoin community, but today’s crypto market is diverse and any criminal activity is a tiny percentage of the overall volume.

 

In other news today, Circle Invest, the Goldman-backed cryptocurrency exchange, is going after crypto index funds with its new “Buy the Market” feature. This allows retail investors to purchase market cap-weighted positions, allowing the option to decide how much they want to invest and then automatically distribute it across the cryptocurrencies supported by the platform based on each coin’s market cap.


Currently Circle supports Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum Classic (ETC), Monero (XMR), and Zcash (ZEC). This could be a good alternative to those looking to enter crypto but not wanting to spend the time investigating each of the large caps.

 

Another exciting announcement today was Binance’s addition of the stablecoin, TrueUSD (TUSD).

 

This finally gives a viable alternative stablecoin to the controversial Tether (USDT) that we discussed yesterday, and we look forward to more stablecoins entering the market.   

 

If you’re curious about how TrueUSD is different from Tether, here’s an excerpt from their FAQ:

“How is TrueUSD different from Tether?
We wanted to build a stablecoin that we would use and trust ourselves.

When you complete the KYC/AML process and wire funds to the third-party escrow accounts, an equivalent amount of TUSD is freshly minted to your ethereum address. Each TUSD represents a redeemable certificate for one US Dollar held in escrow for the benefit of the TUSD holder.

Here’s what this means for users of TrueUSD:

Legal Protection
As one of the most widely used legal vehicles for managing other people’s money, escrow accounts enable regular attestations and strong legal protection for token holders.

Redeemable for USD
Any institution or individual with a verified TrueCoin account that passes a standard KYC/AML check can redeem TrueUSD for USD. During the current alpha version, there is a $10,000 minimum on redemptions. This amount is common for our current institutional users, and we aim to reduce this minimum for retail users in the future.

Trustworthy Fund Management
Our legal framework enables you to exchange USD directly with escrow accounts — we never touch the funds. Instead, you send USD to or receive USD from one of the escrow accounts in our network of fiduciary and banking partners to purchase or redeem TrueUSD. This reduces the counterparty risk that is common in other collateralized stablecoin projects.

Full Collateral
Every TrueUSD is always fully collateralized by USD, held in a professional trust company’s escrow account. Our publicly audited smart contracts mint TrueUSD when USD clears the escrow accounts and burns TrueUSD when USD is redeemed to ensure a 1:1 parity between the TrueUSD in circulation and the USD in the escrow accounts.

Regular Attestations
The escrow account holdings are published regularly and subject to ongoing professional attestations. We regularly undergo independent third-party evaluations by leading auditors such as Cohen & Co. to ensure best security practices.”

Talk to you tomorrow.

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Offense – Adding Trades

Offensive Actions for the next trading day: 

  • Exited ELEC position

Defense – Managing Risk

Defensive Actions for the next trading day: 

  • None.

Current Portfolio

https://docs.google.com/spreadsheets/d/1Tv_zMZDRm0uJlxxG3_YBIAiGT7vAOE_AUAwQyiRKP5c/edit?usp=sharing

 

Desired Holdings

How to read this portfolio: Please click on the Chart Key tab above for definitions and color codes. The colors correspond to our 7 categories in the graphic below.

 

None.

None.

Tier 2

MOD

 Tier 3

REQ

SUB

LINK

NANO

KNC

Tier 4

BNTY

TAU

WISH

PHR

LOCI

XBY

ELA

ECC

POE

HPB

BIX

EVE

XVG

NULS

DNA

How to read this portfolio: Ticker: Contains the ticker code for the coin. You can search this ticker in Coinmarketcap to learn more about the coin. The color denotes the risk tier by our evaluation. Dark Red = T1, Dark Green = T2, Dark Blue = T3, Light Blue = T4 (Colors in the Ticker column do not interact with the colors in the other columns) Cost Basis = Our average purchase price for this coin. Current price = The average price of the coin based on the exchanges it is listed on. Strategy = What we plan to do with this coin. Staking is receiving dividends for that coin. Master node is also staking, but with a higher return rate for having a (large) number of that coin. Stop = Our exit point, if it exists What do the colors mean? The colors in the ticker column represent the risk profile of that coin. The colors in the other columns reflect what sector(s) that coin belongs to. Some coins belong to multiple sectors, which is indicated by multiple colors. The colors correspond to our 7 categories in the graphic below

