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Crypto-Powered - The Most Promising Use-Cases of Decentralized Finance (DeFi)
A whirlwind tour of Defi, paying close attention to protocols that we’re leveraging atGenesis Block. https://reddit.com/link/hrrt21/video/cvjh5rrh12b51/player This is the third post ofCrypto-Powered— a new series that examines what it means forGenesis Blockto be a digital bank that’s powered by crypto, blockchain, and decentralized protocols. Last week we explored how building on legacy finance is a fool’s errand. The future of money belongs to those who build with crypto and blockchain at their core. We also started down the crypto rabbit hole, introducing Bitcoin, Ethereum, and DeFi (decentralized finance). That post is required reading if you hope to glean any value from the rest of this series. 97% of all activity on Ethereum in the last quarter has been DeFi-related. The total value sitting inside DeFi protocols is roughly $2B — double what it was a month ago. The explosive growth cannot be ignored. All signs suggest that Ethereum & DeFi are a Match Made in Heaven, and both on their way to finding strong product/market fit. So in this post, we’re doing a whirlwind tour of DeFi. We look at specific examples and use-cases already in the wild and seeing strong growth. And we pay close attention to protocols that Genesis Block is integrating with. Alright, let’s dive in.
Stablecoins are exactly what they sound like: cryptocurrencies that are stable. They are not meant to be volatile (like Bitcoin). These assets attempt to peg their price to some external reference (eg. USD or Gold). A non-volatile crypto asset can be incredibly useful for things like merchant payments, cross-border transfers, or storing wealth — becoming your own bank but without the stress of constant price volatility. There are major governments and central banks that are experimenting with or soon launching their own stablecoins like China with their digital yuan and the US Federal Reserve with their digital dollar. There are also major corporations working in this area like JP Morgan with their JPM Coin, and of course Facebook with their Libra Project.
Stablecoin activity has grown 800% in the last year, with $290B of transaction volume (funds moving on-chain).
USDC($1B): This is the most reputable USD-backed stablecoin, at least in the West. It was created by Coinbase & Circle, both well-regarded crypto companies. They’ve been very open and transparent with their audits and bank records.
DAI ($189M): This is backed by other crypto assets — not USD in a bank account. This was arguably the first true DeFi protocol. The big benefit is that it’s more decentralized — it’s not controlled by any single organization. The downside is that the assets backing it can be volatile crypto assets (though it has mechanisms in place to mitigate that risk).
Three of the top five DeFi protocols relate to lending & borrowing. These popular lending protocols look very similar to traditional money markets. Users who want to earn interest/yield can deposit (lend) their funds into a pool of liquidity. Because it behaves similarly to traditional money markets, their funds are not locked, they can withdraw at any time. It’s highly liquid. Borrowers can tap into this pool of liquidity and take out loans. Interest rates depend on the utilization rate of the pool — how much of the deposits in the pool have already been borrowed. Supply & demand. Thus, interest rates are variable and borrowers can pay their loans back at any time.
So, who decides how much a borrower can take? What’s the process like? Are there credit checks? How is credit-worthiness determined?
These protocols are decentralized, borderless, permissionless. The people participating in these markets are from all over the world. There is no simple way to verify identity or check credit history. So none of that happens. Credit-worthiness is determined simply by how much crypto collateral the borrower puts into the protocol. For example, if a user wants to borrow $5k of USDC, then they’ll need to deposit $10k of BTC or ETH. The exact amount of collateral depends on the rules of the protocol — usually the more liquid the collateral asset, the more borrowing power the user can receive. The most prominent lending protocols include Compound, Aave, Maker, and Atomic Loans. Recently, Compound has seen meteoric growth with the introduction of their COMP token — a token used to incentivize and reward participants of the protocol. There’s almost $1B in outstanding debt in the Compound protocol. Mainframe is also working on an exciting protocol in this area and the latest iteration of their white paper should be coming out soon.
There is very little economic risk to these protocols because all loans are overcollateralized.
Buying, selling, and trading crypto assets is certainly one form of investing (though not for the faint of heart). But there are now DeFi protocols to facilitate making and managing traditional-style investments. Through DeFi, you can invest in Gold. You can invest in stocks like Amazon and Apple. You can short Tesla. You can access the S&P 500. This is done through crypto-based synthetics — which gives users exposure to assets without needing to hold or own the underlying asset. This is all possible with protocols like UMA, Synthetix, or Market protocol. Maybe your style of investing is more passive. With PoolTogether , you can participate in a no-loss lottery. Maybe you’re an advanced trader and want to trade options or futures. You can do that with DeFi protocols like Convexity, Futureswap, and dYdX. Maybe you live on the wild side and trade on margin or leverage, you can do that with protocols like Fulcrum, Nuo, and DDEX. Or maybe you’re a degenerate gambler and want to bet against Trump in the upcoming election, you can do that on Augur. And there are plenty of DeFi protocols to help with crypto investing. You could use Set Protocol if you need automated trading strategies. You could use Melonport if you’re an asset manager. You could use Balancer to automatically rebalance your portfolio. With as little as $1, people all over the world can have access to the same investment opportunities and tools that used to be reserved for only the wealthy, or those lucky enough to be born in the right country.
You can start to imagine how services like Etrade, TD Ameritrade, Schwab, and even Robinhood could be massively disrupted by a crypto-native company that builds with these types of protocols at their foundation.
As mentioned in our previous post, there are near-infinite applications one can build on Ethereum. As a result, sometimes the code doesn’t work as expected. Bugs get through, it breaks. We’re still early in our industry. The tools, frameworks, and best practices are all still being established. Things can go wrong. Sometimes the application just gets in a weird or bad state where funds can’t be recovered — like with what happened with Parity where $280M got frozen (yes, I lost some money in that). Sometimes, there are hackers who discover a vulnerability in the code and maliciously steal funds — like how dForce lost $25M a few months ago, or how The DAO lost $50M a few years ago. And sometimes the system works as designed, but the economic model behind it is flawed, so a clever user takes advantage of the system— like what recently happened with Balancer where they lost $500k. There are a lot of risks when interacting with smart contracts and decentralized applications — especially for ones that haven’t stood the test of time. This is why insurance is such an important development in DeFi.
Insurance will be an essential component in helping this technology reach the masses.
Decentralized Exchanges (DEX) were one of the first and most developed categories in DeFi. A DEX allows a user to easily exchange one crypto asset for another crypto asset — but without needing to sign up for an account, verify identity, etc. It’s all via decentralized protocols. Within the first 5 months of 2020, the top 7 DEX already achieved the 2019 trading volume. That was $2.5B. DeFi is fueling a lot of this growth. https://preview.redd.it/1dwvq4e022b51.png?width=700&format=png&auto=webp&s=97a3d756f60239cd147031eb95fc2a981db55943 There are many different flavors of DEX. Some of the early ones included 0x, IDEX, and EtherDelta — all of which had a traditional order book model where buyers are matched with sellers. Another flavor is the pooled liquidity approach where the price is determined algorithmically based on how much liquidity there is and how much the user wants to buy. This is known as an AMM (Automated Market Maker) — Uniswap and Bancor were early leaders here. Though lately, Balancer has seen incredible growth due mostly to their strong incentives for participation — similar to Compound. There are some DEXs that are more specialized — for example, Curve and mStable focus mostly only stablecoins. Because of the proliferation of these decentralized exchanges, there are now aggregators that combine and connect the liquidity of many sources. Those include Kyber, Totle, 1Inch, and Dex.ag.
These decentralized exchanges are becoming more and more connected to DeFi because they provide an opportunity for yield and earning interest.
As it relates to making payments, much of the world is still stuck on plastic cards. We’re grateful to partner with Visa and launch the Genesis Block debit card… but we still don’t believe that's the future of payments. We see that as an important bridge between the past (legacy finance) and the future (crypto). Our first post in this series shared more on why legacy finance is broken. We talked about the countless unnecessary middle-men on every card swipe (merchant, acquiring bank, processor, card network, issuing bank). We talked about the slow settlement times. The future of payments will be much better. Yes, it’ll be from a mobile phone and the user experience will be similar to ApplePay (NFC) or WePay (QR Code).
But more importantly, the underlying assets being moved/exchanged will all be crypto — digital, permissionless, and open source.
Someone making a payment at the grocery store check-out line will be able to open up Genesis Block, use contactless tech or scan a QR code, and instantly pay for their goods. All using crypto. Likely a stablecoin. Settlement will be instant. All the middlemen getting their pound of flesh will be disintermediated. The merchant can make more and the user can spend less. Blockchain FTW! Now let’s talk about a few projects working in this area. The xDai Burner Wallet experience was incredible at the ETHDenver event a few years ago, but that speed came at the expense of full decentralization (can it be censored or shut down?). Of course, Facebook’s Libra wants to become the new standard for global payments, but many are afraid to give Facebook that much control (newsflash: it isn’t very decentralized). Bitcoin is decentralized… but it’s slow and volatile. There are strong projects like Lightning Network (Zap example) that are still trying to make it happen. Projects like Connext and OmiseGo are trying to help bring payments to Ethereum. The Flexa project is leveraging the gift card rails, which is a nice hack to leverage existing pipes. And if ETH 2.0 is as fast as they say it will be, then the future of payments could just be a stablecoin like DAI (a token on Ethereum). In a way, being able to spend crypto on daily expenses is the holy grail of use-cases. It’s still early. It hasn’t yet been solved. But once we achieve this, then we can ultimately and finally say goodbye to the legacy banking & finance world. Employees can be paid in crypto. Employees can spend in crypto. It changes everything.
Legacy finance is hanging on by a thread, and it’s this use-case that they are still clinging to. Once solved, DeFi domination will be complete.
At Genesis Block, we’re excited to leverage these protocols and take this incredible technology to the world. Many of these protocols are already deeply integrated with our product. In fact, many are essential. The masses won’t know (or care about) what Tether, USDC, or DAI is. They think in dollars, euros, pounds and pesos. So while the user sees their local currency in the app, the underlying technology is all leveraging stablecoins. It’s all on “crypto rails.” https://preview.redd.it/jajzttr622b51.png?width=700&format=png&auto=webp&s=fcf55cea1216a1d2fcc3bf327858b009965f9bf8 When users deposit assets into their Genesis Block account, they expect to earn interest. They expect that money to grow. We leverage many of these low-risk lending/exchange DeFi protocols. We lend into decentralized money markets like Compound — where all loans are overcollateralized. Or we supply liquidity to AMM exchanges like Balancer. This allows us to earn interest and generate yield for our depositors. We’re the experts so our users don’t need to be. We haven’t yet integrated with any of the insurance or investment protocols — but we certainly plan on it. Our infrastructure is built with blockchain technology at the heart and our system is extensible — we’re ready to add assets and protocols when we feel they are ready, safe, secure, and stable. Many of these protocols are still in the experimental phase. It’s still early.
At Genesis Block we’re excited to continue to be at the frontlines of this incredible, innovative, technological revolution called DeFi.
--- None of these powerful DeFi protocols will be replacing Robinhood, SoFi, or Venmo anytime soon. They never will. They aren’t meant to! We’ve discussed this before, these are low-level protocols that need killer applications, like Genesis Block. So now that we’ve gone a little deeper down the rabbit hole and we’ve done this whirlwind tour of DeFi, the natural next question is: why?
Why does any of it matter?
