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Why Investors Should Pay Attention to SkyCoin

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Last week we talked about Substratum, an ecosystem coin that has been doing quite well, but it isn’t the only one on the market.

With multiple coins popping up that address the same problems, some healthy competition emerges, and we see what happens when multiple solutions exist for the same problem.

SkyCoin is one such example. Having been in development since 2011, it has received input from some of the early developers of Bitcoin and Ethereum. In 2017, it officially launched its ICO, and what sets it apart from many of the other coins in the space is there is an actual product available. Many other projects ICO with the understanding the money will be used to fund the development over the next few years. SkyCoin was very close to launching their testnet, and did so eventually in April.

Differentiating SkyCoin from the Market

As a potential investor, it helps to realize what the differences are between many of these coins. One thing that sets SkyCoin apart from its competitors is the protocol is uses. Rather than using POW or POS, it uses an algorithm called Obelisk that depends on a protocol called “web of trust dynamics”.

This is special for the singular reason that it is not nearly as costly to run the SkyCoin network. From the very beginning, it was designed to be energy-efficient in a way Bitcoin’s network (and others) are not.

The Mechanics Are Unique

Critics find it easy to claim that many cryptocurrencies are designed to be speculated upon more than having an actual use case.

The actual goal of SkyCoin is to decentralize the Internet at the hardware level. This means managing the bandwidth, storage, and computational resources in a way that allows for fair access to the Internet and maintains net neutrality. SkyWire is SkyCoin’s flagship application, and it is designed to achieve this ambitious goal by leveraging the incentives presented by blockchain technology to circumvent the human nature driven errors of the past.

SkyCoin’s proprietary coin is SKY and can be used to rewards users for providing bandwidth. There are many benefits to the way SKY and the market mechanics behind it are designed. SKY is resistant to 51% attacks and has transaction times lower than 2 seconds. Additionally, SkyCoin has its own coin-mixing service called CoinJoin that allows for privacy to be maintained on transactions. Additionally, SkyCoin has a proprietary ICO platform called Fiber.

In a manner similar to NEO/GAS, dividends are paid for holding SKY in the form of Coin Hours. Transaction costs may be covered by Coin Hours, since the network is designed to avoid transaction fees and mining rewards (due them causing an inflation in the amount of energy required).

The Long Case

By having a different model and approaching a big problem in a unique way, SkyCoin sets itself apart from other participants in the market. The coin is currently ranked 181 in terms of market capitalization, and is trading at approximately 0.0003 BTC.

With scalability seeming to be much less of a problem for SkyCoin than it would be for other platforms attacking the same problem, this could be a good price to make a purchase. Especially considering it is at a yearly low.

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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Coinbase Pro Adds ETH-Based Quartet; Golem (GNT), Dai (DAI), Maker (MKR) and Zilliqa (ZIL)

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Coinbase Pro extended its run of listing Ethereum-based tokens on Tuesday, when it announced the addition of Golem (GNT), Dai (DAI), Maker (MKR) and Zilliqa (ZIL).

The exchange recently released a list of more than thirty coins and tokens that it had signalled for immediate attention. After the listing of four ERC-20 tokens last week, and the four mentioned above, the list has now has twenty-three coins remaining.

Coinbase Lists ERC-20 Tokens

According to Tuesday’s tweet from the Coinbase Pro team:

Inbound transfers for DAI, GNT, MKR, and ZIL are now available in the regions where trading is supported. Traders cannot yet place orders and no orders will be filled. Order books will be in transfer-only mode for a minimum of 12 hours.

Depending on where you’re based, you may not have full access to the complete range of services. The four tokens have been split into two different jurisdictions, as per the Coinbase Pro blog post:

Support for GNT and DAI will initially be available for Coinbase Pro users in the US (excluding NY), the UK, EU, Canada, Singapore and Australia. MKR and ZIL will not be available to customers in the US, but will be tradable in the UK, EU, Canada, Singapore and Australia on Coinbase Pro.

Dai is a dollar-pegged stablecoin which is backed by the funds of Maker token holders. The fact that Coinbase has found reason to separate two tokens which are part of the same ecosystem suggests the legal hoops they’re being forced to jump through are complex.

Utility or Coinbase Roulette?

Coinbase reminded everyone that the utility and functions of these assets would be lost if left on the Coinbase cold wallet:

Each of these tokens has associated functionality, some of which may be in beta. Moreover, each token’s associated functionality is not currently directly accessible via the Coinbase Pro platform.”

Some social media users questioned the function of these tokens, however, and one also questioned Coinbase’s motivations in listing them:

“@CoinbasePro lists 4 more random ERC20 coins. – Because it’s easy to add more ERC20 coins – Because in 2017 consumers wanted more coins – NOT because there’s huge demand for these particular coins Do you ever recall seeing a community coin poll at Coinbase? Binance runs them…”

Just another disgruntled bag-holder, or does he have a point?

Price Movement

All tokens mentioned were on the rise along with the rest of the market before the Coinbase announcement dropped, but news of the listings kicked the surge into second gear.

Zilliqa was the strongest performer out of the four, climbing 14% from a token price of $0.013988 up to $0.015963.

Maker gained just over 12% on its value, moving from $367 up to the $414 range. Golem climbed 11.9%, only days after hitting an all-time low following a 95.5% decline. Dai remained somewhat stable, although has been above its dollar peg for the last few days, falling from $1.07 to $1.02 in the last twenty-four hours.