Tier 1 coins are those coins which we have considerable assets invested, are firm believers in the project direction and execution, and have very little reason to sell within short to mid term. These are coins which we risk evaluated to be very solid, and have a high probability of existence duration.   

NEO

NEO ($NEO) is classified as a Dividend and Platform coin. As our largest holding, we believe NEO has the potential to become a dominant smart contract and DApp platform in 2018. It’s four most compelling features are:

  • An innovative consensus algorithm which will allow for greater TPS (transactions per second) over its competitors.
  • A dividend structure for holders, incentivizing coin retention and network stability / diversity.
  • SE Asia location, enabling NEO to break into markets more easily than competitors.
  • Agnostic smart contract language, allowing for smart contract developers to use existing mainstream programming languages, which allows for cheaper smart contract implementation as compared to Ethereum who’s proprietary smart contract language, Solidity, can be a barrier to integration.

NEO is best acquired through Binance. Storing NEO on the Binance exchange will result in a GAS distribution once a month on the first. We recommend the NEON wallet for safe storage. GAS will be distributed on the NEON wallet daily.  

WaltonChain

WaltonChain ($WTC) is classified as a Dividend and Utility coin. Waltonchain is on the cutting edge of using RFID hardware to enable supply chain management 2.0. We believe Walton has the potential to become a dominant IoT blockchain solution Waltonchain is the only truly decentralized platform combining blockchain with the Internet of Things (IoT) via patent pending RFID (Radio Frequency Identification) technology. The custom RFID chips are able to digitally sign and verify transactions at the integrated circuit level, automatically and instantly reading and writing data to the chain without human intervention. This unique implementation of blockchain + IoT facilitates the true interconnection of all things in the real world with the virtual world, creating a genuine, trustworthy and traceable business ecosystem with complete data sharing and absolute information transparency. Walton has two major competitive advantages:

  • A recently confirmed (to be signed) partnership with China Mobile’s IoT Alliance. China Mobile is the largest mobile telecommunications service in the world as well as the world’s largest mobile phone operator by total number of subscribers. Walton’s Management system is set to be implemented through mobile communication networks, and China Mobile is the largest one. Waltonchain is positioning themselves to be the single connector of the entire Internet of Things initiative put forward by the China Mobile IoT Alliance.
  • They implement the blockchain through the RFIDs at the foundational layer. Their technology is patent-pending and gives Waltonchain a solid claim as the only blockchain that connects the physical world with the virtual world with truly reliable data. This is because all other IoT solutions tag items through API, and this means all the data is first passed through a centralized intermediate, a potential point of vulnerability.

Ethereum

Ethereum ($ETH) is an open blockchain Platform that lets anyone build and use decentralized applications that run on blockchain technology. Like Bitcoin, no one controls or owns Ethereum – it is an open-source project built by many people around the world. But unlike the Bitcoin protocol, Ethereum was designed to be adaptable and flexible. It is easy to create new applications on the Ethereum platform, and with the Homestead release, it is now safe for anyone to use those applications.

OmiseGO

OmiseGO ($OMG) is classified as a Dividend and Utility coin. OmiseGO is a Southeast Asia-based company creating an e-wallet that will make transfer of assets and currencies possible. Merchants and users of the wallet can transfer whatever asset or currency they desire. For example, you could use your ethereum, bitcoin, international fiat, or even your airline points to buy groceries using the e-wallet app on your mobile phone. Transfers can happen across borders, or even while traveling abroad. Unlike Western Union or PayPal for example, the fees are almost negligible, and the transfer is instant. Because it’s based on a blockchain, there are no intermediary banks necessary and users don’t need bank accounts to access those funds. This is especially good for migrant workers who send money home and often don’t have bank accounts and are forced to use expensive wire services instead.