Most of these financial services that DeFi offers already exist in the real world. So why does it need to be on a blockchain? Why does it need to be decentralized? What new value is unlocked? Next post, we answer these important questions. To look at more projects in DeFi, check outDeFi Prime,DeFi Pulse, orConsensys. ------ Other Ways to Consume Today's Episode:
The world economy is on the verge of crisis again, cryptocurrencies will be strong
Vulnerability refers to the property that things are vulnerable to damage when faced with fluctuations. -Nassim Nicholas Taleb In the face of economic fluctuations, it is disadvantageous to hold such a negative view. Every capital market has its own life cycle, which inevitably goes through a process from growth, to peak, and then to recession. Now is no exception. As we emerge from the longest bull market in history, we suddenly find ourselves in a highly vulnerable global economy facing the panicked and perplexed planet unprepared. However, the turmoil has just begun. Newton's first law, also known as "the law of inertia", means that any object must maintain a constant linear motion or standstill until an external force forces it to change its state of motion. Although this analogy does not perfectly correspond to the capital market (because the market is always changing and developing in different directions), at least one thing is certain that under the action of the market mechanism, the market cycle always appears Trend from peak to valley. The music box winds up, and the performance of the song sounds, and then it stops after a while. When this happens, the market structure collapses, eventually leading to huge chaos, and then falling into silence. Once external forces force the entire economy into trouble, people will realize the long-standing hidden structural defects in the economy. Now, the world economy is on the verge of crisis again. All human beings have to face a sudden outbreak of a global epidemic and the resulting shocks in supply and demand in the market. The economies of some countries have stalled. Ironically, the effects of inertia may be prevalent in market fluctuations. While witnessing the development of the global economy, we still find two simultaneous macro trends: --1-- USD strong We believe that the strong US dollar is driven by three factors: Investors turn to safe assets: Despite the Fed ’s interest rate cuts and monetary stimulus policies, the market ’s increasing demand for the US dollar has pushed up the US dollar index and hit a new high in 18 years. US Dollar Financing Issues: Cross-currency basis swaps measure that investors are more inclined to hold the US dollar than the euro or the yen. On March 17, the euro-dollar basis swap swap premium expanded from -60 basis points to -120 basis points, the highest level since 2011. As of press time, the Euro-US dollar basis swap has rapidly dropped to about -27 basis points, while the US dollar-Japanese yen basis swap has expanded to -70 basis points. Negative basis points indicate greater pressure on the dollar and higher hedging costs for European and Japanese investors. The reality is that U.S. banks, which are the main source of funding for the U.S. dollar, are storing large amounts of cash instead of actively issuing short-term U.S. dollar loans to foreign banks. Due to recent pressure from the balance sheet, more and more U.S. banks are beginning to reduce credit lines to retain cash. In addition, many foreign banks that lack direct access to the US dollar market can only rely on central bank liquidity swaps for financing. This week, the Fed and several other central banks opened new liquidity swap tools, providing USD 30 billion to USD 60 billion of liquidity, respectively, to ease pressure on USD financing. Central banks in emerging market countries are taking urgent steps and lowering their benchmark interest rates: Emerging market investors are very worried about the stability of their currencies and are pouring into the dollar market. According to Bloomberg, all major emerging market currencies weakened against the US dollar on January 20, just as the new crown virus began to spread in Asia. ——2—— Treasury liquidity tightening Abnormally performing credit markets: In general, price fluctuations will prompt investors to switch from risky assets (such as stocks) to safe-haven assets (such as bonds). This was indeed the case when the new coronavirus was causing panic. However, the current despair of liquidity (especially cash) by market investors has led to a large-scale sell-off in the global bond market, falling bond prices and rising interest rates. Repurchase market: The Federal Reserve's rescue measures have not brought the expected results. In the past week, the Federal Reserve announced three repurchases and other measures to release liquidity, hoping to ease the current state of the US Treasury market and reduce the inventory of primary dealers. However, market demand for government bonds remains sluggish. Let's turn our eyes from the home of the macro economy to the cryptocurrency market. Although they are not necessarily related, we find that the two are closely related. In the face of volatility, it is particularly important to develop a price action strategy. The CBOE-VIX index, an indicator that predicts the trend of the S & P 500 in the next 30 days, has surged to its highest level since the last global financial crisis. At the same time, we also saw that the 90-day implied volatility of Bitcoin options rose to 6.8% (annualized 130%), which is about 5.9% (annualized 113%) this weekend. As the "Black Thursday" on March 12th, BTC was down 40% and ETH was down 50%, some leveraged positions were forced to close. According to reports, BitMEX alone closed USD 700 million worth of long and short positions. At the same time, the sell-off of ETH dropped the value of the DeFi ecosystem by 40%. The total amount of collateral liquidation of Compound, dYdX and Maker and other lending platforms reached US $ 10 million. But in this turbulent market, not all assets perform so badly. Although the price of BTC, like the stock market at the beginning, plummeted, falling by 60% from the high price in mid-February, it rebounded by about 50% from the price low on March 12. Over the past period, we have found a large amount of funds flowing from altcoins to BTC. With the spot premium (the spot price is higher than the futures price), the demand for bitcoin lending has increased. The effective fund interest rate also gradually returned to normal as the curve was inverted. In contrast, when futures are at a premium (the futures price is higher than the spot price), there is almost no demand for BTC's lending transactions. At present, the BTC funding rate on various lending platforms has increased from 3-5% to 8%, and the ETH funding rate has increased from 2-4% to 6%. ——3—— Floating profit stablecoin market Since February 14, the entire cryptocurrency market has experienced a large-scale sell-off, with a market value of $ 45 billion evaporated. At the same time, the market value of USDT has risen to nearly $ 5 billion. USDT has emerged from this market volatility and has become a safe-haven asset. This week, the premium rate of USDT prices in China and South Korea is as high as 7%, which is caused by the demand of payment service providers and arbitrage traders. The current over-the-counter USDT supply exceeds supply. At the same time, the market value of USDC climbed to US $ 630 million, a record high. The market value of BUSD is exceeding the US $ 150 million mark, mainly due to the surge in demand for Binance's borrowing and margin trading. ——4—— Near-term outlook We pay close attention to the changing macroeconomic trends and the successive monetary and fiscal policies implemented by governments around the world. Although we cannot predict the specific trend of the market, we still believe that cryptocurrency as an asset class will be strong. In a nutshell, we think: ● Due to the recent sell-off in the market, the value of positions has shrunk sharply, making the distribution of positions in the market clearer. ● With the exit of market makers, the spread between major exchanges has brought more market arbitrage opportunities for retail traders. In particular, the derivatives market (futures and perpetual swaps) has seen a significant discount compared to the spot market, which has pushed up BTC's lending rate. ● By hedging the spot and long futures, market participants can carry out arbitrage trading, which is completely contrary to the market situation we saw last year (the futures price is significantly higher than the spot). ● Over the past six months, trading activities in the options market have grown rapidly. We expect that trading activities in the options market will continue to grow. ● At present, on our platform, institutional clients such as hedge funds, arbitrage traders, crypto companies, etc. have all bought a lot of BTC and USDT. Market volatility is part of investment. We believe that after a period of time, the economy will re-enter the upward trajectory, please let us work together for it.
Review: The most thrilling 24 hours in Bitcoin history
From 12:00 on March 12th to 12:00 on the 13th, Bitcoin, the most influential currency in the cryptocurrency industry, suffered two major declines, and its price fell from a maximum of 7,672 USD to a minimum of 3,800 USD (data from Huobi, the next Same), the decline was 50.4%, which means that the price of Bitcoin has achieved a fairly accurate "half price" in these 24 hours. Previously, Bitcoin's "halving market" was mostly considered to be an increase in market prices caused by Bitcoin's halving production, although many people have questioned the "halving market" as " The price is halved ", but when bitcoin walks out of the current bad market, it still surprises most investors. First plunge The bad 24 hours started at 12 o'clock on March 12. Due to the rapid spread of the new crown epidemic in Europe and the United States, the global financial markets have been raining for several days. After several adjustments, the price of Bitcoin has hovered up and down within the range of $ 7600-8200 in the previous three days. However, after 12 o'clock on the 12th, Bitcoin The price fell below $ 7,600 for the first time, breaking the psychological expectations of many investors, entering a rapid decline channel, and dropping to about $ 7,200 at around 18 o'clock. At this time, the decline of Bitcoin is still around 7%, which is a common occurrence in the history of Bitcoin. However, after 18 o'clock that day, the market turned sharply, and the price of bitcoin plunged again in a short period of time. It fell to US $ 5,555 within tens of minutes, a drop of 28%, and the amount of contractual positions on each platform exceeded US $ 2 billion. During the decline, most major exchanges such as Huobi, Binance, and OKEx experienced systemic freezes of varying degrees. Many users complained for a long time that the exchange app could not properly display the homepage, market page, and transaction page, and added positions, stops, and withdrawals. Obstacles such as cash withdrawal and cash withdrawal operations have also shown that this situation also highlights that mainstream exchanges still fail to address the ability of their trading systems to respond to extreme conditions. For this decline, the collective sell-off of large Bitcoin holders is considered to be the main reason. For example, Grayscale Investment, the world's largest crypto asset fund management company, was sold and sold 40,000-50,000 Bitcoins. News from the exchange said that Bitcoin sold 400,000. For a long time, bitcoin has been called "digital gold" by the blockchain industry, and has good risk aversion properties. During the tense situation between the United States and Iran in January this year and the global stock market fell, Bitcoin rose from $ 7,200 all the way to more than $ 10,000. Bitcoin's safe-haven attributes have been widely recognized in history, but this time caused by the new crown epidemic Under the risk of the global economic downturn, the decline in the price of bitcoin has become the asset with the largest depreciation among various mainstream financial assets, and its high-risk nature will most likely collapse. Some analysts believe that bitcoin should be further classified as an alternative asset. At a time when liquidity shortage is extremely serious, as a high-risk alternative investment asset with the highest volatility in the world, funds will naturally be drawn from the market by investors. Looking for safer, more liquid assets, prices plummet. "Everyone in the future will realize that Bitcoin is not digital gold, but" an amplifier of risk. " Its value cannot be anchored. Unlike other asset prices, which are affected by costs and prices, Bitcoin has no normal market value range. As of now, it does not have any convincing valuation basis, more like a swaying boat. Without the anchor, its value fluctuates greatly, and the impact of halving the market and supply and demand on it is far less important than psychological factors. "Said Cai Kailong, senior researcher at the Institute of Financial Technology of Renmin University of China. However, some people in the industry hold different opinions. "BTC is still the most powerful currency in the history of mankind. It provides liquidity 24 hours a day. This is something that other markets simply can't imagine, but because liquidity is too good, this time it just happened to happen in other markets. When funds are scarce, the first choice for selling supplementary funds has also led to the decline of gold. Of course, the amount of BTC that is currently much lower than gold is certainly unstoppable in a short period of time. "A Weibo blogger" "fhrp". In addition to the sell-off of large institutions, some mortgage lending platforms have also passively become an important boost for this downturn. In the past six months, the Defi concept has been particularly hot in the blockchain industry, and many cryptocurrency-based cryptocurrency lending platforms were born. As a result, a large number of large Bitcoin users will pledge the Bitcoin in their accounts to third-party lending platforms and use the USDT to borrow cash to purchase cash, which is equivalent to increasing leverage. However, these platforms are not mature in terms of mortgage rate setting and liquidation mechanisms. Users who increase the mortgage rate of assets have a slower transfer speed on the chain. As a result, during this period of rapid decline in the market, a large number of mortgage orders have lower mortgage assets than loans. As a result, the amount of bitcoin out-of-market positions this time was far more than in the previous period of large market volatility, which further exacerbated the selling pressure of the bitcoin spot market. From 19:00 on the 12th to the early morning of the 13th, the price of Bitcoin hovered in the range of 5800-6200 US dollars, and the market began to prepare for the next stage of the trend. Second plunge On the evening of the 12th, the stock markets of mainstream countries in Europe and the United States successively opened and collectively fell, and the stock markets of at least 11 countries, such as the United States, Canada, and