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Op-Ed

EOS: The Tomorrow Blockchain

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Bitcoin is making a comeback – $11,400 is a good number. However, altcoins are not feeling the rally whatsoever. That being said, I am confident that a strong BTC adds extra positivity to the overall crypto market. When we saw BTC rally in December, we saw the flood into the alts as well, so new investors could take advantage of the next coin. Because of how rapidly this has all evolved, there will be far more access to trading than there was in last year. Key phrase is will be. There is wide scale crack down on ICOs and exchanges, and it just looks like there is a lot of short term buying controlling the market. That is not stuff I want to trade into.

If I had new money to invest, I would wait until Ethereum is above $1,000. Confidence in Ethereum through price is confidence in DAPPs and smart contracts, and that is all I believe in. I don’t want to decipher technology differences between currencies. I want to see actual commerce taking place on the respective networks. Ethereum’s commerce community led me to one of it’s children, EOS. This is a special, special project. It has a $9 figure partnership with Galaxy Capital, run by Former Equity Hedge Fund Manager Mike Novogratz. Their ERC-20 ICO record of over $1 billion is mind-boggling. There clearly is something more robust about EOS than existing currencies.

Background

EOS is the project of a blockchain advocacy company called Block.one, which is headed by CTO Dan Larimer, who worked on projects such a Bitshares and Steem. The purpose of EOS coin was to crowd fund EOS.io, which is a software toolkit that regular people can use to make DAPPs and smart contracts in an easily consumable web-based format. Because blockchain is still very new, EOS’ software would be able to “functionize” blockchain like Windows did with the computer. It provides an interface and a simple way to take advantage of the technology.

I hate to mention Crypto Kitties, but Ethereum has crashed due to upticks in volume on their DAPPs. EOS.io can support large amounts of data transfer through parallel chaining, and is designed to look like a website interface. With many coins, society is going to have to move forward before their adoption. XRP is an excellent case. We see XCurrent (no XRP use) gaining traction, but XRapid (XRP use) is still lagging. It will take time to move the largest institutions in the world toward cryptocurrency solutions. This software application already has a very strong GitHub and development community, and that is their target market; not centuries-old institutions.

Team/Following

Dan Larimer-:The crypto community really likes this guy. Dan is the CTO of Block.one; he has expertise across many different blockchain projects, with all of them promoting decentralization. Steem, for example, is a content creation site that is stored on computers around the world through blockchain, rather than in a single server. His belief is that the decentralized nature of blockchain does not give power or wealth to any single party, as humanity has been vulnerable to fraud, greed,  and bias if power is given to individuals. Steem will never have an issue with censorship of authors, or a parent company wanting to take a share of their success on the network. The EOS.IO project made that structure into a pre-packed software product.

Notable Technology

The blockchain they are developing is not going to be related to their token on Ethereum. Dan Larimer himself said he will have nothing to do with Ethereum after June, when the software system is completed.

Mechanism Freeze 

This is a direct solution to the DAO issue with Ethereum. This allows the community to “freeze”, and fix issues, without disrupting any of the other running applications. There will no longer be a need for forking, which disrupts the entire community, as you saw with Ethereum/Ethereum Classic. This is important to me after all the drama we are saw with ZCL, and the impending Monero fork. Society won’t accept the answer of “Oh, we need to hard fork.” when they adopt blockchain. They will see the red on the screen, and sell. Freezing is a good and palatable solution to both developers and users.

Parrallel Chains

Running different chains in parallel, EOS’ beta is currently supporting 10,000-100,000 transactions per second, with 1 million in sight as more parallel chains are run. In other words, this can support large commercial smart contracts and decentralized applications. These applications can be web-based in manner, and there are no transactional fees. This allows developers to work within EOS without having to pay to contribute (Ethereum’s GAS is an example of payment for contribution). Incentives would be far higher on EOS than Ethereum – once the software launches, of course.

Interface

The application allows developers to create an environment exactly like a website, so that users will not even know they are using EOS.io blockchain software. The reason I think this is different than Ethereum is because of the software package. Just like Windows Office, the toolkit was designed for mass adoption and customization. That’s a better offering than Ethereum, which is offering a shaky transactional infrastructure and making you pay for GAS to run your business. Hell, there are two VCs below who will pay you to open up on EOS!

Partnerships

Galaxy Digital

This is a firm for cryptocurrencies. One of the most notable investments came recently, with Novogratz investing $325 million into a partnership with Block.one to provide a pool of funds to entice developers to create projects on EOS.io. This is an uncommon investment, as this fund will act as a perpetual incubator for new businesses on EOS exclusively.

Novogratz has a created his way to not miss any of the new developments within blockchain, and partner with a software he is confident in. That is a ton of money to sink into one non-proven project. He has clearly seen the value of it’s scalable and user-friendly applications, and is making his bet on the future. Note: He didn’t make this investment with Ethereum.

