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Month: October 2019

Atlantis Won’t Save Ethereum Classic

October 10, 2019 Published by

ETC is a cryptocurrency that was the result of a hard fork of the Ethereum network in July 2016. A “fork” is a change to the software of the digital currency that creates two separate versions of the blockchain with a shared history.

In May 2016, the Decentralized Autonomous Organization (DAO), lauched by the Ethereum community, went for a crowd token sale to fund its development. After raising $150 MM, a flaw in DAO’s code was exploited by attackers and more than $50 million was drained out of DAO’s funds. A hard fork, ETC was implemented on the Ethereum that made the hacked transaction invalid.

One of the main difference between Ethereum and ETC is the coin supply. Ethereum has a uncapped total, but fixed yearly supply. ETC is set to between 210 MM and 230 MM ETCs. Also, Ethereum is planning to move to proof of stake and ETC is not willing to make. It appears ETC doesn’t have the same size or engaged community like Ethereum based on DApps and ICO launchings. Lastly and probably most importantly, Ethereum co-founder Vitalik Buterin has no intent of supporting ETC.

Atlantis was successfully implemented on the Ethereum Classic (ETC) blockchain earlier this month, bringing more compatibility with Ethereum (ETH). However, development on the ETC chain remains several months behind ETH, with very little activity over the past six months.

Source

As we all know communities are vital to the sustainability of a blockchain, but equally important, if not more important is the development taking place on a blockchain. Without development, a blockchain is sure to loss ground against other competing blockchain and is also guaranteed to loss its user base.

So where is price headed next, lets go to the charts to find out? Price as been hovering between $2 and $10 since the beginning of 2019.

However, the chart suggests price is heading down to the weekly demand at $2.00.

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.

Two Minute Crypto – Key Concepts 11 – What is Libertarianism?

October 9, 2019 Published by

Please click the link below to listen to the 57th episode of my weekly crypto podcast ‘Two Minute Crypto.’ These are intended to be short, single-topic ramblings on some aspect of the cryptosphere. Consider dropping a like and or a review on iTunes or Podbean if you enjoy the podcast. Comments and critiques welcome.

https://podcasts.apple.com/au/podcast/two-minute-crypto-key-concepts-11-what-is-libertarianism/id1441492450?i=1000452829550

or

https://www.podbean.com/eu/pb-im5ke-c296b9

Transcript

Key Concepts 11 – What is Libertarianism?

Welcome to Two Minute Crypto. Today’s installment seeks to give a general overview of Libertarianism a world view that has clearly influenced the early development of cryptocurrencies and which continues to underpin concepts such as Bitcoin Maximalism.

To be absolutely clear, Libertarians are not unified in their views – differences in key beliefs do, of course, exist but with that caveat in mind, we can paint a very broad picture of a typical Libertarian framework.

The Individual as Self-Sovereign

At the core of Libertarianism is a fundamental belief in the primacy of individual autonomy and freedom. The expression of which is the right to do as you please without the interference of an external authority. Security of life, liberty, and property are akin to a motto for Libertarians.

Order through Spontaneity

Libertarians would argue that order arises naturally as individual actors interact and of necessity, co-operate to achieve their own purposes. They contend that the most fundamental aspects of human society such as the ability to communicate (language), conduct trade and develop codes of conduct (or generalized law) have arisen without the direct supervision of a central authority. Civil society in their view is not the construct of an imposed order but rather the natural consequence of collective human interaction over time.

Law as Respect for the Rights of Others

Libertarianism is not a call to anarchic chaos (though a strand of Libertarianism does espouse just this) but a belief that the rule of law emerges through the right of individuals to freely pursue their own ends while also respecting the right of others to do so.

The Abolition or Limiting of Large State Government

Libertarians reject the exclusive right of central authorities to define morality, legality and individual action. They argue that centralizing bodies are always at heart -corrupt – seeking ultimately only to extend both their control and dominance throughout the society they oversee. This avarice applies to all areas of life whether it be financial, moral or political. Libertarians, therefore, look to ever smaller units of organization as more productive for both the individual and society. Thus, city-state over nation-state, nation-state over international body and so on.

Free Markets

Economic activity should be free of central oversight -the market will find its own balance and solutions will arise naturally over time. Central banks, fractional reserve lending, tariffs, and taxes have no place in the Libertarian model.

A Rejection of Force

Libertarians refute the right of the state to coerce either its own citizenry or the citizens of another nation. Under their model of organization – standing state-sponsored armies would cease to exist along with the removal of the ability of a central body ‘to force’ compliance.

The decentralized nature of cryptocurrency – the rule of none but the organization of many offers obvious parallels to many core Libertarian beliefs.

It’s worth noting that Libertarianism has never been meaningfully implemented at scale and ultimately it remains a theory awaiting an opportunity.

Thanks for listening.

