Connect with us

Analysis

ICO Analysis: Propy

Published

on

Doesn’t matter how innovative things get, the blockchain can’t move the levers of the government. The blockchain can’t move deeds and property titles, it just can’t. There’s no solving this. In anything related to real estate, you’re going to have multiple levels of government interference. In a sense, in some respects, government is really a primitive form of blockchain which acts as a ledger for property titles, fiat currency, social norms in the form of laws, and more. We have to establish this before we talk about Propy, because otherwise people may get distracted and forget this basic fact or they may think it’s a fatal flaw we’ve missed.

As the blogger Luke Stokes reminds us, people would get off track and forget to care about whether this thing is legally possible or not.

Right now, I think the answer is obvious. Very few people care. Many don’t even read a white paper before jumping into an ICO. It’s all about quick gains. Who can blame them. Rationality can’t stand up against reality when the reality of returns is real in this speculative, quickly growing ecosystem.

We basically rated Eros.Vision as a scam on those grounds, but we’re not predicting anything close to that level of negativity here. It’s just that when you talk about property swaps, you’re not talking about something that I can actually give to you, even though it’s mine. I can grant you access and everything, vacate the place, let you occupy it, et cetera, but it’s not really your property until the government has registered it as yours, and at that point, it becomes your liability. So when we’re talking about Propy, which proports to make property swapping all the easier through the miracle of the blockchain, we’ve got to be cognizant of this fact.

Yet, we must start out on a positive note: the disruption of the property market is going to be a lucrative endeavor, anyway you look at it. We don’t mean, through this statement, to imply, necessarily at least, that Propy will be doing that. But we do mean to imply that property-related ICOs are the kind to be on the lookout for, and as such, we’re covering a few this week.

Propy begins their whitepaper with some fairly obvious statements that justify our previous paragraph but do nothing to establish what Propy is. A whitepaper is meant to describe something that will be created or is being noticed as a trend, among other purposes, but it’s not meant to be a literary elucidation of historical fact like this:

Today, the global real estate market is worth $217 trillion and makes up more than half the value of all mainstream assets worldwide3. One great differentiator between real estate and other major asset classes is liquidity. Compared to exchange-traded securities such as equities and government bonds, real estate markets are not as organized or efficient as other markets, with incredibly slow transaction times and less efficient price discovery mechanisms. As a result, substantial capital is trapped in less liquid investments, often concentrated in certain geographic areas devoid of domestic investment opportunities. While many investors with excess liquidity would welcome the opportunity to invest in foreign real estate assets, there are currently substantial impediments to such investment activity.

We infer from the above that what we’re getting into is in fact international real estate, in some cases at least. Well, again, this can be problematic on many levels, and a monumental task in legal terms. We have to have a very healthy skepticism of the project as a result.

We can hope that investors will keep the thing afloat until it succeeds – because we believe that such a thing can succeed – but we don’t have a lot of faith in our fellow funders. Everyone’s looking to cash out as soon as it’s profitable to do so, after all, which is why we seek ideas that have incredibly high ceilings on their profit, so everyone can make something. And while we may have that in Propy, in a sense, what we don’t have, on the face, is something that we can envision actually happening. But let’s look a bit deeper into how it works, then into the token, and deliver a verdict on Propy.

Propy aims to solve the problems facing international real estate transactions by creating a novel unified property store and asset transfer platform for the global real estate industry. Initially the Propy Registry will mirror official land registry records in which transfers of real estate are recorded. Ultimately, however, Propy’s vision is that jurisdictions will adopt the Propy Registry as their official ledger of record such that the transfer of a property on the Propy Registry constitutes the legal transfer of the property and the legal registration of that transfer. By leveraging Propy Registry and Propy’s smart contracts platform, unnecessary delays and impediments inherent to legacy property rights registrations systems could be eliminated. The Propy platform seeks to enhance the security of transactions while reducing inefficiencies through its innovative use of mobile, cloud and blockchain technologies linking buyers, sellers, investors and registries around the world.

Let’s repeat a piece of the above before moving forward: Propy’s vision is that jurisdictions will adopt the Propy Registry as their official ledger of record such that the transfer of a property on the Propy Registry constitutes the legal transfer of the property and the legal registration of that transfer.