 

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

NAVCoin

NAVcoin ($NAV) is a Privacy coin with upcoming Platform features. NAVcoin has been around for 3 years. It is not minable, instead being based on a Proof of Stake system in which stakers earn 5% annual returns. Theoretically this means there could be 5% inflation on the supply, however, that would require every coin holder to stake, so likely there will be very marginal inflation between 1 and 3% year over year. It is a currency originally based off of Bitcoin version 0.13, which should tell you it’s got a good foundation from which to build its feature set. Being based off Bitcoin, it currently is a method of transaction, with notable upgrades in the form of Segwit (with possible lightning network integration in the future) and 30 transaction times with extremely marginal fees. That’s great but a lot of coins have that going for them, so thankfully we’re just getting started with the real interesting pieces of NAV. The first and currently only implemented feature, NavTech is a unique dual blockchain technology. Essentially, NAV runs on these two blockchains in order to completely disconnect the sending wallet (your wallet), to the receiving wallet (where the money is getting sent). Think of it like a VPN, NavTech completely strips the sender’s details so the transaction is completely anonymous. The anonymous transaction space has really gotten big lately, with Monero’s recent price action and Ethereum’s implementation of ZKSnarks being two big examples that come to mind.Moving on to the roadmap, there are two big upcoming features for NAV:

  • The first is Polymorph, which is a really cool blend of Nav’s anonymous transactions and Changeally’s instant exchange. What this means is that, for example, I wanted to pay someone in Bitcoin but I wanted to do it anonymously. Polymorph would take my bitcoin, turn it into navcoin in order to be processed and sent anonymously using the Navtech dual blockchain, then turned back into bitcoin at the to be sent to the receiving wallet. This will certainly set NAV apart, as it guarantees anonymous transaction for all of the coins on changeally. This is huge for exposure, and a great opportunity for NAVcoin to gain trust, which is absolutely critical anonymous transaction coins.  
  • The second big upcoming feature is ADApps, or Anonymized Decentralized Apps. This is also a huge potential win for Nav as there is already a huge amount of interest in the crypto space surrounding Dapps, such as Ethereum and Omni. Adding in the anonymous layer would attract projects that would value the anonymity. Nav is still in the planning stages for this project so it could still be awhile before it comes to fruition, but we should see the whitepaper for it soon, and if they could be first to market with ADapps that could prove to be a killer feature for them as it would give them first access to the interested demographics.

Ripple

Ripple ($XRP) is a real-time Payment protocol for anything of value. It’s a shared public database, with a built-in distributed currency exchange, that operates as the worlds first universal translator for money. Ripple is currency agnostic and has a foreign exchange component built right into the protocol. Ripple acts as a pathfinding algorithm to find the best route for a dollar to become a euro or airline miles to become Bitcoin. It will look at all the orders in the global order book. The case for XRP comes down to the following: 1) Payment systems work best with bridge assets to focus liquidity. 2) There are good reasons to expect a cryptocurrency to be the most popular bridge asset. 3) There are good reasons to expect that cryptocurrency to be XRP.

  • Open, decentralized payments will have lots and lots of assets, including national currencies of all kinds and cryptos. A significant fraction of payments will be among assets that aren’t the most popular. Using intermediary assets to settle those payments concentrates liquidity and reduces spreads.
  • National currencies are always tied to jurisdictions and can’t be universal. Systems built around them will never be as open and inclusive as systems that aren’t.
  • XRP settles faster than any other major crypto. It higher transaction rates than other major cryptos. It is beat by others only by the amount of liquidity available today. And, most importantly, XRP has a company that is devoted to making sure XRP succeeds for this specific use case.

