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Bitcoin Gold Officially Launches, and Plunges Immediately

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Bitcoin Gold (BTG) has officially launched this week, although immediate price action suggests investors have largely disavowed the new cryptocurrency.

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Bitcoin’s second major fork, which lacks the technical robustness of the one before it, came on to the scene Wednesday after its backers published the software. Apparently, BTG launched after surviving a “massive and concerted attack from its first moment of existence.”

“A massive attack was made in an apparent effort to disrupt the mainnet launch, but the Bitcoin Gold team managed to get the network up and running… albeit a little later than planned,” the developers added.

BTG officially forked Oct. 25 when Bitcoin block 491,406 was mind. Its developers had stated the official launch would occur sometime in early November.

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Lingering Doubts

BTG failed to generate the support of a Bitcoin Cash mainly because of the widespread criticism surrounding its use. Analysts uncovered many red flags associated with BTG, including the fact that the proposed fork wasn’t publicized initially. This led to the suspicion that developers will mine on the chain indefinitely to line their pockets following launch day. A lack of replay protection and “scammy” URLs associated with the cryptocurrency were also cited as major concerns.

The most important difference between original bitcoin and BTG is the latter’s proof-of-work protocol. Instead of SHA256, the BTG algorithm uses Equihash, which is currently implemented by Zcash.

BTG Price Levels

Despite all the skepticism surrounding the new coin, BTG is tradable on some of the major exchanges, including Bitfinex. These exchanges are also supporting BTC/BTG futures trading. This cross has traded at roughly 0.02 BTC in recent weeks.

Bitcoin Gold spiked on launch day, reaching a high of $505, according to CoinMarketCap. However, the gains would be short-lived, with prices crashing back down to the $225 range. Presently, BTG is trading at $265 for a loss of 28%. Its 24-hour trading volume exceeded $62 million, with Bitfinex responsible for the bulk of the turnover.

Featured image courtesy of Shutterstock. 

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AirToken (AIR) – Extremely Undervalued Long-Term Investment

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I have the opportunity to research many altcoins on a daily basis. While reading through altcoin websites and whitepapers, it sometimes gets overwhelming. The reason is that a lot of altcoins are doing amazing things with their technology, but it is hard to understand what exactly they are trying to accomplish and how the token integrates with their product.

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AirToken has been a breath of fresh air. I am always looking for companies that are solving a real need and utilizing their token in a way that is integral to the ecosystem of the company, and not just an afterthought to raise money.

AirToken, which was founded by a former Google employee, provides mobile access to the underserved. It is based on the assumption that the cost of mobile data and internet access is too high for some to afford. So, how does it work?

Users earn free AirTokens by using the AirFox browser. AirTokens are earned and redeemed for data on pre-paid plans. Reaching those that are currently using pre-paid plans will lower their cost with redeemable tokens. A user simply watches advertisements from the free Android app as well as the AirFox browser. The user earns free AIR tokens and will be eligible for micro-loans based on the proprietary AirToken scoring system.

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Let’s look at the current state of AirToken:

Following the AirToken ICO, you can see that it had a couple of spikes but has since leveled out. The current price of AirToken will change very quickly after a couple of things happen. First, AirToken will need to get listed on a major exchange, and this will immediately increase liquidity and volume. From what I understand, this is supposed to happen as soon as next month. Second, AirToken releases Phase 2, which allows users to recharge their pre-paid mobile cards as well as obtain physical goods by redeeming AirTokens (AIR). Hitting this milestone in the first quarter of 2018 will accelerate growth by attracting more companies to participate in the AirToken advertising and micro-loan program.

Companies like AirToken that are solving real-world problems are pioneers in the blockchain and cryptocurrency space. A lot of the altcoins will come and go. Some will never deliver a product, while others will just take the ICO cash and run. I believe AirToken is here for the long-term. AirToken is easy to understand and is helping a large part of the population that may otherwise be forgotten. When I  look for altcoins to invest in, the most important financial factor for me is the market cap. You can see that the market cap is currently only $5.5 million putting AirToken in 305th among the list of other tokens at the time of this writing. In my professional opinion, once AirToken hits its first major exchange, the market cap will easily rise to $20 million, a 4x ROI (Return on Investment). While I believe AirToken will rise much higher in the long-term, this is a conservative, realistic view of the short-term growth of this token.

Disclaimer: The analyst does not currently own AIR tokens but after researching may put some cash in for a long-term hold.

Featured image courtesy of Shutterstock. 

