Analysis: Sentiment on 13 coins that are fire right now

Is it finally safe to come out and play?

For the moment anyways, it appears $BTC is in some form of a sustained bull trend — though there’s no indication the broader bear market is over yet.

After a nearly two and a half month bleed, sentiment on Bitcoin finally broke out of a sustained downtrend, piercing a point in my analysis that hadn’t been touched in a long while.

Most of the 149 influencers and traders I follow for my analysis have remained positive on $BTC since it broke through the much vaunted $6,800 barrier last week. Few on that list believe this run signals we’re out of the monster bear market we’ve been gripped in since February, but this is the best we’ve seen sentiment on Bitcoin in quite a while.

The pattern suggests to me that we’re likely experiencing something more along the lines of April’s bull charge than a complete shift in the market. But hey, April was fun.

The Top Alts

Here are the 13 coins/tokens that scored above a 75 on my power rating scale, a weighted formula that takes into account sentiment, volume and unique influencer mentions.  I don’t include coins in my rankings if they have received less than 5 mentions or have been mentioned by less than 3 unique people.

You can always find methodology and a key to my charts at the bottom of my posts, or pinned to the top of my Twitter page @FOMOcryptoDojo.

13. $SCRL

12. $LBC

11. $NEO

10. $SC

9. $KLKS

8. $POE

7. $WAN

6. $ADA

5. $BWK

4. $ZEN

3. $MSP

2. $DOGE

1. $PHR

Coin Sentiment (of 100) Volume Influencers Power Rating
ADA 65 32 16 81
ARDR 43 13 7 66
AURA 56 27 5 73.25
BAT 55 16 9 73
BCH 10 17 12 51.5
BNB 59 11 11 74.5
WYS 92 8 2 80.75
AION 92 4 3 80.5
TUBE 86 4 4 79.75
BTC 34 755 100 67
BWK 77 11 5 81.5
DCR 6 9 5 45.75
DGB 55 22 12 74.25
DOGE 76 24 16 85.75
GIN 94 4 2 77.25
DRGN 15 6 6 49.25
ELF 6 6 3 40.75
ENG 42 7 3 59.25
NEXO 86 3 3 74.75
EOS 16 24 6 53.75
ETC 14 30 14 54.75
ETH 13 78 31 56
HKN 46 7 3 61.25
ICX 44 21 15 69.25
KLKS 76 13 3 78.25
MORE 97 2 2 72.75
ADH 77 6 2 72
EVE 76 6 2 71.5
KMD 59 5 4 68.5
IOTA 78 3 3 70.75
KRL 65 7 3 70.75
OMG 93 2 2 70.75
XTZ 78 3 3 70.75
LBC 78 6 3 76.75
LTC 14 33 17 55.75
MANA 58 15 7 74
MFT 32 22 6 61.5
MSP 93 5 4 85.5
PPI 87 2 2 67.75
NANO 36 8 4 59.25
SS 66 4 3 67.5
GVT 74 4 2 67.25
PASC 86 2 2 67.25
NEO 60 26 14 77.5
LOOM 65 4 3 67
PK 66 7 2 67
OCN 45 10 7 66.25
ALQO 78 3 2 66.5
ONT 13 7 4 47
PAY 46 5 4 62
PHR 92 22 5 90.75
POE 77 7 4 79
DASH 66 3 3 64.75
EXP 66 3 3 64.75
UBQ 62 5 2 63.5
CND 78 2 2 63.25
ZCL 66 4 2 63.25
ZLC 94 4 1 63.25
SC 66 13 9 78
GRV 97 3 1 62
SCRL 66 19 4 76.5
STRAT 56 16 7 73
TFD 14 13 7 51.5
TPAY 44 7 3 60.25
NCP 78 11 1 60.5
SALT 60 4 2 60.25
TRX 41 44 17 69.25
VEN 33 70 23 65.5
VIA 62 13 8 76
RLC 98 2 1 59.25
ATMI 63 3 2 59
ONION 63 3 2 59
IOST 57 4 2 58.75
ATMOS 95 2 1 57.75
BTG 58 3 2 56.5
WAN 62 30 17 79.25
