Xapo president claims that 90% of cryptocurrencies will disappear

Ted Rogers, the president of Xapo – a Hong Kong-based company dealing with Bitcoin wallets – has claimed that a shocking portion of the cryptocurrencies currently listed will be wiped out.

Rogers believes that 90% of the tokens currently listed on CoinMarketCap are facing “extinction” if they are not the heavyweight cryptocurrency Bitcoin.

Rogers further stated that now, when the market is down, is a good time to invest in more Bitcoin before it starts peaking again.

In response, Erik Voorhees of Shapesift.io, a company which offers global trading in digital assets, suggested that perhaps the market movements have more to do with the “extinction”.

The idea of Bitcoin dominance – whereby Bitcoin holds more than 50% of the cryptocurrency market trading volume –  has been a topic that investors are not shy about. Tom Lee, CEO of Fundstrat, believes that Bitcoin dominance will make a huge improvement in the cryptocurrency space, saying that “Bitcoin is the best house in a tough neighborhood” and suggesting that investors should focus on the original cryptocurrency and ignore other altcoins.

At the time of writing, almost half of the 15 leading cryptocurrencies including Ripple, Cardano, IOTA, TRON, Dash, NEO, and NEM while Ethereum, Bitcoin Cash, Litecoin, and Monero have seen 80% or more dips.

Whether Bitcoin will naturally emerge as dominant over falling altcoins will be evident quickly within the market movers and we can only wait to see what will happen.

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Tron officially acquires, prepares to absorb BitTorrent

Earlier this year, Tron Founder and CEO made good on plans to purchase file-sharing service BitTorrent – and today the acquisition has officially been confirmed in a move that will see both companies merge their operations.

Founded 2001, BitTorrent functions as a peer-to-peer file transfer protocol for sharing data over the internet, in which each part of a file downloaded by a user is transferred to other users.

Sun has previously heralded BitTorrent as the “genesis of the decentralization movement,” and publicly regards the platform as the “first decentralized Internet protocol with large-scale global application, [which] retains its status as the world’s largest decentralized protocol, once transmitting 40% of daily Internet traffic.”

News of the potential acquisition first spread in May this year, where it was revealed that Sun had sued BitTorrent Inc for apparently violating a “no shop” clause after he had signed a letter of intent to acquire the platform earlier in January.

Sun has confirmed that BitTorrent and Tron will merge into one company. It remains unclear as to whether the eventual conglomerate of both firms will elect to proceed with a mutual roadmap, or how each platform will continue to develop.

In a medium post, the project Founder elaborated that “I am proud to officially announce that TRON has successfully acquired BitTorrent and all BitTorrent products. From this day on, BitTorrent, whose software has been installed on billions of user devices, will become part of the TRON ecosystem, making TRON the largest decentralized Internet ecosystem in the world.”

Sun went on to elaborate that “with the integration of BitTorrent, TRON aims to liberate the Internet from the stranglehold of large corporations, give data rights back to the individual, and reignite the early 21st century vision of a free, transparent, decentralized network to connect the world, because the internet belongs to the people.”

Tron is presently up by 7.74%, and trades at $0.037514 USD.

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Tron Founder Justin Sun wins election, becomes network “super representative”

Tron Founder Justin Sun has another reason to smile shortly after his network initiated a token swap and launched its proprietary blockchain, as today he is now a Tron “super representative” after announcing and competing for candidacy in the network’s ongoing elections.

Tron “super representatives” gain the right to run one of 27 nodes on the Tron network that will validate transactions, create blocks, and compete for network rewards.

Sun’s victory was a landslide – the network founder raked in some 120 million votes; far above the 100 million vote requisite for a candidate to be elected as a ‘super representative’.

Taking to Twitter, Sun announced that “I hope that my candidacy will make all the TRX holders, supporters and believers see the significance embedded in voting. I hope it will enable all of us to contribute to the establishment of a truly democratic, decentralized tron community.”

Sun had previously indicated his willingness to stand, and in a Medium post had outlined that “I myself will participate in the tron super representative election along with all other candidates.” 

