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Two Minute Crypto -Key Concepts 7 – Oracles

July 20, 2019 Published by

Please click the link to listen to the 46th 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.

External Podcast Link

https://www.podbean.com/eu/pb-kmwdu-b88180

Transcript

Two Minute Crypto -Key Concepts 7 – Oracles

Welcome to Two Minute Crypto. Last week focused on Smart Contracts. This instalment discusses the closely related concept of crypto ‘Oracles’.
The guiding framework of this series is to eliminate the use of jargon and to break down crypto concepts into the simplest possible terms. These explanations are intended to form the basis of a sound introduction into the world of blockchain and cryptocurrency.

In ancient Greece, an Oracle was some-one who could read or interpret the future or the will of the gods and provide guidance to navigating whatever lay ahead. In terms of crypto, an Oracle provides a blockchain with information that facilitates a decision within a smart contract. The if A then B structure of a smart contract requires independently verifiable data in order to execute. A blockchain cannot, in itself, access real-world data but only interpret it. An Oracle, therefore, is the source that provides the information required in order for the terms and conditions of the contract to be assessed and carried out.

The blockchain which hosts a smart contract is the record keeper – the Oracle is the supplier of those records. The importance of the reliability of the supplier is obvious. If a smart contract draws information from a biased or compromised source it will nonetheless execute. The data supplied to the contract could be anything from a temperature reading to airline departure times depending on the requirements of the particular contract.
The primary challenge with Oracles is the requirement of trust – unlike a blockchain transaction – Oracles supply information which the blockchain itself cannot independently verify – it simply reacts to that data. Simply nominating a centralized authority to interpret the ‘correctness’ of information wouldn’t in itself, address the requirements of verification as that authority could and, in some cases, certainly would alter data to their own benefit.

In truth, managing this relationship between an immutable blockchain, automated smart contracts and external sources of reliable information is still in early development and the key impediment to the general rollout of smart contracts throughout the wider economy.

As it stands, a number of projects, such as Chainlink and Augur are working on creating a decentralized bridge between external suppliers of data and the blockchains into which they feed. When discussing blockchain with a skeptic, it is this area where the tech still needs years of development and where they may have a point.

Thanks for listening.

Resources

Blockchain Oracles Explained
https://cointelegraph.com/explained/blockchain-oracles-explained

Blockchain Oracles

Blockchain Oracles

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

July 19, 2019 Published by

Brexit is an abbreviation for “British exit,” referring to the U.K.’s decision in a June 23, 2016 referendum to leave the European Union (EU). The process of Britain staying or not staying in the EU has caused a lot of uncertainty, which in turn has caused the British Pound to continue to drop in price.

Canada reported retail sales for May and reported an unexpected decline in sales as consumers cut back on purchases of groceries, alcohol and clothing. Sales fell 0.1% vs 0.3% increase. This past week, GBP/CAD has pulled back, but on this news, GBP/CAD spiked higher.

Monthly Chart (Curve Time Frame) – monthly supply is at 1.90000 and monthly demand is at 1.58000.

Weekly Chart (Trend Time Frame) – the trend is down.

Daily Chart (Entry Time Frame) – the chart suggests to short price at the daily supply at 1.64000.

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.

In Bitcoin We Trust

July 19, 2019 Published by

Bob Michele, who in April told investors to enjoy the ride in risk assets, is now looking to ride U.S. Treasury yields “all the way down to zero.”

For 10-year notes “I think that’s where we’re headed over the next couple of years,” Michele, the chief investment officer and head of global fixed income at JPMorgan Asset Management, told Bloomberg TV on Thursday. “The rally in bonds hasn’t even begun yet.”

Central banks will succumb to threats from the global trade war to tepid inflation and cut borrowing costs to nothing, according to Michele. His colleagues on JPMorgan Chase & Co.’s advisory side made a similar call this week, saying the global pile of negative-yielding debt is becoming a tar pit that will eventually suck in the U.S. government bond market.

Source

We are already witnessing the greatest credit bubble in history and it’s only going to get worse as cheap fiat flood the World’s Markets.  However, this is going to have severe consequences.

