The Litepresence Report on Cryptocurrency

[kpitcher]

Anyone been watching Cardano (ADA) ? It's some of the people behind Ethereum, along with a a variety of other people. It's supposed to be a better way to do smart contracts. It started trading on Bittrex at $0.02 and is up to $0.03, the whitepaper and roadmap will be released this week. Volume is already 800 BTC

If this has any of the growth like ETH did it will be amazing. However without even a roadmap it's betting on the ability of the team behind it right now.

 

[kfarnan]

Anyone been watching Cardano (ADA) ? It's some of the people behind Ethereum, along with a a variety of other people. It's supposed to be a better way to do smart contracts. It started trading on Bittrex at $0.02 and is up to $0.03, the whitepaper and roadmap will be released this week. Volume is already 800 BTC

If this has any of the growth like ETH did it will be amazing. However without even a roadmap it's betting on the ability of the team behind it right now.

No white paper, already premined 25 m,. I don't see how this is not a pump and dump

 

[kpitcher]

Appears the Segwit2x ending has made people go back to the alts. Coinmarketcap has 93 out of the top 100 coins up for the past 7 days. I don't ever remember seeing quite so much green.

https://coinmarketcap.com/all/views/all/

 

[kpitcher]

Might be a good time to pick up some NEO. If this is true, China will allow ICOs that use NEO as the underlying value.

https://rmbtheory.com/china-allowing-icos-neo/

 

[kpitcher]

Did anyone catch verge astronomical rise? Bloomberg and others have been talking about it. Privacy coin that is years old, almost overnight rise to 3+ billion marketcap

https://coinmarketcap.com/currencies/verge/

 

[Lord Xar]

Anyone been watching Cardano (ADA) ? It's some of the people behind Ethereum, along with a a variety of other people. It's supposed to be a better way to do smart contracts. It started trading on Bittrex at $0.02 and is up to $0.03, the whitepaper and roadmap will be released this week. Volume is already 800 BTC

If this has any of the growth like ETH did it will be amazing. However without even a roadmap it's betting on the ability of the team behind it right now.

This is interesting, and imho, a good thing.
https://twitter.com/IOHK_Charles/status/947247265374019585

He is the mastermind behind Cardano, who was previously the masterind behind Etherium.... and best of all (well sorta ), he is a Ron Paul supporter.

 

[AZJoe]

Crazy for Crypt:

 

[presence]

 

[LeroyJohn]

BTC/USD dips below $6,300

• Bitcoin bullish trend turned bearish on failure to sustain above $6,600 trimming gains towards $6,200 support.
• BTC/USD chart outlook is negative for the near-term; technical indicators showing bearish signals.

Bitcoin is walloped by selling pressure below on Tuesday. The rising wedge pattern support spotted during the analysis yesterday was broken triggering more breakdown below the short-term support at $6,400 and the critical $6,300 support. BTC/USD has had a considerably successful week’s trading after the recovery from the pits below $6,000 commenced on the same day last week.
The selling pressure has, however, capped the gains marginally above $6,600. The price keeps losing momentum at this level, besides I termed this level as Bitcoin price hard cap on the upside in the analysis published yesterday. The pivotal $6,500 gave in to selling pressure at the opening of the trading session the previous day. Moreover, the 100-day hourly moving average also failed to stop the declines but will now offer resistance to the upside at the broken trendline support.
Bitcoin is likely to continue correcting lower in the near-term. Similarly, technical indicators continue to send negative signals. For instance, the MACD is in the negative territory and still advancing south, the stochastic had recovered slightly from the oversold but has changed direction downwards again.
The 23.6% Fib level with a high of $7,148.96 and a low of $5,941.5 at $6,200 is a strong vital support to the buyers and must not be broken to prevent more break down heading to $6,100 and $6,000. Bitcoin is trading at $6,288, but the buyers must battle to push to price above $6,300 and preferably find a support here. This will allow them to curve a trajectory to $6,400 resistance and eventually $6,500 in the medium-term.


Source: https://www.fxstreet.com/cryptocurrencies/bitcoin

 

[LeroyJohn]

[h=1][/h]EUR/USD Forecast Aug. 20-24


Euro/dollar initially dropped and hit the 1.1300 level (mentioned last week). It then recovered swiftly.


Technical lines from top to bottom:


1.1720 is a veteran line that worked in both directions, last seen in November. 1.1676 was a temporary low point in late May.


1.1625 provided support to the pair several times in June and July. It is followed by the mid-July trough of 1.1575.


Below, 1.1508 is the previous 2018 low. 1.1450 capped the pair back in June 2017 and also in mid-August.


