Forex $1 MM Challenge – Trade #18 (7-25-19) Sold GBP/CHF

Boris Johnson took over from Theresa May as Prime Minister and it appears markets will be wanting fresh information as to Johnson’s intended Brexit policy before pushing an already heavily-discounted currency any lower.

Indeed, a number of analysts are telling us the current recovery in Sterling is actually technical in nature, without any real substantive underpinning, we therefore wonder just how high the recovery can actually go.

“We think this is simply a short covering bounce in an otherwise pronounced downtrend,” adds Bregar. “UK politics will feature some pomp and circumstance today as Theresa May resigns to the Queen and Boris Johnson is formally asked by her majesty to form a new government. Next up for GBP traders will be Boris Johnson’s new cabinet minister selections.”

Source

The Franc safe haven status outweighs the negative interest rates given the stability of the Swiss government and its financial system. Thus, when the global markets turn down, the Swiss franc tends to appreciate.

Monthly Chart (Curve Time Frame) – monthly supply is at 1.47000 and monthly demand is at 1.22000.

Weekly Chart (Trend Time Frame) – the trend is sideways with a downside bias.

Daily Chart (Entry Time Frame) – although price is in higher time frame demand, the chart suggests price can move lower and to short price at the daily demand at 1.23900.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

Bitcoin Preparing to Move? Very Quick Update

In today’s quick update we discuss small changes since yesterday analysis. I hope you find it helpful.

Video Analysis:

If you don’t see the above video, navigate to TIMM (https://mentormarket.io/profile/?workin2005/) or Steemit in order to watch.

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading.

Workin

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Yes, Amazon Is Killing Retail & REITs

The “Amazon Effect” has forced all retailers to step up their “omnichannel” game or face extinction. The ominichannel phenomenon is the ability to compete through brick and mortar and online by redesigning distribution networks and streamline supply chain operations to best serve customers on and offline.

Treasury Secretary Steven Mnuchin said Wednesday the Justice Department is right to be looking into Amazon’s practices as part of its antitrust review of big technology companies.

“I think if you look at Amazon, although there are certain benefits to it, they’ve destroyed the retail industry across the United States so there’s no question they’ve limited competition,” Mnuchin told CNBC’s “Squawk Box. ”

Source

OK, so you aren’t a retailer, but what if you are a REIT that houses retailers?  An omnichannel strategy isn’t a choice.  What about if you are a REIT, who is housing J.C. Penny? I would say you are no better off than the retailer.

Washington Prime Group Inc. is a retail REIT and a recognized leader in the ownership, management, acquisition and development of retail properties.  Pennsylvania Real Estate Investment Trust is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets.

2019 has been a bad year for most mall REITs. With the number of U.S. store closures on pace to hit a record this year, investors have soured on owners of retail real estate, particularly owners of mid-tier malls.

The carnage worsened over the past week. Shares of Washington Prime Group (NYSE:WPG) and Pennsylvania Real Estate Investment Trust (NYSE:PEI) both tumbled more than 10% between last Wednesday and the end of trading on Monday. (Both REIT stocks recovered a bit on Tuesday.) The main catalyst was a report that came out on Thursday evening indicating that J.C. Penney (NYSE:JCP) had hired advisors to study options for restructuring its debt.

Source

If you connecting the dots, then you know what’s happening to both Washington Prime Group (NYSE:WPG)

and Pennsylvania Real Estate Investment Trust (NYSE:PEI)

They are both getting Amazoned.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

The Best Crypto Exchange just got Even Better! (Again)

It wasn’t long ago that I last spoke about KuCoin. It was earlier this month in fact, in the post 💰 Shilling my Bags! 💰. Well, here I am speaking about KuCoin again!

As my readers should know by now, KuCoin is my favourite exchange – not as big as Binance (which I also love), but just a little more friendly and nicer to use. KuCoin also continues to score extremely well compared to all other exchanges in terms of honesty and trustworthiness. So what has KuCoin been up to this time, that Bit Brain deems it necessary to write about KuCoin yet again?

Soft Staking

That’s what KuCoin has been up to.

No, it has nothing to do with serving steaks rare. (Unfortunately)

“Soft Staking” is a new KuCoin development.

https://blog.kucoin.com/what-is-soft-staking-kucoins-new-staking-program/

Leading the industry (once again), KuCoin. KuCoin has come up with a way for you to stake your coins/tokens; by doing nothing.