However, Sun proceeded with his candidacy without publishing an election manifesto – despite publicly announcing his intent to “go through the selection process like everyone else, which displays tron’s inclusiveness and openness as a decentralized and autonomous community”.

Sun had previously clarified that the announcement of his candidacy was “a completely personal action” that did not impinge on his leadership of the Tron Foundation, and as such the Foundation would not proceed to use its 34 billion tokens to guarantee his status.

It remains unclear, however, if Sun used his own token holdings to vote in his favor.

At press time, Tron is down by -6.56% day-on-day, and presently trades at $0.035846 USD.

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PornHub now accepts TRON, ZenCash as payment methods

Earlier this year, PornHub startled the cryptocurrency world with its shock decision to begin accepting Verge as a payment method – and now the pre-eminent adult entertainment site has begun accepting TRON and ZenCash.

Together, PornHub will now accept the three cryptocurrencies as payment standards for its premium offerings, and the trinity will now further be accepted by thirteen additional adult entertainment brands owned by MindGeek – PornHub’s parent company.

Presiding over the announcement, Pornhub Vice President Corey Price elaborated that  “Decentralized payment systems have continued to grow in popularity, and cryptocurrency adoption is exploding across a broad economic spectrum. Today, cryptocurrencies are especially viable in the adult entertainment industry because they are privacy-centric and incorporate more anonymity tools than traditional tender.”

While ZenCash and Verge’s privacy features align with comments previously made by Price, TRON has yet to introduce any sizeable privacy features.

Presiding over the decision to accept Verge, Price previously added that “we’re extremely excited to offer our fans the ability to use crypto and think Verge, with its focus on anonymity, is the best option – whether for privacy, convenience or both” – before confirming “that Pornhub had “approached (Verge) in a very deliberate selection process.”

Notably, MindGeek – and by extension, PornHub – is not the only adult entertainment vessel adopting cryptocurrency; earlier this year, VRPorn.com elected to accept Litecoin for its premium subscription offerings.

At press time, Tron is down by -815%, and has deflated to $0.035857 USD. ZenCash has witnessed a similar decline of -7.98%, and presently trades for $15.66 USD.

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What would you have made if you held McAfee’s ‘Coin of the Day’ to date?

In December of 2017, John McAfee – the name behind the antivirus software – kicked off a series of ‘Coin of the Day’ profiles – highlighting several cryptocurrencies thought to be unappreciated or undervalued.

While McAfee shifted his formula to cover a ‘Coin of the Week’ midway through, traders continued to jump on his highlights – using the opportunity to ride a profit wave through a subsequent pump and dump.

While McAfee’s ‘Coin’ profiles are usually thought to be little more than that, an interesting question remains – how much money could you have made (or lost) if you’d held McAfee’s picks to date?

Here, we’ll take the first ten Coin of the Day – and later Coin of the Week profiles – and explore not only what your return on investment might have been, but further whether any of these cryptocurrencies rebounded from the ‘McAfee effect’.

Electroneum (ETN)

Electronuem – a cryptocurrency perhaps best known for its implementation of simulated mobile mining – woke up on December 21st with a value of $0.07 USD. Following McAfee’s tweet, the cryptocurrency rallied to a high of $0.12 USD.

Thereafter, Electronuem soared to $0.19 USD on January 7th, before collapsing and limping home to $0.02 USD at the time of publication.

The bottom line: If you had invested $1,000 USD in Electroneum on December 21st of 2017, you’d have made a loss of $714.29 USD, with a -71% return on investment.

BURST (BURST)

Perhaps the first occasion where the McAfee effect came into play, Burst began trading at $0.04 USD on December 22, and post-tweet rallied to $0.05 USD. The cryptocurrency subsequently climbed to $0.08 USD the following day, reached a high of $0.11 on January 7th, and then gradually collapsed to $0.02 by press time.

The bottom line: If you had invested $1,000 USD in Burst on December 22nd of 2017, you’d have made a loss of $500 USD, with a -50% return on investment.