The Great Recession is a term that represents the sharp decline in economic activity during the late 2000s, which is considered the most significant downturn since the Great Depression. The term “Great Recession” applies to both the U.S. recession, officially lasting from December 2007 to June 2009, and the ensuing global recession in 2009. The economic slump began when the U.S. housing market went from boom to bust, and large amounts of mortgage-backed securities (MSBs) and derivatives lost significant value.

That’s when Bitcoin was born…after the demise of the financial markets in 2009.  Satoshi once said on an online forum back in 2009 the following:

“The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.”

Source

So don’t worry that Bitcoin is declining, if you buy now you will be handsomely rewarded as the financial markets evidentially collapse.

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 Stalls as Bears Attempt to Take Control!

July 19, 2019 Published by

After yesterday’s quick $1,200+ rise, bitcoin was met with tough resistance at $10,650. In my prior video I warned of a break down to retest $10,000. As of now, price dropped as low as $10,100 before finding support. It’s currently trading around $10,350.

Screen Shot 2019-07-19 at 11.27.46 AM.png

In today’s video we discuss where price may go from here, the 4 hour Death Cross, traps to avoid and so much more. I also answer your questions. 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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Are You Paying Attention To What’s Going On In The World???

July 19, 2019 Published by

When you look around the world in the financial markets what do you see?  What I see is the punch bowl is almost empty, party goers are demanding more punch and the party promoters have no choice, but to oblige because they have been drinking the punch too.

The Federal Reserve and other leading central banks are declaring the peak in global interest rates has been reached and are readying to start the march down.

As the world economy weakens amid the U.S.-China trade war and inflation continues to undershoot the target of most policymakers, Fed Chairman Jerome Powell is set to oversee the first cut to the U.S. benchmark in a decade.

European Central Bank President Mario Draghi has also flagged action, though he may wait until September, and even Bank of Japan Governor Haruhiko Kuroda may come under pressure to join in. The People’s Bank of China has eased lending conditions but so far held fire on rates, but Australia, India, New Zealand and Russia are among those to have already injected fresh stimulus into their economies.

Source

This is a big deal.  Because I trade currencies, I’m seeing this all around the world…the big central banks of the world are cutting rates.  Now is the time to put on position type trades…trades that last months/years.  What comes to mind is buying cryptocurrencies, gold and bonds.   I will repeat, now is the time to buy cryptocurrencies, gold and bonds.  However, please don’ take my word for it…a picture is worth a 1000 words.

NOTE: the charts I’m about to show you are relative to the US Dollar.

Bitcoin

Gold

Bonds

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.

An Exciting Week!

July 19, 2019 Published by

 

As an exciting week draws to a close, let’s take a look at some of the important happenings of this week:

Bitcoin

At the start of the week I wrote about BTC and what it may do next. At the time, I wrote that we were either looking at the formation of a bull pennant, or were gearing up for a breakdown followed by a price surge, something like this one of 2017:

 

The latter scenario looks to be the correct one, with BTC dipping, followed by the predicted rapid price recovery. I misjudged the depth of the dip though, I based my support level on the wrong data, with the result that I was off by $300. In retrospect I’m kicking myself, because I spotted the real support level during my initial analysis, but ignored it as I thought it was too small to act as effective support. The chart 2017 chart above is taken from my last BTC post. Looking at it, you can see the little zig-zag of support which formed in May at about $1800, that support level later became the bottom of the dip.

Looking at the 2019 chart below, one can clearly see where I made my mistake:

 

For me this is a lesson learnt: Don’t ignore the small support/resistance levels during weak market movements. I’ll remember that in future, hopefully that lesson can help you too.

Precious metals

Precious metals have had a whale of a time this week. Gold broke out of its 5-year-old converging triangle a month ago, signalling that greater moves were on the cards. This week we saw some of those moves. Yesterday Gold pushed up to new 2019 highs. In fact, Gold is now trading at prices last seen in May of 2013. That’s exciting for Gold investors and could mean the return of logarithmic growth for Gold. This has been a long time coming: we all knew that Gold price suppression couldn’t last forever. We all knew that clever money would eventually start seeping out of the fiat market and looking for stores of value prior to the next fiat crash (whenever that may finally come). From this point onward, I believe it will be very difficult to stop the rise of Gold and its metallic siblings. The same reasoning applies to Bitcoin.