the Philippines, melted down. At the close of the morning on the 13th, both the Dow Jones Industrial Average and the S & P 500 Index had the largest single-day percentage decline since the 1987 stock disaster. The Dow closed down about 2352 points, the largest drop in history. The bad performance of the stock market quickly passed to the currency market. Beginning at 7 o'clock on the 13th, the price of bitcoin plunged from the position of $ 5,800 once again, dropping all the way, and successively fell below $ 5,000 and $ 4,000. For the rapid decline of the market, many people in the industry believe that the main factor is not only the panic selling of the market, but also the mutual stepping on of contract investors. Weibo blogger "AlbertTheKing" pointed out that most of the long positions in Bitcoin leverage are in the BitMEX perpetual contract market. The long positions caused by the decline in bitcoin prices caused a series of short positions, which in turn caused arbitrage spreads and spot arbitrage. The party rushed in to open multiple orders and sell spot arbitrage at the same time, thinking it was okay. As a result, I did not expect Bitcoin to fall more and more fiercely, and his own arbitrage and long positions also burst. So at first, the leveraged bulls stepped down on each other, and later became the arbitrage party. . "Fhrp" also pointed out that because BitMEX only has BTC margin, ETH's permanent liquidation also needs to be undertaken by btc. The profit portion of the hedge order cannot be included in the margin, and BTC is not sufficient because of the card being in serious shortage. The exploding warehouse order was opaque, so that no one dared to pick up the corpse later, fearing that it would become a corpse. Of course, the key is the lack of a fusing system, so that the market can slowly wait for liquidity to keep up. Under the interweaving of many risks, the price of bitcoin is about 10:15. It has fallen below 3,800 US dollars in many exchanges such as Huobi and OKEx, which is 38% lower than the price of 0 on the day and 50.4% lower than 24 hours ago. This is the highest record in the 24-hour drop since the birth of Bitcoin. Such a precise decline cannot be doubted as the bad taste of the bookmaker behind the exchange, if the bookmaker does exist. Of course, it is not excluded that this situation is due to the tacit understanding among the main market participants, or a purely natural phenomenon. But judging from objective facts, there is indeed some evidence that the situation is unnatural. After bitcoin hit a low of $ 3,800, its price quickly rose in the next 20 minutes, rising by 59% to $ 5,250, but then fell rapidly. At the turning point of $ 3,800, which is 10:16, the BitMEX trading system, the largest bitcoin exchange in the cryptocurrency industry, suddenly stopped until 10:40. It can be seen that the time point when the Bitcoin price stopped falling rapidly and stopped rising rapidly was close to the time point when BitMEX went down and returned to normal. This shows that BitMEX has a huge influence on the secondary market, and it also makes a lot of One suspects BitMEX is manipulating the market. Sam Bankman-Fried, chief executive of Derivatives Exchange FTX, tweeted that he suspects BitMEX may have intentionally closed transactions to prevent further crashes and to avoid using exchange insurance funds. Mining company BitPico also tweeted yesterday, "According to our analysis, BitMEX Research has closed its long position of $ 993 million with its own robots and capital. Today the manipulation of the bitcoin market is caused by an entity and the investigation is ongoing. " In response to this incident, BitMEX responded that there was a hardware problem with the cloud service provider, and in a subsequent announcement, it was pointed out that the DDoS attack was the real cause of the short-term downtime. Why the downtime of the BitMEX trading system is difficult to verify, but from its objective impact, its short-term downtime plays a vital role in curbing the further decline in the price of cryptocurrencies such as Bitcoin, which has eased investment to a certain extent. The panic sentiment created by this has created space for the rebound and correction of cryptocurrency prices such as Bitcoin. Sam Bankman-Fried even speculated that if BitMEX did not go offline because of a "hardware problem" this morning (February 13), the price of Bitcoin could fall to zero. If compared with the traditional financial market, the effect of this BitMEX outage event is quite similar to the "fuse" mechanism of the stock market. Trading is suspended for dozens of minutes at the moment when investor sentiment is most panic, so this outage event Also aroused the emotions of many people in the industry. "BitMEX has helped the currency circle" melt out, "otherwise the chainless stepping will not know where to fall. After the fuse, everyone calmed down and the market returned to normal. Weibo blogger "Blockchain William" posted a blog saying, "The market is not afraid of falling, and it is not afraid of stepping on it. That is why. This is why the global stock market has melted down because investors panic. It is a bottomless pit. Once out of control, there is no bottom Now. " Of course, the factors that cause the market situation to reverse are not limited to this. According to the feedback from multiple users on social platforms, BitMEX and Binance's major exchanges forced the short positions of multiple accounts to close positions at 10 o'clock on March 13th, that is, the automatic lightening mechanism was in effect. According to the BitMEX platform mechanism, when investor contracts are forced to close out, their remaining positions will be taken over by BitMEX's strong closing system. However, if a strong liquidation position cannot be closed in the market, and when the marked price reaches the bankruptcy price, the automatic lightening system will lighten the investor holding the position in the opposite direction, and the order of lightening is determined according to the leverage and profit ratio . Specifically, due to the sharp fluctuations in the price of bitcoin, a large number of long single-series bursts and the scarcity of market liquidity. In order to control the risk, the platform will automatically place some short orders with high profit ratios and high leverage on the market, increasing market flow. It also avoids the risk to the platform caused by the inability of the short-selling order to be executed in a timely manner. According to BitMEX's announcement, about 200 positions were automatically closed by the system. And Twitter blogger Edward Morra said, "On BitMEX alone, short positions worth about $ 500 million have been liquidated." If this data is true, it means that BitMEX's strong liquidation operation has brought more than 5 to the contract market. The market price of 100 million US dollars has a significant positive effect on the market that is being sold out. However, as a compensation, BitMEX also stated that it would contact each damaged user and compensate them according to the maximum potential profit that the investor obtained during the automatic liquidation. In any case, through the operation of exchanges such as BitMEX, the price of bitcoin has entered a recovery channel, and it is still hovering at the $ 5,000 mark, while driving the entire cryptocurrency market to pick up. After this thrilling 24 hours of bitcoin, the ideal "halving market" has disappeared. The real and brutal "halving market" is coming. Perhaps many investors and investment institutions have expressed their confidence in the crypto assets represented by bitcoin. The understanding will change in this regard, and the confidence of the entire industry needs to be rebuilt. This depends on the application value of bitcoin to be deepened.
After the Bitcoin crash: do others fear me for greed?
At 6:30 pm on March 12, Bitcoin dropped from $ 7211 to $ 5555.55. The bitcoin price dived again this morning, slumping nearly $ 2,000 again in half an hour, the lowest fell to $ 3,782.13, a drop of more than 40% in 24 hours. According to the data of the contract emperor, only Huobi, OKEx, Binance, and BitMEX exchanges had a daily short position of 3.133 billion US dollars, which reached the highest in a single day in history. The number of liquidated positions exceeded 110,000, which was also the highest in a single day. Also on March 12, the S & P index fell 260.74 points, triggering the fusing mechanism for the second time this week. The Dow hit its largest decline in history, at 2352.6 points. The Nasdaq fell 750.25 points to 7201.8 points. This is the third time in the history of US stocks. This fuse has been 33 years since the first fuse, but only 4 days have passed since the last fuse. Buffett shouted, "I only lived this way in 89 years." It is reported that Buffett lost $ 6.8 billion last night. According to incomplete statistics, with the exception of the United States, the stock markets of 11 countries including Canada, Mexico, Japan, South Korea, Thailand, India, the Philippines, Indonesia, Brazil, and Pakistan plummeted. The five largest US technology companies, Apple, Amazon, Google, Facebook, and Microsoft, had a cumulative market value of $ 416.63 billion. The Bloomberg Billionaires Index shows that the top 15 richest people in the world lost a total of $ 46.4 billion. Market panic or pullback demand? Regarding the meltdown of U.S. stocks this week, Yang Delong, chief economist of Qianhai Open Source Fund, believes that the spread of the epidemic is not the main reason. It is more a decade of bull market for U.S. stocks. Some factors driving the rise of U.S. stocks are quietly changing, such as the Federal Reserve ’s interest rate There is not much space. Regarding this crazy drop in Bitcoin, Apocalypse Capital told InfoQ that there are two main reasons for this drop in Bitcoin: on the one hand, the bearish demand caused by the expected global economic downturn, and on the other hand, Bitcoin Callback requirements themselves. As we all know, Bitcoin will be halved in the second half of the year, but the trading market pays attention to speculation expectations. This round of rise has essentially halved the market. After hitting a high of 10500, Bitcoin is facing a callback demand. Of course, this round of downtrends is so rapid and there are only a handful of recurrences in the history of Bitcoin, which are inextricably linked to the decline in global stock markets, both of which are the result of expectations of a bearish global economy. However, Johnson Xu, chief analyst of TokenInsight, told InfoQ that the Bitcoin dip was mainly due to market panic, because some market participants bought bitcoins by buying mining machines, borrowing, etc., and expected to reduce their expectations by half. A linkage effect caused by everyone being too optimistic about the market. The market is overhyped because Bitcoin is halved, and some market participants are afraid to miss the opportunity to enter the market irrationally. The current market slump is driven by strong irrational behavior, which translates into a rapid downside response and quickly depletes market buyers' liquidity (flattening down). When the overall financial market panic or other unexpected events are caused by the New Crown virus and the global economic slowdown, market participants often seek to withdraw assets such as stocks and bitcoins and convert these assets into cash (cash is king). So has the recent gold sell-off. When the market panics, people ask for cash in the beginning instead of investing in safe-haven assets such as gold. At the same time, because gold is considered a high-quality asset, investors usually start with liquidity crunch and market panic. Cash in on good assets (because inferior assets are more difficult to sell in panic times). The Bitcoin crash this time has a certain connection with the decline in global stock markets, because the entire financial market is a globalized market, and there is more or less linkage between each asset. In addition, Forbes speculated that it may be because PlusToken scammers transferred bitcoins worth more than 100 million US dollars to the mixer, and then sold bitcoins, resulting in rising market supply.
Other people are greedy, I am afraid, others are afraid of me, greedy? In this case, should investors still expect "halving the market"? Johnson Xu believes that there is no such thing as a "half quotation", and most market participants are too optimistic about the halving of Bitcoin. Price fluctuations are not necessarily caused by halving, but may be caused by the sum of other factors. When everyone is saying that they are optimistic about the market, the existence of risk is ignored in the subconscious. At this time, the risk will be actually reflected, and the upside will gradually shrink. Bitcoin halving was written into the code, and it was not an accident. Bitcoin should be halved in a rational way. It is worth looking forward to, but not overly interpreting and speculation. However, Tianqi Capital believes that this plunge is a callback period for bitcoin's halving of the market, and each round of sharp decline also indicates the opportunity of the market outlook: cheap chips will be hoarded, waiting for the next wave of hype and explosion. Therefore, Tianqi Capital still believes that the market outlook of Bitcoin is worth looking forward to, provided that it is not frightened by the current fierce washing of the chips, after all, when the bear market is the worst, it is also when gold is everywhere. Regarding the future trend of Bitcoin, Apocalypse Capital stated that it should judge according to the current trend. In this round of market, Apocalypse Capital initially chose to follow the downward trend of May 18, and Bitcoin has gradually dropped from a high of 10,000 to 3150 points, so the big support level predicted by this round happens to be 3700 today. Near the point. Data monitoring shows that some funds are involved in this price range. But whether it can hold on to this support remains to be tested. If the 3700 support cannot be maintained, it is very likely that it will hit the US $ 2000 level. Tianqi Capital believes that this is the market's last line of defense. Long-term investment is recommended to buy some relatively stable targets, such as BTC, ETH, etc. The bear market will eliminate many currencies, but if it survives, it will shine in the next round. Johnson Xu believes that the plunge is also a test to promote the healthy development of the industry. Extreme market is a test for the entire industry, especially for infrastructure, risk management, etc., so it is still optimistic and supports the development of the industry for a long time. For current investors, Johnson Xu offers the following suggestions:
Other people are greedy, I am afraid, others are afraid of me, greedy.
Global financial markets have also undergone major changes. From the data point of view, I don't think Bitcoin has the attributes of a safe-haven asset, but this market can test whether Bitcoin has a certain risk-avoidance capability. This is a global world. We need to analyze various markets, not just the digital asset market.
In the long run, we are still optimistic about the digital asset industry.