That’s right; you do absolutely nothing. All you have to do is hold your crypto on KuCoin exchange, and *Hey Pesto!*, it’s staked!

Soft-staking is a logical continuation of KuCoin development: Since 2017 KuCoin Shares (KCS) holders have been able to receive “dividends” based on the number of KCS they hold on KuCoin Exchange. Dividends are based on trading fees earned from all trading pairs on the platform (there are hundreds of them). At first those dividends were paid in all the different currencies traded, but then KuCoin simplified it and now dividends are all paid in KCS (which works better). So “soft staking” is not really new to KuCoin, but it’s never before been done with currencies other than KCS.

You see, the great thing about Soft Staking as opposed to normal staking is that your funds remain available to you even though they are staked! You can withdraw your tokens any time! To re-stake, you just deposit them again!

The following coins can now be Soft Staked merely by holding them in your wallet on KuCoin Exchange:

  • EOS (EOS)
  • Tron (TRX)
  • Cosmos (ATOM)
  • Neblio (NEBL)
  • TomoChain (TOMO)
  • DeepOnion (ONION)
  • NULS (NULS)
  • Energi (NRG)
  • Internet of Services (IOST)

Of course KCS will also continue to function as it always has. To my knowledge, this system is practically unique. I know that Poloniex recently started allowing Cosmos staking, but I can’t think of any other offhand examples by reputable exchanges. In his blog post “Soft Staking: High-yield and Anytime-withdrawal? Yes, You May.” (link below), Johnny Lyu – KuCoin Co-founder and VP, states that KuCoin ROI will exceed that offered by Poloniex:

…some projects in our Soft Staking Program are able to offer 6% to 12% of the annualized return rate, while Poloniex offers 3% to 10% return rate within a similar package.

Staking ROI varies depending on the coin and on the markets, so one can’t assign a fixed percentage to anticipated ROI. But from the information we have so far; NRG looks most profitable (with annual returns estimated at about 20%) and EOS least profitable (with annual returns of about 0.5%). I expect those figures to vary wildly over time. A table of available figures so far can be found in this post: https://www.kucoin.com/news/en-soft-staking-cash-back-investment-program

While I’m linking to KuCoin posts, here are some others you can use to find out more about KuCoin’s Soft Staking:

Within those links you can find more links to specific staking data about each coin (though they are all pretty much the same). Take note of some details, such as that you might not be able to withdraw all your EOS immediately. There is no detailed public explanation about how the staking system works from a technical point of view – at least not yet. Fortunately for you, you have me to guess the details for you:

I am guessing that KuCoin pool all of the deposits and then stake them as a pool, or as a series of small pools, probably of varying sizes. In addition to that, they probably keep an unstaked, liquid portion of tokens available, I’m guessing about 2% of the total deposits of each coin. To me this would make sense because it means that roughly 98% of the tokens would be staked at any one time. As additional tokens are required, they could be unstaked if required – without having to unstake the entire balance of those staked tokens. A fair amount of tokens would always be available for withdrawals in the form of the 2% reserve. Because tokens like EOS take several days to unstake, I am guessing that this is why they say that it is possible that you could sometimes have to wait a bit to withdraw all your tokens, though I doubt that this would ever even happen to the average user. Such a situation would occur if customers had made an unusually large number of withdrawals recently and had depleted the 2% currency reserve. In essence the stakes act as a cold wallets. Where exchanges normally keep about 98% of their crypto holdings offline in a cold wallet (at least the good ones do), now KuCoin is basically just staking their cold wallets. I repeat: this paragraph is entirely just my educated opinion (which is almost always 100% correct, because I am an ultra-genius).

From https://blog.kucoin.com/passive-income-with-cryptocurrency-proof-of-stake/

Depending on the sort of returns you will be getting, staking may or may not be a good idea for you. Like all centralised exchanges, KuCoin has withdrawal fees. Most cryptocurrencies also cost money to send from a wallet to an exchange (unlike NEO which is freedamn that coin is good! 😉 ). For these reasons, sending small amounts of tokens to KuCoin just to be able to stake them is probably a bad idea, you would lose more in fees than what you would gain from staking. Similarly, sending coins to KuCoin for a very short staking period is probably not economically feasible.