In short, Propy wants to become the de facto deliverer of governments from the woes of legacy controls. Controls that they establish and have full dominion over. Is there some inherent benefit to governments from increased transparency? Of course there isn’t. The opaque nature of governmental operations is what allows them to extract as much from the populace in the form of taxation as they wish, and to waste the funds as freely as they wish. While it would benefit said populace to bring transparency to government land registries, it would benefit the governments very little, for the most part, although there is an efficiency argument which is astutely made in the selfsame whitepaper:

Propy’s engineering team has designed a real estate transaction tool powered by smart contracts, combining solutions from the legal, blockchain and payments industries. Using blockchain technology, Propy has prototyped some of the core technology that will become the Propy Registry as a DApp that allows each party to a real estate transaction — including the broker, buyer, seller and title agent/notary—to sign off on a transaction for properties located in California, which is Propy’s intended first market.

There’s more to be said on the transparency in government angle, which is that there are political gains to be made from promoting transparency. That they’re targeting California seems legitimate, but again, we have huge doubts about this whole thing.

It should be noted that Propy already has a working application.

Now let’s examine what the token does and deliver a verdict.

Propy Token (PRO)

The PRO token has an interesting value proposition that means this token will have real value if the platform actually gains traction. This is to say, if a jurisdiction actually were to adopt the Propy platform (imagine that!), then this token will have significant value because it will be required to actually sell property – it will therefore become built into real estate costs, and will be extremely affordable since through the real estate platforms that can be built on top of Propy, we will see a reduction in the need for middlemen such as real estate agents, and with their fees disappearing plenty of market room will be made for the cost of the PRO token. But all of this, again, depends on a jurisdiction somewhere actually adoption this platform and not one brought in through some manner of cronyism.

The PRO tokens are designed to be used to unlock a smart contract for title transfer in the Propy Registry. PRO tokens are built on the ERC-20 token standard, which allows for simple integration into users‘ wallets. The essential and obligatory steps for a real estate acquisition on Propy Registry includes the execution of the Deed Contract and Title Contract, which are necessary for the transfer of property title and the recording of the change of ownership. The Propy Registry, will require the use of PROs to pay the associated “Registry Fees” to record these modification on blockchain.

The Verdict

We feel that any potential adoption of the Propy platform will be mired down in numerous legal hurdles, including security audits. Additionally, the cronyist nature of governments means that competing platforms will have a leg-up depending on the jurisdiction. This is to say that even if Propy takes off, it will never be the only such platform for property transfer. That the whole thing relies so heavily on government movement really makes the thing unattractive to us.

Risk

  • Relying on governments and regulators to eventually choose Propy as the default platform. -3
  • Cronyism creates impossible competition in various places, displacing Propy significantly enough to lower the token’s value. -0.5
  • Unlikely to have real-world value in the short-term. -0.25
  • HUGE AMOUNT OF TOKENS NOT ON MARKET IMMEDIATELY. -0.25

Growth Potential

  • Could disrupt real estate market, and free up lots of cash currently going to broker fees for a marketplace of such tokens. However, very unlikely to be the first major player or the only player, ever. +5
  • Identifies a great opportunity on a global level in the ability to swap real estate and other assets over the blockchain. Successful execution will be incredibly lucrative. +2

Disposition

We come upon a 4 (7-4) as far as numerical dispositions go with Propy. It’s got a long-term value proposition that depends on a lot of factors which are hard to predict, so we’ll say you’ve got a 40% chance of really making a huge buck on it. Hype around it has been positive and copious, however, so getting in at ICO prices might yield short-term profits.

Investment Details

100 million tokens are currently being generated, with 65% being held away from sale. The rather confusing and slanted distribution looks like this:

It appears that funds will be raised until September 15th, and the amount raised will be dispersed among the 35 million tokens in terms of how much they are valued.

Visit https://tokensale.propy.com before then if you are interested in participating in the PRO ICO.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

5 stars on average, based on 2 rated postsP. H. Madore has covered the cryptocurrency beat over the course of hundreds of articles for Hacked's sister site, CryptoCoinsNews, as well as some of her competitors. He is a major contributing developer to the Woodcoin project, and has made technical contributions on a number of other cryptocurrency projects. In spare time, he recently began a more personalized, weekly newsletter at http://ico.phm.link




Feedback or Requests?