Does Bitcoin have a fusing mechanism? On March 9, after the U.S. stock market crash triggered the fusing mechanism, the market began a discussion of "whether Bitcoin should set up a fusing mechanism". But at present, most people are not optimistic about the Bitcoin fusing mechanism. OKEx CEO Jay Hao said that the fusing mechanism is difficult to implement in the digital currency market. In the face of a highly volatile market, setting the fuse point is a difficult problem. At the same time, for a 7 * 24h market, when a certain exchange breaks down, the price difference between the digital currencies between the platforms will increase, leading to arbitrage, and the fuse mechanism will eventually become a decoration. Du Wan, the co-founder of Contract Emperor, also said that it is unrealistic to use a fuse mechanism in the currency circle. The fusing mechanism first violates the original intention of the decentralization of the blockchain, and at the same time, it will touch the interests of the top of the currency circle ecological chain. For example, large trading teams can no longer use pins to obtain large profits. When the market is panic, exchanges with a fuse mechanism may lose traffic to exchanges without a fuse mechanism because of the run effect of traders. It can be seen that the current risk aversion measures in the traditional stock market are difficult to transfer to the fickle currency market in a short time, and the regulation of this market still has a long way to go. Investors should still be cautious when investing.
https://preview.redd.it/pzn1ho8cj9i41.png?width=1500&format=png&auto=webp&s=90ee62c6b9271813506ba4cf2b526d16ec285f12 There is no doubt that 2020 will be an important year in the history of cryptocurrencies: the next halving of BTC, the arrival of the ETH 2.0 era, the possible launch of the token of the Central Bank of China and Europe, the new presidential elections in America, the intense situation in the Middle East … In the face of the great economic instability, a question that continues to haunt the investors is: What should I buy? If you have not found a good answer, it is worth paying attention to these 5 cryptocurrencies: TOP1:Bitcoin https://preview.redd.it/xtxw64xdj9i41.png?width=1053&format=png&auto=webp&s=4868e166e42c3dd32299acc6d263fad803c753e0 Completing 11 years in the market, Bitcoin currently dominates 70% of the cryptocurrency market. The reasons to invest in BTC in 2020: 1） Another halving is coming The 3rd BTC halving will take place in May 2020, which may drive the price to a new level: The halving will result in a decrease in BTC production, which will lead to an imbalance between supply and demand in the market and drive up prices. The halving will increase the difficulty of mining Bitcoin and reduce the profit of it. In this sense, miners always bull the market, as the price increase can make up for the entire industry’s losses. While the mining giant has accumulated huge wealth during the BTC dividend period, it will become a guarantee for the rise in BTC prices. The expectation about halving has become a consensus, and the public’s fear of missing out in the market will drive prices up. It is worth noting that the halving of BTC does not necessarily occur at the time of halving. Based on the previous two experiences, the boon will be released before the halving. Therefore, You can start to build your position in Bitcoin at an early date, wait for the maximum to arrive and sell at the right time to reduce the risk. 2） Financial havens Weiss Crypto Ratings considered Bitcoin as the ultimate digital safe haven, whose value will grow in the face of the instability of the international scenario. Geopolitical conflict. Since 2020, the global risk aversion has greatly increased due to tensions in the Middle East. Concerns about the global recession: Bitcoin has grown 16% in 2020, and gold has reached its highest price of $ 1610 during the past seven years. TOP2:BCH https://preview.redd.it/cbg9ymkgj9i41.png?width=1051&format=png&auto=webp&s=e8a3df0abd8e0660a8bf706571c01fa76d0238d7 BCH is a token derived from BTC during the hard fork process, so its price has a great correlation with the price of Bitcoin. The height of the BCH block is slightly higher than the height of BTC, so the BCH halving will arrive on April 6, 2020. Top3：BNB https://preview.redd.it/4qm7axeij9i41.png?width=1050&format=png&auto=webp&s=005ecf56879e59fa26fbfb62afc6428893be1efb The year 2019 was considered as a year of bomb for exchange tokens, among which some achieved incredible performance and are among the 20 most valued cryptos in the world, as investors considered them as the most guaranteed cryptocurrencies. And BNB is a “potential stock”: Its price multiplied 8.5 times and its capitalization value rose from 861th place to 8th place, as a result of the launch of the IEO (Initial Exchange Offerings) model by Binance in 2019. Entering the market with a price of $ 0.10 in July 2017, BNB reached its highest increase in June 2019 with a price of around $ 39.57. Hold for two years = 388 times profit! In 2020, the value of BNB will also increase with the growth of Binance. Top4：Tezos https://preview.redd.it/rg6y11ikj9i41.png?width=1061&format=png&auto=webp&s=93c793ad1c62c9b6f62e2a46f6358f54dca7f9ae Tezos is one of the public chain projects that managed to survive the fierce competition in the market. In June 2017, the Tezos project raised $ 232 million during its initial coin offering (ICO), the largest funding among all ICO projects at that time. In October 2019, Tezos continued to rise, from a minimum price of $ 0.74 in October to a maximum of $ 1.85 in December, an increase of more than 160%, ranking among the top ten by market value. The reason behind this is that Coinbase has launched staking support for Tezos, which represents the affirmation of the Tezos project, as Coinbase has always been known for its strict project review. Compared to the highest value of $ 12, Tezos still has a long way to go. Given its reversal in 2019, it deserves attention in 2020 so as not to miss good investment opportunities. Top5：Maker（MKR） https://preview.redd.it/j9ch8wumj9i41.png?width=1051&format=png&auto=webp&s=246a2a06ff16e62e7684b2ef1e0fb061017bba77 In 2019, Defi (Decentralized Finance) has become a new hotspot in the blockchain and is considered a “new financial revolutionary movement”. Maker is the “central bank” of the DeFi lending market, with a market share of over 49%. Those who cannot obtain a loan from the traditional banks can borrow digital assets on the Maker platform. At present, the stable currency DAI is the main borrowing asset, accounting for 74% of the total loan amount, and DAI is the stable currency issued by the Maker platform. The DeFi market has achieved continuous growth in 2019. According to DeFireview data, as of December 24, 2019, the total locked position reached 796 million U.S. dollars, of which Maker accounted for 39.16%. Compared with January, it has increased by nearly two times, and on June 25, it reached to the highest total amount, which is $ 1.72 billion. MKR is the token of the Maker system. With the growth of the Defi market, MKR has risen steadily by 12% since the beginning of this year. The market value of MKR jumped to the top 20. In 2020, with the centralized exchanges starting to launch Defi business and the huge potential of the lending market, the prospect of Maker is exciting. Keep in mind that investing in cryptocurrencies is always risky, and investing in only one cryptocurrency will face greater risks. Diversify your portfolio! All information contained in this article is for reference only.
Following up on my other post which shared only a few high level points I thought people would be interested in, here's a more in-depth summary of the meetup. THIS IS VERY LONG! I don't really have a TL;DR beyond my other short highlight thread, but I think there are some other high level summaries. This is for those who want a very thorough recap of what was discussed. I'm happy to update this with anything shared in the comments which I remember and think is additive to the summary, definitely didn't catch every single thing. I'm leaving out a few talking points/questions that either 1) I didn't totally catch, 2) provided no incremental information or 3) were just bad questions (there were some). Sunny's Speech Sunny began with a history of blockchain, from the bitcoin whitepaper to the first few alt coins to the advent of Ethereum. He then went on to discuss the extent to which these various stages involved meaningful/useful innovation: original alt coins did not, ethereum of course did, but is heavily flawed for enterprise use. He then went on to discuss what those primary flaws are and how VeChain is trying to solve them (scalability, governance, cost, etc.) He noted that technology is not blockchain's biggest obstacle, it's adoption. He talked about how, although some people will tell him to "get lost or something" he doesn't really believe in full decentralization. I think his point was that although it's nice in theory, it just isn't really practical, and it's a bad approach in particular for trying to get this new blockchain technology adopted in the mainstream. This goes back to something he said in another interview at some point - you can't just come in with totally new, radical technology outside the existing framework and replace everything that exists from the outside. You have to start within the existing framework, show people what's possible, and then change the system from the inside out. He went on to discuss what he sees as problems with some of the existing projects. Talked about how projects in the top 20 have ecosystems worth 2 billion dollars, hold hundreds of millions of dollars worth of their own tokens to be used for the project's development etc., but they don't have a CFO. He thinks that should concern people. I don't remember exactly where it fit in the narrative, but he discussed valuation/speculation. He pointed out that they have a number of their university research partners trying to work out token valuation models. He made a general point that more utility should equal more value, the implication being VeChain will have more real utility (and should therefore have more value) than any other blockchain. They had a slide showing some calculations and pointed out that if you look at the known metrics, the dividends, etc., the price of Google's stock is 85.7% speculation. Only $161 of it's $1,128 value (at the time they ran these numbers) can be tied to the current value. For Tencent, it's 93.5% speculation. He jokingly pointed out that in crypto it's about 99.99%, but I think one of the unspoken points here is that it's silly to think that on mainnet launch speculation about the future value is going to go away and you'll just have token value based on current Thor production. That isn't how markets or valuation work. He then basically mocked people complaining about the code not yet being open source, and there being no whitepaper - the people who think these are red flags and that the project might be a 'scam'. As if PwC and DNV GL didn't do extensive diligence. On this point, I'll quote GarzyWarzy from another thread: "Sunny mentioned that the crypto community as a whole doesn’t seem to appreciate the level of reputational risk that these multi billion dollar enterprise partners take by publicly backing a blockchain startup (“what do people think would happen if PwC backed us and we failed in 6 months?”). As an investment banker who deals extensively with corporate governance issues and every type of business risk imaginable, I will add my two cents that this risk is massive and that is it a clear sign of extensive diligence and extreme trust in the VeChain team to execute their business plan for developing their ecosystem. Always remember, “it takes many years to build a reputation, and seconds to ruin it”." I'm a corporate lawyer and couldn't agree with this more. The people who think a whitepaper (which they likely wouldn't even understand) is more reassuring than the endorsement by DNV GL, PwC, Draper and Breyer (who would never, ever make such an investment without extensive due diligence) have no idea how things work in the corporate world. DNV GL and PwC are recommending VeChain to clients, and Draper and Breyer have made investments through their funds, where they have a fiduciary duty to the investors in those funds. The amount of diligence that occurs before taking those reputational and legal (negligence, breach of fiduciary duty, etc.) risks is truly exhaustive. Back to adoption, Sunny went on to compare blockchain to TCP/IP, as he's done in the past. Most people use email every day, but do they care about TCP/IP? Of course not. Blockchain will be the protocol infrastructure for things people use every day, whether they know it or not. At this point, continuing to talk about adoption and use cases, he mentioned that they signed a top 3 insurance company in China as a client, and he also mentioned a CRM use case that's in the works. He said the whitepaper will be out in a few days, and will explain a lot of what they're doing/what they're trying to do, and what some of the use cases are. They are focused on developing as many practical use cases as possible - this is how you get adoption. Once the use cases are defined, you can start "developing killer dApps" in relation to them. I think this is, to some degree, a subtle shot at Ethereum - his point here being that developing lots of dApps on a platform doesn't really mean much unless those dApps actually relate to a practical, defined real world use cases which ensures they will be used and adopted. The whitepaper took so long because, in Sunny's words, his "english sucks" and after he wrote it, his teams needed to double, triple, and quadruple review/edit/refine what he wrote so that it is in professional english. Back to adoption, he stated there are around 13/14 crypto projects they are working with who intend to use VeChain (either porting over from Ethereum or launching an ICO on the platform. More on this in the Q&A section). One of them is a company that already generates $50 million/month in revenue and want to 'blockchain-ize' their business. He pointed out here this is a company that isn't just interested in padding their coffers - they have money, that isn't an issue. These are the types of projects they like to work with. They aren't interested in being a 'shitcoin generator' (this was said by Sunny in the Q&A and got a laugh and round of applause). Last point on this, he noted that BitOcean is taking so long because the "Japanese government are being assholes". That's a direct quote. Sunny is hilarious. I can't overstate how likable he is - he comes off as a down to earth, cool, funny and easy going guy. Kevin's Speech Next, Kevin spoke. This was a short update on authority nodes and the mainnet. He mentioned that most projects have masternodes as basically a marketing tool, they aren't that meaningful or necessary. VeChain's authority masternodes are essential to the ecosystem. You can not become an authority node if you can not meaningfully contribute to growing the ecosystem. There is no room for negotiation on this. They aren't interested in having random people running validating authority nodes for profit and nothing else. As far as the application process, they received over 100 applications and are expecting more (authority node application and monitoring