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Trade Recommendation: Enjin (ENJ)

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Enjin Coin has recently finished its ICO and is currently available on a few exchanges. The primary metric to look at is the market cap of a company, especially after the initial exchange selloff. Most ICO investors are looking for a coin with a small market cap so that they can get 2x – 5x return. Enjin Coin has a very low market cap at the moment in relation to the maturity of the company. This will be a great candidate to swing trade. There are four reasons this coin is a swing trade candidate besides the fact that it has dipped to previous lows and is a great buy at the moment.

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1. Enjin currently has a contest running on Binance.com that will pay large amounts of ENJ tokens  to the top holders during the competition. This ends on November 25th. Basically, you just have to buy ENJ on Binance and hold it until the end of the contest. The top holders will be rewarded. Here is the contest info: Enjin Binance Contest

2. Enjin is releasing its Mobile Smart Wallet as well as the Minecraft plugin soon. This will allow game developers to use ENJ in the gaming community.

3. The chart shows the MACD crossing upward over the EMA 9-day signal indicating another bullish run.

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4. Enjin could be compared to GameCredits, which is currently trading on Bittrex. GameCredits has a market cap of $123,000,000; DigiByte has a market cap of $85,000,000. If Enjin only reached the market cap of DigiByte that would be a 5x ROI and if it reaches GameCredits’ market cap then investors would see an ROI of 8x. For the short term, the entry point is 0.00000265 BTC with a stop loss order placed at 0.00000242 with a profit target at 0.00000318 BTC.

Market: ENJ/BTC
Buy: 0.00000270 BTC
Stop: 
0.00000248 BTC
Profit Targets: 
0.00000324 BTC – 0.00000328 BTC

If your profit target hits 0.00000324 BTC, you will have made 20% return.

Disclaimer: The analysis is invested in ENJ.

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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Bitcoin Gold Developer Is Allegedly Profiting from a Hidden Fee

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Bitcoin vs. bitcoin cash

Controversy surrounding the Bitcoin Gold (BTG) project intensified Thursday after it was uncovered that the algorithm’s developer has been allegedly profiting from a hidden fee. The news is just the latest setback for a project that has failed to win over investors.

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BTG Mining Pool Fee

Rumors circulating on Bitcointalk suggest that Bitcoin Gold developer Martin Kuvandzhiev allegedly integrated a 0.5% fee into a BTG mining pool that was then directed to his cryptocurrency wallet. It was later reported by CCN and others that some mining pools removed the code as it became publicly available. This is what some members of Bitcointalk suggested in their daily musings on or about Nov. 15.

Without getting overly technical, the fee appears to have been hard-coded into the z-nomp fork, which means this was a concerted effort to raise the 0.5% revenue.  Kuvandzhiev said he was aware of the embedded fee and decided not to integrate it into the main code. However, there has been no concerted effort to remove it, either.

Kuvandzhiev responded to the allegations in an interview with Bitcoin.com, where he said the code was open source all along and that it wasn’t hidden from pools that wanted to remove it.

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A fee of “0.5% for a regular miner is less than a $1 a month,” he said. “Don’t act like it is too much. The other software has 1-2% fees and are closed source…”

The developer also clarified Bitcoin Gold’s premine period, which is generally known to be 8,000 blocks. Kuvandzhiev said that 60% of it is time-locked for the next three years.

Controversies Abound

Bitcoin Gold has been at the center of controversy since its developers announced plans to fork the blockchain several months ago. The hard fork was kept tightly under wraps by the protocol’s backers, leading many in the cryptocurrency community to question its integrity.

The project, which is being led by Jack Liao of LightningASIC, was intended to democratize the blockchain’s lucrative mining structure. But a failure to publicize the fork and the private mining of tens of thousands of blocks raised suspicion that Bitcoin Gold was a way for its developers to enrich themselves. An unfinished proof-of-work implementation was also raised as a potential flag.

BTG forked in late October, but officially launched this past weekend. Its value plunged immediately after the network survived an alleged attack by hackers shortly after launching.

BTG Price Levels

The ensuing controversy has left a major dent in Bitcoin Gold, with the value of the digital currency falling more than 7% on Thursday. At press time, it was seen trading at $151 on daily volumes of $29.2 million.

Prices exceeded $500 after the cryptocurrency went live during the weekend. However, it didn’t take long for prices to halve before continuing lower to their present values.

With current levels in mind, BTG has an overall market cap of $2.3 billion. According to data obtained from CoinMarketCap, much of the turnover has occurred on the Bitfinex exchange.

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



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