Tomorrow Blockchain 

This was the first VC to set up the structure with EOS to exclusively invest in projects developed off of EOS.io. This was a $50 million investment into the network, yet again, with no proven working product. By the looks of these two partnerships, there are some big players getting ready for large inflows of capital into EOS’ network.

Ecosystem

This is still a new project, with beta versions being launched before the full fledged release in June. The communities on Github and Telegram are some of the largest in cryptocurrency. The optimism is rooted in how the coin works. You control as much of the network operational bandwidth as proportional share of EOS tokens you have. This is enough of incentive for me as a coin holder. As the need for development power on EOS grows, the value of the coin will go up. There are buyers and sellers in this ecosystem.

Conclusion

I like it EOS, a lot. I didn’t expect to like it as much as I did, but this makes sense to me. EOS made sure that the token had value, as your voting and development power on the network is decided by how much you own. You don’t have to spend anything to be part of the community and contribute. There are also large investment companies that have staked their reputations on the strength of this company’s software offering to developers.

The biggest takeaway is that this coin is a developer’s coin. It wants to siphon the development power away from other networks through their offering. Not making developers pay to run their applications is a gigantic upper hand. I don’t develop, but I wouldn’t be interested in working on something that is making me pay tolls. This industry is so new that developer communities can shift toward what will reward them the most for their work. I would say that this offering is extremely competitive. The software is scaleable, no transaction fees, and no payment for working on it. I am looking forward to June.

 

This is not a recommendation to buy or sell cryptocurrencies. EOS does not have a working product, therefore this investment is impossible to quantify in terms of risk. Do your own research.

Featured image courtesy of Shutterstock.

 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 27 rated postsMythological God of Lightning. Cryptocurrency/Blockchain writer, evangelist, and friend. May the odds be ever in our favor.




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Articles

Are Crypto News Sites Allowing Freedom Of Thought?

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As the interest in cryptocurrencies has exploded during the past couple years, crypto news sites have been on the rise.  These sites are quickly becoming an invaluable resource for traders who enjoy learning about new crypto projects and trade ideas.  The content distributed through these platforms is typically created by a combination of full-time staff and guest contributors/bloggers.  Many of these writers also have a lot of experience in crypto trading so the articles are extremely beneficial for readers.

One thing that readers should always keep in mind is that the content from these sites normally represents the independent thoughts of the writer.  This is important because writers/traders aren’t infallible.  They can make mistakes like all of us.  So, the best approach for readers is to try to attain a diversity of thought.  A diversity of thought means to gather as much information as possible, from a wide selection of sources.  This is absolutely necessary before reaching a conclusion on a certain topic.

But what happens when a website prevents writers from writing about specific topics?  A colleague of mine recently tried publishing an article at Coinnounce.  The writer wanted to publish an article about the buying opportunity that the Bitcoin crash was affording investors.  Normally an article is rejected for legitimate reasons such as poor grammar, plagiarism, or promotional work.  Unfortunately, Coinnounce cited that the website was bearish on Bitcoin and that they wouldn’t be publishing bullish articles.  Even more troubling is that when Bitcoin rebounded in price, Coinnounce reached out to my colleague and told him they would now be willing to publish the bullish article.

When I found out about the rejection and the reason given, I decided to browse the Coinnounce website (which I had never heard of) to find out what kinds of articles were being published.  And sure enough, the articles were nearly all bearish in some fashion.  The problem with this approach is that nobody knows where Bitcoin is going.  It’s 100% speculation.  What actually matters is the logic presented in the article that helps back up a prediction.  So, while Coinnounce is free to run its business as it sees fit, the website (or the articles published) should have a disclaimer that the information presented represents the thoughts of the website’s owners/editors.  Otherwise, readers may not have a clear understanding of what is being presented.

The point of this article is not to call out Coinnounce.  Rather, the point is to make sure readers are aware that some sites may have different motivations than others.  It’s important to read from a variety of sources to get as much information as possible.  This is true not just for cryptocurrency markets, but for everything in life.  I’m proud to write for Hacked which runs an open and honest platform.  The articles written do represent the thoughts and feelings of the writers.  So, while the editors may not always come to the same conclusions that the articles do, they will never suppress freedom of thought.

Disclaimer: The author 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 (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Op-Ed

The Underlying Assets are Getting Squeezed

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An interesting phenomenon has emerged in the last 3 or 4 months. It appears as if many of the core underlying investment assets of the economy are getting steadily killed in the markets. This is observable in FANG stocks (Facebook, Amazon, Netflix, and Google) as well as commodities like crude oil and iron ore.

Additionally, Bitcoin has continued to get hammered during this absolute beat down on the economy. Many pundits have come out and talked about how this is the “end of Bitcoin” or how this is Bitcoin finally finding its true value, but something far more important is at work here.

Deleveraging During the Credit Squeeze

For anyone who hasn’t been reading the news over the last several months, the actions of the Fed (and other central banks) have been under considerable analysis. The previous decade has seen some of the easiest money in the history of our economy. Easy money refers to the cost of borrowing. The lower the cost (interest rate), the easier the money is considered to be.

So as we start to see the credit markets change in a way that makes it a lot harder to borrow money, a credit crunch begins. This is when there is a shortage of credit (lending) and borrowers are forced to pay back parts of their loans, or at least not take out any new ones. And as a direct result, they can’t afford to maintain certain investment positions.

Their inability to maintain these positions means they need to sell off their holdings in the same way a short squeeze causes short sellers to need to buy back the security they were shorting. A credit crunch closes a lot of positions.

The economy-wide effect this is having is both predictable and scary, because we don’t know how far all these underlying assets are going to fall before they stabilize. In the mean time, there will be drastic political effects as a result. The policies of central banks have come under scrutiny in recent months thanks to comments by President Trump, and now that a tighter monetary policy is being put into play, we are going to see much lower dollar liquidity in the future.

Zooming in on Bitcoin

So with all of these assets “puking on themselves”, or deleveraging, we are seeing some interesting dynamics unfold. In Bitcoin, capitulation is occurring on both sides of the asset, which is exactly what is necessary to reverse this trend in the future.

You can see traders instinctively realize that the “dead cat bounce” that normally occurs as shorts get squeezed out in the $4k range is much more muted now. This is because many of the shorts have already closed their position. Longs are doing the same as they bought in at what they thought was the bottom, even as recent times have proven them to be mistaken.

This is going to work out as a good thing for Bitcoin in the long-term, as it could be the end of the massive downmarket it has experienced all year and a new time to shine. At the very least, it could create a good “bottom” for opportunistic buyers to hop in and average their costs down a bit.

Disclaimer: The author 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 (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Altcoins

60 Minutes Showcases Potential of DNA and Genetic Genealogy; Opportunity for Crypto Investors

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DNA Storage

Throughout the years, 60 Minutes has been responsible for reporting on some of the biggest stories in the world.  Many of the most memorable episodes have involved world leader interviews, stories on endangered animals, profiles of famous celebrities, and occasionally, segments on promising developments in business and science.  A week ago, 60 Minutes had a very interesting report on how the authorities used Genetic genealogy to solve the case of the Golden State Killer, and how the authorities plan to keep using this new field to solve more cold cases in the future.

On April 25, 2018, authorities in Sacramento announced that they had solved the notorious case of the Golden State Killer.  Authorities were able to use a promising new technique called Genetic genealogy to help identify 72-year-old former police officer, Joseph DeAngelo, as the suspected killer.

Genetic Genealogy

Genetic genealogy is a mixture of high-tech DNA analysis, high speed computer technology, and family genealogy.  The end goal is to determine the level and type of genetic relationship between individuals.

In the case of the Golden State Killer, DNA came into play because the killer had committed at least 12 murders, 50 rapes, and many home burglaries.  Investigators were able to obtain DNA from the killer at one of the reported crime scenes.  After many years of frustrating dead ends, a cold case investigator submitted the obtained DNA sample to GEDmatch.  GEDmatch is the largest public genealogy database in the world.  After uploading the sample, authorities were able to generate a handful of leads which eventually led to the front doors of Joseph DeAngelo.

In addition to the Golden State Killer case, authorities have used Genetic genealogy to make arrests in at least 11 other cold cases.  While the science appears to be sound, there is a legal question that has yet to be answered.  There is no doubt that attorneys for the accused will raise the question of privacy and whether using databases, thought to be private, should be legal.

Opportunity for Crypto Investors

While I’ve invested in equities and crypto for many years with varying degrees of success, I’ve never had the opportunity to invest at the beginning of a new frontier.  Fortunately, the opportunity has come.  Encrypgen (DNA) is a genomic blockchain network that provides customers and partners with best-in-class, next generation, blockchain security for protecting, sharing and re-marketing genomic data.  This creates a fair marketplace for a person’s DNA that can be stored private and sold (if a person wishes to do that).

Over the past few months, Encrypgen has been gaining attention in the mainstream media because of their revolutionary technology as well as the fact that their closest competition is still years away.

In August, Encrypgen released a beta version of its Gene-Chain.  The Gene-Chain allows consumers to upload their genetic profile and for researchers to purchase that genetic data.  Within the next 2 weeks, the company plans to release the full version of the Gene-Chain which will officially make them a new pioneer in the field of genomic blockchain security.

With the DNA token hovering at approximately 5 cents, the time is running out to accumulate at bargain basement prices.  I fully expect the token to achieve utility in the next several months which will cause a rocket-like explosion in the token price.  There is no looking back now, only forward, and I love what I see.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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