process will be ongoing to make sure VeChain has the best authority nodes possible and that each node is continuing to fulfill all of its obligations). As far as the applicant pool, they were about 71% enterprise, 29% individual. About 52% China, 23% America, then a mix of HK, Singapore, Japan, and others. He then addressed the mainnet. Internal testing is done, they are now moving on to the public alpha testing, which is by invite only and is not the open source phase. This phase starts today and includes a number of professional firms auditing the code: PwC's cybersecurity team, secureware.io, Slow Mist, and Hosho. They will also be putting a bug bounty on Hacken eventually, finding a critical vulnerability could get you up to 2000 VEN tokens. This private testing will go on for a few weeks, before the public testing begins in early June which involves the code becoming open source - as of now, they expect it to start in the first week or two of June. Then, he announced the 1 VEN to 100 VET token split. The example he gave was talking to friends about buying Bitcoin - some responded "it's already $8000, I can't buy a bitcoin I can't afford it". Kevin would respond, well actually you can buy .001 bitcoin if you want... and then they'd lose interest. I think what he's getting at is they want to be prepared for years down the road when demand is enormous - they don't want people dealing in fractions. Yes, I'm also sure they are aware of the implications for this in terms of price and the attractiveness of a 5 cent token verses a 5 dollar token. I don't deny that. Look at fucking Tron. The Q&A Session Someone asked about how the authority nodes will be monitored. Kevin explained there will be a dedicated team for this. They are serious about having the highest quality authority nodes and holding them to the standards they expect. There will be a quarterly review process, and any issues will be brought to the Steering Committee, which may decide to remove/replace an authority nodeholder if they aren't contributing and fulfilling their obligations. He noted that the whitepaper will include a thorough section on their governance model. Question about it being difficult, currently, for companies (especially in the west) to find out how to contact them and work with them. What are VeChain's plans in terms of a business development team, marketing, etc. Sunny explained that while obviously they'll have an internal BD team, and this is being built out, they also want to heavily leverage the resources of the community. In a way, the community will be a giant business development team, and they will create standard toolkits for the community to use to market/introduce VeChain to people in the first instance. The guy then asked what if I got you Pfizer - that's enormous, what's my incentive? Sunny responded there will be rewards in VET tokens for bringing them clients. I don't remember what the exact question was, but it was noted at this point that although the private, consortium chain is an Ethereum fork, the mainnet was built from scratch and is not an Ethereum fork. They did intentionally use the Ethereum Virtual Machine, though, so that Ethereum dApps can be easily ported over to VeChain. It sounds like they expect this to happen quite a bit. They also talked about how they went through the web3 libraries and 80% will be able to work directly with VeChain. They want interoperability, compatibility, and ultimately, an easy transition for Ethereum developers and dApps. Someone asked about them building out their own IoT business or letting others do the IoT work. Sunny talked about how he believes IoT is the way to connect blockchain to the physical world. There was a story not worth sharing about why they initially acquired an IoT team, but he gave this example: when Apple first released the app store and the ability to develop, nobody knew how or used it. So, Apple built the apps themselves and basically showed everybody what was possible and how to do it by example. So too will VeChain take this approach. They are partnering with IoT manufacturers and developing some of their own IoT solutions, and they'll continue to do this, but the point isn't to dominate IoT. They are showing the world by example what can be done in terms of IoT on the VeChain platform, and they ultimately want people/enterprises to be able to create their own value and their own IoT solutions on the VeChain blockchain. Anyone who wants to do so will be able to. Question about enterprises buying once the enterprise pool runs out - what happens if enterprises aren't comfortable doing what all of us have done (wiring money to a fiat gateway exchange, buying bitcoin/ethereum, moving it to binance, buying in the market, transferring out of binance, etc.). Kevin isn't really worried about this. They are talking to exchanges and service providers about it, they're talking to Circle about fiat pairing, etc., but realistically Kevin can see that exchanges are becoming more advanced and that ultimately they will be institutionalized in a way that basically just mitigates this concern. Question about storage of VET tokens after mainnet. There will be a mobile wallet launch at the exact same time. This mobile wallet will 1) facilitate the token swap from VEN to VET (most people will probably do this on exchanges, but eventually you'll be able to do it in the mobile wallet if you missed doing it on an exchange), 2) have a module that shows you what kind of node you are, 3) automatically receive your generated Thor, and 4) eventually allow you to hold other ERC-20 tokens. They also mentioned that although they're talking to ledger, etc. they are developing their own hardware wallet. Kevin explained this is essential for enterprises serving as authority nodes or holding large amounts of VET. They aren't going online and ordering a ledger and setting it up. VeChain needs to be able to provide this service and assurance for them, and they will. This is why these guys are lightyears ahead in terms of enterprise adoption. They've thought about these things. Question about 'competitors' like Waltonchain. First, Sunny goes "who?" and Kevin goes "what's Waltonchain?" But then Sunny went on by saying the "right" thing - there are no competitors in such a fledgling industry. He would love to hold hands with the other blockchain projects trying to do good things, and walk into the future together. He thinks projects can learn from each other and help each other. They aren't trying to crush competitors or beat anyone or anything like that. However, Sunny also jokingly asked "Seriously, why do people think Waltonchain is our competitor? We are what, 15th biggest project, and they are...?" He also went on to say that he is judging some competition or tech demo later this month on the 26th-28th, and that Waltonchain is the demo product. He thinks this is sort of funny, but also said if their product is great and the demo is good, there is no reason he wouldn't support them, vote for them, etc. Question about Breyer and Draper relationships. Draper is invested in many cryptocurrency projects and many companies, has tons of connections, and he gives VeChain a way of talking to all of those projects/companies. Breyer was the one who set them up with the research team at a Chinese university, he was the link to Circle to discuss fiat onramps, etc. The connections these guys bring are tremendous. I should note here that in a small group conversation with Kevin during the networking portion after the speeches, which was initiated by GarzyWarzy (perhaps he can elaborate further), he confirmed that Breyer and Draper are both meaningfully invested in tokens, not just equity of the technology portion of the company. Some clown actually used up time to ask "is CCK here?" Sunny said someone asked him this at Harvard also, and he was absolutely adamant that he doesn't know who this person is or how they are getting the information they have. He did not comment on it beyond that. He clearly thought it was a dumb question and said seriously that once and for all, he really doesn't know who it is. Question about how many projects will be running on the mainnet day 1. Sunny said it's hard to say for sure, but that there are currently between 20 and 25 use cases deployed on the consortium chain, all of which will be moved over in the first few months. He also mentioned the 15ish crypto projects that will be moving over to or launching on the platform, and the fact that their client pipeline is now over 250. He transitioned a bit from this point to discuss how they "don't want to be a shitcoin generator". If you come to them with a project that is just an ICO with a whitepaper and no product, no proof of concept, etc., they're not going to want you to launch that. They would rather invest in you if they think you're a good project, help you develop those things, prove out what you're trying to do, then help you launch a serious ICO or dApp with a real use case. Again, they are all about practical use cases, this is the path to adoption. That said, the project will be open source ("you guys asked for open source, so") there will be some shitcoins, it's unavoidable. I think that covers most of what I remember. Hope you all enjoy!
An open letter to the community - We need to put our money where our mouths are and support decentralization and dApps
Hey everyone, As I'm sure you all know full well, early adoption of crypto is primarily speculative trading, so this post is gonna focus mainly on the problems with trading in this space right now (centralized exchanges, regulations, lack of investment products, etc), and how we can shift our mindsets as a community to put our money where our mouth is and rally behind startups doing the right things (decentralized exchanges, dApps, protocols and necessary infrastructure). Why? Because for the first time in history we have a disruptive new technology that can really change the landscape in every industry imaginable, and we are at the stage where we're planting the seeds of these new products and companies, so why not support the right ones so we can realize the future we're all envisioning? I recently wrote an article on this on Hackernoon here: https://hackernoon.com/its-time-to-address-the-massive-problems-of-centralized-exchanges-ac2cfb66bef8, but I thought I'd expand on it and share my thoughts on how to move this space forward in terms of getting more dApp adoption and usage.
Who uses dApps anyways?
Blockgeeks just published a report on dApp usage for those interested, there is definitely some growth but since the bear market it has definitely tapered off: https://blockgeeks.com/guides/report-dapps-november-2018/ It's obviously nowhere near mainstream adoption, but it's a great start, so there's hope! There's definitely a ton of things that should immediately be addressed and are of high importance IMO, so I'm going to lay them out:
First, we need to address the massive problems of centralized exchanges
Bitcoin aside, the crypto space as a whole is still pretty young, the current experience of trading crypto assets is understandably a fragmented experience with scattered pockets of liquidity, and a highly technical and high friction process. But the irony is that we have the technology to avoid the security flaws that plague centralized exchanges and the adoption of crypto - decentralized trading. There are a ton of centralized exchanges available to the public today, but a much smaller subset of these exchanges are properly regulated, not to mention trustworthy and reliable. I know the pro traders out there might say, "Well DEXes aren't fast enough, or I can't run bots on them yet". That's fair, but if you want to see them succeed some day, every trade helps. If it's a trade that you think is executable on a DEX, do it there instead of on a centralized one. That's how adoption happens, one user at a time. While industry pioneers like Coinbase have pushed the space forward and newer entrants like Binance raised the bar for the alt-coin trading experience, the industry still suffers from constant hacks and malicious acts. We need to stop relying on centralized trading/hot wallets as they are huge security risks As far as we know, over $1 billion worth of crypto assets have been hacked & stolen from centralized exchanges in 2018 alone. Here's the biggest incidents in 2018:
$500 million worth of NEM stolen from Coincheck — The 2nd largest exchange in Japan
$195 million hacked from BitGrail — Italian exchange and the first to list Nano (I myself was a victim of this)
$45 million hacked from Binance — One of the largest global exchanges
$40 million stolen in Coinrail hack — A boutique exchange in South Korea
$60 million hacked from Zaif — Exchange in Japan
The root cause of this is that centralized wallets are increasingly large honeypots. The nature of a centralized exchange dictates that some trusted third party is storing the crypto assets of its users to create a pool of liquidity, this being done mostly by aggregating funds into exchange-owned digital wallets where assets from users are pooled into. Millions of people could lose not just money but also their identity and data handed over to centralized exchanges as well. While we're still in a bear market this may not happen as frequent, but it's reasonable to be expect that in the next bull-run the frequency and severity of attacks will only rise and a scenario in which an attack as widespread as the recent 50 million user Facebook hack — where both private data and money were stolen — could happen. There's already plenty of exchanges that are careless with handling user identity, handing over your personal ID is not a trivial matter and exchanges should follow the best practices to store and secure them if they're asking for them.
Second, we need clearer, more sensible regulation that fosters innovation and protects investors
This may be an unpopular opinion around these parts, but sensible regulation is good for both the industry and users, to ensure exchanges coming online meet certain requirements, so we're not operating and trading in this wild wild west of shady exchanges. People who trade today need to have a pretty damn high appetite and tolerance for risk, not to mention an acute ability to discern legitimate investments from the rampant exit scams and phishing attacks. (Just see yesterday's thread about the guy's dad who bought into Onecoin on the advice of a "friend"). The vague stance on the part of governments also means many crypto startups operate in a regulatory grey area (I have first hand experience with this working in the space). The SEC only recently clarified that they view Bitcoin and Ethereum as not a security token, meaning it wouldn’t be subject to existing securities laws. IMO the current lack of regulatory clarity has lead to a low barrier of entry for operating crypto exchanges, however this is starting to change as seen with the recent EtherDelta SEC charges, they're clearly making a statement now that you need to follow the laws when you open an exchange. But we can do better, and push lawmakers to create more defined rules that we need to play by, and at the same time educate them so they understand not just the technology, but the implications and potential use cases and how we can get there while allowing companies to innovate, new startups to rise, all while protecting consumers. That way we'll have more legal clarity as the industry matures that is business friendly.
