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Good News and Low Prices

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So interesting, isn’t it? Yes, we had gigantic hacking of a large exchange & perhaps some ponzi schemes, but overall I think we are sitting pretty! We have more and more banks looking into blockchain, and if you didn’t see it, Robinhood exchange is going to be offering BTC and ETH, with more coins to come. That means you can trade stocks & crypto in the same account. This is the beginning of regulated buying. Robinhood will have to be handing out 1099s on the crypto as well. If they don’t – it will be a public execution by the SEC. Both cases, we are on the major news networks debating it for I would say maybe 3-4 days. Excellent.

The market cap of crypto is sitting at around $550,000,000,000 as of this writing, give or take 10-20b. If we count the fact that significant populations of Asian countries have put their savings (and loans) into it, this market cap is still telling us we aren’t adopted in the way it will eventually be. Bitcoin and Ethereum are becoming household names as more and more people have to weigh in on how things will interact with their business. Stripe getting rid of bitcoin saying it was slow and how to much in fees tells us something.

People are actually using it! They wouldn’t be complaining if this wasn’t becoming a major issue in their business. I deeply encourage you to try to buy an item online or in-person in cryptocurrency. See how the experience goes and try different coins. There will be a difference. I am trying to do this more and more just so that I can see how things work. I love the fact that some of these coins have apps. I have a small amount of WAVES and they have an app! Going to be connecting it soon. The more unique places you put things the better you understand which way is the best.

There is a very distinct need for a unified account for all cryptocurrencies to be stored safely. Oh, hush about your tech friend who can do it for $3,000. I also don’t want it to be an exchange. There have been many different places I have looked into where they just have specific things that they can handle right now. I won’t migrate my business, and I am sure everyone else feels the same, until the wallet can handle literally everything and explain how it is safer. I have cold storage for most things, but I would like to see what someone eventually comes up with for the app/desktop.

I have mentioned on Twitter my love, my sweet love, for Neon wallet. That thing is awesome. Tracks my GAS for me, lets me participate in their ICOs right off the wallet, and overall the design is clean and understandable. The platform apps are just fantastic. You see all this Stellar rumblin’s? Told ya’ so. Look into who is designing coins quickly and efficiently. Stellar launched a gigantic ICO (Mobius) on their platform, and people are beginning to migrate over because of ease of use. I would say that ERC20 tokens will always be in use due to the fact that Ethereum will have scale to upgrade. Their partnerships are broad and their technology is being learned rapidly to catch up with demand.

I don’t want to be in the coin business anymore guys. I don’t want to be in the rapid transfer systems (except XRP pre-coin base WOO WOO) or the privacy coins. That is a bloodbath, and there are too many coins to keep up with. If they have business partnerships, then indeed partake! Make sure the companies are actually using the coin. However, this is where I have decided to trail to another side of the pond. I am interested in smart contract businesses. These are the companies that are actually using the technology.

These are the paintbrushes of Michael Angelo. Each and every day people are coming up with new ways to quantify all of kinds of data so that it can be entered into a contract, and reward those in which the aggregated data specified. If you think of the ways that this can be used, it is infinite. It all depends how quickly the people can come up with the way to expand what can become data for this software to understand.

If there isn’t a business to analyze, just a coin, I don’t know how I am going to get my money back. I want something behind the coin that is ensuring it’s existence that people are using it for. Volume is fantastic, and speculation is fantastic. But those things are slowly becoming less used as more people have margin calls to the 10th degree for all their buys during the rally. We are not equity holders. I don’t really want ownership in rapid transfer systems. You own the road, I am just a car on the road in that situation.

But if a car is just the entry ticket to wanting to get into my smart contract system, then now people have something tangible to judge. Stellar is trying to do that with their ICO, as Mobius was offered only in XLM. Beautiful. Jed up there making beautiful business decisions. More ICOs to come, and I am sure Jed is on board to help whoever wants to help him have storefronts on his road.

Right now I would be foolish to say any names that are a good purchase right now. Bitcoin is at 10-11,000. Purgatory. Absolute Purgatory. I won’t be happy until 13,000 and I barely own any Bitcoin. It’s dominance is up to 35%, and we are slowly starting to see it become more of a storage of value (“Gold”) for people to hold onto and distribute only in rare circumstances. Who takes over is anyone’s guess. I think all should watch in one place, and this is a shout out to Canadians. Your Bitcoin stores. I want to see what happens there. I want to see what other coins they begin to offer, and what happens when people don’t trade in extreme volume in Bitcoin, and rather hold it.

Good luck folks. I would cool off on the trading, as when XRP goes down after two business partnership announcements, I am going to take a knee. I am sure there are opportunities, but the risk scale has gone up a significant amount. $1,000 ETH is troubling. I want $1,200 again before I start to look at things. I am sure by then things will have gone up 20-30%, but I don’t need the downside to that.