Resources

How Libertarianism Works
https://people.howstuffworks.com/libertarianism1.htm

Stanford Encyclopedia of Philosophy
https://plato.stanford.edu/entries/libertarianism/

What is Libertarianism?
https://www.libertarianism.org/essays/what-is-libertarianism

Unusual Options Activity In SPDR Gold Shares ETF ,GLD

October 9, 2019 Published by

Federal Reserve Chairman Jerome Powell spoke Tuesday in Denver on “Data Dependence in an Evolving Economy.”  He reiterated and tried to assure the crowd that the economy remains strong and the Fed supports keeping the economic expansion going.

Image result for Federal Reserve Chairman Jerome Powell spoke Tuesday in Denver

Fed Powell also addressed the repo scare from a couple of weeks ago were overnight repo lending dried up.  Taskmaster4450le spoke about this today in his post title, 

Where Are People Going To Hide?

Turning to short-term funding markets, Powell said “a range of factors” might have caused the turmoil seen last month when the cost of short-term borrowing spiked as firms scrambled to get funding.

Regardless the cause, Powell said it was now time for the Fed to increase the size of its balance sheet. He said the central bank may purchase short-term Treasury bills.

Some analysts call this a “soft” form of quantitative easing, because the Fed buys these securities from the market, but Powell bristled at this description.

“I want to emphasize that growth of our balance sheet for reserve management purposes should in no way be confused with the large-scale asset purchase program that we deployed after the financial crisis,” he said.

Source

During the Great Recession QE is injected tons of money into the economy by buying bonds and mortgage-backed securities in hopes of jump starting the economy.  And we are still feeling the effects of QE from ten years ago because money poured into the stock market which has been artificially inflated throughout the years through all the buyback programs (Apple is one of the biggest culprit).  At some point, the bubble will pop, prices will fall and money will migrate in to precious metals (and potential cryptocurrencies).

According to the World Gold Council, gold-backed ETFs bought 75 metric tons of the gold worth almost $4 billion in September.  The SPDR Gold Shares ETF (GLD), the world’s largest and most liquid gold-backed fund, bought 43 tons more bullion during the 30 days.

This is the Smart Money directly at work and they are adding leverage to their investments/trades.  Today I noticed unusual options activity in GLD.   The Smart Money bought over 6000 call options with a strike price at $149 that expire in March 2020. 

This is on top of the 7000 call options they bought yesterday. 

I can’t say I have seen call options going out this far, but this trade set-up has plenty of time of being profitable as the chart suggests the next target for GLD is the $152.

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.

IOTX technical analysis

October 8, 2019 Published by

IOTX seen from the temporality of 1W we can see how the price when arriving at the diagonal support of the major figure, indicated in the chart above by the red diagonal, has started to change its momentum upwards creating a bullish closing in the previous candle and a quick continuation of the movement during today, the series of candles look pretty good to continue its movement upwards, however, we also see that the current candle is finding resistance at 0.00000079 leaving a considerable wick above this level, so it is very possible that we will see a reversal in the movement and then continue in search of our profit targets, the first target is located within the price range of 0.00000114 – 0.00000142, marked on the graph within the light blue rectangle, the second target gain is located at 0.00000183, marked on the graph by the horizontal black color.

IOTX seen from the temporality of 1D we can observe more closely the current movement of candles, we see the strong vertical impulse that has had these days, this can not be very consistent so to wait for a bass candles should be the safest in the coming days, the range I have delimited in the chart above by the 2 small horizontal dark blue, the resistance marked at 0.00000079 and the support marked at 0.00000061, the price should move within those levels and then try to continue with another bullish movement that reaches our first target, in the chart I have drawn the possible trajectory that should follow the price during the journey, the RSI indicator gives us a signal of overbought after having shot to break the bull pennant formed within the indicator, this is a signal of reversal.

In conclusion, IOTX has escaped me in its initial movement, now the safest would be to wait for a new entry into the price range mentioned above, we could have the following momentum and take profits within the price range of 0.00000114 – 0.00000142, however, I recommend to be very attentive to the action of the price in 1D, if the price closes below 0.00000061 we could fall to 0.0000050, so we must be very careful to avoid invalidations.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

Best intentions, then life gets in the way

October 8, 2019 (updated October 8, 2019) Published by

I should be packing my bags, getting ready for a company retreat to France. I am nursing sinus pain instead.

Every year the company I work for has a get together where all of the employees go to a city and get to work together / hang out together. This is a good thing as many of the people work remotely and thus we have very little interaction with one another other than via video chats.

You can build a much stronger bond in person, additionally it is much easier to understand someone else’s pain points when you can communicate without boundaries.

This would have been my first retreat so I am a bit bummed at not being able to make it and meet many of the people whom I have dealt with in a strictly virtual manner.

The whole of last week I skipped writing any posts, so I am pretty bummed out in general.

I always try put at least one photo in my posts, more often than not a photo I have taken, so today you get a snail. It had rained and I saw this guy slipping along, with everything being wet I thought it had a nice contrast. Photo was taken with my phone, but came out alright I think.

I am DIYing to get back to some DIY so I have more interesting (to me) content to post. I am on the mend but not healthy enough yet to do any physical work 🙁

Hopefully I can come up with something less whiny to post tomorrow.

October 2019
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