Third, we need a more diversified set of investment products/options for crypto. More wealth generated = more growth and adoption
Up until recently, you were only able to purchase tokens on their own from an exchange. Today, we are starting to see an emergence of basic index funds such as the new Coinbase Bundle and Bitwise. It wasn’t until late 2017 that we saw the introduction of Bitcoin Futures from CBOE and CME. We expect new companies to continue entering this arena, especially crypto ETFs (ie: Bakkt in Jan 2019 maybe?), as well as other attempts at index funds or derivatives. There's a bunch of teams doing great stuff:
Bitwise - They're one of the first crypto index funds
Hodlbot - Another index fund
Shrimpy - A way to automatically invest and rebalance your portfolio
LakeProject - Working on AI driven investments that automatically build a portfolio for anyone (R&D phase)
Lastly, we need to punish greed and reward companies doing the right things
While it’s not a problem particularly limited to centralized exchanges, it’s been reported that listing a token can cost as much as $3 million. In contrast, listing a stock on NASDAQ costs $125k to $300k plus annual maintenance fees. This is just one example of the greed exhibited by those who have leverage and the middlemen who stand to profit in between (consultants, brokers, ICO firms, etc). These high fees dampen innovation as they’re too great of a cost to bear for most token/ICO projects. This is crucial for most projects as they need liquidity to bootstrap their network and to remain favourable with the community that invested in them. At least 7 of the top 10 exchangesengaging in excessive wash trading from 12x to over 100x their true volume. Foul play Plenty of centralized exchanges have been suspected and accused of wash trading (creating fake volume), insider trading, and price manipulation. High user trading fees As centralized exchanges carry more risk, and have more opaque control of their platform, they often charge higher fees compared to a decentralized exchange. Withdrawal limits Centralized exchanges impose a withdrawal limit, as a security measure to limit the amount that can be withdrawn at once. However, there’s also a misalignment of incentives, as they stand to benefit when you keep your funds locked on their platform so they can maximize trading fees There's a bunch of great projects and base layer infrastructure that people should look into and support, not just the protocols but also startups building on top of them, some of my fav protocols include:
0x Project - Powering decentralized exchanges for tokens, NFTs, etc
Set protocol - These guys are building a protocol to allow anyone to easily bundle any assets to create more sophisticated investment products
dYdX Protocol - This allows anyone to integrate margin trading and derivatives in their dApp
Dharma protocol - This protocol facilitates lending in a decentralized way
Compound protocol - A money market protocol that allows hodlers to earn interest on their tokens
Cosmos Network - Working on blockchain interoperability and tooling around Ethereum and Web3
Personally I'm working in one of the many, many startups in the space trying to build on top of these decentralized infrastructures to give everyone a more seamless experience to access, trade, and use crypto. But you can imagine how hard it is to gain any traction much less build a sustainable business especially in a bear market like this, and when everyone has either completely lost their motivation or still flocking to centralized exchanges to chase pumps knowing full well the risks and unethical practices. Cool story, what are you doing about it? I work with a team called the LakeProject, and we're a group of people that came together because we believe that decentralized platforms will address a lot of these concerns, so we're putting our money where our mouth is and building them. If you want to help or learn more about what we're doing here's our site: http://lakeproject.co. We also built our first decentralized product here which is a trading platform built on 0x: https://trade.lakeproject.co
In conclusion - Vote with your money and your time, it makes a difference
I hope this post made sense and I made somewhat of a decent case (?) on why we need to shift our mindset from simply trading and hodling to proactively choosing where to participate, what dApps to use, and which startups to support. IMHO this is key for adoption and it will seriously help startups (like ours) to grow and be able to make a difference in the industry and push forward and pioneer a new paradigm of operating a decentralized business. I think everyone in the space right now is still learning and trying to understand how that might look in the future, but the more support and usage we get, the sooner we'll learn and the brighter our future will be. If you've gotten this far, thanks for putting up with my clickbaity title and reading this thread :)
Elaborating on Datadash's 50k BTC Prediction: Why We Endorse the Call
As originally published via CoinLive I am the Co-Founder at CoinLive. Prior to founding Coinlive.io, my area of expertise was inter-market analysis. I came across Datadash 50k BTC prediction this week, and I must take my hats off to what I believe is an excellent interpretation of the inter-connectivity of various markets. At your own convenience, you can find a sample of Intermarket analysis I've written in the past before immersing myself into cryptos full-time. Gold inter-market: 'Out of sync' with VIX, takes lead from USD/JPY USD/JPY inter-market: Watch divergence US-Japan yield spread EUUSD intermarket: US yields collapse amid supply environment Inter-market analysis: Risk back in vogue, but for how long? USD/JPY intermarket: Bulls need higher adj in 10-y US-JP spread The purpose of this article is to dive deeper into the factors Datadash presents in his video and how they can help us draw certain conclusions about the potential flows of capital into crypto markets and the need that will exist for a BTC ETF. Before I do so, as a brief explainer, let's touch on what exactly Intermarket analysis refers to: Intermarket analysis is the global interconnectivity between equities, bonds, currencies, commodities, and any other asset class; Global markets are an ever-evolving discounting and constant valuation mechanism and by studying their interconnectivity, we are much better positioned to explain and elaborate on why certain moves occur, future directions and gain insights on potential misalignments that the market may not have picked up on yet or might be ignoring/manipulating. While such interconnectivity has proven to be quite limiting when it comes to the value one can extract from analyzing traditional financial assets and the crypto market, Datadash has eloquently been able to build a hypothesis, which as an Intermarket analyst, I consider very valid, and that matches up my own views. Nicolas Merten constructs a scenario which leads him to believe that a Bitcoin ETF is coming. Let's explore this hypothesis. I will attempt to summarize and provide further clarity on why the current events in traditional asset classes, as described by Datadash, will inevitably result in a Bitcoin ETF. Make no mistake, Datadash's call for Bitcoin at 50k by the end of 2018 will be well justified once a BTC ETF is approved. While the timing is the most challenging part t get right, the end result won't vary. If one wishes to learn more about my personal views on why a BTC ETF is such a big deal, I encourage you to read my article from late March this year. Don't Be Misled by Low Liquidity/Volume - Fundamentals Never Stronger The first point Nicholas Merten makes is that despite depressed volume levels, the fundamentals are very sound. That, I must say, is a point I couldn't agree more. In fact, I recently wrote an article titled TheParadox: Bitcoin Keeps Selling as Intrinsic Value Set to Explode where I state "the latest developments in Bitcoin's technology makes it paradoxically an ever increasingly interesting investment proposition the cheaper it gets." However, no article better defines where we stand in terms of fundamentals than the one I wrote back on May 15th titled Find Out Why Institutions Will Flood the Bitcoin Market, where I look at the ever-growing list of evidence that shows why a new type of investors, the institutional ones, looks set to enter the market in mass. Nicholas believes that based on the supply of Bitcoin, the market capitalization can reach about $800b. He makes a case that with the fundamentals in bitcoin much stronger, it wouldn't be that hard to envision the market cap more than double from its most recent all-time high of more than $300b. Interest Rates Set to Rise Further First of all, one of the most immediate implications of higher rates is the increased difficulty to bear the costs by borrowers, which leads Nicholas to believe that banks the likes of Deutsche Bank will face a tough environment going forward. The CEO of the giant German lender has actually warned that second-quarter results would reflect a “revenue environment [that] remains challenging." Nicholas refers to the historical chart of Eurodollar LIBOR rates as illustrated below to strengthen the case that interest rates are set to follow an upward trajectory in the years to come as Central Banks continue to normalize monetary policies after a decade since the global financial crisis. I'd say, that is a correct assumption, although one must take into account the Italian crisis to be aware that a delay in higher European rates is a real possibility now. !(https://coinlive.io/ckeditor_assets/pictures/947/content_2018-05-30_1100.png) Let's look at the following combinations: Fed Fund Rate Contract (green), German 2-year bond yields (black) and Italy's 10-year bond yield (blue) to help us clarify what's the outlook for interest rates both in Europe and the United States in the foreseeable future. The chart suggests that while the Federal Reserve remains on track to keep increasing interest rates at a gradual pace, there has been a sudden change in the outlook for European rates in the short-end of the curve. While the European Central Bank is no longer endorsing proactive policies as part of its long-standing QE narrative, President Mario Draghi is still not ready to communicate an exit strategy to its unconventional stimulus program due to protectionism threats in the euro-area, with Italy the latest nightmare episode. Until such major step is taken in the form of a formal QE conclusion, interest rates in the European Union will remain depressed; the latest drastic spike in Italy's benchmark bond yield to default levels is pre-emptive of lower rates for longer, an environment that on one hand may benefit the likes of Deutsche Bank on lower borrowing costs, but on the other hand, sets in motion a bigger headache as risk aversion is set to dominate financial markets, which leads to worse financial consequences such as loss of confidence and hence in equity valuations. !(https://coinlive.io/ckeditor_assets/pictures/948/content_2018-05-30_1113.png) Deutsche Bank - End of the Road? Nicholas argues that as part of the re-restructuring process in Deutsche Bank, they will be facing a much more challenging environment as lending becomes more difficult on higher interest rates. At CoinLive, we still believe this to be a logical scenario to expect, even if a delay happens as the ECB tries to deal with the Italian political crisis which once again raises the question of whether or not Italy should be part of the EU. Reference to an article by Zerohedge is given, where it states: "One day after the WSJ reported that the biggest German bank is set to "decimate" its workforce, firing 10,000 workers or one in ten, this morning Deutsche Bank confirmed plans to cut thousands of jobs as part of new CEO Christian Sewing's restructuring and cost-cutting effort. The German bank said its headcount would fall “well below” 90,000, from just over 97,000. But the biggest gut punch to employee morale is that the bank would reduce headcount in its equities sales and trading business by about 25%." There is an undeniably ongoing phenomenon of a migration in job positions from traditional financial markets into blockchain, which as we have reported in the past, it appears to be a logical and rational step to be taken, especially in light of the new revenue streams the blockchain sector has to offer. Proof of that is the fact that Binance, a crypto exchange with around 200 employees and less than 1 year of operations has overcome Deutsche Bank, in total profits. What this communicates is that the opportunities to grow an institution’s revenue stream are formidable once they decide to integrate cryptocurrencies into their business models. One can find an illustration of Deutsche Bank's free-fall in prices below: !(https://coinlive.io/ckeditor_assets/pictures/946/content_2018-05-30_1052.png) Nicholas takes notes of a chart in which one can clearly notice a worrying trend for Italian debt. "Just about every other major investor type has become a net seller (to the ECB) or a non-buyer of BTPs over the last couple of years. Said differently, for well over a year, the only marginal buyer of Italian bonds has been the ECB!", the team of Economists at Citi explained. One can find the article via ZeroHedge here. !(https://coinlive.io/ckeditor_assets/pictures/953/content_2018-05-30_1451.png) Equities & Housing to Suffer the Consequences Nicholas notes that trillions of dollars need to exit these artificially-inflated equity markets. He even mentions a legendary investor such as George Soros, who has recently warned that the world could be on the brink of another devastating financial crisis, on lingering debt concerns in Europe and a strengthening US dollar, as a destabilizing factor for both the US's emerging- and developed-market rivals. Ray Dalio, another legend in the investing world and Founder of Bridgewater Associates, the world’s largest hedge fund, "has ramped up its short positions in European equities in recent weeks, bringing their total value to an estimated $22 billion", MarketWatch reports. Nicholas extracts a chart by John Del Vecchio at lmtr.com where it illustrates the ratio between stocks and commodities at the lowest in over 50 years. As the author states: "I like to look for extremes in the markets. Extremes often pinpoint areas where returns can be higher and risk lower than in other time periods. Take the relationship between commodities and stocks. The chart below shows that commoditieshavennot been cheaper than stocks in a generation. We often hear this time it is different” to justify what’s going on in the world. But, one thing that never changes is human nature. People push markets to extremes. Then they revert. " !(https://coinlive.io/ckeditor_assets/pictures/954/content_2018-05-30_1459.png) Bitcoin ETF the Holy Grail for a Cyclical Multi-Year Bull Run It is precisely from this last chart above that leads Nicholas to believe we are on the verge of a resurgence in commodity prices. Not only that but amid the need of all this capital to exit stocks and to a certain extent risky bonds (Italian), a new commodity-based digital currency ETF based on Bitcoin will emerge in 2018. The author of Datadash highlights the consideration to launching a Bitcoin ETF by the SEC. At CoinLive, our reporting of the subject can be found below: "Back in April, it was reported that the US Securities and Exchange Commission (SEC) has put back on the table two Bitcoin ETF proposals, according to public documents. The agency is under formal proceedings to approve a rule change that would allow NYSE Arca to list two exchange-traded funds (ETFs) proposed by fund provider ProShares. The introduction of an ETF would make Bitcoin available to a much wider share of market participants, with the ability to directly buy the asset at the click of a button, essentially simplifying the current complexity that involves having to deal with all the cumbersome steps currently in place." Nicholas refers to the support the Bitcoin ETF has been receiving by the Cboe president Chris Concannon, which is a major positive development. CoinLive reported on the story back in late March, noting that "a Bitcoin ETF will without a doubt open the floodgates to an enormous tsunami of fresh capital entering the space, which based on the latest hints by Concannon, the willingness to keep pushing for it remains unabated as the evolution of digital assets keeps its course." It has been for quite some time CoinLive's conviction, now supported by no other than Nicholas Merten from Datadash, that over the next 6 months, markets will start factoring in the event of the year, that is, the approval of a Bitcoin ETF that will serve as a alternative vehicle to accommodate the massive flows of capital leaving some of the traditional asset classes. As Nicholas suggests, the SEC will have little choice but to provide alternative investments. Bitcoin as a Hedge to Lower Portfolios' Volatility Last but not least, crypto assets such as Bitcoin and the likes have an almost non-existent correlation to other traditional assets such as stocks, bonds, and commodities, which makes for a very attractive and broadly-applicable diversification strategy for the professional money as it reduces one’s portfolio volatility. The moment a Bitcoin ETF is confirmed, expect the non-correlation element of Bitcoin as a major driving force to attract further capital. Anyone Can BeWrongDatadash, But You Won't be Wrong Alone Having analyzed the hypothesis by Nicholas Merten, at CoinLive we believe that the conclusion reached, that is, the creation of a Bitcoin ETF that will provide shelter to a tsunami of capital motivated by the diversification and store of value appeal of Bitcoin, is the next logical step. As per the timing of it, we also anticipate, as Nicholas notes, that it will most likely be subject to the price action in traditional assets. Should equities and credit markets hold steady, it may result in a potential delay, whereas disruption in the capital market may see the need for a BTC ETF accelerate. Either scenario, we will conclude with a quote we wrote back in March. "It appears as though an ETF on Bitcoin is moving from a state of "If" to "When." Datadash is certainly not alone on his 50k call. BitMEX CEO Arthur Hayes appears to think along the same line. On behalf of the CoinLive Team, we want to thank Nicholas Merten at Datadash for such enlightening insights.