This is not financial advice. I have not said to buy or sell any coins whatsoever. I do hope that you enjoyed reading, and I hope it gave you a couple ideas of your own. Do follow me on Twitter @raijincrypto, as during the week I will often share thoughts on certain news pieces. This market is way too fast. Beware of the risks, and be safe.

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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9 Comments

9 Comments

  1. kornyyy

    January 27, 2018 at 5:37 pm

    Im not sure to understand the goal of this text …

    • Haspel

      January 27, 2018 at 7:31 pm

      Me neither. Weird article.

      • darreno

        January 27, 2018 at 10:47 pm

        This Raiden lad is a bit rambly I say. Who is he? Not sure. Kinda unsure what value I’m actually getting for paying for this site..

  2. dopezone

    January 27, 2018 at 8:03 pm

    Things (what might those be?!) are cheap. You might want to think about buying some.

  3. Max Power

    January 27, 2018 at 11:30 pm

    Well this was a manic read

  4. MinerMatt17

    January 27, 2018 at 11:37 pm

    Did a 4th grader write this article? So many random thoughts and a complete lack of flow.

  5. douglash

    January 28, 2018 at 8:28 pm

    Thanks for the reminder of the importance of consistently taking ones meds.

  6. cfussy25

    January 28, 2018 at 8:58 pm

    The author has a bit of a different style for sure, but I don’t see anything wrong with that. I’d say this is more of a blog type post than an article however and maybe should be categorized as such. But I’ve personally enjoyed the authors’ rumblings.

  7. eocc12

    January 28, 2018 at 9:37 pm

    I can go to r/cryptocurrency and get one of the moonbois there to write a better piece than this. Really not worth a membership.

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Altcoins

Augur (REP) Backtracks to 16-Month Lows; Aurora (AOA) Falls Away

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Augur (REP) fell 24% throughout Tuesday on its way to a token valuation last seen in April of last year. Daily volumes have halved for the decentralized prediction market platform as today’s sell-off accelerates the process that began on August 7th with the Bitcoin drop-off.

Augur Backtracks to April 2017

In one of the most elongated price reversals in the market cap top one hundred, Augur has gone beyond mere yearly lows in its descent to the price of $15.16, recorded just a few hours ago. That’s down from the daily high of $19.96 recorded 24 hours ago – it has been nothing but descent for Augur since then.

The weekly numbers look no better, with 42% losses for the week. The month looks much better in comparison, with 46% losses over thirty days, thus showing the extent of just how bad this past week has been. A rebound is being attempted at the time of writing, as the price pushes back up to the $15.30 range.

Augur made a splash in the daily news cycle in recent weeks with its assassination markets – a feature open to be used, or created by any user on the Augur platform. The heat died down after the initial splash, which saw around $1.5 million worth of bets placed on various markets.

Sudden Influx From Korea

After seeing no more than a $3-$5 million daily volume for the entire week, Augur suddenly felt a sudden influx of $60 million on August 13th. The volume peaked overnight at $61 million before a massive reduction sent it back down to $27 million from which it continues to fall.

Right now, $23 million of that sum is coming from REP/KRW trades emanating from Bithumb – that’s 81.5% of the daily volume. The subsequent REP price on Bithumb has climbed as high as $167, although that price has been excluded from CMC’s readings.

Aurora Falls Off

The worst losses for the day have come from Aurora (AOA) which is down 45% at the time of writing. Aurora has been sinking all week long to the tune of 66% losses over seven days.

Aurora was listed on Kucoin in June, and has been hailed (by some) as (yet another) contender for Ethereum’s crown as king of the dApps. But besides a recently launched bug bounty program not much seems to be happening over at Aurora at the moment.

While it’s fun to speculate on why Aurora has taken the worst of the hit, it may have something to do with the fact that it is only available for trading on one exchange – the aforementioned Kucoin. Today on Kucoin AOA/ETH trades were the most popular; perhaps a sign that the current low Ethereum prices proved more attractive than holding onto AOA for any longer.

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 38 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Altcoins

The Long-Awaited Altcoin Extinction Event May Be Near

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The cryptocurrency market is undergoing a major paradigm shift as low-quality altcoins embark on a mass extinction event, according to Xapo President Ted Rogers. This view, which is shared by industry titans like Vitalik Buterin, suggests things will get a lot worse before they get better.

Mass Extinction

In a Monday tweet, Rogers warned that more than 90% of altcoins and tokens could disappear in the not-too-distant future.

“We could be in the midst of the extinction-level event for “cryptoassets” that many maximalists have predicted. 90%+ of CoinMarketCap list will disappear eventually – might as well happen now.  Meantime, lower BTC price means incredible opportunity to buy more bitcoin,” he said.