WAVES 42 11 7 65
WTC 40 11 5 63
ELA 42 4 3 55.5
XZC 78 4 1 55.25
XBT 46 5 4 62
XLM 45 31 13 70.5
PURE 43 5 2 54
XLR 54 16 3 67.75
XG 34 4 4 53.75
PIRL 86 2 1 53.25
VET 62 12 1 53
POD 36 4 3 52.5
REP 40 3 3 51.75
XMR 33 5 5 56.5
XRP 10 87 34 54.5
TRBO 75 3 1 51
XMN 75 3 1 51
STR 46 3 2 50.5
TEL 33 6 2 50
ELIX 99 1 1 49.5
OPEN 99 1 1 49.5
XVG 44 13 9 67
BCN 98 1 1 49
LEX 98 1 1 49
BTS 34 3 3 48.75
NFLX 34 3 3 48.75
WPR 34 3 3 48.75
KEY 36 4 2 48.25
ZEC 12 8 5 48.25
BITG 95 1 1 47.5
DIG 40 3 2 47.5
LCS 95 1 1 47.5
MAN 95 1 1 47.5
POWR 40 3 2 47.5
XBY 95 1 1 47.5
XXX 95 1 1 47.5
GLD 46 2 2 47.25
PCN 46 2 2 47.25
SUMO 46 2 2 47.25
ZEN 94 5 3 83.75
DBIX 56 5 1 46.5
INN 66 3 1 46.5
LINK 56 5 1 46.5
SUN 93 1 1 46.5
CRAVE 60 4 1 46.25
ZIL 45 16 10 68.25
SCT 63 3 1 45
TX 63 3 1 45
CTS 57 4 1 44.75
MCO 34 3 2 44.5
ALTS 87 1 1 43.5
DLT 87 1 1 43.5
DNR 87 1 1 43.5
EUNO 87 1 1 43.5
LGO 87 1 1 43.5
MUE 87 1 1 43.5
RDD 87 1 1 43.5
XTO 87 1 1 43.5
ZPT 66 2 1 43.25
LSK 16 4 3 42.5
NPXS 58 3 1 42.5
LEND 36 2 2 42.25
SPD 36 2 2 42.25
ZRX 46 32 14 71
APD 60 2 1 40.25
CORN 60 2 1 40.25
LINDA 60 2 1 40.25
ANON 78 1 1 39
CAH 78 1 1 39
COV 78 1 1 39
DEV 78 1 1 39
ESZ 78 1 1 39
MTC 78 1 1 39
POLY 78 1 1 39
QSP 78 1 1 39
SEND 78 1 1 39
SLV 78 1 1 39
SOMA 78 1 1 39
SONM 78 1 1 39
SPO 78 1 1 39
SPY 78 1 1 39
ACED 36 8 1 38.75
HILL 46 3 1 36.5
MTL 16 3 2 35.5
BBP 36 4 1 34.25
SNM 8 4 2 34.25
ARK 4 3 3 33.75
SENT 7 4 2 33.75
XSN 12 3 2 33.5
MWAT 46 2 1 33.25
ADX 66 1 1 33
APH 66 1 1 33
CRB 66 1 1 33
FUN 66 1 1 33
GC_F 66 1 1 33
INF 66 1 1 33
OST 66 1 1 33
QWARK 66 1 1 33
RCN 66 1 1 33
THETA 66 1 1 33
TOMO 66 1 1 33
WINGS 66 1 1 33
XGS 66 1 1 33
BLZ 16 2 2 32.25
ENJ 16 2 2 32.25
LUX 16 2 2 32.25
PIVX 16 2 2 32.25
QTUM 16 2 2 32.25
STORM 16 2 2 32.25
BELA 36 2 1 28.25
BLOCK 8 2 2 28.25
ECC 36 2 1 28.25
INXT 36 2 1 28.25
LINX 36 2 1 28.25
DYN 15 6 1 27
JEW 11 8 1 26.25
WABI 3 2 2 25.75
NEBL 1 2 2 24.75
BTCC 46 1 1 23
CHAT 46 1 1 23
COSS 46 1 1 23
ETP 46 1 1 23
MBC 46 1 1 23
NAS 46 1 1 23
NIX 46 1 1 23
QKC 46 1 1 23
SPHTX 46 1 1 23
STEEM 46 1 1 23
TRAC 46 1 1 23
TRC 6 7 1 23
VEE 46 1 1 23
VNX 46 1 1 23
YCE 46 1 1 23
POLIS 11 4 1 21.75
STONE 11 4 1 21.75
XP 8 4 1 20.25
INS 16 2 1 18.25
XAU 16 2 1 18.25
AEG 6 3 1 16.5
BIS 12 2 1 16.25
NULS 8 2 1 14.25
SOAP 2 2 1 11.25
ACT 16 1 1 8
AMP 16 1 1 8
ARN 16 1 1 8
AST 16 1 1 8
BBO 16 1 1 8
BLK 16 1 1 8
BNT 16 1 1 8
DTB 16 1 1 8
DYOR 16 1 1 8
EDO 16 1 1 8
GNT 16 1 1 8
GS 16 1 1 8
IONC 16 1 1 8
KICK 16 1 1 8
MCM 16 1 1 8
MENLO 16 1 1 8
MNX 16 1 1 8
NCASH 16 1 1 8
NF 16 1 1 8
NIHL 16 1 1 8
NOS 16 1 1 8
PEX 16 1 1 8
PRL 16 1 1 8
QRL 16 1 1 8
RAIN 16 1 1 8
SAN 16 1 1 8
SNAP 16 1 1 8
TAL 16 1 1 8
TKS 16 1 1 8
UBIQ 16 1 1 8
VTHO 16 1 1 8
XCO 16 1 1 8
REQ 8 1 1 4
VEO 8 1 1 4
XYZ 8 1 1 4
DNT 4 1 1 2
GFY 4 1 1 2
KIN 4 1 1 2
VRC 4 1 1 2
GAME 3 1 1 1.5
XCP 3 1 1 1.5
NIO 2 1 1 1
XTL 1 1 1 0.5
BND 0 1 1 0
DJI 0 1 1 0
MTH 0 1 1 0
VRH 0 1 1 0
WAX 0 1 1 0

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.

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.

The post Analysis: Sentiment on 13 coins that are fire right now appeared first on Coin Insider.

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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How the biggest proof-of-work algorithms for cryptocurrencies compare

Not all coins are created equal.

Some cryptocurrencies require the equivalent of hours of computing time and energy to mine, while others are produced in a matter of minutes.

The term “mining” in cryptocurrencies refers to a collection of techniques to validate transactions known as proof of work (PoW). This is when a computer performs many calculations to try and solve a mathematical puzzle.

These puzzles use are typically based on cryptographic hash functions, which are designed to be one-way. The nature of these functions is exploited so that a miner must make many millions or even trillions of guesses per second to find a solution. It is then usually possible for any other computer to easily check that the solution is true.

In the case of distributed ledger systems like Bitcoin, other computers on the network can easily check someone else’s calculation, and must then build upon it to generate solutions for the next block of transactions.

Each block of transactions is its own mathematically difficult puzzle to solve, and becomes part of the puzzle for the next block of transactions, creating a chain. Hence the term “blockchain”.

By building the next block of transactions on one which came before, a network is able to come to a consensus of which transactions are valid. Proof-of-work algorithms are therefore also referred to as a consensus mechanism.

Other examples of consensus mechanisms is proof-of-stake and Istanbul Byzantine Fault Tolerance, but this article is only going to look only at proof-of-work algorithms, and how they compare.

Among the factors mentioned below will be resistance to mining hardware based on application specific integrated circuits (ASICs).

Application-specific integrated circuits, as the name implies, are chips designed for a specific use, as opposed to general-purpose computers. In the case of blockchains, they are chips designed to perform the calculations of a particular proof-of-work algorithm as efficiently as possible.

Criticism of ASICs is that they are expensive and make it difficult for people to participate in mining a blockchain without a significant capital investment. They also skew the ability mine a particular coin in favour of companies who can develop their own ASICs.

While some mining algorithms are designed with ASIC resistance in mind, it is worth keeping in mind the comments the lead developer of Sia made earlier this year: “At the end of the day, you will always be able to create custom hardware that can outperform general purpose hardware.”

SHA–256 — Bitcoin, Bitcoin Cash

What better place to start with a comparison of algorithms than where the cryptocurrency craze all began — Bitcoin.

The Secure Hash Algorithms are a family of cryptographic hashing functions published by the National Institute of Standards and Technology.

Short for Secure Hash Algorithm, the first variants of the SHA family, SHA–0, SHA–1 and SHA–2, were developed by the U.S. National Security Agency. SHA–256 and its bigger brother, SHA–512, are part of the SHA–2 family.

SHA–256 is not designed to be ASIC resistant, and ASICs to mine Bitcoin are readily available.

Scrypt — Litecoin, Dogecoin, Neo

Scrypt was designed to make it more difficult for specialised hardware like ASICs to be used to crack passwords that were hashed using the algorithm.

It did this by using a large amount of memory compared to similar functions, making it more expensive for an attacker to target.

However ASIC-based miners for cryptocurrencies which use Scrypt, like Litecoin, have been available since at least 2014.

Ethash — Ethereum, Ethereum Classic

Ethereum’s proof-of-work algorithm is a modified version of Dagger-Hashimoto, which was designed to be memory hard and ASIC resistant.

This means it tends to favour graphics cards with higher memory bandwidth, and has been the domain of people who want to mine a cryptocurrency with standard computer hardware (like high-end graphics cards) rather than specialised components.

Bitmain has produced a specialised Ethereum miner, but the creator of the platform, Vitalik Buterin, surmises that the “ASIC” is just an optimised regular computer with non-essential components stripped out.

Equihash — Zcash, ZenCash, Bitcoin Gold

Similar to Ethereum, the developers of Zcash created a memory-oriented proof-of-work algorithm for their cryptocurrency to make it ASIC resistant.