On the other hand, if you have a large balance of a coins such as TRX that you want staked, then KuCoin is worthy of consideration.

Of course there is a drawback: you’ll be keeping your coins on an exchange. You all know the saying: “Not your private keys, not your crypto”. As much as I trust KuCoin and I don’t see them running off with anybody’s money, exchanges do have “incidents” – much like the Binance hack in May of this year. I honestly do not know what sort of customer protection measures KuCoin has in place to defend against such events (I would be very interested to know! Perhaps I should write to them and ask…), so I can’t really comment on exactly how safe your coins are when they are staked through KuCoin.

Personally I need to go and look at my own coins to decide if this is worth doing or not. I hold EOS, TRX and NEBL, two of which are already kept on an exchange because I only hold relatively small amounts of them. My EOS is in a wallet, but I’m hardly an EOS whale either. Above a certain USD value I take my coins off an exchange and put them in a wallet, all three of my coins are well below that value (thanks in no small part to the terrible altcoin market we are in!) However, my KCS is over my USD limit, and I leave it all on KuCoin – just to earn the KCS rewards. Read into that what you will.

Conclusion

Well done to KuCoin for offering their customers another great service. This has been a fantastic month from KuCoin: Extra token burns, an OTC trading desk, a Derivatives Trading platform (KuMEX) and now Soft Staking! As I have been saying for years: KuCoin Shares is a damn good token to hold, this platform has a lot of growing to do!

I think that this is only the beginning. I foresee many other exchanges following suit – just as they copied KuCoin’s original dividend paying token idea (COSS doesn’t count because their token crashed and burned, I hate that exchange after the huge losses they cost me!). Bear in mind that if you reside in a country where “Liberty” is only a word and had no true meaning, then the tyrants who unilaterally rule your life may have deemed it illegal for you to earn such staking rewards. Fight them, flee them – or continue to suffer beneath them – your choice.

Yours in crypto
Bit Brain

“The secret to success: find out where people are going and get there first”
~ Mark Twain

“Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful”
~ Bit Brain

Bit Brain recommends:

Crypto Exchanges:




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Crypto Contest July 26: FOAM

FOAM (Poloniex: FOAMBTC) has broken out of the triangle pattern in the four-hour chart.

(Chart courtesy of Tradingview.com (log scale))

Elliott Wave Analysis

In Elliott Wave terms, FOAM began a wave one advance on June 26. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on July 7, and the red wave two (blue sub-waves a-b-c) correction ended on July 20. If this wave count is correct, FOAM should be heading next towards the July 7 peak in the red wave three.

(Chart courtesy of Tradingview.com (log scale))

Funnymentals

FOAM provides the tools to enable a crowdsourced map and decentralized location services. You can watch their intro video below.

(Sources: FOAM and YouTube)

How can I vote? Where is the contest?

You can vote by following this link.

🗞 Daily Crypto News, July, 26th💰

  • Facebook to Work ‘However Long It Takes’ to Win Regulators on Libra ;
  • SEC Clears Blockchain Gaming Startup to Sell ‘Quarters’ Tokens ;
  • Bancor Raised $153 Million and Found Actual Users. Why Did Its Token Tank? ;
  • Nigerian Deposit Insurance Corporation Warns Against Crypto Dependency ;
  • How US Investors Are Buying Bitfinex’s Blocked LEO Cryptocurrency ;
  • 📑 Daily Crypto Calendar, July, 26th💰
  • STEEM Trading Update

Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!

🗞 Facebook to Work ‘However Long It Takes’ to Win Regulators on Libra

Facebook co-founder and CEO Mark Zuckerberg said that the company will work as long as it takes to appease regulators’ concerns over its Libra stablecoin. Zuckerberg delivered his statements during the firms Q2 results conference call on July 24.


During the call, Zuckerberg said that — some years ago — Facebook would have just released a new product without prior warning, but now the company has changed. More precisely, he stated:


“We’ve opened a period of – however long it takes to address regulators and different experts and constituents’ questions about this and then figure out what the best way to move forward is.”


He also noted that — when Facebook was working on the white paper with the 27 other members of the Libra Association — they expected that, since finance is heavily regulated, there were going to be a lot of questions asked about the project. 