 

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

ICON

Simply put, ICON ($ICX) is a massive scale blockchain Platform that allows

  • Decentralized Application (DAPPS) – Build DAPPS on ICON Platform like on Ethereum and NEO. Yes, soon, you will see ICOs happening on ICON platform for different DAPPS
  • Interchain (Interoperability with Blockchains) – Allows different blockchains connecting to one another through their protocol. ICON is fully compatible with traditional blockchains like Bitcoin and Ethereum and in future can bridge other public blockchains such as Qtum, NEO and many others to achieve their mission statement – “Hyperconnect the world”
  • Artificial Intelligence (AI) – Use of AI to ensure all nodes contributing to ICON Republic/platform are rewarded fairly and not to have certain powers over distribution policies. AI will continue to learn a variety of variables to determine optimal distribution policies and achieve complete decentralization.
  • Decentralized Exchange (DEX) – ICON will integrate different DEX protocols on their platform to facilitate exchange of ICX and other future ICON platform currencies. Bancor protocol will be their first DEX protocol when mainent launches this month end and Kyber and others will follow. Not just throwing Kyber’s name out there, it was confirmed they are working with each other, official partnership yet to be announced.

 

Fundamental Currency Research

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:

Essentia

For flipping Good.

For long-term holding Good.

What is it? 

The Problem

Data and platforms are scattered all around.

Different pieces of the new Internet are born as building blocks, but there’s no way for them to work together.

Even interoperating new technologies with old centralised resources can prove useful in making the paradigm shift from Web 2 to Web 3 happen.

Now we own our data, we can prove that we own what we have and have created it on different platforms, but how do we put it together into a whole new cohesive framework, effectively replacing old models and enabling new powerful interactions?

Welcome, to Essentia.

The Solution

Essentia is a modular decentralised interoperability and data management framework.

Although it may sound complicated, it’s composed of two main components: Essences and Synergies.

In Essences, entities own their data, interlinking them across multiple services. They can be of individuals, companies, groups or organisations, effectively creating decentralised internet users, making interoperability between them also possible by subIDs, permissions and self-triggering, information related, smart contracts.

Synergies are the connective tissue of operations. They link different platforms, resources and modules together for them to be able to interoperate.

Developers can build on top of them and users can pay for leaner, more powerful and efficient applications on the Essentia framework that run across all the best technologies around the globe, opposed to a single one.

Try Essentia. A seed is all you need to get started.

What is our verdict? 

What we like: Blockchain agnostic, already live and compatible with other major coins such as Bitcoin, NEO, Litecoin, and Bitcoin Cash

What we don’t like: Some compeition, especially in the Digital Identity space (CVC, TKY)

  • Project name: Essentia
  • Token symbol: ESS
  • Website: https://essentia.one/
  • White paper: https://essentia.one/whitepaper_draft.pdf
  • Hard cap: $25.5 Million (ICO contributors own 35% of total token supply)
  • Conversion rate: TBA
  • Maximum market cap at ICO on a fully diluted basis: $73 million
  • Bonus structure: Not available yet
  • Private sale / white list: Whitelist temporarily closed, re-open will be announced
  • ERC20 token: Yes (To be swapped after mainnet release)
  • Countries excluded: USA and China
  • Timeline: Token sale begins June 7, 2018 (please refer to Essentia’s website for all up-to-date details)
  • Token distribution date: 7 days following token sale

Website: https://essentia.one/

Whitepaper: https://essentia.one/whitepaper_draft.pdf

Tuesday 5/22

We exited our position in ELEC after we hit our stop loss. This was always a risky position as the Power Blockchain space is competitive and has a lot to prove over existing systems.

We’ll consider re-entering this position as it continues to fall.

Tuesday 5/15

Norway-based registrar organization DNV GL has invested in blockchain startup VeChain. VeChain CEO Sunny Lu told CoinDesk that the companies would continue their partnership. “We are able to provide with VeChain a solution that balances safety and [speed],” Luca Crisciotti, chief executive of DNV, explained, adding: “Our mission is the ability to make sure that product is reaching the shelves, that it’s ultimately reaching the consumer … What we are providing to our customers is commitment.” Meanwhile, ICON also had a large partnership announcement today.