 

But the real winner of the metals this week must be Silver. It opened the week at a price of $15.19 and at the time of writing is now trading at $16.35. With a rise of 7.6% for the week, Silver is looking almost as good as crypto!

One of the main reasons that investors remain so eager on Silver right now, is that the Gold/Silver ratio is still heavily tilted towards Gold – far more than what it should be based on the fundamentals of the two metals. Savvy investors have been steadily building up their Silver holdings in anticipation of a long-overdue correction. This week the Gold/Silver ratio dropped from 93:1 to 88:1, despite the rising price of Gold. The highest Gold/Silver ratio ever reached was a brief spike to 100:1 in 1991, after which it dropped steadily down to 40:1 over the following seven years. A “normal” Gold/Silver ratio is about 50:1. With the ratio still having a long way to fall to reach normal levels, Silver continues to look extraordinarily bullish.

 

Not to be left behind, Platinum also enjoyed sizeable gains over the course of the week. It is on the verge of confirming its breakout from its own converging triangle. Like Silver, the Gold/Platinum ratio is also weighted far too heavily in favour of Gold at the moment. Platinum is usually a little more expensive than Gold, but at the moment Gold is trading at almost 1.7x the price of Platinum! For Platinum to reach “normal” levels again, this means that it would have to roughly double in price. Factor in the fact that Gold is rising in price now, and Platinum becomes another extraordinarily good investment!

Libra

I’m so sick of hearing about Zuck’s fake crypto – sooo sick of it. In THIS POST I already showed you why all the Libra hype is just that: hype – and nothing more.
BUT, I’m glad that I’m hearing about it so much. I’m glad for the following reason:

Had Facebook been ready to launch Libra after their big announcement, then it would have been a different story. Even though it’s a stablecoin, I have no doubt that people would have flocked to Libra if it had been launched around the time that its whitepaper was published. People are very greedy creatures; when they hear big money names like “Facebook” in the same sentence as “currency”, then they race to grab whatever they can – like disgusting vultures flocking to a carcass. Only now there is nothing for them to flock to…

In the meantime, Facebook/Libra is getting its name dragged through the mud as regulators go after it from all angles. As I have said on many occasions: Private Blockchains are doomed to fail as cryptocurrencies – centralised blockchains go against all the principles that Satoshi built into blockchains by design – THEY CAN NOT WORK!

As things look bleaker and bleaker for Libra, the less informed public is starting to realise the faults of centralised crypto – and better still – they are realising the benefits of decentralised crypto. Every time the word “Libra” is spoken, it’s in an increasingly negative context. We may even get to the point that it becomes impossible for Zuck to launch his mega-shitcoin at all.

So let people keep speaking about Libra, let them get tired of hearing about it. The novelty value has already worn off, and I think that the more we hear about it now, the less of a big deal it will be if it ever does manage to launch.

NEO

and Ontology

Meanwhile in China: NEO and Ontology are cooperating with one another at a whole new level. Yesterday they announced their intention to jointly “build an open cross-chain platform and establish the foundation for next-gen Internet.” The focus seems to be in integration and on cross-chain interoperability. While the two chains were already closely linked, I believe that this will make them even stronger, a case of “the whole being greater then the sum of its parts”.

Read more abut their new joint venture here: “NEO and Ontology to Leverage Respective Strengths to Build an Open Cross-chain Platform”

More Bitcoin

While we’re talking about China –  I almost forgot: it seems that president Xi Jinping is slowly letting cryptocurrency legitimacy creep into his country, just as I have said he would in many of my posts. Xi is progressive and seeks to build his massive nation, something he probably knows he can’t do without embracing crypto technology. He’s taking small steps so as not to annoy the old guard, but the important thing is that he IS taking them!