1.1355 was a pivotal line when the pair traded at low ground mid-August. Even lower, 1.1300 is a round number that held the pair in mid-August and also held the pair down in June 2017.


1.1115 was a low point also in that period of time. The very round level of 1.10 is next.


Source: EUR/USD forecast

 

[fatjohn]

Anyone still following here?
I have gotten persuaded to invest 5% of my capital in a small crypto token of a startup.
It's a quite large number for such a small venture and it is quite illiquid in trading.
Can someone have an honest look to it and tell me their thoughts?
Its the FYP token, a profit token linked to the instant exchange FlypMe.

The instant exchange has a couple of things going for it:
It does not require Know Your Customer, it is very privacy focussed and one of the biggest players in the market, Shapeshift, just implemented stringent KYC controls.
An other behemoth (Changelly) has also KYC regulations.
In response to that FlypMe is seeing significant volume, 75k usd a day which is close to the peak of january where they saw 100k usd.
In comparison Shapeshift went from 20-50M usd a day to just over 1 Million usd these days.
So everything is looking good, distributed profits should be high this quarter but the price is still going down.
I bought average at 750 sats and its now 500 sats.
I dont know why though, it seems so disconnected from the surge in volume (and thus profits) that the exchange saw.

 

[Zippyjuan]

Anyone still following here?
I have gotten persuaded to invest 5% of my capital in a small crypto token of a startup.
It's a quite large number for such a small venture and it is quite illiquid in trading.
Can someone have an honest look to it and tell me their thoughts?
Its the FYP token, a profit token linked to the instant exchange FlypMe.

The instant exchange has a couple of things going for it:
It does not require Know Your Customer, it is very privacy focussed and one of the biggest players in the market, Shapeshift, just implemented stringent KYC controls.
An other behemoth (Changelly) has also KYC regulations.
In response to that FlypMe is seeing significant volume, 75k usd a day which is close to the peak of january where they saw 100k usd.
In comparison Shapeshift went from 20-50M usd a day to just over 1 Million usd these days.
So everything is looking good, distributed profits should be high this quarter but the price is still going down.
I bought average at 750 sats and its now 500 sats.
I dont know why though, it seems so disconnected from the surge in volume (and thus profits) that the exchange saw.

Looks like their price peaked in January in terms of value at $2.12 - presently down to $0.038. Doesn't look too good in that respect. https://coinmarketcap.com/currencies/flypme/

I find lots of hype and press releases but nothing about how much they actually pay out in profits (They claim they distribute half of their profits based on what percent of their tokens you own- 1% of tokens would get 0.5% of their profits- unless transaction costs are higher than your payout- can't find what their costs are either). As an owner, do they give you any such information?

But in general, if you don't know much about it, probably not a good idea to invest in it. Don't like that "illiquid" you mention either.

I'm old school and like my dividend paying utility stock.

 

[fatjohn]

Looks like their price peaked in January in terms of value at $2.12 - presently down to $0.038. Doesn't look too good in that respect. https://coinmarketcap.com/currencies/flypme/

I find lots of hype and press releases but nothing about how much they actually pay out in profits (They claim they distribute half of their profits based on what percent of their tokens you own- 1% of tokens would get 0.5% of their profits- unless transaction costs are higher than your payout- can't find what their costs are either). As an owner, do they give you any such information?

But in general, if you don't know much about it, probably not a good idea to invest in it. Don't like that "illiquid" you mention either.

I'm old school and like my dividend paying utility stock.

Hey Zippy,

They publish the payouts on steemit (and link to it via their twitter and reddit profiles)

https://steemit.com/cryptocurrency/@flypme/first-flyp-me-payout
https://steemit.com/cryptocurrency/@flypme/flyp-me-first-quarterly-payout-of-2018
https://steemit.com/cryptocurrency/@flypme/flyp-me-second-quarterly-payout-of-2018
https://steemit.com/cryptocurrency/@flypme/flyp-me-third-quarterly-payout-of-2018

The transaction costs are dependent on the ethereum network, so the cutoff for wallets that receives payouts differs from quarter to quarter depending on the overall payout and the costs of transacting tokens on the ethereum network.

The white paper claims that if you own upwards of 200000 tokens you can ask for an audit.
I don't really know how that process is supposed to work though.