🗞 SEC Clears Blockchain Gaming Startup to Sell ‘Quarters’ Tokens

The U.S. Securities and Exchange Commission has issued a no-action letter to Pocketful of Quarters (PoQ), a gaming startup looking to issue tokens on the ethereum blockchain.


PoQ may legally sell its Quarters tokens to consumers without registering them as securities, the SEC Division of Corporation Finance wrote in its second no-action letter to a company seeking to launch a token sale. (The first was granted in April to TurnKey Jet, a business-travel startup.)


Quarters are built according to the ERC-20 standard – the first such token to receive U.S. regulatory approval.
In the July 25 letter, Jonathan Ingram, chief legal officer for the SEC’s FinHub wing, wrote:

cointele
“Based on the facts presented, the Division will not recommend enforcement action to the Commission if, in reliance on your opinion as counsel that the Quarters are not securities, PoQ offers and sells the Quarters without registration under Section 5 of the Securities Act and does not register Quarters as a class of equity securities under Section 12(g) of the Exchange Act.”

🗞 Bancor Raised $153 Million and Found Actual Users. Why Did Its Token Tank?

The cryptocurrency industry is still grappling with the legal implications of the initial coin offering (ICO) trend of 2017.
Two years after the token boom, the value of Bancor’s BNT token is in the dumps – sinking from $4.49 in July 2017 to an all-time low last week of $0.44, according to CoinMarketCap.


Yet, the project’s main investors are still holding.


For example, Yoni Assia, CEO of the crypto exchange eToro, described the $153 million Bancor ICO as a “pivotal” moment for the industry and told CoinDesk he is holding BNT because he believes in the team.


The Bancor platform, which provides quick liquidity for niche ERC-20 tokens by using BNT as a market-making reserve currency for all assets on the network, has routinely attracted 100-250 traders a week, according to Etherscan’s tally of BNT token transactions.

🗞 Nigerian Deposit Insurance Corporation Warns Against Crypto Dependency

The Nigeria Deposit Insurance Corporation (NDIC), a federal insurance overseer and safety net provider, has issued a public warning about relying on cryptocurrency transactions in a press release on July 25.


According to the press release, managing director and CEO of NDIC Umaru Ibrahim said that relying on cryptocurrencies is very risky, because they are unregulated and unbacked by central banks in most financial jurisdictions. 


Much like the United States’s Federal Deposit Insurance Corporation, the NDIC provides a safety net for depositors and aims to protect the banking system from instability caused by bank runs or loss of confidence.

🗞 How US Investors Are Buying Bitfinex’s Blocked LEO Cryptocurrency

U.S. investors have been able to purchase Bitfinex’s LEO exchange tokens, if only indirectly.


Seattle-based Arrington XRP Capital and Los Angeles-based Arca both said they invested in LEO tokens, despite Bitfinex’s stated policy of refusing to sell them to U.S. residents or entities.


Both investment management firms told CoinDesk that, rather than purchasing the tokens from Bitfinex, they acquired them, legally, from third parties.


The distinction is important because, in an ongoing court battle with the New York Attorney General (NYAG), Bitfinex maintains that it banned U.S. individuals from its platform in August 2017 and U.S. corporates a year later.


In arguing that it has jurisdiction in the case, the NYAG claims the exchange did business with New York entities as recently as early 2019.

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📑 Daily Crypto Calendar, July, 26th💰

“#TRON will be listed on the daily contract (20X leverage) with the global innovative exchange – @OnTrade1 on 26th of July 2019(SGT).”

“It is with great excitement that we would like to announce that we are going to release Conceal Mobile Beta on July 28!”

This first public release of the Dusk Network protocol implementation gives a chance to participate in the testing alongside our team.

“Starting August 26th, ICONists will be able to vote for P-Reps and earn $ICX rewards!”

“Thrilled to announce that our first-ever Developer Community Call will take place Friday 26 July @ 9 AM.”

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STEEM Trading Update by my friend @cryptopassion

Here is the chart of yersterday :

STEEMUSD.jpg

Here is the current chart :

STEEMUSD.jpg

The false break of the support line yesterday triggered a bounce on the STEEM but we are already consolidating from it now. The positive point is that we are now back upper than this support line and that we are waiting for the next move. Till now it looks like that the support line at 0.24$ start to be considered as temporary low. A Up break out on the BTC could help us to validate that but let’s see what the market has planned.

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Last Updates

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