Premium Daily Crypto NewsletterOctober 30, 2018
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Crypto Market Commentary
Mav's Daily Commentary
Markets Find Their Footing
Is It Hope Once Again?
Hello from Vegas!
Once again we see the qualms the traditional finance raised against the new age of money.
Former U.S. Federal Reserve chair Janet Yellen argued against Bitcoin.
“It has long been thought that for something to be a useful currency, it needs to be a stable source of value, and bitcoin is anything but,” she claimed, continuing:
“It’s not used for a lot of transactions, it’s not a stable source of value, and it’s not an efficient means of processing payments. It’s very slow in handling payments. It has difficulty because of its very decentralized nature.”
This is the same rhetoric that she has used in the past, and echoes the chorus of her compatriots of finance, such as economist Nouriel Roubini and billionaire investor Warren Buffett.
It seems these people are hellbent on killing Bitcoin and cryptocurrency before they even have a chance to really materialize. They consistently make shallow and one-dimensional assertions that have no ability to stand up to modest scrutiny.
“It needs to be a stable source of value, and bitcoin is anything but.” We just it a 17 month low in volatility and have shown to be less volatile than the S&P 500 and the DOW.
“It’s not used for a lot of transactions.” There have been 285,908 Bitcoin transactions in the past 24 hours. Bitcoin is just one of thousands of cryptocurrencies which are years away from reaching their potential.
“It’s very slow in handling payments.” How long does it take to send money across borders? Between banks? Days? The full settlement time for a Bitcoin transaction is 9m 40s (current average block time). I’d argue that’s lightning fast compared to traditional payments which are really just good at masking how long their ledger takes to update. This also completely ignores that there are instant and free cryptocurrencies now.
“It has difficulty because of its very decentralized nature.” What a weak position to take. It’s also extremely hypocritical. Are we not staring down the barrel of a gun because of the difficulty inherent in our very centralized economy?
I say that decentralization is not the problem, it is the cure. No one controls Bitcoin or can interact with it without consensus of the network. Without centralization we can strive for a more aligned incentive system that is likely to lead to increased global equality over time.
Is that not the end goal of a global economy? We can only play this prisoner’s dilemma for so long.
We aim to take control away from those that would continue a bloated and broken system.
No wonder those like Janet Yellen and Warren Buffet are continually painting Bitcoin as such a dangerous force — it threatens their position.
If nothing else, transparency is also something we demand. Everything about Bitcoin is viewable by everyone. The same cannot be said for the machinations of the Federal Reserve.
It really is sobering to know that the USD was taken off the gold standard 47 years ago. That’s 47 years that the USD has been a non-commodity backed fiat currency. We also know that the average lifespan of a fiat currency is 27 years. Nearly every man-made currency during our history as a species has spectacularly failed.
We’ve been down this road before.
It’s time for something new.
It’s time for something that Janet Yellen fears most: change.
We’ve started to produce episodes for The ReadySetCrypto Podcast; all of our episodes are posted on our blog (and on iTunes) and Episode Fourteen is now available. Episode Fourteen is entitled “Atomic Habits and the Four Maxims of Trading.” Look for more episodes shortly as we comb the crypto space for valuable interviews, and create valuable content to keep you in the loop! See you tomorrow!
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Offense – Adding Trades
Offensive Actions for the next trading day:
- Nothing moving in the right direction lately. Let’s be patient.
Defense – Managing Risk
Defensive Actions for the next trading day:
RSC Managed Crypto Fund
How to read this portfolio: Please read through the FAQ tab
- ETH/USD 2% added 8/10/2018 @ $363.14
- ETH/USD 2% added 9/9/2018 @ $200.50 (10% more to add)
- LTC/USD 2% added 8/10/2018 @ $62.56. (5% more to add)
- XMR/BTC 2% added 9/21/2018 @ .018BTC
RSC Altcoin-Exclusive Crypto Fund
Technical Analysis Research
In today’s video I make the case once again that to go higher in price across the market, we must first go lower.
In August we introduced a new “fund” project that we’ll be creating over the next few months, in piecemeal form. I will be slowly and methodically creating a “fund” with (currently) 23 assets that we will do “live” or at least very plainly indicate where we intend to enter portions of assets. As long as the market continues grinding down in a bear, we will use sentiment-based entries to hopefully secure a better entry. All that I saw were bear flags tonight; we are close to some good entries on coins showing positive divergence on the RSI. Going forward into the end of this year my plan is to do a LOT more swing trading; what would really help is a decent derivatives exchange. I am looking for big things from Digitex in this regard, which will be a commission-free futures platform however all trades must be made in DGTX as the base currency. Put yourself on the waitlist for this platform by clicking here. I have started to acquire DGTX tokens at Mercatox in anticipation of them turning up their platform, and this looks to be a good candidate for a pump prior to the production event. Here are the recent swings that we’re tracking in the portfolio below; :
- DGB/BTC – long @ .00000608 (7/23). My target exit is .000008BTC.
- 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.
- ETP/BTC – long @ .000522BTC (9/21) My target is .00072BTC
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:
I hope you all got a chance to catch my webinar class from earlier this year; 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..
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 and/or Delta 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.
Fundamental Currency Research
For flipping Good.
For long-term holding Neutral.
What is it?
What is our verdict?
What we like: Supernodes are very interesting. No trading commissions for users.
What we don’t like: There are many exchanges already on the market. Transaction mining isn’t currently solvent.
- Project name: Bgogo Exchange
- Token symbol: BGG
- Website: https://bgogo.com
- White paper: https://bgogo.com/assets/white-paper/BGG-Token-Whitepaper-v1.8EN.pdf
- Hard cap: 17,000 ETH (15,000 ETH during private sale and to supernodes, 2,000 ETH during public sale) for 10% of total tokens
- Conversion rate: Private sale: 1 ETH = 66,666 BGG; public sale: 1 ETH = 69,999.3 BGG.
- Maximum market cap at ICO on a fully diluted basis: $51 million based on current ETH price of $300
- Bonus structure: Whitelisted public sale participants have a 5% bonus over the private sale price, with no lockup period.
- Private sale: The private sale has already been completed with 10,500 ETH raised from 21 supernodes and 4,500 ETH from strategic investors.
- White list: Bgogo’s public sale will be a Genesis Mining event (exact date to be confirmed) that will start 24 hours before mining is officially opened to the public. Only whitelisted users can participate. Details on the Genesis Mining event can be found here: https://bgogo.com/announcement?link=mining.
- ERC20 token: Yes (will be switched to native tokens when the mainnet is launched)
- Countries excluded: TBA
- Timeline: TBA
- Token distribution date: TBA
2017- 2018Q2 Portfolio (Discontinued)
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.