The grass is always greener on the other side
We have launched a London Treasure hunt — with the chance to win a Ledger Nano containing £5,000 of NANO!
Head East from the beast that bears different form
to the nine of its siblings in circular track.
This journey will take you from cold towards warm,
an indelible scripture,
a linguistic picture;
Go 17 forward and then look 4 back.
If you’re scouting for crypto-gems to fill your bags on this beautiful Friday morning, I’d look nowhere else but Scotland. They’ve got a selection of seals, newly broadcasted podcasts by killer whales and even walruses interspersed within its glacial glens and lochs. The beauty of it all is all this could be cross checked for value. And hopefully, you won’t end up ‘HODL-ling’ the latest BCH & IOTA shenanigans.
Crypto markets have finally shown some signs of life as bitcoin found support at £4.85k ($6.2k) and produced the first significant daily green candle since July. The original cryptoasset rose 3.6%, prompting the top 100 projects to appreciate 5.2% on average, seemingly as bets against bitcoin climbed parabolically on some major exchanges.
Remember a situation as such creates incentives for those who are long to try to trap those who are short. Note that even Elon Musk feels that kind of urge, as Tesla was the “most-shorted stock in U.S. market”, prompting him to famously fight the bears this week. However, in bitcoin’s case, some still believe this move was “extremely weak”.
What should traders have in mind as the weekend approaches? DonAlt points out the £5.2k ($6.7k) level, which represents the “breakeven point for a large amount of shorts that are currently in profit”. Price action around that level can become explosive, in the typical cascading fashion we’ve covered before, as shorts get liquidated and are forced to buy.
Zooming out, everyone is — as always — in the unknown. Some, like Scarface, believe that the altcoin market is sufficiently shaken out, thus it’s likely that the bottom is in. This is because selling pressure is most probably only being affected by day trading ‘whales’. Conversely, bears are still waiting for the mighty £2.5k ($3.2k). Take a look at Benjamin’s reasoning on why that might be the case.
In this regard, it’s important to take a bird’s eye view and visualise previous moments in bitcoin’s time where a large majority of traders were expecting something that didn’t happen. If yesterday’s market presented a 10% rise for Dentacoin, a cryptoasset for dentists, it can also act in surprising ways for bears — especially to those who believe a market’s bottom needs to follow a specific pattern, as Alex Krueger evidences in this thread.
▪ Zulu Republic, a blockchain startup, has launched a lite.im, a service to interact with Litecoin over Telegram or SMS messages that enables cryptocurrency transfers.
▪ “Catastrophic cryptocurrency bugs” are the nightmare of any blockchain project. Neha Narula, from MIT’s Media Lab, dives into these vulnerabilities and suggests areas of research.
▪ Bitconnect is still rocking the world. The pyramid-scheme has been associated with kidnappings in India as investors in Gujarat lost over £2.35 ($3) billion in the scheme.
▪ Design, or the lack of it, is a popular theme in the cryptosphere. Now, Connie Yang, ex-product designer at Facebook, argues “crypto is ready for a design movement”.
▪ Weight, or the lack of it, is a popular theme in ‘protocol theory’. Multicoin Capital’s Kyle Samani argues dApps can steal value from ‘fat protocols’ in his latest blog post.
▪ Privacy, or the lack of it, is a popular theme in cryptoasset research. Richard Chen, a computer science student, provides a great “overview of privacy in cryptocurrencies”.
A ‘whale’ in cryptic terms is used to refer to individuals that hold large amounts of bitcoin or other cryptocurrencies. Some say that ‘whales’ can manipulate prices. Fun fact: around December 2017, about 40% of all bitcoins were held by less than 1,000 individuals.