Digibyte (DGB)

DigiByte began trading at $0.04 USD on December 23rd, and then traveled upwards to $0.07 USD. Digbyte reached a high of $0.01 USD on the 6th of January, and then sank to $0.03 USD.

The bottom line: If you had invested $1,000 USD in Digibyte on December 23rd of 2017, you’d have made a loss of $750 USD, with a -25% return on investment.

Reddcoin (RDD)

Touted by McAfee as the “only currency that many children under the age of 10 have ever known“, Reddcoin kicked off December 24th at just $0.01 USD, and then skyrocketed to $0.013. Shortly thereafter, Reddcoin rose to $0.02 USD on Christmas Day, and then saw a high of $0.029 USD on January 7th.

Reddcoin subsequently slumped to sub $0.01 USD levels, and at press time trades at $0.06 USD.

The bottom line: If you had invested $1,000 USD in Reddcoin on December 24th of 2017, you’d have made a loss of $400 USD, with a -40% return on investment.

Humaniq (HMQ)

McAfee’s Christmas pick, Humaniq began trading at $0.4 USD, and then quickly rallied to a high of $0.6 USD on the same day.

Humaniq has struggled to reach similar levels since, and at press time trades at just $0.1 USD.

The bottom line: If you had invested $1,000 USD in Humaniq on December 25th of 2017, you’d have made a loss of $833 USD, with a -83% return on investment.

Tron (TRX)

Tron has enjoyed more press than most other cryptocurrencies McAfee has elected to espouse.

McAfee’s tweet had little impact on the cryptocurrency in hindsight – Tron began trading at $0.03 USD on December 26th,  and closed the day at $0.036.

Tron’s high point touched $0.027 USD on January 5th, and at press time trades at $0.05 USD.

The bottom line: If you had invested $1,000 USD in Tron on December 26th of 2017, you’d have made a profit of $666.67 USD, with a 67% return on investment.

Factom (FCT)

The first of McAfee’s ‘Coin of the Week’ picks, Factom kicked off the new year at $58.31 USD, and following McAfee’s tweet rose to $69.27 USD.

Factom next touched a high point of $73.76 USD on January 7th, and at press time trades at just $16.35 USD

The bottom line: If you had invested $1,000 USD in Factom on January 1st of 2018, you’d have made a loss of $719.60 USD, with a -72% return on investment.

Dogecoin (DOGE)

The most famous quirky currency, Dogecoin began trading at $0.017 USD on January 8th, whereafter a selloff was triggered that brought values down to $0.015 USD.

Doge hasn’t reached a high point since then, and today trades at $0.003 USD.

The bottom line: If you had invested $1,000 USD in Doge on January 8th of 2018, you’d have made a loss of $823.53 USD, with a -82% return on investment.

Stellar Lumens (XLM)

Lumens began trading at $0.62 USD on January 15th, after which values fluctuated to $0.63 USD.

While the cryptocurrency regained its strength after a short selloff to return to $0.6 USD, the cryptocurrency hasn’t returned to similar levels since, and today trades at $0.3 USD.

The bottom line: If you had invested $1,000 USD in Stellar Lumens on January 15th of 2018, you’d have made a loss of $500 USD, with a -50% return on investment.

Syscoin (SYS)

Opening at $0.65 USD on January 22nd, Syscoin rose to strength at $0.77 USD following McAfee’s tweet. Since then, the cryptocurrency came close to its past glory by touching $0.74 USD on February 21st, but today trades at $0.33 USD.

The bottom line: If you had invested $1,000 USD in Syscoin on January 1st of 2018, you’d have made a loss of $507.69 USD, with a -49% return on investment.

For clarity, John McAfee did not issue ‘Coin of the Day’ tweets as investment advice. Data was acquired from CoinMarketCap from the inception of McAfee’s tweet to date on June 7th. Special thanks to go to Theunis van Rensburg for his assistance.

EDIT: Revised Reddcoin’s return on investment. We regret the error.

