Originally posted on LastWeekInCrypto newsletter.
By @nitanshr, @parth4689 and @mohitmamoria.
Welcome to another edition of the Last Week in Crypto, like always, we have got a ton of news for you. Let's unpack them one by one.
1️⃣ Everyone wants to join the cryptocurrency craze
Kodak - the company which revolutionised photography, before getting bankrupt in the era of digital photos - was in headlines last week. To give photographers a control over their photos and limit their unlicensed usage, it's developing its own cryptocurrency called KODAKCoin. While its shares prices more than tripled, it has also launched a mining machine called Kodak KashMiner, which seems to be a scam, when dug deeper.
Kodak isn't the only company boarding the cryptocurrency bandwagon. In India, telecom upstart Jio, which is credited with the 4G revolution, is also reportedly planning to create JioCoin. Although, there are no concrete details of its project and how it plans to integrate it with its various services.
📊 Technical Analysis by Parth
Why we use technical indicators?
Traders use the Indicators mainly to serve three broad functions, to alert, to confirm and to predict. Even though the buy or sell signal generated buy the indicators is concrete, it should never be considered alone. Any kind of technical analysis should always be considered in context with other technical analysis tools. This helps in better signal generation. One such indicators which can be used to support other indicators in RSI.
Relative strength index is a momentum indicator that compares the average price change of advancing periods with the average price change of declining periods. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30. RSI can also be used to identify the general trend.
BTC/USD:
Looking at the below chart we can easily infer that Relative strength index is one very good indicator to gauge the major trend of BTC price movement. With 90% accuracy RSI predicted change in the general trend of BTC. Using this indicator with other simple technical analysis indicators like Fibonacci, trend lines and MACD. The exact entry points can be mapped out for optimized results.
2️⃣ Telegram's TON ICO is worth watching out for
A few weeks back, we mentioned that the popular messaging app might be prepping to launch its own virtual currency, and now its plans have come into the light. The interesting thing is that it'll be developing its own blockchain for TON (Telegram Open Network, which will eventually be termed The Open Network). As per the leaked primer, the initial push for the coin will come by integrating with Telegram, but its founders have bigger ambitions for it, offering storage, proxy services, DNS and more along with P2P payments.
In fact, it seems all messaging apps are dipping their toes in the crypto space. Popular Japanese app LINE is also planning to integrate cryptocurrencies for payments.
3️⃣ 3 Lies Bitcoin Skeptics Tell Themselves
As the price of the bitcoin continues to grow, so is the voice of sceptics (except JP Morgan's Jamie Dimon who last week said that he regrets calling cryptocurrency a fraud). However, in this article, the author busts three of the biggest arguments against the cryptocurrency: 1) it's a Ponzi scheme, 2) it's not secure, and 3) it's not money.
💥 What the buzz! #1
4️⃣ My Joke Cryptocurrency Hit $2 Billion and Something Is Very Wrong
In this opinion, Jackson Palmer, creator of Dogecoin, compels us to think where this cryptocurrency craze is going. He left Dogecoin two years back, and even without any new developments, the meme-based virtual coin recently crossed $2bn market cap. With everyone speculating about prices of coins, his ending is thought-provoking Once the cryptocurrency price bubble pops and takes all the hype with it, will the community be able to recover the energy it needs to build real, innovative technology once again?
5️⃣ Will South Korea follow China's footsteps?
South Korea is one of the leading regions for cryptocurrency trading, so much so that panic settled earlier last week when Coinmarketcap removed data from South Korean exchanges because of their volatile prices. This was amidst reports of South Korean regulators cracking down on trading. However, the government hasn't taken a decision yet, and it remains to be seen if it'll follow China's footsteps with a blanket ban or offering a regulated trading environment to its citizens.
💥 What the buzz! #2
📹 Watchlist
👉 Binance adds 240,000 users in one hour
Binance is world's leading cryptocurrency exchange and it's growing at a tremendous pace (currently new account creation is temporarily blocked). In this video, its CEO, Zhao Changpeng shares his opinions on the exchange's rapid rise, China's cryptocurrency ban, Warren Buffett's comment on bitcoin.
👉 Ethereum co-creator Steven Nerayoff says the cryptocurrency's value could triple in 2018
In this video, Ethereum's co-creator posits that the cryptocurrency is set to grow bigger this year as it's allowing anyone to build on top of it.
Related watch: Ethereum's Co-Founder, Joseph Lubin, discusses the future of the decentralized web
💥 What the buzz! #3
💎 Hidden gems
👉 Vitalik Buterin, creator of Ethereum, on the big guy vs. the little guy - PODCAST
The creator of the second-largest cryptocurrency shares insights on how blockchains will actually help the society. He also opines on challenges of Ethereum such as scaling and shifting to proof of work to proof of stake algorithm.