On Today’s Episode of The Cryptoverse…
I would like to take a look at the speculation surrounding a potential Facebook partnership with stellar, as well as a quick update on the EOS worker proposal system, plus a roundup of the market leaders and their relative price levels.
Table of Contents:
00:00 — Introduction
08:08 — Market Roundup
“According to Business Insider Facebook is speaking to several crypto projects as it explores ways to use blockchain technology.
Business Insider say they have been told by people familiar with these talks that Facebook’s blockchain team has recently met with Stellar about the opportunities Facebook is looking to take.
One big use case for Facebook is to rival the payment networks of the big banks.
Facebook already have the computing infrastructure and the connections between people, including their identity. All they need now is to add a payment system.
Facebook also have a grip on billions of mobile phones that their app and messenger is installed on.
The bigger share of your attention Facebook can hold, the more revenue they can make by monetising that attention.
It’s important to bear in mind that these are very early stage talks so using the word ‘partnership’ is not appropriate, but that doesn’t stop news outlets from using such a word does it. You gotta get those clicks somehow.
What this news does do is give us clues as to Facebook’s intentions. By that I mean the very fact they are meeting with Stellar, an open source payment network, tells us Facebook’s general intentions.
There’s a great quote from the Business Insider article it says “Facebook can add a bank faster than a bank can add a social network.”
It also says:
“A representative for Facebook disputed that the company would build on Stellar’s technology. A spokeswoman for Stellar declined to comment.”
In terms of the Stellar priceit continues to narrow and hover right in the center of this symmetrical triangle which will most probably break to the upside.
And in terms of activity on the network, Stellar is not listed on Blocktivity so we don’t know how many transactions are currently running through the system.
I think you can tell a lot about a project by how it describes itself, for example if you look at the stellar homepage, the first message that hits you is that it’s money for cross border payments and targeted at mobile money.
Like I always say, the best thing any cryptocurrency can do is know what it is, who it’s serving and then focusing on that. Try and be everything and you end up as nothing.
Some quick snap news about the EOS worker proposal system, that’s this big pot of money set aside from the token inflation for people who want to do work for the EOS network.
Based on this article the system looks to be coming online in October and there’s a section addressing concerns such as “whale will vote for personal friends proposals”, “$400m/year is too much money” and so on.
I have yet to digest the article in full, it’s a long one so I’m sharing it with you now so if you’re interested you can get such in at the same time as me.
It is hosted on Medium.com though which is unwise given that Medium have been gradually banning cryptocurrency content from being hosted on their platform.
BTC — We are now moving into the next major cycle which will be approximately 80 days in length. We are starting off flat but based on the current data I would not be surprised if we got a repeat of the last cycle with a short term rally and then back to retest $5,800 before another rally leading into the 30th of September as people speculate again on the SEC decision of the Bitcoin ETFs.
In my opinion I think that the ETFs will be approved on the 30th of September and kick off the next bull market. However you should not in any way rely on me saying that for your investment decisions. If I lose money because of my stance that’s down to me but you’ve got to take responsibility for your own investing decisions.
The best thing to do is learn technical analysis for yourself which you can do by going to: https://cryptoasset.school.
ETH — Continuing to be supported by the 78% fib level at 4.5mm sats, coming down to test that again right now, I suspect that will hold just fine. Everything is basically waiting for Bitcoin to take off to bring confidence back to the market.
XRP — Ripple had a good day on Friday as did a couple of other alts. It pumped up above its 20 day moving average but soon got sucked right back under, setting a lower high and continuing it’s technical downtrend, putting Ripple back to the 6th of August at 5,150 satoshis.
BCH — Bitcoin Cash continuing to lose ground against Bitcoin, a similar pattern to Ripple with a pump on Friday, however Bitcoin cash pulled back down harder than Ripple so more selling pressure there.
EOS — Again same pattern as Ripple, holding sideways over the last few days. I’m looking to accumulate more EOS due to some upcoming apps like EOS Bet and EOS Knights. EOS price though under the 78% fib level so really I should wait until it gets back above that before I buy, let’s see if I can muster that kind of patience.
We already covered Stellar…
So let’s look at LiteCoin which is still at attractive satoshi levels in my opinion and I standby what I said last episode about LiteCoin having a good chance of doubling from these satoshi levels in the next major rally.
ADA — Cardano also at bargain levels these days at just 1500 Satoshis, levels not seen since late November before the run to the all time high.
Cardano and EOS are the only 2 coins current with a buy rating in the Weiss Cryptocurrency Ratings published last Thursday and due to be updated this Thursday.”
●▬ Recent Episodes▬▬▬▬▬●
- How Closely Does Your Portfolio Match Up With This Research? — August 17th, 2018
- Bitmain IPO, Avoid It Like The Plague — August 16th, 2018
- ETH, BTC, BCH, XLM and EOS Crypto Technical Analysis — August 15th, 2018
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