1 Comment

1 Comment

  1. jusdavi

    August 24, 2017 at 1:18 am

    Check out CPROP https://cprop.io

You must be logged in to post a comment Login

Leave a Reply

Analysis

Pre-Market Analysis And Chartbook: Brexit Chaos Sparks Turmoil Across Markets

Published

on

Thursday Market Snapshot

Asset Current Value Daily Change
S&P 500 2,685 -0.63%
DAX 30 11,360 -0.47%
WTI Crude Oil 56.40 0.71%
GOLD 1,215 0.31%
Bitcoin 5,389 -3.72%
EUR/USD 1.1302 -0.04%

The Brexit process continues to be the main driver in financial markets across asset classes, and the situation in the UK could be best described as chaotic at the moment. While yesterday the British Cabinet’s approval of the draft Brexit plan sparked a brief risk rally, with the Euro the Pound and equities rising hand-in-hand, today, the plan is in serious jeopardy. Several ministers, including the Brexit-Secretary resigned, and the outcome of vote in the Parliament seems doubtful, at best.

GBP/USD, 4-Hour Chart Analysis

The Pound lost significant ground against all of its peers, with the currency’s losses also being exaggerated by the much worse than expected British Retail Sales data. The GBP/USD pair hit its lowest level this month, touching the 1.2750, while the Euro is relatively strong today, the Dollar’s broad rally still seems intact, and a no-deal Brexit could push the Cable back towards its historic low near 1.20 from late 2016.

Dow 30 Futures, 4-Hour Chart Analysis

While equities are little changed so far today, the charts still look wounded globally and even the relatively strong US benchmarks are likely headed for, at least, a test of their lows from October. Economic numbers were mixed today in the US, with the Retail Sales report beating the consensus estimates across the board, but with the Philly Fed Index showing an unexpected slowdown in the manufacturing sector.

The Dow, which has been the strongest benchmark recently is hovering near the 25,000 level, after underperforming the broader market yesterday, and with the other indices being in even worse technical shape, the coming days could see another surge in volatility, despite the pullback in Treasury yields across the curve.

Heavy Trading Continues in Commodities

WTI Crude Oil, 4-Hour Chart Analysis

Oil finally found support following two months of steep losses and Tuesday’s liquidation event, with the WTI contract rising above the $57 per barrel level yesterday, before a late-day pullback. Today the crucial commodity is performing relatively well in the nervous environment, and although bulls are still not out of the woods, we still expect a bounce above $60 in the coming week.

We will still have the weekly US crude inventory data coming out during the morning session on Wall Street, and volatile trading will likely continue in the throughout the day, with the $54.50 short-term support level and the $57.50 resistance level being in the center of attention.

Gold Futures, 4-Hour Chart Analysis

Gold is also having an interesting session so far, as it is testing the short-term resistance zone near $1215 due to the Brexit uncertainty and the pullback in yields. The precious metal is still well below the consolidation pattern that developed in October, and it would need to rise above $1220 to trigger a short-term trend change, but should risk assets continue their downtrend, gold could quickly rally as high as $1250.

ChartBook

Major Stock Indices

S&P 500 Futures, 4-Hour Chart Analysis

Nasdaq 100 Futures, 4-Hour Chart Analysis

VIX (US Volatility Index), 4-Hour Chart Analysis

DAX 30 Index CFD, 4-Hour Chart Analysis

FTSE 100 Index CFD, 4-Hour Chart Analysis

EuroStoxx50 Index CFD, 4-Hour Chart Analysis

Nikkei 225 Futures, 4-Hour Chart Analysis

Shanghai Composite Index CFD, 4-Hour Chart Analysis

EEM (Emerging Markets ETF), 4-Hour Chart Analysis

Forex

EUR/USD, 4-Hour Chart Analysis

USD/JPY, 4-Hour Chart Analysis

EUR/GBP, 4-Hour Chart Analysis

AUD/USD, 4-Hour Chart Analysis

Commodities

Copper Futures, 4-Hour Chart Analysis

Featured image from 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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.7 stars on average, based on 394 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




Feedback or Requests?