The Crypto King Report January 9th: KuCoin Picks 6/7 (Today’s Pick: EVX) NEW ICO Picks (2 New Ones!) BNTY (600%), KCS (500%), DRGN (400%), DBC (150%), ELIX (100%), SNOV (70%), PURA (10%), STRAT, NEO, TRX, POWR, ADX (NEO link), ENJ(Wallet), ICX, XEM, and ARDR
The Crypto King Report January 9th: KuCoin Picks 6/7 (Today’s Pick: EVX) NEW ICO Picks (2 New Ones!) BNTY (600%), KCS (500%), DRGN (400%), DBC (150%), ELIX (100%), SNOV (70%), PURA (10%), STRAT, NEO, TRX, POWR, ADX (NEO link), ENJ(Wallet), ICX, XEM, and ARDR I appreciate all my loyal followers! For tips and strategy hours before being posted to the message boards follow on Reddit, Instagram: JaketheCryptoKing and Twitter: JbtheCryptoKing. And now on Discord: https://discord.gg/JfkWfUy (join the group to reach me directly and see posts early!). If the title is a foreign language to you read my Cryto-101 post and let’s go from there: https://redd.it/7m48ne . See posts first in the new Subreddit: TheCryptoKingdom. Remember in trading minutes matter, hours are eternities. I wanted to start this post with saying the Kingdom has grown incredibly fast. The amount of requests and messages these last few days have grown exponentially. Before I delve into today’s topics I wanted to reach out and say thank you to all of those that show positive support and learn from these posts. If you couldn’t tell these posts are put together for free daily, and take hours to compile the information, and even longer to write it coherently and eloquently. On my Discord I have Donors that help make all this possible. Here is a thank you to all of you that have allowed me to continue researching and providing strategy in a shill laden field! I am going to make a few additions to my daily report as of tomorrow or Thursday. Instead of solely having a moonshot that is highlighted, I am going to have 1 Moonshot (if there is one out there), 1 or 2 January Plays (highest volume, highest % gainers), and a new category for the day trader. Many want a coin they can trade on 20% swings regularly while tracking charts. I will find us moonshots, day trading coins, January investments, and even long term investments (for those who want to HOLD for 2 months +). It is unfortunate the market is red today, and was yesterday. The good news is red market days make for super cheap alts! Today would be the day to add FIAT and stock up on these coins priced 10-20% lower than they were yesterday! The best part of an alt, is they overcorrect in response to the market and news. We may be down slightly today, but the growth when the market is green will be compounded. Make sure to buy moonshots (and all other coins) during dips when possible and during red days like today. Not everyone cares what’s going on in the market, but I figured I’d explain why we are experiencing 2 back to back red days leading up to the biggest 9 weeks of conferences in blockchain history. Within 2 weeks we have the North American BTC Conference, in Miami, and that same week the London Blockchain Summit. The market should be as bullish as ever (and will be in 2-3 days if not tomorrow). However, what is going on right now? There are 2 major events impacting blockchain negatively in Asia right now. There is a “lockout” of sorts in South Korea as they get their regulation in order and taxation underway. This caused a minor panic in the Korean market. This was the main factor contributing to yesterday’s red day, the Korean’s trade more than anyone and now they are in a holding pattern until Jan 20th. However, once their trading opens back up fully between now and then there should be an exponential price increase in all alts. The second issue impacting the markets is China hinting at regulating BTC mining. This doesn’t surprise me as most countries with a very low cost of electricity ban BTC mining. However, these two pieces of news, which will be resolved shortly, dramatically impacted the value of BTC and alts over the last 24hrs. I figured the Kingdom needed an update to why the market was so red the last 24hrs! What is even more surprising is not a red market day with bad news from Asia, but the fact that almost every Moonshot is in the green or plateud instead of dropping like the other 95% of the market! So let’s get to it, KuCoin’s Moonshot! Moonshot picks have been released earlier than on Reddit via Discord or Twitter(make sure to follow!). Remember always buy in dips, never in frenzied spikes! Today’s Moonshot KuCoin Pick: EVX Referral link for KuCoin: https://www.kucoin.com/#/?r=1cH1M Individuals that aren’t only traders and investors in the blockchain/crypto world understand valuable tech. They understand the purpose of what blockchain was supposed to do with governments and financial institutions. BTC was created (anonymously) following the 2008 market crash (housing, stock, etc). The populations of the world were too reliant on debt laden governments and private national banks. Underprivileged people around the world had no access to money because private banks and governments did not care to provide small loans or to care for the most impoverished people. From here coins like EVX are born! EVX fills multiple niches that other coins with a market cap 10x its size on 3 large exchanges do. EVX ensures you can use foreign currencies to directly buy EVX coins (in case you didn’t want to use crypto) directly from their wallet platform. They allow instant money transfer across borders specializing in micro loans to underdeveloped parts of the world. They provide direct payments and lending services at a fraction of the cost of other blockchain companies. EVX combines the benefits of 4 or 5 of the top 20 cryptocurrencies. EVX is a payment platform, lending platform, money transfer service, and foreign currency exchange specifically designed for the underprivileged and underbanked. With a market cap of $98million as I’m writing this I fully expect it to appreciate to above $200million following the market correction from the negative Asia news. Many coins on exchanges are working on their Alpha or Beta version of their platform, EVX has its platforms working, it’s coins being exchanged, and is looking to land on a bigger exchange. While unheard of amounts of $ are flooded into KuCoin, coins like EVX should begin to moon immediately following the market correction. I expect EVX and PURA (yesterday’s pick) to join our list of Moonshot winners as we approach the conferences, and as the market over corrects to yesterday’s news. Until yesterday we were officially 6/6 on KuCoin picks. None of the KuCoin picks have even shown signs of pulling back even during these terrible 2 days for the general crypto market. The play for today is EVX, I’d get in while it is on sale due to this lovely China and Korea news. Regarding moonshots that have already entered the outer atmosphere…KCS will continue its dominance as KuCoin is one of the few exchanges accepting new traders. Another very positive thing for us KuCoin early entrants is that Binance and Bittrex have suspended allowing new traders. That means guys like you are flocking to alternative exchanges (like KuCoin) to get involved in the crypto world. KuCoin has increased their daily volume every single day for the past 2-week, their twitter eagerly displays this info, and they updated their servers to handle significantly higher trading capacity. More money flowing into altcoins means the market caps will increase accordingly. Look for our moons to continue mooning. Remember moonshots are NOT to be day traded, they will likely end up on major exchanges which is when they will have their true moon. You could have made 70-100% on DRGN, BNTY, or KCS my first week posting moonshots, but if you held them, you would have made 600%. I have increased my portfolio % in moonshots as they’ve been outperforming all other sectors of crypto. This allows me to HOLD while still finding new moonshots! Remember Princes and Princesses of the KINGDOM HOLD through the red day. The reason our moonshots haven’t dropped in value is the whole KINGDOM is not selling. I am proud you’ve all lost your training wheels and grown an impressive set of cojones (in 2 weeks!). EVX is the undervalued moonshot for today! PURA is a coin predominantly traded on KuCoin and my pick from yesterday! It’s trading at 4300 Satoshis at 10am (as I am writing this), I expect 5500-8000 Satoshis to be approached if not surpassed by the end of the week (depending on when the market corrects to the Asia news). There are minimal sell walls and this one should be off to the races once a few big buyers are holding. In September PURA updated their systems to have INSTAPAY, PRIVATEPAY, MASTERNODES and FAIRMINING. Unlike the ridiculously slow BTC, ETH and LTC network PURA lets you send coins instantly (seconds literally). This is what makes INSTAPAY so impressive. What about Privatepay? It lets you send the crypto using a private wallet. MASTERNODES allow anyone to mine PURA on their computer creating a larger PURA network. With a wallet already out, a mining platform set up, one of the smallest market caps on KuCoin (98million), and ways to send crypto instantly and privately I expect PURA to rival many of the larger cap coins. If PURA makes it to a larger exchange I see an easy 3x here. If PURA hits $1billion as a market cap which is very achievable within months of arriving at a larger exchange this coin will be a 10xer. Finding coins that can appreciate 10x with an exchange listing and minimal news is a very difficult thing to find. PURA may be with the company of DRGN, BNTY and KCS, time will tell. SNOV was my pick 2 days ago and it appreciated nicely. It is still a favorite of mine with room to grow. Their calendar shows a very VERY active January and I expect the publicity to continue to increase the coin’s market cap. Yes, we’ve all experienced a nice gain and I always follow my rule, pigs get fat, hogs get slaughtered. However, we have to compare SNOV to other recent moonshots. Anyone who has sold a moonshot to date has lost out as my first 4 picks KCS, BNTY, and DRGN are up the highest %s. This demonstrates that HOLDING is as important as monitoring important times to buy and sell. I’ve added $$ (well BTC) to KuCoin as the opportunities here are much more significant than on Binance and Bittrex with new $$ and traders flowing in and new coins being listed regularly there are endless possibilities. 3 days ago money flooded into BTC as you could see in the BTC price rise. I predicted this 48hrs prior that institutional money would get involved within the next 72hrs, and we had our 20% BTC price climb. What happens immediately following a BTC price climb? The alts respond! I expect SNOV, PURA, and EVX (today’s!) to all respond more significantly to the market rise because unlike BNTY they have yet to have their 700% price climb. EVX is my moonshot for today with a likely correction to the on sale prices occurring this afternoon. PURA should have one of the highest return rates in the next 72hrs when compared to alternatives on KuCoin. However, SNOV should continue to trend north as new traders flock to KuCoin snapping up cheap shares. BNTY should continue its rise as it gets added to a new exchange and provides actual bounties for digital tasks (so cool!). DRGN is not left to die by Disney and is leading the charge to get on Binance (they also have a production deal coming up!). I am extremely bullish on DRGN even at a 400% increase this week. I expect a Disney associated press release in the next few weeks and a new exchange listing. KCS will win because it is one of the few exchanges still accepting new traders, AND they give 90% of the trade commission back to KCS holders and as referrals. This type of referral and KCS dividend is unheard of in exchange marketplaces. DBC is downright amazing, combining AI and the blockchain (not to mention its going on Huobi this week!). The moonshots have all increased, yes, but a moon is not a 70% increase. HOLD (and accumulate EVX!). Tomorrow we will have another moonshot (possibly released at 6am EST on Discord/Twitter) as the market has left many coins underpriced currently. Something we should all be taking advantage of to the best of our ability. KuCoin has outperformed all other areas of crypto in the last 2 weeks, I’ve increased my % of portfolio holdings in KuCoin accordingly because of this. I have a higher risk tolerance than most but seek the highest returns. Your decisions are for you to make! EVX is the KuCoin pick for today! Now that most people’s favorite section is finished let’s discuss ICOs! Crypterium and Covesting met their hard caps :/ but the good news is most of you were involved in these ICOs. When an ICO meets its hard cap it is clear there was significant interest and a greater likelihood of mooning immediately after exchange listing. Both the two I am now presenting I expect to reach hard caps in the coming weeks. ICO 1: KYC Legal: KYC Legal (please use the referral as I make no $ spending countless hours researching these ICOs and coins ) referral: https://bookbuild.kyc.legal/?ref=23734776ffa2051a83eb8bc1 The first I am presenting is a new favorite of mine because of the all so dreaded KYC form. Know Your Customer. If you’ve completed an ICO recently you know the form I’m talking