It uses Blake2b in the proof-of-work, and as a key-derivation function.

Bitmain has sold ASICs for Equihash, defeating its originally stated goal of democratising mining, rather than having it limited to only those who could afford specialised gear.

Blake, Blake2, and Blake2b — Siacoin, Decred

Blake was an entry into the competition by the U.S. National Institute of Standards and Technology for a new SHA algorithm to complement its older SHA-1 and SHA-2 standards.

It made it to the final round, but ultimately lost to Keccak.

The algorithm is fast, and was not designed specifically with resistance to ASIC mining in mind.

Bitmain has released as ASIC miner for Blake2b-based coins. The developers of Siacoin themselves also launched an ASIC project called Obelisk about a year ago, and reported in detail about their findings of the state of the mining space.

Keccak — SmartCash, MaxCoin

Keccak won a competition in 2012 to become SHA–3, the next variant of the Secure Hash Algorithms family.

It proved to be faster than all other entrants to the competition, and faster than SHA–2 and SHA–1.

While Keccak was not designed to resist ASIC mining, it was built to resist cryptanalysis and brute-force attacks with specialised hardware like ASICs.

Keccak is therefore currently considered ASIC resistant, and there are no ASICs on the open market which target the algorithm.

CryptoNight — Monero, Bytecoin

CryptoNight was designed to be ASIC-resistant, and accessible. The aim was to close the gap between miners who only have access to consumer CPUs and can’t afford hardware like graphics cards and ASICs.

This is to foster more egalitarian mining, and greater decentralisation.

However, Bitmain announced in March that it developed an ASIC for the algorithm and was going to sell a specialised miner called the Antminer X3.

In response, the developers of Monero announced an emergency fork to update its hashing algorithm. They also announced that they will be forking Monero twice a year to try and ensure that it remains ASIC resistant for as long as possible.

X11 — Dash

X11 is an algorithm originally built for Dash which uses multiple rounds of 11 different hashes: Blake, BMW, Groestl, JH, Keccak, Skein, Luffa, Cubehash, Shavite, SIMD, Echo.

It was not designed to be ASIC resistant, and ASICs for X11 are available from several manufacturers including Bitmain, Baikal, iBelink, Innosilicon, and Pinidea.

Variants of this idea—in the form of X13, X15 and X17—are used by several other cryptocurrencies.

Multi-algorithm coins — Verge, Myriad

Where X11 uses multiple rounds of a number of different hashing algorithms to mine a coin, there are also coins which allow many different algorithms to be used to mine them.

The aim is to allow CPU, GPU, and ASIC miners a fair opportunity to mine the coin, and enhance the security of the cryptocurrency.

Essentially, multi-algorthm cryptocurrencies adjust the difficulty of mining their tokens for each algorithm independently to prevent one algorithm from becoming dominant.

In theory, this should also make “51% attacks” more difficult. Such attacks are possible when one person or group control the majority of the hashing power for a coin, allowing them to rewrite the blockchain as they see fit.

Verge supports Scrypt, X17, Lyra2rev2, Myr-Groestl, and Blake2s.

Myriad supports SHA256-D, Scrypt, Myr-Groestl, Skein, and Yescrypt.

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23,152 ZEN reportedly stolen in successful ZenCash hack

Zen is the opposite of how the ZenCash developers, team and users must be feeling right now after news of a 51% attack on the altcoin’s funds has been confirmed.

The privacy-focused coin released a statement on their blog, officially informing the public of the news of the attack and explaining the double attack with details of the funds, the blocks, as well as the hacker’s suspected address.

The team is trying to ease concerns that this happened too easily without someone attempting to stop it and have said that they “immediately executed mitigation procedures to significantly increase the difficulty of future attacks on the network” and continued to details the sequence of events of the attack:

  • “Received warning of potential attack from one of our pool operators
  • Immediately initiated investigation and evaluated hash power distribution
  • In parallel, contacted exchanges to increase confirmation times
  • Investigation showed that the suspect transaction was a double spend
  • In progress: Additional forensics and jointly investigating with the affected exchange”

This makes ZenCash the latest victim of a 51% double attack – which is not a new occurrence for altcoins. We’ve seen Verge (twice), Monacoin and Bitcoin Gold all suffer a similar assault on their blockchain networks.

For now, not-so-ZenCash has suggested to users to store their funds in paper wallets or cold storage. The team has also pomised that everything is being done to investigate the hack and that the team “will continue monitoring the network and conducting forensic analysis with the affected exchange. All information gathered will be provided to the appropriate authorities.”

Whether owing to the attack or not, ZenCash’s has felt a decline and is down 6.60% day-on-day, and presently trades at $25.79 USD.

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