“Unchain will create a blockchain ecosystem fueled by a token economy, where the users are rewarded for their contributions to the network. DApp services discovered through ICON and Unblock, a subsidiary of LINE dedicated to blockchain research and to accelerate DApp projects, will be integrated with Unchain. This joint venture takes blockchain and decentralization another step closer to being a part of our everyday lives.” We found the following video to be a great summary of where we are with Blockchain today:

Monday 5/14

The Ontology Foundation and the NEO Foundation signed a memorandum of understanding on May 14th, 2018, concerning strategy and technology integration:

Whereas: Ontology is a distributed trust network that focuses on digital identity, data exchange and other trust collaboration scenarios. NEO is dedicated to realizing a distributed network that serves the smart economy. Both Ontology and NEO share a common technical understanding and vision, and both wish to promote blockchain technology and its applications.

Purpose: Ontology and NEO together provide compliance-ready, regulatable protocols to global developers. These protocols are supported by NeoVM with exceptional finality and a smart contract system with a robust and stable infrastructure-level network.

As such, the Ontology Foundation and the NEO Foundation have agreed to cooperate as follows:

Key Cooperation Areas

1. Ontology will provide digital identity, data exchange services and other customized services. NEO brings a mature and complete smart contract platform as well as distributed network infrastructure services to the table.

2. Smart Contracts: Ontology and NEO will work together to build a smart contract ecosystem, fully support the development and adoption of NeoVM and NeoContract, and collaborate on developing smart contract open standards.

3. Data Integration: Both parties will provide standardized technology interfaces (APIs, SDKs, etc.), and share and communicate development achievements and research results.

4. Cross-chain: Both parties will push forward with cross-chain research, with the eventual goal of producing integrable mainnets.

… We see this as an extremely promising step forward for both projects, and for the larger NEP5 ecosystem. The system of cooperation is one way this space moves forward, and we see NEO’s smart economy as a big part of that.

Technical Analysis Research

Not a particularly positive day for the crypto market; perhaps the end of this destruction is near. In the middle of this asset deflation, any alt-coin that shows strength will zoom due to using BTC as its base currency. In today’s video I showed how NULS popped up on a scan of my watchlist, and is showing a potentially powerful Cup/Handle chart pattern.

 

Here are the recent swings that we’re tracking in the portfolio below:

 

  • WTC/BTC – Long @ .00155980BTC (4/23). My target exit is at .002BTC.
  • ADA/BTC – Long @ .00003931BTC (5/1) My target exit is at .00005BTC.
  • ONT/BTC – long @ .0008905 (5/20) My target is .0013BTC.

Please keep in mind that if you want to follow these trades, I am using FIXED RISK POSITION SIZING. This means that I am using a fixed amount of risk capital that is based on my account size, like 2%. I am assuming that the trade will burn to the ground and that I will lose that entire capital position! Only in this manner can one effectively manage a position the way that you have to. If you’ve every checked your blockfolio nervously every 5 minutes when you’re underwater, this will prevent that.   I will track these positions in this area and not in the main portfolio section. I will use a public portfolio tool to do so, which you can access by clicking below:

Public Swing Portfolio Link

I hope you all got a chance to catch my webinar class last week; if not, the replay is available here.  If you missed my earlier webinar, “More Profits in 2018; Ten Ways to Chart Like a Pro.” then you can catch the replay here.   My new class “Introduction to Technical Analysis” is now available via our online store.

If you go to buy any of our courses at our online “store” you can receive $10 off the street price with your member’s “coupon code” of member18crypto..

We’ve started to do some swing trades on alts, tracked in the previous section. I am mostly focusing on the top 10-20 coins for now until we confirm that we’re back into an overall bull market.
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 am also trialing the Profit Trailer and CryptoHopper trading apps which are working well in this choppy market.

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