about. The form they give you at the end, after you’ve sent your .5eth but before they will release their tokens. Basically stating you understand this market is unregulated, etc. Well a blockchain token has in essence solved this problem. I HATE KYC forms and if the KYC system was set up in a way in which you wouldn’t have to fill out that form repeatedly for every ICO it would be more convenient for all investors and ICO companies. KYC Legal intends to do just that. According to the founder DR, “This is a simple and quick way to complete client identification procedures, which can then be used to verify the client’s identity during various financial operations (so-called KYC (“know your customer”) requirements that financial institutions and companies working with the money of private individuals use to identify and verify counterparties before starting a financial transaction). This niche is completely untapped and I HATE KYC forms enough to think this is a brilliant idea. They are calling it a “Universal alternative to Personal IDs,” on the block chain. Brilliant concept and there are 2 days left to receive the 38% discount from the final price. A 38% gain prior to token sale completion is significant, imagine what will happen when the hard cap is reached and it hits the first exchange. KYC Legal: https://bookbuild.kyc.legal/?ref=23734776ffa2051a83eb8bc1 ICO 2: HOQU Referral: https://www.hoqu.io/?ref_id=7e8ace30413be0fe224fa60d3e57868f According to HOQU directly, “HOQU is a decentralized affiliate platform combining the performance-marketing model with blockchain technology. The aim of the project is to create a decentralized ecosystem, which will be used to build CPA services, ranging from affiliate programs to affiliate networks and related products. HOQU integrates advertisers, networks and affiliates into a single platform, significantly reducing the financial costs for all market participants.” Currently we have decentralized markets for advertisers, networks, and affiliates, HOQU intends to combine all 3 into one platform on the blockchain. This satisfies the need to fulfill a niche market. Not to mention their team is exceptionally active posting on twitter and doing shows across the U.S., currently at a crypto convention in Las Vegas. This is an active team (not a scam hiding in Eastern Europe or Asia) with a niche implementable platform. I see this being a true moon candidate following listing on an exchange! Please use my referral, thank you: https://www.hoqu.io/?ref_id=7e8ace30413be0fe224fa60d3e57868f All below information has been updated on Tuesday at 10am EST. This will help individuals follow what information has been repeated/edited. Favorite coins for January: NEO, ICX, and STRAT (described below in greater detail) Update on XVG: For all of those that chewed me out for picking it and saying Wraith would be successful, have you seen the news? The coin price? Wraith has been finalized and XVG is over 1400 Satoshis when it was trading in the 800 range 1 week ago. I guess the DEV team although slow, did fulfill their promise. I held onto a portion of my XVG as I never truly lost faith. That was a good move! ENJ released their wallet and it looks great, unfortunately the release came on the only red market day this month . I expect ENJ to recover nicely directly following the overall alt market correction. Their wallet debut was successful and their Minecraft plugin is approaching quickly! My 3 favorite short term plays based on conferences for the next 2 weeks are: WAVES, ARK, and SONM. These 3 are all at events in the next 2 weeks of January (Waves and ARK are at a conference in Miami I will be attending!). The cost of attendance to these conferences start at $1,000 (I will need tips to cover costs !). However, they provide exposure to the top individuals and founders of coins with billions of dollars in market cap. In comparison to other coins speaking at the largest January events WAVES, ARK, and SONM’s price has not appreciated this week in correlation to the others. They are also the smallest market cap coins presenting at these huge conferences. This provides an opportunity to purchase WAVES, ARK, and SONM at an undervalued price. As their conferences in mid-January approach I expect their price to trend north rapidly, peaking on the day of, or day after the conference. These should be focal points if you shy away from moonshots (which you shouldn’t!). NEO (BUY and HOLD), is an important hold (and accumulate) in all portfolios as it is hands down the Asian Ether. NEO has one of the biggest January’s of any coin and is up over 70% since I recommended it originally. NEO has meetups in Dublin, Hamburg, Amsterdam, and London the first two weeks of January. Everyone sees the upcoming calendar and realizes the next 2 months will provide more exposure than any 12-month period in crypto history. NEO is the latest addition to the buy and HOLD list. They end the month of January speaking at 2 of the largest blockchain conferences in the world. This will be one of the strongest plays for January 2018. I would slowly stock up on this one on dips (especially on days like today!). TRX (BUY) TRX has a game coming out this month and I expect it to continue to trend North as one of Binance’s cheapest options with a monetized game on the horizon. I do not know if you played Cryptokitties but it crashed the Ether network. TRX is a much faster and less expensive network to process information on. I expect the game this month to be the second that monetizes gaming through cryptocurrency leading to TRX’s short term success. I’d expect another 100-300% returns leading up to the release of a game on their TRX platform. STRAT (BUY and HOLD). I truly love talking about this coin. I enjoy my % returns on moonshots but this tech, the team, the coin, and especially the 1-month vision I truly believe in. I have an interesting update!!! STRAT is developing a Breeze wallet with Tumblebit which makes Bitcoin transactions private through the STRAT network. The biggest problems with BTC is its transparency and its speed. STRAT will help alleviate the transparency aspects for those who want to conceal how much they send/receive. A wallet that manages to conceal your BTC holdings (makes it similar to privacy coins). STRAT’s money for advertising has been saved with the anticipation of a high volume publicity campaign upon release of their new wallet and ICO platform. Once funds are spent advertising the STRAT ICO platform, their 2 flagships are announced, and their wallet is functional (all happening this month) I expect the price not only to trend north but more than double if not triple. I wouldn’t be surprised to see 100%-300% returns on a fairly safe crypto investment (normally the riskiest coins provide this monthly). Their twitter confirmed the 2 ICOs coming out in the next few weeks, when the official announcement is made we are looking at 100-200% gains. STRAT is on the cusp of being able to host ICO’s for other companies. This is extremely valuable technology and they’ve announced it will be ready to go this week. Would anyone like to know the going rate of an ICO? 20-40BTC. Per ICO these small companies and their coin holders are making $250k-$600k at the current BTC prices. This is a very big business. They’ve also announced 2 Flagship ICOs that will be available on their STRATIS network in January. The platform to host ICOs goes live this week, and within 2 weeks we find out which ICOs STRAT is hosting, then their wallet and advertising rollout. This should be a very positive 2 weeks for STRAT. As the crypto market continues to expand, the need for new ICO platforms will expand as well. This is my safest, favorite coin for January. They are also extremely active on their Twitter updating and hinting at the 2 flagship ICO launches, this type of hype building increases market cap! ICX (BUY and HOLD) ICX has had about a 50% run this week and continued to perform yesterday. This is again a good opportunity as it dipped, as the whole market did, to buy as I am still very bullish on this coin. The price will trend north until the end of the month where the blast off will occur. The Koreans love this little coin so much it is hosting its first blockchain conference in the tallest building in Seoul at the end of January. This will be enormous exposure for a coin which Koreans are already in love with. Their mainnet although once delayed was promised to be released prior to their January conference. Based on big news and Asian trading volume this should continue to trend North. Asians trade more than Americans. Koreans are the highest volume trading country in Asia, and they happen to love ICX. ICX should continue to trend north leading up to their conference in the end of January. This is an accumulate on dips until the January 25th conference. I am not sure we will see many more dips unless BTC has a run to 25k but continue to accumulate, this should trend north toward $20 by the end of January. TNB (BUY) Although the price has increased almost daily there is good reason for it! TNB has a BETA version of the Android and IOS wallet being released this month. This is one of the few coins that didn’t take a beating yesterday. Being able to take your funds with you is exceptionally important. Having a good looking interface is equally important. TNB looks to accomplish both tasks this month. It is also one of the cheapest coins on Binance, a plus for those looking for cheap coin acquisitions! I like TNB as a cheap Binance coin with truly significant potential. POWR(BUY), is a semi-finalist in an event Today. If they become a finalist the publicity will be enormous. We will find out later this evening how POWR did at their contest. This is a strong coin to own for the next 48hrs. This event should provide plenty of exposure for one of the few ICOs supported by a government (Australia). A county that struggles with power grid failure could succeed in implementing the first cryptocurrency related directly to trading power, electricity on the blockchain. I expect a strong 2 weeks from POWR. Expect to see significant returns in the next 72hrs especially if they are not only a semi-finalist but make the finalist list! ARDR(BUY) Honestly, Bittrex is beginning to frustrate me (as I’m sure you too!). I haven’t received my IGNIS and ARDR has been unable to be sold, bought, or transferred in weeks. I recommend moving $ to KuCoin and enjoying these insane %s. However, currently like many of you I have a large holding in ARDR which I still believe strongly in but would like the opportunity to sell if I choose! Their platform successfully launched Jan 1st. All those NXT you’ve been holding for the free IGNIS are used specifically on the ARDR block chain. With a new platform and coins to be used on it this will be a positive week for ARDR with exceptionally high returns correlated with the new platform and IGNIS’s continued appreciation. I believe ARDR and its new network will experience positive publicity and a successful launch of IGNIS. I would continue to buy and hold as the ARDR network gets rolling. XEM(BUY), They had their pop 2 days ago and has since decreased with the rest of the market!! Each coin has a specific reason for their being undervalued. Catapult, which is version 2.0 of NEM is to be released very soon. There is nothing better to build awareness and test out their new Catapult network they’ll be releasing this week, then a worldwide hackathon and a new update to their NEM network. XEM will have a pop this week when Catapult goes live, followed by a 4-week awareness rally driven by a worldwide hackathon. ADX (BUY), has had an impressive run but taken a recent dip. It remains a favorite of mine for multiple reasons. One of my favorite parts about ADX is they have a profitable platform already for coin holders. This is essential for every coin. Without a platform for a functioning coin, the coin is just unique code using up electricity. ADX advertised space on EasyJet boarding passes successfully last month and now is selling over 1 million more advertising spaces. This is a profitable coin with a strong future already occurring. ADX wins because NEO wins, Asian markets enjoy trading even more than the U.S. currently. This trend should continue as ADX continues its trend north. Their next partnership or announcement will lead to the next big pop in price, but as far as a coin goes, this is a safe option with stable returns that has a functioning and profitable platform. Some Lovely Followers Requested I Provide Addresses for “Thank You’s and Holiday Cheer” Here are 4 address to help provide my girlfriend with presents so I can spend more time researching! What is 5% of the 200% I earned you this week? ETH: Address: 0xdef6b4415635d15b0dc50e7039ef73c33e622f22 LTC Address: LiTtwXUMCMmch5oKUXfrXMqXWnG6jLg3qD BTC Address: 1LFLx3cXD1xiqCrupZJKf8p6pR23JRZWtP DASH Address: Xi9637XDyW2Q6wtRyGLsNXbJHj4UZ2M3kN (cheapest way to send!) KCS Address: 0x56d0a5b42a8313c36d8fe7a37ee3ccade7e4e6e1 XMR Deposit Address:44tLjmXrQNrWJ5NBsEj2R77ZBEgDa3fEe9GLpSf2FRmhexPvfYDUAB7EXX1Hdb3aMQ9FLqdJ56yaAhiXoRsceGJCRS3Jxkn XMR Deposit ID: b72e438346259f2828feaec4b04f0a95034b6364853f6f33d2370f57a37a1753
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