On their roadmap the following can be found:

What are Flyp.me's next steps?
Flyp.me will be constantly developed, upgraded and expanded. Code reviews and security audits will be continuously and periodically done to ensure the highest level of security, efficiency and stability.
The next steps are:

Implement and add new cryptocurrency pairs;
Finalize Smart Contract for profits distribution;
Implement API modules for popular coding languages to enable developers to build apps using the coding language of their choice;
Interconnect with other services as multicrypto/multiasset Point of Sale, Wallet services;
Implement distributed governance model including proposing and voting for key decisions;
Develop cryptographic auditing;
Integrate decentralized asset platforms;
Adopt technological improvements like atomic exchanges and 2nd layer solutions.

Also their no KYC policy wins them customers from shapeshift:
https://blog.blockonomics.co/blocko...ants-accept-alts-d75d433f0d7a?gi=8cb6c1785ec0

Huge possible growth.
About the token price, well 2 dollars was insanely overvalued, but right now if you would compare it to a dividend stock.
These are high dividends for a growth company.
I think at 3-4 cents its insanely undervalued as well.

 

[Zippyjuan]

Thanks for the info! Good luck with your investment!

Looks like they paid about $0.26 for each 1000 tokens in their latest round and about $15 per account on average (figuring $200 per Ethereum- that is $202 today).

The payout for the Third Quarter of 2018 is 0,001293225986525904 ETH per 1000 FYP tokens.

Average payout per address: 0,07758775947 ETH

https://steemit.com/cryptocurrency/@flypme/flyp-me-third-quarterly-payout-of-2018

 

[fatjohn]

Looks like they paid about $0.26 for each 1000 tokens in their latest round and about $15 per account on average (figuring $200 per Ethereum- that is $202 today).

Well I personally think it is fairer to use the 90 day average of ethereum since the platform is crypto to crypto and they probably store their profits in ethereum right away.
So if we use that average of 333 USD we get $0.43 per 1000 tokens which are currently worth $35 (550 sats: 500 bid, 600 ask).
This is 1.22% per quarter or 5% on a yearly basis.
Furthermore, due to the shapeshift news, the volume on the exchange has been rising. October will be aiming at about 270-280 btc in volume, about double the volume of the third quarter.
FYI the previous volume spike in June/Juli was confirmed by employees to be created by artificially low profit margins to experiment with the demand curve.
This one seems to be a legit rise in volume and therefore hopefully profit.
So my expectation/hope is to see the payout in ethereum triple this quarter.

In any case thanks for being a second pair of eyes. I know you are by nature a bit sceptical, so in this case this is a good thing. All I wanted to know was if I might have missed something that seemed scammy.
I can understand that you are more comfortable with dividend stocks. In my view this is an extreme go big or go home play. They need to grow now because in a year or so they will run out of ICO funds and will need to pay the wages from the profits they get.
Either they become a competitor to shapeshift and changelly and this token becomes a ten-to-hundred bagger or they go broke.
I'm ok with that, it's only 5% of my cryptofolio (not my total as I previously wrote)

 

[kpitcher]

I'd be worried about legal issues with flypme. They distribute funds every 3 months which means they have a holding account of money which is legally another's. There are various rules and regulations concerning that. Also the no KYC at all means they are avoiding almost every country's rules. Even if the smart contract and exchange is distributed someone actually has control of those funds which means once that ID gets out there they could potentially get in serious trouble and a government can shut down the entire thing.

Most governments are finding ways to make it harder to do true anonymous crypto. As we have seen with btc-e, govs can close even some of the bigger exchanges out there.

 

[fatjohn]

You have a good point big brother is definitely going to try to make them to implement kyc. Shapeshift said it was there own choice, I doubt it though.
FlypMe is also italian. Perhaps it goes slower there bureaucracy wise.

About the holding account of the dividend payment. It is in ethereum which is legally not the same as money I believe.

 

[Adam88]

Couple days before, i read that

The market capitalization as well as volumes of top 50 ERC20 tokens have hit 1-year lows

what do you think about that?

 

[dannno]

Couple days before, i read that

what do you think about that?

Last time alt-coins trailed bitcoins' upward gains, so the uptrend started later and then when they came down the end of the downtrend is later and also the losses were greater compared to bitcoin.. but some altcoins also saw bigger % returns than bitcoin on the run-up.

I would look for select alt-coins to do well again after the next bitcoin bull run begins.

 

[Adam88]

but that's sound like roulette. There are a loooooot of different altcoins and not of them will be profitable after bitcoin will rise. Sure, it's possible to get great profit if
1. you will choose right altcoin
2. bitcoin will run-up
Last time when bitcoin was 20k$, there were several reasons why this happened. And main reason why it happened, i believe, that a lot of people started to invest to this currency. Cause each media, each bloger and new website was writing about bitcoin. That's why his price was so hight. But right now, what reasons may cause such results again?