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ICO Analysis: Social (Nexus)

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Reader, be suspicious of anything that tells you it will establish a “new social network.” The establishment of social networks is semi-organic and requires a massive effort. Have a look at Minds.com, which is a great idea that integrates Bitcoin for promotion. It’s still growing. The author has been there from the beginning. So don’t take this statement the wrong way – the author would love to see the social network monopolies of Twitter and Facebook broken, he just isn’t overly confident that it will happen anytime soon, and here are presented with an investment that hinges on the building of a social network.

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That just seems like a bad idea off the top, though we’ll look a little further into it. Any social networking play would involve integrating with existing social networks. That would be the way to approach such a thing.

Nexus Overview

Nexus is a new generation of social network. All data and uploads will exist on the blockchain instead of centralized servers. Nexus is a feature rich platform that allows you to communicate with friends and family in multiple different and unique ways, while providing state-of-the-art security and privacy.

This all sounds great, but none of it means it will take off. You need tens of millions to even begin to compete with any other social networking effort.

It doesn’t matter if you decentralize the data. It doesn’t matter what you do. To build a social network, you need a social magnet. You need a lot of things that Facebook doesn’t have. People may post on Facebook that they are concerned about being monitored and their data not being private, but it’s not the case that they will necessarily leave the social network right away.

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Did you know an alternative software to Twitter has existed for the entire time that Twitter has existed? The software that Identi.ca is based on is open source – anyone can implement it. For that purpose, it’s decentralized. The networks can be integrated through Oauth and other means. It’s really incredible by comparison to Twitter, especially for businesses that want to operate social networks – but as it turns out, the network effect is real in social networking. To build a social network, you need a lot. A lot more than a great idea. A lot more than good technology.

MySpace allowed anyone to create a page, make it look however they wanted, and display music. This was great. Facebook came along and took all of these features away – and still flourished. Facebook focused on being exclusive at first, which expanded its network effect, which is an ironic reality.

By decentralizing and encrypting all data and uploads, Nexus hopes to eliminate all invasion of privacy that large corporations are currently performing. End-to-endmessageencryption ensures only you and the person you’re communicating with can read what is sent, and nobody in between, not even Nexus. Imagine a full decentralized social network where all data and multimedia is stored on the blockchain instead of centralized servers.

Again, this sounds great, but for all intents and purposes – no one actually cares. People want to be where they can be accessed. LinkedIn has managed to flourish as a place to find people in business, and yet the new generation are largely dispensing with it. It would have made more sense for LinkedIn to have released the equivalent of Workplace, but Facebook beat them to that, too. Facebook may not have an eternal grip on social marketing, but it presents a tremendous obstacle to anyone trying to build alternatives. Minds.com, again, is a great alternative to other social media platforms – people have to pay for the privilege to get their posts out there, and there’s an internal currency which manages to integrate Bitcoin. It’s a great project as well, but it will be a long time before it is large enough to matter. This is the simple reality of the matter. ‘

Social Token

The token sale for this ICO is ongoing. The token will have a purpose, to be used on the platform for advertising and the purchase of goods and services. This is enticing on the face – at least they’re forcing the use of the token for something. But overall, who cares, really? We have to depend on them to build a massive social network, and this much seems unlikely. You can build all the buzz around the thing you want, although they haven’t, really.

One thing you can say for them is that they are doing the right thing with the tokens they are issuing, which there will be a maximum of 50 million. Out of those, 47.5 million will be for sale to the general public. It would be nice if more profitable, better ideas would also do similar with their tokens. Retaining tokens from the public while at the same time profiting during an ICO handsomely is strictly a red flag. It makes one wonder what ICOs intend to do with those tokens. So it’s a plus to see that they’re not doing that here, but again, this thing is probably going nowhere due to its actual mission.

The Verdict

We don’t see any future in things which want our money to start competitors to well-established social networks.

Risk

Such a prospect as building a successful social network can take decades to achieve. -4

Growth Potential

For short-term investments, it’s nice to see so many tokens being put on the market. This is unusual and should not be under-credited – +4.5.

Disposition

We reach a numerical disposition of .5 on this token. We figure if you do invest, you’d better dump quickly.

Investment Details

The ICO for the Nexus social tokens is ongoing. Visit https://ico.nexus.social/. Currently, they are offering a 40% bonus (another red flag) – 700 tokens per Ether. Please invest with caution.

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1 Comment

1 Comment

  1. coinsoncoins

    August 19, 2017 at 7:14 pm

    great article

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Analysis

Technical Analysis: Litecoin and NEO Jump as Bitcoin Trades near $8000

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The cryptocurrency segment continued its bullish run, as the total value of the coins climbed above $230 billion for the first time ever, while Bitcoin also posted marginal new highs. The most valuable currency is still overbought regarding the long-term picture, and we continue to expect a deeper correction in the coming period, despite the recent strong rally. Support levels are still found $7700, $7000, and $6700 while the $8000 level is ahead as a major obstacle.

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BTC/USD, 4-Hour Chart Analysis

Litecoin has been the most active major besides Bitcoin, as it rallied strongly after breaking out above the key $64 resistance and it breached the next target at $75 before heading below $70 again. The coin remains in bullish long- and short-term patterns, and we expect a move above the major resistance zone ahead with the next target found at $82.50.

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Litecoin/USD, 4-Hour Chart Analysis

NEO is showing strength in the second half of the session, while Monero is recovering well from a short-term dip, similarly to IOTA and Ethereum Classic. Ethereum continues to represent stability in the segment, while Ripple failed to build up momentum so far after yesterdays spike higher. With still most of the altcoins being in bullish setups, let’s see the short-term charts.

(more…)

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Analysis

XRP Looking to Make a Significant Rally

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The XRP/USD pair went into a deep correction after hitting 0.29490 a month ago. It nosedived to the major support level of 0.19052. The pair consolidated for a few weeks which gave the market the legs to test resistance at 0.22924.

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Technical indicators show that the pair was ready to breach its immediate resistance, which it did this morning. Now that resistance has broke at 0.22924, it’s time to buy. This successful breakout will take the pair to 0.23997 first and 0.26563 next before hitting the target of 0.26796 which is coincidentally a major resistance level.

Technical indicators hint that the market would most likely be overbought by the time it hits 0.26796. Should it respect the major resistance level, the likelihood of the market turning extremely bearish increases. Therefore, it is recommended to closely watch your trail stops to preserve your gains.  

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Summary of Strategy

Buy: As close to 0.22924

Support: 0.22224 and 0.20081

Target: 0.26796

Stop: If the market breaches 0.20081 as next reliable support is 0.19052

 

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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Analysis

Technical Analysis: Ripple Breaks Out as Bitcoin Tests Highs

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Cryptocurrencies are having another bullish session as the total value of the market surged to a new all-time high near $225 billion, with the help of the rally in BTC and Ripple, and despite the drop in the value of Bitcoin Cash. The most valuable coin its record high yet again after the brief but steep weekend correction, despite the still overbought long-term picture. We still urge traders and investors to wait for a deeper correction before entering new positions here, with support levels found at $7000, $6700, and $6000.

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BTC/USD, 4-Hour Chart Analysis

Ripple has been the other main mover of the day so far, as the coin skyrocketed on huge volume and breached the $0.26 level before turning lower and stabilizing near $0.23. The coin triggered a short-term buy signal by moving above $0.2250 and it remains bullish on both time-frames, despite the pull-back, with another major target level ahead at $0.30.

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Ripple/USD, 4-Hour Chart Analysis

The other majors are little changed expect IOTA, which further added to yesterday’s gains and reached overbought readings, while Ethereum Classic and Dash continue to drift lower in short-term correction patterns. Let’s see the detailed analysis of the short-term charts.

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