Rogers’ tweet echoes previous comments by Ethereum founder Vitalik Buterin, who believes that 90% of tokens listed on CoinMarketCap will go to zero. Buterin made the comments back in October during the historic run-up in cryptocurrency prices.

Whereas Buterin emphasized the emergence of higher quality coin offerings following a mass-scale correction, Rogers believes now is the ideal time to buy more bitcoin. The leading digital currency continues to cannibalize altcoins with its share of the total market crossing 54% on Tuesday.

At the time of writing, there were 1,833 cryptocurrencies listed on CoinMarketCap. A couple hundred were added to the website’s tracker in the last few weeks.

ICO Cash-Out?

Crypto assets have shed roughly $220 billion over the past three months and are trading at less than a quarter of their all-time highs. Although the recent meltdown originated last Tuesday when the SEC communicated its non-decision on the VanEck SolidX Bitcoin ETF, the extent of the selloff suggests there are other factors in play.

With the bulk of the declines concentrated in altcoins and tokens, many are blaming the latest rout on a large-scale cash-out of initial coin offerings (ICOs). This has direct implications on Ethereum, which is one of the most important bellwethers of the ICO market.

The ether price has experienced an unprecedented drop over the past seven days, losing more than a third of its value to trade at its lowest level in 14 months. Previously, the developer’s cryptocurrency had shown resilience in the face of broader market moves.

While ICOs have raised more than $6.6 billion this year, investors appear to be selling too early. Short holding periods are placing significant pressure on the market.

Although the path forward is paved with uncertainty, a structural shift in the ICO market will ultimately benefit cryptocurrencies. As Buterin said last October, “there are some good ideas, there are a lot of very bad ideas, and there’s a lot of very, very bad ideas, and quite a few scams as well.” Cleaning up this image is a good thing even with the accompanying pain it has produced.

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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4.6 stars on average, based on 546 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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Altcoins

XRP Price Plunges Again; Down 93% from Record High 

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Ripple’s XRP fell on Tuesday to its lowest level of the year, highlighting collective panic in the cryptocurrency market following last week’s non-decision by the SEC concerning a highly touted bitcoin ETF. Although XRP’s losses aren’t unique, the so-called banker’s cryptocurrency is among the biggest losers in the top-ten.

XRP/USD Price Update

The XRP price fell 13.4% on Tuesday to a new yearly low of $0.262, according to CoinMarketCap. The decline puts XRP back 36% over the past seven days and a whopping 93% from its record high of $3.75.

At present values, XRP has a total market capitalization of $10.3 billion. Bitcoin cash, the fourth largest cryptocurrency by market cap, now trails XRP by less than $2 billion.

XRP’s 24-hour trade volumes amounted to $304 million, with Bitbank processing nearly one-fifth of the turnover.

Market Searches for Direction

As Hacked previously reported, the recent selloff began last Tuesday when the U.S. Securities and Exchange Commission (SEC) delayed a ruling on a keenly awaited bitcoin exchange-traded fund (ETF). From there, the market meltdown intensified amid signs that initial coin offerings (ICOs) are cashing out. Ethereum, whose protocol is responsible for at least three-quarters of ICOs, has declined to 14-month lows as a result.

With respect to ICO liquidation, Matthew Newton of eToro summed up the situation:

“The crypto market seems to have hit panic mode, with prices falling significantly across the board. As we can see in the case of ethereum, investors seem to be increasing liquidations of their ICO holdings, with significant drops in price and increased volumes.”

XRP’s fate, at least in the short-term, is tied to these broader market forces.

Ripple’s Regulatory Scrutiny

Unlike some of its well-known peers, XRP has faced growing scrutiny from regulators over its potential security status – so much so that Ripple Labs appears to have hired a PR company to remove the term “Ripple XRP” from online sources.

Ripple Labs has made it clear that the San Francisco-based company is not synonymous with the XRP currency, and that ownership of XRP does not give investors a stake in Ripple Labs. This is consistent with Hacked’s previous reporting on the matter, which showed the vast majority of Ripple’s business partners have not adopted XRP. In other words, banks and clearing companies have experimented with Ripple’s technology without adopting XRP as a base or quote currency.

On Aug. 11, a California district court dismissed a remand request related to a lawsuit against Ripple Labs by an investor seeking damages over alleged price manipulation. Plaintiff Ryan Coffey, a former XRP investor, sought to keep the case in the state’s lower courts rather than have the final verdict decided by a Federal judge.

The court issued the following statement:

“Having read the papers filed by the parties and carefully considered their arguments and the relevant legal authority, and good cause appearing, the court hereby DENIES plaintiff’s motion.”

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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4.6 stars on average, based on 546 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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