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Why Investors Should Pay Attention to Siacoin (SC)

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Siacoin (SC) began development in 2013 as part of the earliest generation of blockchain projects which sought to create more than just a transactional currency.

Under the guidance of computer science undergraduates David Vorick and Luke Champine, Siacoin aimed to provide a decentralized file storage network; hosted on the blockchain and paid for using SC coin.

Following some aggressive funding for Vorick and Champine’s Nebulous Labs Inc, the team went to work and reappeared in 2015 bearing the first beta-version of Siacoin.

Now, five years on from the project’s conception, Siacoin file storage costs the equivalent of $0.73 per TB per month, compared to the average market fee of $10 demanded by the likes of Dropbox, OneDrive and Box.

However, it hasn’t been plain sailing for the decentralized cloud storage service, as the Sia community was recently rocked by a year-long saga which split the community in two – the tremors of which continue to be felt to this day.

How Siacoin Works

Siacoin’s storage system is operated by a series of smart contracts, encryption and reputation systems – all of which combine to create a trustless, decentralized storage marketplace.

Storage hosts are constantly vetted by the network to make sure they still hold the encrypted files they pledged to store, and that their service remains online. Those who fail who too many checks lose their staked coins and are booted from the network.

This kind of autonomous control can also be found in Siacoin’s pricing mechanism, which constantly checks the network for the lowest compatible fee set by independent storage hosts, and prioritizes the cheapest first.

Obelisk Mining Rig Saga

Siacoin is one of the few blockchains to reject Bitmain’s ASIC miners outright in favour of its own dedicated Obelisk miner. The Sia-specific mining rigs were produced by Nebulous Labs Inc – the company formed by Sia creators Vorick and Champine.

Trouble began when the release of the mining rigs was delayed, and in the intervening months several other hardware firms dropped their own Sia mining rigs onto the market. This left Siacoin miners devoid of hardware, money, and faith in a project which many had backed from the beginning.

More can be read on the saga here and here, but eventually the decision was taken by Vorick to fork Siacoin to exclude rival hardware and focus purely on Nebulous Labs own Obelisk mining rigs.

Predictably, this split the community in two. As of October 2018, at least one class action lawsuit has been levelled against Nebulous Labs, with investors seeking compensation for mining rigs which apparently still haven’t been delivered.

Market History

Between January and June of 2017, Siacoin went on a 12,500% growth spurt as its market cap shot up from $5 million to $630 million. Of course, that was before the market surge at the turn of the year which saw Siacoin’s market cap subsequently climb to $3 billion.

However, 2018’s bear market took its toll on SC, and now, towards the end of the year, the coin represents a market cap in the range of $250 million.

It can now be picked up for less than a cent, priced at the $0.006 range. There is no total supply cap on the coins, and 37 billion are already in circulation. To address the obvious inflation issues arising from this, a systematic routine of coin burning takes place.

Overall, the Siacoin network currently hosts 224TB worth of data out of a total storage capacity of 3.8PB (one petabyte equals one thousand terabytes). The network also boasts 538 storage hosts scattered across every continent on the globe.

Conclusion

Siacoin represents a strange case in the crypto world. One the one hand, it stands as perhaps one of the most successful applications of decentralized technology operating in the space today.

But on the other hand, the messy inner workings of the Bitmain/Obelisk saga also stand as an example of how precarious the decentralization game can be. The hardfork to finally exclude the Bitmain tech is scheduled for Halloween night, October 31st 2018.

One expects the mining rig tremors to be felt for some time yet, however the live Siacoin product continues to outperform its big name, centralized counterparts.

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 125 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Blockchain Goes Mobile: The First Crypto MVNO Announces Loyalty Rewards Program

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This week, Miracle Tele (blockchain based Mobile Virtual Network Operator / MVNO) announced the public launch of a loyalty rewards program which has been available to token-holders and investors since last October.

The rewards are distributed in the form of an exchangeable crypto token, compared to the non-fungible ‘points’ systems more commonly known (redeemable only for products created by the points distributor).

In this scenario, the customer is afforded full freedom with how they choose to spend their rewards. As far as this writer is aware, the scheme is the first of its type to be offered by any MVNO provider, although it wouldn’t be the first for an MNO.

MNOs and MVNOs

‘Mobile network operators’ (or MNOs) is the term used to describe most of the best known mobile network service providers, such as T-Mobile and O2.

MNOs are wireless cellular providers which possess whole ownership of all the necessary operational components required for the sale of mobile telecom services.

‘Mobile virtual network operators’ (or MVNOs) are companies that enter into a service agreement with the aforementioned MNOs in order to rent their services at a business or wholesale rate.

These companies subsequently apply their own business ideologies, as well as market offerings (unique service packages and value-lines) ideally to contribute to bringing a greater level of competition and choice in the mobile telecom marketplace.

Blockchain in the Mobile Space

Miracle Tele isn’t the first blockchain based company operating in the mobile phones area, and it most likely won’t be the last!

Last year, popular blockchain trading-game ‘Crypto Kitties’ hit the news yet again for being integrated into all factory-setting HTC U12+ devices (the flagship smartphone for the company in 2018).

It wouldn’t be the first time HTC has flirted with crypto either, like when they controversially sold that ‘HTC Exodus 1‘ phone exclusively in exchange for cryptocurrency.

Additional examples of blockchain-based product developers or service providers within the mobile space include providers of token wallets and mobile-apps for exchange. In addition to SBI-backed mobile payments token ‘S Coin’.

Blockchain MVNOs Viable?

There is very little competition of note that is bridging the gap between blockchain and MVNOs, suggesting that the companies we do see will be representative of whether such partnerships will build or bust in the following year(s).

For those interested in learning more about MVNOs in the blockchain space as well as / enjoying my prose, I recommend that you check out an article I wrote here at Hacked.com about how an underrated star in crypto (Electroneum) recently partnered with such a company, growing its portfolio of real-world use cases for p2p financial transaction in line with its mission statement.

Another company in the space, however with less legitimate coverage is one by the name of ‘YOVO’.

Disclaimer: The author owns small quantities of Bitcoin and Ethereum. 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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Crypto Update: Coins Settle Down After Weekend Pump & Dump

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While crypto bulls had something to cheer about early on during the weekend following a rally attempt in the majors, the move once again failed to improve the technical setup in the segment, and the top coins quickly gave back their gains. Now, most of the coins are trading near the bottom of their short-term ranges and technicals continue to point to the continuation of the bear market.

Correlations are still very high, there is no sign of a developing bullish leadership, and with none of the key coins showing bullish momentum, bulls are facing strong headwinds. While trading volumes and volatility remain relatively low thanks to the range-trading environment a move below primary support could trigger larger moves in the majors soon.

The negative long-term trends are still in no danger, and although there is still a slight chance of a failed break-down pattern to develop in the market, odds favor a bearish short-term outcome as well. With that in mind, traders and investors still shouldn’t enter positions here, with our trend model being on sell signals on both time-frames in the case of the majority of the coins.

BTC/USD, 4-Hour Chart Analysis

Although Bitcoin is still relatively stable compared to its most important peers, it gave back all of its weekend gains and fell back below the key $3600 support/resistance level yesterday. Now, BTC is threatening with a break-down below the prior sing low, and given the recent weakness, our trned model is now on a short-term sell signal.

While bulls could still be saved by a move above $3850, the failed rally attempts warn of selling pressure, and a bearish continuation is more likely here. Further strong resistance is ahead between $4000 and $4050, with support zones still found near $3250 and $3000, and traders should still not enter positions.

ETH/USD, 4-Hour Chart Analysis

Ethereum shoed relative weakness during the rally attempt this weekend, and it is now very close to a break below the key swing low, which would likely lead to a move towards the key support zone between $95 and $100. The coin remains on sell single son both time-frames, and with a test of the bear market low near the $80 price level seems likely in the coming weeks.

Strong resistance is ahead just above the current price level and near $130, with further zones at $145, $160, and near $180 while a weak short-term support is found near $112, and the coin’s weakness is a negative sign for the whole segment.

Altcoins Still Weak Despite Rally Attempt

STR/USD, 4-Hour Chart Analysis

While none of the major altcoins broke the key short-term support levels, the overall picture remains bearish and we haven’t seen signs of resilience that would indicate a short-term bottom and the resumption of the counter-trend move.

Stellar, which has been among the bearish leaders towards the end of 2018, is once again showing relative weakness while following the trends in the broader market, should the coin violate the $0.10 level, a quick to new bear market lows would be likely, with the $0.09 level being the only lone of defense for bulls.

XRP/USDT, 4-Hour Chart Analysis

Ripple still seems very fragile from a technical standpoint, and a move below $0.30 looks inevitable in the coming weeks, with a likely test of the bear market low near $0.28. The $32 support/resistance level remains in focus, but given the weak rally attempts and the bearish long-term setup, we don’t expect the coin to get back to the $0.3550 level in the coming period.

Our trend model is still on sell signals on both time-frames, with further strong support found near the $0.26 level, with resistance ahead near $0.3750, and in the key long-term zone between $0.42 and $0.46.

LTC/USD, 4-Hour Chart Analysis

Litecoin is back near the key $30-$30.50 support zone after the volatile weekend, and it also looks ready to dip below that zone, even as the short-term trading range is still intact. The steep long-term downtrend is intact despite the recent counter-trend move, and traders and investors shouldn’t enter positions here, with the short-term setup also being bearish. Strong resistance is ahead near $34.50, $38, and $44 with further support found near $26 and $23.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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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4.7 stars on average, based on 444 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.




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GBP/USD Price Prediction: Bulls Reclaim 1.2900, Eyes Locked on Another Retest of 1.3000

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  • GBP/USD bulls pick up momentum to the upside, following generally positive tone to Theresa May’s Plan B statement.
  • Next upside targets for the bulls should they firmly breakdown 1.2900 again, will be the psychological 1.3000 mark.

GBP/USD throughout the session on Monday remained very much elevated. This came as market participants were somewhat maintaining an optimistic view. All of which heading into the British Prime Minister Theresa May’s speech to the House of Commons, on her Brexit plan b. Of course, this had to be drafted again, given her humiliating defeat at the vote last week, on the initial EU withdrawal plan.

Theresa May Plan B

In terms of her details this time round, she will be going back to Brussels, to seek some amendments to her initial agreement. This needs to be done in order to get a plan through another vote in the commons. Looking at some of the GBP bullish takeaways from this statement; she guaranteed rights for EU citizens at several angles, scraping the application fee EU nationals registering in Britain, discussing the backstop with the DUP this week.

To conclude, PM May appears keen in her language to ensure of a soft-Brexit, rather than one that is hard. All of which supported GBP in its push to session highs, at the time, briefly moving back above 1.2900. The price had given up this area on 18th January, when the bears were reversing the run observed on 17th, where GBP/USD touched to big psychological 1.3000 mark again.

Technical Review – GBP/USD

GBP/USD 60-minute chart. Near-term resistance eyed at 1.2900, with bulls locked in on a retest of 1.3000.

GBP/USD at the time of writing continues to trade around the 1.2900 territory. This price did see a brief period cooling, on touted profit-taking post the statement. Near-term resistance can be seen within this price region, but if convincingly broken down again, then there is decent upside potential. Aside from the supply observed here, there isn’t much in the way of the 1.3000 price region.

Given the renewed optimism around Brexit now, this has assisted in maintaining momentum to the upside for GBP. In terms of support to the downside, a strong area of demand should be noted at 1.2850-25 price region. As can be seen via the 60-minute chart view, this has supported the price since 15th January.

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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4.6 stars on average, based on 112 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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