Altcoins

The Raven’s Dispatch – July 13, 2018 – $25 million stolen from Decentralized Exchange, Bancor

$25 million stolen from Decentralized Exchange Bancor

Hack Hacking Haxxors

Another day, another hack. It seems like no exchange is safe out there, not even the decentralized type. If you recall DEX Exchanges were supposed to offer greater security due to their decentralized set up. Guess the jury is still out on this one. Whatever your stance so many hackings have taken place it makes you wonder if these exchanges are doing too little to tighten security. Bancor was hacked, again, for $13 million after one of the their upgrade wallets was compromised. The vast majority stolen was Ethereum.

After raising $150 million in their ICO, you would think Bancor would have invested some of that in their security procedures. Read more about it below. Let’s get this dispatch rocking! (I’m trying new lead-ins, ok. Cut me some slack)

The top 5 looks like it’s locked in for the near future. The overall cryptocurrency market dropped week to week from $267bln to $249bln representing a 6% decrease in the past seven days. No drastic moves or bart patters this week even with the Bancor hacking news AND the mining hack. It’s been a rather poor week in the news cycle for our beloved crypto.

Livecoinwatch.com Raven's Dispatch

Bitcoin (BTC): BTC struggled this week and nestled into the $6,200 support, for the time being. 2018 sucks y’all. This represents a drop of 4%, not bad considering the swings many crypto enthusiasts  are accustomed to.

Ethereum (ETH): It’s getting boring watching ETH do what BTC does. Week to week ETH sank 6% $439 as of this post. Ethereum continues to be the poster boy for a gre place to develop DAPPs but other chains and projects are catching up. With Caspers successful release to update Herrumbres economic consensus protocol, things seem pretty hum-drum here.

DASH (DASH): Dashcoin cryptocurrency was created on 18 January 2014 by its developer Evan Duffield and was originally released as XCoin (XCO).  In February of the same year (2014), the name was changed to “Darkcoin.” Moreover, on 25 March 2015, Darkcoin was rebranded as simply “Dash”. Quite the saga, huh?

As it stands, Dash users can now opt for full privacy in their transactions and remain completely anonymous, thanks to Evan Duffield. Dash has three main features: speed of transactions, masternodes and private send. As you can see in 2017 DASH reached all time hish peaking at $1,600 per DASH but like the entire crypto market has retraced to $226 as of this post. Can you imagine how much the Masternode owners must have raked in during that run? Well played to those that got in early and believed in the project.

If you want to know more about DASH check out our guide!

Dashcoin Lifetime

WHAT’S NEW AT CRYPTO IS COMING

Win a FREE copy of ‘An Altcoin Traders Handbook’ – We are giving away 3 copies of Nik’s popular book  ‘An Altcoin Traders Handbook‘. How do you enter to win? Sign up for our newsletter and we will select three winner on Monday, July 16th, 2018. Do it!

Etherpoly.io is launching a new decentralized Ethereum game – Etherpoly.io (OLY) is a new decentralized game in which users can interact by acquiring, improving and trading virtual cities.  It is a new decentralized game in which users can interact by acquiring, improving and trading virtual cities. Read on for more details!

Sleeping Giants of Crypto – While the January crash wiped a huge chunk of market cap off the map with aftershocks rippling through the marketplace ever since, there are a number of projects that have weathered the storm well and continue to show promise for the future. Is your favorite project on the list?

What Are Exchange Tokens? – A recent trend in the crypto space has seen exchanges listing their own custom cryptocurrency tokens, generally offering a trade fee discount when the tokens are used. Binance is often credited with kickstarting the trend into mainstream use with the highly successful BNB token, and other exchanges have followed suit. So how do all these tokens measure up, and what do they do exactly?

New Github Repository Catalogs Physical Bitcoin Attacks – Cryptocurrency hacks have always been a thorn in the side of crypto enthusiasts. It seems like we can’t go a few months without a major theft taking place.  Jameson Lopp, created an open source repository to catalog and list all known physical bitcoin attacks/thefts. Check it out, it’s fascinating stuff. And a lesson. Because if anything we here at Crypto is Coming want to share teachable mome….lol I can’t finish that.

Vitalik Buterin Says Centralized Exchanges Can Burn In Hell – Sassy. We love it. Outspoken Ethereum co-founder, Vitalik Buterin, has hit out at centralized exchanges, saying that he hopes they “burn in hell as much as possible” while speaking to John Evans of TechCrunch. He has mirrored the opinions of divisive self-proclaimed voice of cryptocurrency, John McAfee.

Check our Crypto Swag store on Teespring – We’ve got new designs, Go, consume, support Crypto is Coming. Kisses

Visualizing the ICO Explosion – The ICO market exploded in 2017. We saw Billions of dollars pour into crypto through this new crowdsourcing vehicle. Take a look at the infographics below from the crew at howmuch.net.

Litecoin Foundation and TokenPay buy stake in WEG Bank AG – Litecoin founder, Charlie Lee, announced via twitter this morning that the Litecoin Foundation and Token Pay have entered into a partnership to buy a stake in German bank, WEG Bank AG. IN acquiring this stake, they hope to work on consumer driven cryptocurrency solutions for Litecoin and other cryptos.

Opera Launching A Browser With Built-In Crypto Wallet Functionality – Opera has announced that it is launching a new Android based browser that will incorporate a cryptocurrency wallet directly in the software. The browser will support the Ethereum Web3 API, and this function means that users will no longer have to open a separate browser to send and receive payments or check their crypto balance.

What Happens When The Bitcoin Reaches 21 Million And Mining Reward Runs Out? – Bitcoin transactions can only be verified by mining, a process in which powerful computers solve complex algorithms in order to add new blocks of verified transactions to the blockchain. What happens when there is no more reward? Check out our latest piece from Conor.

From Nick Szabo to Naval: The best crypto twitter threads of the week – We all know Cryptocurrencies are at the forefront of innovation in finance and tech. But the people involved in crypto are also leading the way, fighting in the intellectual battle ground that is crypto twitter to see which ideas gain strength and which die off.

CRYPTOCURRENCY NEWS FROM AROUND THE INTERNET

Another hack rocks cryptocurrency trading: Bancor loses $13.5 million – The alleged hack has raised questions over the validity of the start-up’s “decentralized” system. This week, the start-up said that a wallet being used to “upgrade” smart contracts was compromised. This wallet was then used to withdraw $12.5 million in Ethereum (ETH), alongside $1 million in Pundi X (NPXS) and $10 million in Bancor Network Tokens (BNT).

Binance to Record $1 Billion Profit in 2018, Surpassing Major Banks – The cryptocurrency market has dropped by over 70% since the start of the year, but the world’s largest crypto exchange is still expected to rake in a hefty profit.

Ledger launches Ledger Live, the all-in-one companion app to your Ledger device – Ledger Live is a new all-in-one companion application for your Ledger device that runs on Windows, Mac and Linux. We’ve built Ledger Live from the ground-up to deliver a feature-packed, yet user-friendly experience for both power users and newbies.

Bank of Korea Says Cryptocurrency Poses Little Risk to Domestic Market – The Bank of Korea (BOK) recently announced that cryptocurrencies pose little risk to South Korea’s domestic market, Cointelegraph reported. The analysis comes in the wake of the institution’s publication of a report covering the influence of virtual currencies in the country’s financial industry.

Malta is Creating a Decentralized Bank with the Help of Binance – Binance is seeking to use Malta as the base for a new bank that will be owned entirely by cryptocurrency investors–the world’s “first decentralized, completely community-owned bank,” according to a Bloomberg report.

Robinhood Adds Bitcoin Cash & Litecoin Trading, Will Support Crypto Transfers – All aboard! Rapidly-expanding fintech unicorn Robinhood has added bitcoin cash and litecoin to the growing stable of cryptocurrencies that users can trade on the popular stock trading app.

100 Merchants Invited to Risk-Free Trial of Lightning Network – Did we ever mention we love of chain solutions? A few lucky merchants now have one less obstacle to accepting bitcoin payments via the Lightning Network.

Crypto is not a Bubble, Says Bernstein Analyst – Bitcoin is not a classic bubble, but still be ‘suspicious,’ says investing expert William Bernstein. Thanks the for advice, Will.

Thank you for joining us for this weeks The Raven’s Dispatch! Don’t forget to sign up for our newsletter so you can receive notifications via email that a new Dispatch was released! Also if you have any interesting news you would like to submit contact us at info@cryptoiscoming.com

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Kermit

The Raven’s Dispatch – The Week in Cryptocurrency – July 6, 2018

Syscoin trading “irregularities” drove price up to 96 BTC

A day late, but never too old. You’ll have noted this weeks Dispatch is a day late. My apologies. Sometimes life throws a rotten tomato at ya. But now that I’m cleaned up and sparkly let’s get this Dispatch rolling!

The top 5 looks like it’s locked in for the near future. The overall cryptocurrency market in the past week increased from $234bln to $266bln representing a 13% increase in the past seven days, recovering from last weeks 14% decline. Not much has changed, no drastic upticks or downticks. We seem to be stabalizing. So be patient, don’t do anything foolish and pray to the Crypto Gods.

Bitcoin: BTC dropped below that fabled February support and promptly recovered to $6,602. Breath that sigh of relief. It’s ok. Week to week BTC recovered with an 11% rise as of this post. We are still hovering at a 66% drop since all time highs in December 2017 so there is nothing to celebrate besides returning to strong $6k support.

Ethereum: The BTC tide lifts all boats. I wonder if in 30 years time that will be considrered a colloquial saying.  Week to week ETH grew a healthy 14% over the past week settling at $470 as of this post. We still believe buying ETH at this price is a good bet. With more institutional money coming into the market the crypto market cap will only increase, and ETH with it.

Syscoin (SYS): Syscoin is the coin that’s worth 95 BTC…I kid, I kid. Syscoin dubs itself “a global network, a distributed ledger, a decentralized database and a blockchain. It is also a cryptocurrency, an altcoin, a digital currency and a tradable token.” Wow that’s quite a statment. Besides the obvious marketing slogan Syscoin is actually a Bitcoin fork which took place in 2014.

What’s interesting about SYS is that you can “merge mine” the coin, which allows a miner to mine two different cryptocurrencies that use the same algorithm. The project is trying to create a market place where there are nearly zero transactions fees using it’s native SYS coin. Where can you use SYS to buy products? Well on it’s own marketplace, The Blockmarket. The problem is you have to download the The Blockmarket wallet to use it. A Web based market was due in Q1 of 2018 but we haven’t seen it yet. It’s a very cool concept and innovative use of a wallet.

So what exactly happened to Syscoin this week? How the hell can 1 SYS be worth 96 BTC?! Sit down with me young padawan, and let me tell you a story about API irregularities. First off Syscoin was not hacked. Irregular trading activity on Binance resulted in 1 SYS being worth 96BTC and Syscoin team promptly notified exchanges to stop trading.  Turns out Binance discovered “irregular trades were detected from a number of API users” and promptly removed affected keys and asked users to recreate them. This is the wild wild west people.

https://twitter.com/syscoin/status/1014255355545649152

WHAT’S NEW AT CRYPTO IS COMING

Crypto Is Coming Store

Nik Patel on Crypto Twitter, Technical Analysis and the Future of Crypto! – It’s another interview! Nik Patel, is a full-time trader, investor and author of ‘An Altcoin Traders Handbook’. He’s been involved in alt-coin trading sine 2013 and spends most of his time analyzing the markets and posting his market insights on twitter.

Win a FREE copy of ‘An Altcoin Traders Handbook’ – We are giving away 3 copies of Nik’s popular book  ‘An Altcoin Traders Handbook’. How do you enter to win? Sign up for our newsletter and we will select three winner on Monday, July 16th, 2018. Do it!

Check our Crypto Swag store on Teespring – We’ve got new designs, above. Go, consume, support Crypto is Coming.

A Look at Cryptocurrencies by % of Total Volume, Market Cap and Volatility – Here we take a look at Cryptocurrencies and see how they compare by percentage of total volume and market. As expected Bitcoin leads the way at 42.4% of the total cryptocurrency market followed by Ethereum at 17.8%. So much for the flippening amirite.

Visualizing Bitcoin Tx Outputs, Fees, Mempool, Block Speed, Hash Rate and Difficulty – Taking a look at the Bitcoin network via transaction outputs, median transaction fee, mempool, block speed, hash rate and difficulty over the past 3 months.

Mining Wars – Bitmain vs Halong – Cryptocurrency mining is a huge global industry, with Bitcoin mining alone generating over $2 billion in revenue last year. Such a field is obviously highly competitive, and while there is one giant monopolizing the lions share of the industry, a number of other companies are stepping up to the plate

Facebook Eases Crypto Advertising Ban….for some companies – Facebook has announced that it is easing its recent ban imposed against cryptocurrency. They will allow pre-vetted crypto companies to advertise on their social network. The news has seemingly fueled rumors that the tech giant is considering buying Coinbase.

EU Parliament Gives Cryptocurrency Their Support – The EU Parliament has published a new report, “Virtual currencies and central banks monetary policy: challenges ahead”, which dismisses claims from the likes of economist Robert Shiller, who has declared the death of Bitcoin on numerous occasions.

Comparing Cryptocurrency Exchanges In Terms Of Volume – Lets take a look at the trading volume across the top bitcoin exchanges.

The Demographics and Interests of The Bitcoin Community (Visuals) – Who exactly owns bitcoin? Lets take a look at the demographics and interests of the Bitcoin community using data from google analytics, via coin.dance.

J5 Alliance Established To Combat Crypto Tax Crimes – An alliance of 5 nations, including the UK and US, has been established to look at ways to tackle financial crimes, including looking at cryptocurrency and the fact that it is being used to avoid paying local taxes, as well as for money laundering.

Coinbase Custody Launches For Institutional Investors – It is something that a lot of traders and investors have been calling out for – the introduction of institutional money to the cryptocurrency marketplace, and Coinbase looks determined to drag at least some of this money in.

Are ICOs Over-Promising and Under-Delivering? – 2017 was a breakout year for cryptocurrencies. The price hike of popular coins aside, the sector attracted an influx of new investors. According to data from ICOwatchlist.com, a total of $2.3 bln was raised in the year from various ICO crowdfunding campaigns.

Bitcoin Legality By Country (world map) – Lets take a look at the legality of Bitcoin by country. It’s been surprising to see regulators take a wait-and-see approach with Bitcoin with many, including myself, expecting heavy handed regulation to come fast and hard for this industry.

Ripple Hit With Another Lawsuit – Is It A Security? – Ripple Labs has been hit with another lawsuit, with the plaintiff claiming that it has operated as a security and therefore acted illegally. If the courts find in favour of the plaintiff, it could mean that they would face substantial fines and only those exchanges that are registered with the SEC would be able to offer XRP trading.

CRYPTOCURRENCY NEWS FROM AROUND THE INTERNET

Digital currency sales hit $13.7 billion in first five months of 2018: report –  Digital currency sales jumped to $13.7 billion in the first five months of the year, nearly double the amount raised for the whole of 2017, according to a report released on Thursday by PwC’s strategy and consulting division Strategy& and Switzerland-based Crypto Valley Association.

Over 800 cryptocurrencies are now dead as bitcoin is 70 percent off its record high –  Cryptocurrency projects have been popping up left, right and center in the past 18 months, but over 800 of those are now dead, adding to comparisons between the current digital coin market and the dotcom bubble in 2000.

PwC Report Confirms ICO Volume Reached Record Highs in First Half of 2018 – According to a joint report from consulting firm PwC and the Swiss Crypto Valley Association, Initial Coin Offerings (ICOs) are booming despite the price collapse of cryptocurrencies, Cointelegraph auf Deutsch reports today, June 29.

Kraken Claims Bloomberg’s Allegations Were Meant to Manipulate Bitcoin Futures – Crypto Coin Tether Defies Logic on Kraken’s Market, Raising Red Flags

BTCC Relaunches Crypto Exchange Almost One Year After China’s Crypto Clampdown – Welcome back. BTCC, one of the longest-running and once top-three trading platforms in China, has announced that it’s relaunching its exchange business with a plan to issue its own tokens.

Switzerland’s “Crypto Valley” Successfully Completes Blockchain Voting Trial – This is brilliant. Zug, a city in Switzerland’s Crypto Valley, completed its first blockchain-based municipal vote on July 2, 2018, the Swiss News Agency reports.

Iran is Cutting its Citizens Off From Cryptocurrency Exchanges – The great desert of Iran? Hassan Rouhani could begin experimenting with Bitcoin and cryptocurrency as the country braces for fresh, US led, Iran sanctions.

Bank for International Settlements Chief Says ‘Stop Trying to Create Money’ – How sweet. A bank telling us to stop creating money. Carstens, the newly-christened general manager of the Bank for International Settlements (BIS) — the so-called “central banks’ central bank” — is on record as one of cryptocurrency’s fiercest critics. Earlier this year, for instance, he said that bitcoin is “a bubble, a Ponzi scheme, and an environmental disaster.”

Crypto.com Domain Sold for Millions to Crypto Visa Card Company – O’Rly credit card company? Highly-prized domain name Crypto.com has been sold!

We hope you enjoyed this weeks The Raven’s Dispatch! Don’t forget to sign up for our newsletter so you can receive notifications via email that a new Dispatch was released! Also if you have any interesting news you would like to submit contact us at info@cryptoiscoming.com

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Nik Patel on Crypto Twitter, Technical Analysis and the Future of Crypto!

Nik Patel, is a full-time trader, investor and author of  An Altcoin Traders Handbook. He’s been involved in alt-coin trading sine 2013 and spends most of his time analyzing the markets and posting his market insights on twitter. He recently started a blog where he goes into depth on a bunch crypto related investment and trading topics, focusing on helping beginners understand these markets.

Today we got a chance to catch up with Nik and ask him about all thing crypto.

1.WHAT WAS YOUR BACKGROUND BEFORE YOU GOT INTO CRYPTO AND WHAT GOT YOU INTERESTED IN THIS INDUSTRY?

I had just recently turned eighteen when I first got involved in the space, around December 2013. I was a student at the time, and stumbled upon the Dogecoin subreddit, which then sucked me in and I fell down the rabbit-hole.

2. WHAT WAS YOUR FIRST BIG TRADE IF YOU DON’T MIND TELLING US?

My first ever trade was a big one, in that I lost over two thirds of my capital on it. It was Mazacoin, in March 2014, and I went near enough all-in as my first proper altcoin trade… less than a day later price went -70% and I sold.

3. WHAT MADE YOU WANT TO WRITE A BOOK…IT SEEMS LIKE A TON OF WORK?

It is and was a lot of work, for sure. But prior to writing the book, I was thinking about developing some sort of e-school with live classes for altcoin speculation, but realised that it would end up serving very few people (those that would be able to afford it) and that wasn’t what I wanted to do. I have also been a writer for the best part of my life, and studied english literature at university. It had been a goal of mine to write a book at some point in my life, and I figured that combining these two passions was a way of killing two birds with one stone: expressing all that I have to offer on the topic of altcoin speculation, whilst ensuring that the vast majority would be able to afford it; and writing a book.

4.I RECENTLY HEARD SOMEONE COMPARE CRYPTO TWITTER TO THE EQUIVALENT OF A BLOOMBERG TERMINAL FOR WALL STREET TRADERS IN TERMS OF GAUGING MARKET SENTIMENT, WHAT DO YOU USE IT FOR (ASSIDE FROM THE OCCASIONAL SHITPOST)?

I guess it is a decent gauge of market sentiment, except that crypto twitter (whilst perhaps the heartbeat of the cryptosphere) is only a small portion of the market participants involved in the space. I tend to use it to post charts and thoughts on the market, and to push out other content – such as blog posts – for my website. It’s also the hub of crypto-related news, so you need to keep your eyes on the feed to stay up-to-date.

5. WHAT TECHNICAL INDICATORS ARE YOUR FAVORITES? WHY?

I don’t use any indicators on my charts. There are a few that are useful, and that I will sometimes monitor, such as the 200ma and 360ma, but I like to rely purely on price-action and volume.

6. DO YOU FOCUS ON A SPECIFIC TYPE OF TRADING OR MARKET WITHIN CRYPTO? WE’VE NOTICED YOU POSTING ABOUT MICROCAPS RECENTLY AS WELL AS MASTERNODES…

Much of my trading or investing is focused on longer-term positions, usually in lowcaps or microcaps that I expect to grow exponentially over the subsequent months. Masternodes and staking coins are used as a form of passive income, mostly.

7. HOW DO YOU THE BALANCE BETWEEN TECHNICAL ANALYSIS AND FUNDAMENTAL ANALYSIS WHEN MAKING TRADING DECISIONS SHORT TERM OR FOR LONGER TERM PLAYS?

For the rare occasion that I might trade short-term (intraweek), I purely rely on technicals, as fundamentals become less and less relevant the shorter the timeframe for your position. For the vast majority of my positions, I begin with fundamental analysis to separate the wheat from the chaff, then cross-compare the remaining coins with their charts to assess the best possible entries. However, I will never enter a position purely on fundamentals, but sometimes I will do so for technicals if a chart is looking particularly promising. The reason for this is that price is paramount, and fundamental strength is utterly useless if a coin has already grown 1000% over the past month; I would be setting myself up for almost definite failure by entering without consulting a chart.

8. WHAT ARE THE BEST ONLINE TOOLS YOU USE DAILY FOR TRADING?

I use Coinigy and TradingView to chart, Coinmarketcap, Coinlib, Coinmarketcal and Bitcointalk to research, and Twitter for news.

9. WHAT ARE YOU THOUGHTS ON THIS SCALING DEBATE AND HOW DO YOU THINK IT PLAYS OUT OVER THE NEXT FEW YEARS?

I’m not smart enough to have an informed opinion on the scaling debate, or to take sides with regards to which options will work out, but I’m glad that both Bitcoin and Bitcoin Cash exist so that we can see the results of both scaling routes unfold as time goes on.

10. LAST THING, DO YOU THINK WE SEE ANOTHER BULL RUN ON ALTCOINS LATER THIS YEAR? ARE BULLISH LONG TERM?

Yes, I think we’ll see another bull run this year. I’m quietly confident that we see BTC and alts run together some time in late Q3/early Q4.

Interested in other cool crypto posts….check out Mining Wars: Bitmain vs Dragonmint and The Price of Bitcoin vs Cost of Mining.

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