Triaconta Weekly #98 – 8 November 2019
The following topics will be addressed in this weekly.
- Bundles performance
- Triaconta tip
- All coins great and small
- Market overview
The cryptocurrency market in general is moving sideways with Bitcoin around $9,000 this week unable to break $10,000 again. The much anticipated XRP Swell pump only reached a 15% rise in two weeks and XRP fell back to old price levels today causing a small weekly loss for the Big3 Bundle. The other more diversified Bundles show a positive return.
The Big 3 Bundle (-1%) fell back a little. The Top 30 Bundle (+5%) with lots of green and VeChain (+41%) as the highest contributor on major adoption news from China. Cosmos (+19%) and Nano (+16%) did very good as well and no big price drops in this bundle this week. Penny Stock Bundle (+2%) also did very good if you exclude IOST (-11%) which corrected just a little compared to last weeks stellar performance (+70%).
Did you know every buy and sell of cryptocurrency in your portfolio is recorded in your history. You can check it on the History page in the portal. You can search for a specific coin and even export all transactions to an Excel sheet.
All coins great and small
What exactly are cryptocurrencies for? Where is my money actually going? We think it’s a good idea for you as an investor to know a little bit more about the cryptocurrencies you can invest in with Triaconta.
Dogecoin has been around for a while now. Because DOGE usually shoots up first, the coin is seen as an early predictor of positive price action in the larger altcoins.
Dogecoin has survived since 2013 despite the fact that the coin was originally meant as a joke. Dogecoin is a fork from Litecoin and started by Billy Markus and Jackson Palmer as a mostly fun, easy to obtain and easy to use cryptocurrency. They hoped this would make the coin more popular with the general public. All this took place at a time when nerds and cyberpunks were being very serious about changing the world with Bitcoin.
Have Fun and share
According to the Dogecoin inventors, everyone forgot you can also have a lot of fun with cryptocurrency and blockchain. Dogecoin donations brought a Jamaican bobsleigh team to the winter games and Dogecoin is spontaneously collected for a Nascar racing team with financial problems. The message of having fun and being able to help together became a great success and the popularity of Dogecoin is still very impressive today.
Popularity first, value later
There are now more than 100 billion Dogecoin. The fact that a dogecoin was worth almost nothing in 2013 has helped this currency to become very popular. Even with a small investment, you were a millionaire in Dogecoin and people gave away thousands of dogecoin without hesitation as a tip to show that they liked a Reddit or Twitter message. Also, millions of Dogecoin were gambled because at the time they were considered worthless chips in a somewhat out of control cryptocurrency joke.
The number of users in 2017 and 2018 grew exponentially, and demand grew along with it. Cryptocurrency exchanges began to list the coin because of the persistent requests from lots of users. Because of the network effect and without the intention of the founders, it became a currency with real value. Dogecoin now has a market capitalization of more than $300 million and is truly one of the established crypto currencies. It has a listing on exchanges all over the world, a culture of its own and a huge user base with die-hard fans. Have the large-scale give-away of Dogecoin stopped now that it has acquired real value? On the contrary, Dogecoin is being widely used to donate to charities. For a well with clean water in Kenya or for assistance dogs for children with disabilities, a sum of money is easily raised in Dogecoin.
Dogecoin recently ended up in third place in a ranking of the safest blockchains. Much safer than most other proof-of-work cryptocurrencies due to the huge number of users and transactions. In terms of the cost of a 51% attack, Dogecoin is more expensive than even Litecoin or Bitcoin Cash. Applications such as DogePal for simple email payments also show the other side of Dogecoin. At its core, the technology is similar to Litecoin and Bitcoin. Fast, reliable, barely any transaction costs, an almost religious following and continued popularity make this currency, despite the fact that it started as a joke, a good addition to our Penny Stock Bundle and a popular single cryptocurrency.
The Stellar foundation has destroyed half of the Stellar lumens causing the coin to surge over 20% in price and regaining the 10th spot from Tron. Total supply is now reduced from 105 billion to 55 billion tokens. The supply is fixed now because Stellar last week voted to end inflation. The foundation still holds 30 billion of that supply for development, investments and promotion of the coin.
China will no longer persecute Bitcoin mining, according to official documents released by the National Development and Reform Commission of China. In a previous guidance, cryptocurrency mining was considered an undesirable industry that needed to be eliminated.
The European union now considers issuing a digital Euro and banning other stablecoin projects like Facebook’s Libra. It seems that the ECB is lobbying its own digital currency as it seeks more control over the monetary flow. Last year, former ECB President Mario Draghi said that there was no need for digital currency.
Ontology (ONT) enables grocery purchases via Blocery DApp. Ontology has invested in Blocery and will provide it with tools for developing apps on the Ontology blockchain. Offering users to buy groceries via its dApp, Blocery sees a real use-case for DLT when it could actually work for daily needs of their customers.
More food-related adoption. Vechain is facilitating a trade agreement between France and China. Foodgates, a cross-continental logistics & trade platform powered by VeChain ensures that French food and drink products enter the B2B market in a transparent and traceable manner.
On the second day of the Ripple Swell conference, Moneygram CEO Alex Holmes shared his enthusiasm for Ripple’s On Demand Liquidity (ODL, formerly xRapid)., which uses XRP as a bridge currency for cross-border payments. We are settling billions of dollars in seconds, and are currently moving 10% of our transaction volume using ODL and XRP between US and Mexico and plan to expand into four more corridors by the end of the year. Moneygram has customers in over 200 countries and believes the use of XRP will be a competitive differentiator in the months and years ahead.