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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.

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.

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.

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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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




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1 Comment

  1. coinsoncoins

    August 19, 2017 at 7:14 pm

    great article

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Dash Price Analysis: DASH Sees Change in Sentiment, with Help from KFC Adoption Announcement

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  • KFC to start accepting DASH payments in Venezula, as adoption across the country continues.
  • DASH/USDT has seen a firm bounce, producing a daily hammer candlestick, indicating of a reversal on the cards.

DASH/USDT has bounced over the past three sessions, a promising change from the bearish sentiment seen. Through the month of November, which was very punishing for the whole cryptocurrency industry, Dash dropped over 65%. The price however, managing to find a bottom most recently just below $60, within the $58 territory. This was the lowest level seen since April 2017.

KFC Accepting Dash

Starting this coming week, one of the world’s largest fast food restaurant, KFC, will start accepting Dash payments in Venezuela. This is following suite of several other food outlets in the country that are already facilitating Dash as a means of payment. It is reported that KFC will initially just be rolling this out in the Venezuela’s capital, Caracas. This coming before they fully expand and allow coverage in 24 other locations within the country.

Alejandro Echeverría, who has been a large part of the Dash adoption across Venezuela, commented: “Having a globally recognized brand such as KFC accepting dash payments in Venezuela is a great achievement for cryptocurrency. Further validation of the continuing trend of Dash adoption. Not only from a user perspective, but now merchants as well.” Echeverría is the co-founder of Dash Help, Dash Merchant Venezuela and Dash Text.

Dash Text

This greater adoption for Dash in Venezuela follows news last month of a new service being launched known as Dash Text. This is a Venezuela-based service, which facilitates SMS-based transactions for Dash. Users can buy, store and spend Dash, without access to the internet and the requirement of a smartphone. Anyone in Venezuela with any kind of mobile phone, can participate in the ecosystem of Dash, via SMS.

Technical Review – DASH/USDT

DASH/USDT daily chart

Given the recent stabilization from the lowest levels since April 2017, it does give the DASH/USDT bulls something to capitalize on. A daily hammer candlestick did form after hitting the $58 territory. This demonstrated a strong sign of a potential reversal to come. The bulls have so far followed this through, currently running at three consecutive sessions in the green. There is still some way to go before this can be a confirmed bottom.

Upside Targets

In terms of near-term upside targets, the first challenge for the bulls will be to tackle to the most recent prior acting demand zone. Across the market on 25th November, sellers were very much exhausted, and a bounce was seen. Some thought it was the bottom, however that didn’t prove to be the case. This can be observed tracking from $81-$89; this area had supported the price from 25th November, until 4th December, before a breach was seen. This is a new barrier for the bulls now.

Looking further to the upside, there isn’t too much in the way of the bulls convincingly reclaiming the big $100 mark. Prior to the large November drop of some 65%, as detailed earlier, the price was comfortably trading sideways around the $150 territory. Should the bulls maintain current course of momentum seen and breach the $81-$89 zone. Then it wouldn’t be too surprising seeing a quick move back pre-November fall levels.

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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4.5 stars on average, based on 76 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.




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Cardano Price Analysis: ADA Subject to Further Downside, Despite Charles Hoskinson Singing Praises of Progress

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  • Cardano founder, Charles Hoskinson, said, “Cardano’s future is looking very bright!” in a tweet update.
  • ADA/USDT is back within consolidation mode, ahead of another potential squeeze to the downside.

Cardano’s native token ADA remains under heavy pressure to the downside. The pick in momentum lower, which came in November, has seen the price fall over 60%. Putting things into larger perspective, the value has dropped around 98%, from highs on January 1st. ADA was trading at $1.40, before tumbling off a cliff, to the lowest print at $0.0275. This current market sell-off may not be done just yet. Despite the unfortunate large bear market, fundamentals continue to remain very much encouraging for the Cardano foundation.

“CARDANO’S FUTURE IS LOOKING VERY BRIGHT!”

The founder of Cardano, Charles Hoskinson, recently took to Twitter to provide another update on what is going on at the foundation. He said, “1.4 is almost out, testnet has been released, rust Cardano is making epic progress, the Haskell rewrite is underway, plutusfest in a few days, Emurgo is growing and the Foundation will soon reawaken from its long slumber. Cardano’s future is looking very bright!” Despite the positive words provided on the upcoming update for Cardano, nothing at this time can stop ADA from falling.

Technical Analysis – ADA/USDT

ADA/USDT monthly chart

ADA/USDT has been falling for five consecutive months, clearly demonstrating the intensity of this current trend. The current drop being observed here is very much uncharted territory, which is likely sparking further panic.

ADA/USDT daily chart

Looking at the daily chart view, ADA/USDT had somewhat stabilized on 25th November from the heavy selling pressure. A small bounce and a form of consolidation was seen with the price’s behavior. The bottom seen on the 25th, around $0.0331, has held right up to the 5th December.

Sellers were very clearly exhausted after that huge November drop. They allowed time to rest, then turned the pressure back on, as seen 5th December. A breakout from the recent bottom came into play. The move was exacerbated to the south, through that initial near-term area of support.

Once again, the price is moving sideways, which is another form of consolidation mode observed. This behavior does still indicate of some vulnerabilities to the downside. When looking at ADA/BTC, the pair portrays there could be another squeeze lower before a solid bounce.

ADA/ BTC monthly chart

In terms of ADA/BTC, the next major area of support via the monthly chart view is not seen until the December 2017 low. This would still mark another 35% drop, before any firm cushion. Further to the downside, the October – November 2017 low area, which would be 70% further south, is the next target.

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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4.5 stars on average, based on 76 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.




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Ethereum Price Analysis: ETH/USD Spikes 17% as Constantinople Set to Launch in Jan; $60 Still in Sight

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  • Ethereum developers report that Constantinople hard fork is estimated on 16th January 2019.
  • ETH/USD could be driven down further to May 2017 low, around the $60 territory.

Constantinople Set for January Implementation

ETH/USD in the late part of trading on Friday surged some chunky 17%. An update on the highly anticipated Constantinople hard fork launch date has been agreed. This is coming on the back of the Ethereum core developers bi-weekly meeting on Friday 7th December.

As covered here at Hacked, back in October, the delay warning was issued by developers. “Due to a consensus issue with the Constantinople fork, Ropsten is currently not usable. The Ethereum dev community is investigating. Until further notice please utilize one of the other Ethereum testnets.” This was detailed at the time by Infura, an Ethereum infrastructure organization. The developer team were originally planning for implementation in November.

A team lead at Ethereum by Péter Szilágyi confirmed the scheduled update via Twitter account. He tweeted, “Ethereum Constantinople mainnet hard fork scheduled for block #7080000, estimated around the 16th of January, 2019!”.

Technical Review – ETH/USD

ETH/USD 17% spike higher

ETH/USD enjoyed an excessive move to the upside, as detailed above. A spike which initially recovered the heavy double-digit losses of the day on Friday. The intensity of this jump was very much unsustainable and short-lived, given the strength of this current bear market.

Therefore, the sellers have just been too much to contain. ETH/USD attempted to jump back and reclaim the psychological $100 mark. However, given the firm break below this on the 6th November, the recent price collapse has been very detrimental. There is a gaping wound open for further bloodshed.

Firstly, in terms of resistance, due to the large psychological factor behind the $100 mark, it will likely prove to be a tough barrier. Lastly, should the price begin recovery again at some point, this will now be the first challenge for the bulls to break down, for greater upside.

Greater Downside Remains Possible

ETH/USD daily chart

A retest of the wick low produced on 7th December is currently eyed by the bears. This is seen down around $83.00. As a result, ETH/USD is being forced to trade at the lowest levels seen since May 2017. Danger is still at large of further downside.

ETH/USD monthly chart

Furthermore, looking at the monthly chart view, the next major area of support is not seen until the May 2017 low. This would mean a return down to $65 territory. As a result, another potential devastating drop of over 90% remains on the cards.

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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4.5 stars on average, based on 76 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.




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