The Raven’s Dispatch – The week in cryptocurrency – May 24, 2018

The Raven's Dispatch

Bryan

May 24, 2018

Consensus, the hopium of the masses

With an underwhelming Consensus behind us and a brutal week for Bitcoin and Altcoins it seems the masses are deperately attempting to exit the markets. It has not been a kind week for cryptocurrency prices. Looks like Warren Buffet and his ilk have managed to frightened the regular investors. Time to buy some dips #BTFD!

The top 5 in terms of marketcap remains unchanged, but all in the red. The overall cryptocurrency market in the past week took a beating from $383bln to $322bln representing a 17% decline in the past seven days. That’s 21 days of decline ladies and gentlemen.

As prices start to decline for three consecutive weeks Crypto Twitter has increasingly gone from “When Lambo”, “To the moon”, and “pump it” posts to Ramen noodle and Honda Civic posts. Twitter is an anthropological goldmine if anyone wants to analyze the inanity of the cyrptoverse. It’s fascinating.

Bitcoin:  BTC dipped 11% to $7,382 in the past week as of this post. Warren Buffet calling Bitcoin “rat poison squared” and the news of a criminal probe into Bitcoin price manipulation are seriously affecting the market. You think $7k is the bottom? We aren’t getting our hopes up. Tome to pack away those Vegeta memes, for the time being.

Ethereum: Aaaaaand we’re back to $500 range for Ethereum. That wonderful recovery in the past two months has been obliterated as ETH dropped 21% week to week to $566 as of this post. Keep an eye on ETH as $300 is a key area of support. Could be a great time to get back into ETH.

eosio (EOS): “The most powerful infrastructure for Decentralized Applications”. Wow what a claim considering they haven’t even released a mainnet as of yet. But that is why we are focusing on EOS this week: Their mainnet is finally coming. This project has some serious hype surrounding it even though they haven’t released a working product and their ICO is ongoing (ending in 18hrs).

EOS  is billed as a smart-contract platform developed by Steem and Bitshares founder Dan Larimer and has aggresively marketed themselves resulting in a eye watering marketcap of $10bln. Expect that anticipation to reach a tipping point as the EOS Mainnet is released at the start of June.

Since it’s inception in July of last year EOS has hit all time highs of $23 resulting in a 2500% increase. You would be an EOS believer if your crypto of choice saw that type of action in the past 10 months. While we have seen a 53% retrace in the past 30 days EOS is still primed for some major action in the very near future. #BTFD

What’s new at Crypto is Coming

There’s been a lot of hoopla surrounding decentralized exchanges: Will they disrupt the large centralized exchanges? Will people ever adopt them? One thing is for certain: They are here to stay and offer unique security that centralized exchanges cannot. Decentralized Exchanges (DEXs): The Future of Trading Cryptocurrency

With Ethereum struggling in price we decided to have a look at the original chain before the hardfork: Ethereum Classic.

Bitcoin Could Define Our Generation – Here’s How: 92% of Millennials don’t trust banks, and because of that mistrust Bitcoin could have a profound effect on the millenial generation. We’ve arrived at an era in human history where the vast majority of young people view banks with outright distrust and hostility.

Anyone else notice ICOs have slowed down over the past year? With the ICO fervour coming to and end we investigate some of the projects we believe have some serious legs, and WANChain is one of them.

Buying and selling crypto isn’t the only way to make Bitcoin. There’s mining, staking, and Masternodes. Check out our guide explaining what Masternodes are and how you can make passive income in crypto.

We firmly believe that off chain technology is going to be one of the next big thing for cryptocurrencies in general. While many believe increasing blocksizes is the solution to scaling issues, many believe off chain events can help blockchain scale. Check out our guide What is the Lightning Network.

Cryptocurrency news from around the internet

Speaking of Mainnets Coincentral has a look at 5 upcoming Mainnet releases that could power the coins to the moon (EOS being one).

Seriously how the eff can Verge still be in the top 50 cryptocurrencies by marketcap after getting hacked…again! Come on fanboys, give it up! !

Coinbase has aquired the decentralized cryptocurrency trading platform Paradex. This is big news because it confirms DEX has a place in the market and because it gives Coinbase a way to get into the altcoin market.

Bitcoin Gold Hit by Double Spend Attack, Exchanges Lose Millions. Bitcoin has many impersonators: Bcash (BCH, Bitcoin Gold, Bitcoin Diamond, etc, etc. But there is only one king, and that is BTC.

A really great article on the state of cryptocurrency mining from the Siacoin crew. They’re still a little salty that Bitmain released their ASICs before Siacoin could, but it’s still a fantastic article. Secret ASICS? Are you kidding me??!?!

U.S. Launches Criminal Probe into Bitcoin Price Manipulation. Here comes the pain…But really do you think anything will come of this? Not me.

Coopetition, WTF is that? The insurance industry is approaching blockchain in a shared services approach, rather than embracing opportunities for internally-driven disruptive innovation. Lame.

Blockchain Talent Wars Escalate, Hindering Product Development. It must suck to be a blockchain dev with such high demand…..Said no one ever. Might be a good idea to start developing those blockchain coding skillz.

There are 195 countries in the world. Marshall Islands is likely the first to abandon Fiat and use cryptocurrency exclusively. The “sovereign” its new official cryptocurrency of the Marshall islands. How cool is that? This will force banks to work with crypto. Brilliant.

More banks are using cryptocurrency for cross border transactions. A few weeks ago it was a German bank, now it’s an Argentinian bank. You can’t cage the blockchain beast!

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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