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 106 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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EOS Price Analysis: EOS is Set Up for Bigger Gains, Following Recent Technical Development

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  • EOS has jumped around 45% between the sessions of 15th – 17th December. 
  • Bulls shrug off all negative related news flow that has surrounded EOS in recent weeks.

The EOS/USD bulls are on a serious mission to recovery. Unlike several of its peers, a slowdown in momentum has not been seen with the EOS price. More importantly, a breakout has been observed from a range-block, of which EOS/USD was confine within. This had been the case since the 7th December, managing to escape however on 17th and capitalize further on that.

EOS Shakes off Negative Commentary

Over the past few weeks, there have been several negative bits of news flow. Recently, as covered by Hacked in a prior article, the Cardano founder, Charles Hoskinson, had a fair few words to say about EOS. He had noted that action from regulators was potentially right around the corner for EOS. Hoskinson had specifically raised concerns about the EOS token sale.

Elsewhere, it was recently covered by Chinese press that EOS decentralized apps (DApps) have been victim to hacks totaling around $1 million since July. The report cited data which was collected by PeckShield, who are a blockchain security organization. This suggests that the DApps on EOS have been hit by at least 27 breaches from July up to late November. This is an amount of 400,000 EOS, equivalent to 8 million yuan, at the time of the published report.

Lastly, at the back-end of last month, there was some FUD surrounding the CTO of Block.one, Daniel Larimer. The community and social media space were concerned about Larimer working on new projects. This prompted worries that he may be leaving EOS, keeping in mind the EOS mainnet hadn’t even reached a year.

EOS has pretty much shrugged much of this FUD off, as seen with this latest rally. It has far outperformed its peers with the big gains collected over the past two sessions.

Technical Review EOS/USD

EOS/USD daily chart

EOS/USD had a decent extension to the upside after breaching the confinements of the detailed range-block.  The bulls initially jumped a chunky 45% over the period of 15th to the 17th December. However, into the session on Tuesday, the price has run into some minor resistance, seen at the 4th December high area. This can be noted within $2.60 territory.

The pullback being observed at the time of writing isn’t too much of a surprise, given the burst higher in such a short time frame. Profit-taking is only natural in this case. It is a minor retreat ahead of further potential moves north. Eyes will be on the breached range-block for support, the top of that seen at $2.18.

Should the bulls gather enough momentum for a push above the minor near-term resistance seen, then a fast 60% move could be seen. This would take EOS/USD back towards $4.40, where another minor supply zone is observed. Further north, a reclaim of the pre-November fall levels, i.e., $6 territory, is the next major 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 88 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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Cryptocurrencies Still Recovering Strong After Monday Rally; BitMEX Sees 24/7 Trading as the Future

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Cryptocurrency prices maintained their firm uptrend on Tuesday, a sign that the latest rally attempt has further room to grow. Rising volumes and steady gains in the last hour of trading point to further momentum up ahead.

Market Update

The cryptocurrency market capitalization is currently valued at $115.4 billion, according to latest available data. In doing so, it surpassed Monday’s peak and put crypto values on track for a bigger short-term recovery. Asset values bottomed near $100 billion on Saturday, the lowest in 16 months.

Trading volumes have skyrocketed in the last 24 hours, as waves of buying flooded the market. Turnover is up 47% since Monday, with the top-ten exchanges reporting a volume increase of 43% to 102%. The top-four exchanges – Binance, OKEx, Huobi and DigiFinex – each processed more than $500 million in trades.

In terms of individual currency, bitcoin was up 1.4% in the last hour to trade at $3,567. The leading digital currency rose double-digits on Monday, the anniversary of its last record high, which served as a catalyst for the broader market.

XRP gained 1.7% to $0.3346. In doing so, it extended its 24-hour advance to 10.4%.

Ethereum is up 1.5% on the hour to trade at $95.45. EOS rose another 2.9% to $2.52 and has now gained 17.4% over the past 24 hours.

With the exception of Tether (USDT), a dollar-backed stablecoin, all cryptocurrencies in the top-25 by market cap had reported gains Tuesday. USDT was stable around $1.01.

The latest recovery attempt looks convincing relative to price action in recent weeks. However, the bulls aren’t out of the woods yet. Depressed market sentiment could trigger fresh waves of profit-taking before the week is over.

BitMEX and the Future of Trading

Crypto derivatives platform BitMEX believes cryptocurrencies have set a precedent for how other markets will behave in the future. In a recent episode of the Unchained podcast with Laura Shin, BitMEX CEO and co-founder Arthur Hayes said he expects 24/7 markets will become the new norm in the future.

At the same time, Hayes indicated that the “jury is still out” on whether cryptocurrencies are a new asset class or just a “blend” of financial instruments. At the very least, bitcoin and cryptocurrencies could become a “new way of raising capital and sending value around the world.”

BitMEX has been at the center of the bitcoin selling spree of the last six weeks. As bitcoin printed successive lows, volumes on the exchange skyrocketed. At its highest point, BitMEX was processing more than a third of bitcoin’s daily trade volumes on virtual currency exchanges. Clearly traders were shorting BTC.

According to CCN, BitMEX processed nearly $1 trillion in volume over the past year.

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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4.6 stars on average, based on 704 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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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.

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