The Raven’s Dispatch – The week in cryptocurrency – May 17, 2018

The Raven's Dispatch

Bryan

May 17, 2018

THE WEEK IN CRYPTOCURRENCY

Consensus is upon us, still waiting for that pump

Consensus rolled into NYC this week and brought with it lines of lambos, triple digit wrist watches,  free beer using CIVIC, angry bankers, and unbridled enthusiasm. Still waiting for that pump though ;).

The top 5 in terms of marketcap remains unchanged, with only ZEC pumping due to the news of it’s imminent listong on the Gemini exchange. We’ve experienced a drop in the overall market in the past week moving from $437bln to $382bln representing a 10% decline in the past seven days. That’s 14 days of decline, this is fine. I think it’s time we put to rest the $400bln market cap excitement. We are going to be seesawing up and down around this price until the bulls win the BTC battle. Not even Consensus gave many the pump they wanted. As most analysts will tell you: Consensus was already priced in.

Livecoinwatch top5

Bitcoin:  BTC dipped 12% to $8310 in the past week as of this post. The news that Upbit was raided by Korean officials dined us a bit but strong support seems to be forming at these price levels so all is not lost. Not even the #HOPIUM of Consensus could bring us a BTC pump. Bitcoin continues to tease us with the $10k only to gut punch us and bring us back to reality.  That being said the positive news coming from institutional investors continues to make this a bull market. If the big money is investing, so should you.

Ethereum: The two month uptrend taking ETH to $836 has now officially stalled. It hasn’t broken down, this does not look like a change in trend only sjakeout and retrace. Week over week ETH dropped 9%  finding itself at $700. I didn’t mention this last week but the FUD about the committee hearing was just that, FUD. A spectacular bit of FUD though, to which we all should clap at. The FUDsters even got CNBCs attention. Genius work there lads.

CIVIC (CVC): This week we shine the spotlight on Identity Verfication company CIVIC. Touting itself as a solution to “giving businesses & individuals the tools to control and protect identities” Civic is headed by the “Bitcoin oracle” and serial entrepreneur Vinny Lingham. Starting out as an ICO on June 21, 2017 (hard cap of $33mln, 1bln token supply) and pricing their tokens at $0.10, it was one of the smoother and more transparent ICOs last year.

One of the few ICOs that has a working product Civic has been hard at work establishing their product, brand, services and outreach to it’s community and partners from day one. While the jury is still out on utility tokens the fact that Civic has a working product at Consensus for age verification (#FREEBEER) is a very positive sign for the pace of development.

CVC saw incredible 270% price increase a month after being listed on Bittrex, but like most altcoins suffered the dreaded downtrend dropping 97% in the span of four months. Ouch. Civic escaped the downtrend in December and has been establishing higher lows since March and seems to be establishing an accumulation pattern since April. Even so original ICO holders are still up a tidy 230%. You can read our article of Identity verification and CIVIC here.

https://twitter.com/Ironwood_RG/status/996632170621030401

What’s new at Crypto is Coming

The establishment (read Wallstreet and banks) love to remind us that Bitcoin is a bubble! Tulips 2.0! But after 9 years and multiple “bitcoin is dead” procolomations we are still here. We decided to take a deeper look as to whether we are in a bubble or not.

There are two main methods usd to mine cryptocurrency – proof of work, the original method outlined in the Bitcoin white paper, and proof of stake, the ambitious upstart trying to take it all over.

Whether you support Bitcoin or Bitcoin Cash nobody doubts that the differences between the communities is something of a biblical nature. We take a stab at the debate asking What is Satoshis vision?

Mainstream media and banks still think Bitcoin is a tool for criminals, but we all know that’s hogwash. That doesn’t mean other aren’t using the waves of interest in blockchain and cryptocurrency to scam people. In this piece Delton Rhodes looks at Crypto Crimes: ICO Scams, Robbery, and Money Laundering.

Mt. Gox. That damn exchange continues to be a boil that cannot be lanced. We take a deeper loon into Mt. Gox, the exchange that tanked Bitcoin.

Last week we posted on what the Tokenisation of the world would look like, so why not have a look at how Decentraland is looking to create and develop  evelop parcels of virtual land. Crazy? Naaaah, this is crypto.

Binance: They started small and became a behemoth. The meteoric rise of Binance is well known, so we take a stab at reviewing the exchange and give you a little background on hos this seemingly new exchange took over the cryptocurrency world (not literlly of course…jeeeez).

Cryptocurrency news from around the internet

An SEC commissioner suggests clear regulation is coming soon, and that it will be favorable towards crypto. Hmmmmmm. Tl;dr Fair regulation is needed

Ripple Reveals Results Of First Pilot Tests Using XRP Cryptocurrency. Everybody’s favorite centralized cryptocurrency has good news for the believers!

I duuno about you all but we really (read I) like the ICON project. On May 11th Korea Financial Investment Association(KOFIA), which theloop is participating as a technical partner to develop CHAIN ID, has signed a memorandum of understanding with Samsung Electronics to incorporate CHAIN ID in Samsung’s ‘Samsung Pass’ service.

This was a rumour, but now it’s full on fact: Huawei To Give Chinese Users Access to Bitcoin Wallets via their appgallery. The beat goes on ladies and gents.

Korean cryptocurrency exchange  UPbit was Raided – Illegal Transfer of Funds and Seized Hard Drives. Ruh roh.

That being said, Korean lawmakers are moving to legalize new ICOs in South Korea. Grab on to your pants everyone, we’re going places!

We love it when certain banks buck the trend and jump on the blockchain express. German bank Bitbond replaces SWIFT with Bitcoin for international loan transfers.

Facebook reportedly plans to launch its own cryptocurrency. Everybody quick jump on the rising boat!

Anyone notice that ZEC pump? Anybody, anybody? Winklevoss bitcoin exchange wins NY approval to expand, offer Zcash. To the moon baby!

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

All the best,

The Crypto is Coming crew

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