Continue Reading

Analysis

Long-Term Cryptocurrency Analysis: Bear Market Continues With Major Technical Breakdown

Published

on

After months of choppy consolidation, yesterday, we saw the largest move in the cryptocurrency segment since April, which took the majors below key technical levels. Bitcoin’s drop is the most important event, since the most valuable coin violated a structurally important base support for the first time since its historic bull run to $20,000 started.

As we warned repeatedly, the market didn’t show signs of healing during the sideways drift, since no leadership developed, and the coins failed to show follow-through following the, sometimes explosive rally attempts, so our trend model remained overwhelmingly bearish throughout the consolidation.

The top altcoins completed their structural breakdowns well ahead of BTC, and the stability of Bitcoin was the most encouraging sign for crypto-bulls, so now, the broad selloff confirmed the next lower in the bear market.

BTC/USD, Daily Chart Analysis

After violating the primary support at $6275, Bitcoin’s selloff accelerated below the weaker $6000 level and the key zone near $5850 wasn’t enough to support the coin. The structural breakdown will likely lead to a test of the $5000-$5100 zone, while an unlikely recovery would be a very positive development. Primary resistance is now ahead near $5850, while further major support zones are found near $4500 and $3600, and traders and investors still shouldn’t enter new positions here.

ETH/USD, Daily Chart Analysis

Ethereum fell to a marginal new bear market low, outperforming Bitcoin from a short-term technical perspective, but that’s not enough to warrant optimism with regards to the long-term setup. ETH is still in a clear long-term downtrend despite the lengthy consolidation phase, and a test of the $160 level is likely in the coming period.

The coin is still on sell signals on both time-frames in our trend model, and traders and investors should stay away from new positions, with further support found near $130 and with resistance levels ahead near $200 and $235.

(more…)

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.7 stars on average, based on 394 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




Feedback or Requests?

Continue Reading

Altcoins

XRP Price Analysis: XRP/USD Performing Better than Peers; Another New Partner Announced

Published

on

 

  • Ripple’s XRP weighted to the downside, but not performing as bad as some of its peers.
  • CIMB Group are the latest financial organisation to be utilizing Ripple’s technology.

XRP/USD has been firmly on the back foot during trading over the last two sessions now. Selling pressure had hit the whole market on 13th November. This went on to further intensify in the following session, 14th November. A total blood bath was observed across the board, with huge areas of support being breached. The wave hit the entire market. Ripple’s XRP has managed to hold a firmer ground, in comparison to some of the losses encountered with its peers.

Ripple Reveals New Partner – CIMB

CIMB Group, one of the largest south Asian banking organizations, are the latest to be utilize Ripple’s technology. CIMB will leverage Ripple’s technology for its SpeedSend remittance product, this coming from a joint press release. The SpeedSend product is available in a spectrum of Southeast Asian markets. Countries include: Thailand, Philippines and Vietnam. Ripple continue at a rapid pace adding large financial institutions to its network.

Ripple via their announcement stated the following: “Ripple’s blockchain-based solution has been deployed to enhance CIMB’s proprietary remittance product called SpeedSend. This service allows customers to send and receive money with direct account crediting and instant cash collection. The enhancement improves their access to cross-border remittances across the globe — both inbound into ASEAN and outbound to other countries. It is already enabling remittances to corridors such as Australia, USA, UK and Hong Kong.”

Technical Review – XRP/USD

XRP/USD daily chart

XRP/USD is running at three consecutive sessions in the red, nursing chunky double-digit losses over this period. The price dropped over 20%, a move that was very much in line with the rest of the cryptocurrency market. Price action had been moving within a triangular pattern formation, since 21st September. Thie XRP price observed much narrowing over this period. During the heavy selling pressure on 14th November, the bears had pierced the lower support of the mentioned pattern.

Despite the large lower wick seen on 14th November candlestick, the price managed to close within boundaries of the triangular formation. In terms of current price action on the latest for today, XRP/USD is seen below this area of support. Should the market bears manage to push for a breach and daily close underneath the supporting trend line, this could cause large devastation. Eyes could be on a return to the $0.3000-$0.2500 region. Lastly, worth noting, looking to the upside, the resistance would likely be seen around $0.4800, and this level is critical. This is where the lower trend line is seen tracking.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 50 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




Feedback or Requests?

Continue Reading

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending