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They Built It. Who’s Coming?

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2018: The year of opportunity if you are reading this right now.

You know either on a basic or high level that cryptocurrency has value, and hopefully you have begun poking around at what is investable. I do enjoy having private investors from around the world joining together to invest in things that we will never be able to fully understand. That is textbook early adoption! We aren’t supposed to know every single speck and detail. The reason I have so much faith is because regardless of what people tell you, there are facts in cryptocurrency that no pessimist can deny. The facts that I care most about are: Who is here, who is coming, and how much are they coming with.

Who is here

Well, I don’t think we could be joined by any better group of people. When co-workers and family members tell you that it’s all going to $0 (as all day job final adopters will say), you must first think of who is going to go to $0 with you in their world. The founders of what would be Facebook, the founder of PayPal, Hedge Fund Managers, Creme de la Creme Back/Front end developers (some of which left HUGE Silicon Valley jobs), and of course, all of us fine normal people who don’t want to miss out on the Google IPO of our generation. There are more big money people here than we can count. A lot of them have significant amounts of their net worth tied to cryptocurrency.

I am sure you could go throughout history and find me smart people who have made bad second business decisions. However, if we just think about the history of innovation, cryptocurrency has all the signs of a wave that is not yet a wave. The first sign is anger. When the talking heads on TV discuss blockchain, there is always someone declaring it’s demise in hyperbolic fashion. Smart people get upset when they can’t grasp the concept of something. It happened with the automobile, internet, computer, and the list goes on. I could pull up blips all day from news anchors in the 60-70’s running their mouths about something new and useful. Society has to repel it before they can embrace it. I don’t know where in the exact part of the process we are at, but I am hoping 2018 will give us our road map that we so desperately need.

Who is Coming

I will summarize and explain: Coinbase People, Big Business, Intermediaries 

Coinbase People

Coinbase people are people who are not yet able to really grasp the concept of cryptocurrency. Think about what is needed to be done if you would like to invest in currencies that aren’t the big 4-5 that everyone can buy with cash. You need to make two accounts, use your cash to buy one virtual currency to pay for another virtual currency. Yes, I know that makes sense to you and I (sometimes it doesn’t), but for most people it simply doesn’t. This extra layer of annoyance and deterrence is what is going to make us money. If it was easy for these people to buy all of the currencies we hold so dear, Raiden would already be on a beach somewhere. If you just think about all the steps you went through to buy coins and store them, that is enough to put more than half the population into a technology coma. This, once again, is my bet. My bet is that once it becomes easy for these people to buy different coins (and the government makes it easy for them), then we will begin to see some rapid adoption. You are just simply not going to get most people to go to Hong Kong virtual Exchanges to buy cryptocurrencies. It must be at their doorstep, especially for Americans. Look at the drive-thru food culture! They wait. We want them to wait, that is what creates discounts for early adopters.

Businesses 

There are plenty of businesses who are actively looking into implementing blockchain. Think of the SWIFT system for money transfer. It takes days, its expensive, and backlogged. How about securing client information? Well, I couldn’t possibly think of any data breaches in the past 5-10 years. How about the rapid exchange of information/data? Companies already do this on “secure” email servers en masse. That’s an 86′ Toyota Corolla with 300,000 miles on it compared to the cars that people can encrypt their information on in the blockchain. Encrypting money and information from a basic level makes complete sense. If the best cars/roads are crowd sourced on an alternative platform, so be it. If they want to stick their nose up to it, that’s fine. Darwin’s finches had some losers obviously. Blockchain will be the place where all things are done eventually. Brick and Mortar stores are slowly dying, while our internet identity grows at an unstable pace. All of this volume must go somewhere. Clearly the way we use the internet now is outdated and dangerous. So, we must migrate. Here in lies the bet.

Intermediaries

I saved the best for last. Remember those lazy Coinbase people? Intermediaries are the folks who will make the drive-thru window for them. Let’s think about how an asset manager could use cryptocurrencies. They can actively manage a pool of currencies for investors, they can make an index that costs people essentially nothing to buy on an e-trade account, or they can simply buy large amounts to go with the other holdings that they have of traditional investments. The amount of ways they can use these products to derive fees from their clients its infinite. Each and every single way will benefit us. I have never known a financial services firm to turn down a financial market because of it’s volatility. These are the people to listen for. Currently, there are a couple funds investors can buy that have a holding of bitcoin. If you and Raiden aren’t satisfied with just one coin, why do you think others would be?

I am sure you recently saw the SEC is quietly telling all asset managers to pull their bids for cryptocurrency funds. Governments are still trying to get taxes from the last big wave, you think they can handle another one right now? This was expected. This wasn’t going to be a smooth ride. If you have read my earlier posts, we like when the government talks. They scare people! We can make money from scared people.

All of what I have told you means something. Think ahead. What would your parents buy? Grandparents? Co-workers? Or better yet what are they willing to be exposed to in a financial product. A fund listed on an American Exchange can’t have “road map” currencies as constituents. That wouldn’t make sense. My homework to you is to write down your own hypothetical American Index fund. find the names you think are stable enough to be tracked in a basket of other currencies.

This is going to be an exciting year if you are prepared, and you are creative. I do hope this has stimulated some thought. I am not recommending you buy or sell any currencies, as my intention is to give you as much armor as I can in the trenches of the exchange. I wish you the best of luck. But, this all can go to $0. Take profits. Read.

Images courtesy of Pennex and 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 27 rated postsMythological God of Lightning. Cryptocurrency/Blockchain writer, evangelist, and friend. May the odds be ever in our favor.




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Altcoins

Stellar Price Analysis: XLM/USD Has the Potential for a Short-term Rally, Though Bearish Set-up Eyed

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  • Stellar’s XLM potentially has further room for upside, within the short-term view.
  • Danger still looms for XLM/USD, as the daily chart suggests of a bearish technical pattern set up.

Steller’s native token XLM, has failed to commit to any sustained trend. This has been the case since the start of July. Bull rallies that have been witnessed were quickly sold by the market bears. This led the market to trade within a generally long running form of consolidation. Price action is narrowing, given the unsustainable short-term trend runs that have been witnessed. It comes as somewhat of a surprise, as the Stellar foundation have certainly been busy.

Stellar Developments

It was reported recently, blockchain security company BitGo, announced their support of Stellar Lumens (XLM). Being added to the BitGo’s list, Stellar now receives custody solutions. Their users will be able to generate wallets for Stellar Lumens. This is said to be starting at some point within the next couple of weeks. Elsewhere, as previously reported, the Stellar foundation at the start of this month released their heavily anticipated decentralized exchange, StellarX.

4-hour Chart Technical Review

XLM/USD 4-hour chart

Looking via the 4-hour chart, price action has formed a bullish pennant pattern. This comes after the surge higher between September 20-23. XLM/USD has since entered consolidation mode, trading within a range-bound nature. The price is coming very much towards the end of this technical pattern seen, raising the case for an imminent breakout. Near-term support can be observed around $0.2350 area. This is the lower tracking trend line of the mentioned pennant. A failure of the support could very likely see a fast fall to $0.2050. XLM/USD was last trading in this territory between September 12 – 20. The mentioned period was during a time of consolidation, prior to the mentioned breakout higher.

Resistance is seen just ahead of the current price. The above descending trend line of the pennant pattern is tracking around $0.2460-70. Enough bullish momentum to see the breach would likely force the price running to $0.2650. This is seen as an area of resistance on the 4-hour chart view. Looking further to the north, eyes would be on the supply heading into the $0.3000 mark.

Daily Chart Technical Review

XLM/USD daily chart

Taking into consideration the 4-hour chart view, there is still room for another squeeze higher. Despite this, danger appears to still be looming for XLM/USD. Risks on the daily chart point to the downside. The view of this is that a longer-term bearish pennant pattern is containing the price. XLM/USD support on the daily chart can be seen just sub of $0.2000. A long-running supporting trend line can be seen. The price having required assistance on June 29 and several occasions from September 8 – 12. To the upside, resistance can be seen around $0.2900. XLM/USD was rejected already on a few prior occasions, by the above descending trend line. July 25-2 and then most recently September 23, all saw respective bull runs halted.

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 30 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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Altcoins

IOTA Price Analysis: Current Behavior Raises Concerns of Another Drop in the Price

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  • Current technical indications still point to downside risks for IOTA’s MOITA price.
  • Near-term chart view sees a rising wedge pattern. The daily chart observes a bearish pennant formation.

The IOTA price remains at risk for now of a breakout to the downside. It appears more likely that downside pressure will be seen, in comparison to any upside surprises. Despite this, IOTA’s native token has made solid recovery in just over a week of trading. Since 25th September, it has gained 8%. Trending higher has been observed from a low of around $0.5200, up to current levels around $0.5600.

IOTA Developments

Most recently, Bitpanda announced they now offer deposit and withdrawal services for IOTA. Bitpanda is fintech company based in Vienna, Austria. They specialize in selling and buying Bitcoin and other cryptocurrencies. Becoming Europe’s leading retail broker for Bitcoin, Ethereum, Litecoin and more, boasting a user base of over 900,000 users. “We are very pleased to announce not only withdrawal and deposit functionalities for IOTA on Bitpanda, but also that Bitpanda now officially supports the latest IOTA tech — IOTA Hub,” as stated in their most recent blog post.

This move goes to show the growing presence IOTA is having across the market. The market acknowledgement of the foundation’s technology. IOTA’s MOITA is currently the 11th largest cryptocurrency by market cap, which is seen at $1.5 billion.

Elsewhere, as covered previously, the foundation is very close to revolutionizing the car insurance industry. They presented a new project in which they have been working on at bIOTAsphere. This was a proof of concept technology, known as Tangle. Full details mentioned in the previous article.

Near-term Technical Review 

IOT/USD 60-minute chart

Looking via the 60-minute chart, current price action has formed a rising wedge pattern. This price behavior makes it susceptible to a breakout to the downside. Should the bears manage to breach the lower support, sellers could pile in. To the downside, support in this view can be seen tracking around $0.5650. Further to the downside, 60-minute support should come into play around $0.5420.

Daily Chart Technical Review

IOT/USD daily chart

For over a month now, price action, as clearly seen on the daily chart view, has been firmly within consolidation mode. The range is getting tighter, building up the likelihood of an imminent breakout. Resistance is sitting just ahead around $0.5850, very close to current levels. Support eyed at $0.5430, a breakout could see the price tumbling. A potential downside target would likely be around the $0.4000 territory, testing 14th August low.

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 30 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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Companies

Crypto Market Development: Goldman Sachs-Backed Circle Acquires Crowdfunding Platform

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  • Goldman Sachs-backed Circle has announced it has acquired SeedInvest. The fee has not been disclosed.
  • SeedInvest are a crowdfunding platform. Circle are planning to expand SeedInvest’s offerings to support cryptocurrencies.

The Goldman Sachs funded crypto start up Circle, are really stepping up their dominance within the market. Over the past two days, there has been a couple positive developments from their camp. Firstly, the firm has acquired crowdfunding platform SeedInvest. Elsewhere, they have added a new feature for their app, known as Collections.

Circle Acquires SeedInvest  

Circle Internet Financial is acquiring SeedInvest. Should all be approved by regulators, the company are targeting the strategy of delivering a token marketplace. This will enable businesses as well as individuals to raise capital and interact with investors using open crypto rails and infrastructure. Circle will want to make it easier for startups to issue digital coins. The scope also to facilitate customers to trade a larger variety of digital tokens. A full statement can be observed by their latest blog.

Collections

Another development from Circle, coming in the form of adding a new feature, is “Collections”. This will allow its users to invest in a particular theme. The following themes offered are “Platforms, Payments, and Privacy.” Users will be able to invest in an entire theme, with a single click. Providing a simplified way for investors portfolio be focused on multiple coins. Full coverage was posted within a blog from the company.

Market Review

These developments continue to cement the huge improvements being observed across the market. The sky appears to be the limit, as the digital currency sector does not stop having its infrastructure solidified. Updates such as the announcements from Circle, demonstrate capabilities are not limited. See previous acknowledgement points of the sector taking big legitimizing steps, in a prior Litecoin article, under the section Big Infrastructure Improvement In The Crypto Market’.

The one thing that will likely continue to slowdown the market is regulation. This will have to be the case for the foreseeable future. As revolutionizing as the industry is, regulators must remain cautious for the sake of all parties involved. Their concerns remain about the safety of investors that want to participate in the marketplace as well as ensuring that anti-money laundering protocols are maintained. In the long run, it is in the best interest of all those involved. Besides all of this, there is still remains some way to go for complete a complete solid system, in comparison to the traditional financial system.

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 30 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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