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Buy Low, Sell High: Seven coins with high sentiment after price drops

Buy low, sell high (BLSH).

It’s one of the many mantras you hear across the crypto space ad-nauseam if you spend any time on social media.

Obviously, if you’re a trader, it’s a pretty solid life goal. But with data, it might be easier to identify ways to put it into practice.

So this week, I tweaked my analysis a bit. Instead of using the power rating I use to rank coins based on the sentiment and volume of the 100 crypto influencers and traders I follow on social media, I’m pitting sentiment data against price data.

Many coins have had a fairly rough week, Monday’s rally notwithstanding. But despite this, a few have maintained strong positive sentiment even as the price dipped, signaling that the stable of folks I follow remain bullish on these coins despite the losses.

I’ve collected data on 151 coins over the last week, and noted their 7-day price action (as of early Wednesday morning).  Of those coins and tokens, only seven that saw price drops were in the top 50th percentile in sentiment from at least three unique influencers.

This week, I’m highlighting those projects. Does it mean these coins are about to moon? No. But they represent an example of projects that have strong backing during a bear market and are at better price points than they were a week ago.

As I do with all of my measures, I’ll monitor the performance and post the results on my Steemit page next week. If it seems like a good measure, I’ll make it a regular feature.

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Methodology

Each week, I scrape the Twitter accounts of some of the crypto world’s favorite influencers, traders and TA folk. I run a sentiment analysis to see which coins they are mentioning positively, neutrally and which they are mentioning in a negative light.

I also take in data on unique influencers, retweets, favorites, volume and strength of feeling in sentiment.

I calculate power by through a weighted formula that takes into consideration volume, number of unique influencers and sentiment. The higher the score, the better, the lower the worse. For this analysis, though, I’m strictly using the sentiment data and pitting it against 7-day BTC price data from CoinMarketCap.com. Only coins with at least 3 influencers mentioning them were considered. 

This isn’t financial advice, just my own way of trying to make sense of what’s out there. And as with most things, the more data I collect, hopefully, the more interesting it’ll be. This is a work in progress. Please leave suggestions on how to make it better. I imagine if I keep up with it, I’ll be able to expand a bunch of the analysis, but I wanted to start somewhere.

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Crypto Sentiment Analysis: This week’s top 10 coins

Seeking out the top coins these last few weeks has been like searching for a perfect cut in a pile of diamonds.

Altcoins have been on a blistering pace in recent weeks, last night’s cool down not withstanding, turning crypto social media into a block party for coin shilling. In the last two weeks alone, I’ve collected data on more than 200 coins and tokens and nearly 1,600 distinct mentions.

Made with Flourish

Here’s how this works. We’re all prone to biases, so I do a blind analysis. Every week, I scrape the social media postings of 40 prominent influencers and traders, chart every time they mention a specific coin or token and whether they list it in a positive, negative or neutral light. I tally those up (1 point for a positive mention, -1 for negative) on a monthly, weekly and, just for CoinInsider, a bi-weekly basis.

I subtract the negative from the positive to get what I call a power rating, which is just a score of the net sentiment, one way or the other. The higher the score, the better that currency did. Simple.

Generally speaking, I keep it to predictions. I’m less interested in people remarking that a chart is going up or down.

Why these folks? Because people trust them. I know larger sentiment analyses exist, but I think there’s less value in scraping the sentiment of 10s of thousands of amateur traders, most of whom are new to the game.

The idea? The blind analysis of dozens of crypto influencers should overcome any individual biases. It’s a means of pulling a signal from a metric ton of noise. It’s early, but so far the returns have been promising.

So let’s get to it. The charts below show the top 10 coins, by power rating, from April 11 to April 24, and how they got there, day-by-day:

 

  1. $SENT (tie) — +18

  1. $POE (tie) — +18

  1. $XRP — +19

  1. $STRAT (tie) — +20

  1. $LEND (tie) — +20

  1. $BNB (tie) — +20

  1. $LUX — +22

  1. $OCN — +35

  1. $TRX — +36

  1. $ICX — +37

Everything

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