This article “China Ruling Bitcoin is Property Again Is ‘Major Milestone,’ Says Investor” describes how the Hangzhou Internet Court declared Bitcoin to be “virtual property” yesterday. This is now the second such ruling in China – a move which I think will remove a lot of fear from the minds of potential Chinese Bitcoin investors. If the courts are willing to protect their Bitcoin as “property”, then they need not fear losing it.

I keep telling you: once the Chinese market really opens its wallets to crypto, it will be like nothing you’ve ever seen before.

I strongly suggest that you get your good Chinese altcoins at cheap prices while you still can! Coins like VeChain, Waltonchain, THEKEY and of course NEO (and ONT) can be had for next to nothing! Most of us missed the chance to buy $0.10 Microsoft, Google or Apple shares – well here are their modern day equivalents! Have you learnt your lesson yet?

Conclusion

All the main topics in this post today are things that I’ve invested in (except for Libra of course!) The purpose is not to get you to buy what I have and inflate the prices (I WISH I could control the prices of Gold or Bitcoin!), it’s to show you why I invest like I do, and to help you not to miss the opportunities that I think are potentially very rewarding. As always – DYOR – but that includes listening carefully to what Bit Brain has to say.

Have a great weekend everybody!

 

Yours in crypto (and other things)
Bit Brain

All charts made by Bit Brain with TradingView

“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:





Crypto Contest July 19: Genaro Network

July 19, 2019 Published by

Genaro Network (Huobi: GNXBTC) 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, GNX began a wave one advance on July 4. The red wave one (blue sub-waves i-ii-iii-iv-v) finished on July 6, and the red wave two (blue sub-waves a-b-c) correction ended on July 17. If this wave count is correct, GNX should be heading next towards the July 6 peak in the red wave three.

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

Funnymentals

The Genaro Network is a smart data ecosystem with a Dual-Strata architecture, integrating a public blockchain with decentralized storage. You can watch their intro video below.

(Sources: Genaro Network and YouTube)

How can I vote? Where is the contest?

You can vote by following this link.

Are You Buying Netflix Into Earnings??? – Part 2

July 19, 2019 Published by

Prior to earnings, the market makers were pricing in a $25 move in either direction.  Two levels the chart suggested to pay attention to was the daily supply at $402 and the daily demand at $313.

Are You Buying Netflix Into Earnings???

After earnings, the stock price crated to the downside more than $35 or 10%.  The reason price fell that much was because total streaming paid net additions came in at 2.7 million, below expectations of 5.06 million analysts expected. Netflix also lost 126,000 domestic paid subscribers versus an expected gain of 309,000.

The CEO, Reed Hastings attempted to calm investors down call saying the quarter was just a hiccup due to anticipated strong demand for a host of new original content.  If you believe in Netflix and what Reed had to say, the price of Netflix is selling at a discount now as the chart suggests to buy at or near the daily demand at $313.

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.

Currency Analysis Report 7/18/19 – Continue To Short The GBP/JPY

July 18, 2019 Published by

One doesn’t have to be British to know the drama that’s been going on in England the last two years due to Brexit. 

Even Richard Branson got into the mix stating that if England leaves the EU it would devastate his company and the British Pound.  Richard believes if England leaves the EU, the British Pound is going to parity against the US dollar. 

Let me throw a curve ball at you, what if the US and China never reach a trade deal?  On Wednesday China urged the Trump administration to “make up its mind” about reaching a trade deal with Beijing and warning that additional tariffs could send negotiations further off track.

Not only will that hurt the British Pound, but the entire EU.  Because the Japanese Yen is considered a safe haven currency, in times of geopolitical or financial turmoil, the Japanese Yen tends to gain against its peers.

The chart suggests to continue to short GBP/JPY at the daily supply at 135.75.

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 bounces $1,200 in an hour! Bull Trap or Reversal?

July 18, 2019 Published by

Bitcoin bounces $1,200 in an hour as bulls try to rally.

Screen Shot 2019-07-18 at 10.40.25 AM.png

In today’s video we’ll discuss where price may be heading next, key areas to watch, I’ll answer your questions and so much more. 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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