Good News and Low Prices
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.