Hey guys, back with another wrap of the latest market movements, blockchain industry and local news. Missed the wrap yesterday when the joys of living off the grid hit home - I ran out of NBN Satellite data and electricity near simultaneously. I was still around on the shaped connection at the other house, but no chance of news and charts at dial up speeds.
Here's the latest (massive) movements in ...
Crypto Markets
Bitcoin had a rough time over the weekend, but we got a truly whopping up-day yesterday and the corrective bottom seems to be in place. This could have something to do with the early signalling for Segwit2x (see news section below). The rally was right out of a key support zone which was essentially my "line in the sand": home of the 38.2 fib of the move up from $1, the swing high from mid May and a former trend resistance line. We are still trading in a bearish channel, but I maintain this is corrective (bull flag) and expect significant buying interest on any weakness:
Similar price action on Ether, with a nice bullish engulfing out of channel support. We've had quite a few false starts on this and still think waiting for a break of trend-line resistance is the safest option, but this reversal set up is looking pretty damn clean:
Steem also appears to have carved a higher low in key support, but once again we've had quite a few false-starts with these bullish engulfing candles. Either way, 0.00035 looks solid and still really like this pair going forward:
We are trading at 1.39 AUD this morning, down from $1.54 when I last wrapped Friday. Also down against the US Dollar: currently fetching $1.08, down from $1.16 Friday. Steem Dollars are still trading at a discount, currently 98c at Bittrex, so pick some up on the cheap while you still can!
@Gohba.handcraft's requested an SBD chart the other day - a little late mate, but here it is. I get my quotes and do my SBD trading at Bittrex, but their charts are real small and my charting platform only has Polo, so will have to go with that:
As you can see, SBD is both heavily offered and well supported, trading in a tight little range within a bearish channel. Considering you can always get 1 Dollar of Steem for an SBD, there is only so low it can go and for only so long - down side volatility should be put down to a lack of liquidity and ignored. I expect an eventual break higher, but there will also no doubt be a pick up in selling interest, whenever the pair rallies towards the channel top/0.00060. Buy low, sell high -> rinse -> repeat.
Crypto News
Seemingly endless woes for Ethereum ICOs as 7 million dollars worth of Ether stolen following a security breach at the CoinDash website. An intruder switched the legitimate ICO address for his own an got away with a ton of Ether before the ICO was shutdown. Investors who sent Ether before the shut down are being compensated appropriately, but if you missed the announcement and sent funds to the wrong address after the shutdown, CoinDash are saying tough luck.
Good news for Bitcoin bulls and anyone long crypto in general: 43% of the Bitcoin network have already signaled they are ready for Segwit2x. Miners weren't expected to start signalling til July 21, so this is a very good sign. Other big pools have advised they are planning to signal as well, but we still need to get to 80% before August 1 to avoid a chain split.
If you were trying to make money on the internet round turn the turn of the millennia, you probably came across paid search websites that paid you fractions of a cent for your search traffic. They were a complete waste of time, but a new blockchain startup from an ex-LG employee could be about to change all that, and give you back control of your advertising data at the same time. The BitClave search network is built on the Ethereum network and will charge advertisers/pay users in its own cryptocoin. Very interesting project IMO and I'm keen to test out the networks search capabilities.
Finally, there is a shortage of capable blockchain devs and demand is on the rise . If you're looking for a change of career, or deciding on a uni degree, this could well be the way to go.
Coindesk with all of those stories.
Aussie News
Australia's health care system has been ranked the second best in the world by a team of American researchers who have ranked their own health system the worst in the world. I imagine there's plenty of places that are worse than the US, but it's most definitely the worst in the developed world. I've shared this before, but take a look at the bill you get when bitten by a rattlesnake in the States:
(via @HaggertyCBS11 on Twitter)
I like the 14 day term ... Got to love that invisible hand, it's so damn efficient!
In other news, the government is proposing an all-in-one super department that absorbs all of the domestic security agencies. The opposition are calling the move a political stunt, rather than a necessary change, and some security experts have expressed concern. The proposed change would bring the Australian Border Force, Federal Police and ASIO all under the one department, similar to the UK's Home Office.
Finally, an Australian woman was shot dead by responding police officers in the US after she phoned 911 for help. This is a truly tragic story and my thoughts go out to her family and friends. We often hear about cases of overzealous police officers in the States, but this one hits unusually close to home. Fellow Team Australian @DrWom has been personally affected by this tragedy and wrote this short piece regarding the absurdity of gun laws in the US. I really struggle to write about this sort of thing, so I apologize if this comes off in any way callous ...
ABC News with those stories.
That's me for the day folks, back in the office now and will be back tomorrow around the same time.
Team Aus footer by the amazing @bearone
Markets starting to realise that they might have priced in too much downside risk with that big drop.
Back above the 2k psych level pretty significant too.
yep yep yep
Interesting note on healthcare, I asked a person at work who was from India about their healthcare, because as a libertarian I just knew but I wanted to verify it from a person in their country.
In India if you break your arm, go to the ER and get a cast put on, he was charged around $200 USD for a decent hospital. He also made the point of commenting medications are really cheap there, like the prescription high dollar stuff in the US is all cheap in India.
The difference? Little to no regulation. There are sick people, so the free market opens up a hospital which strikes the right balance between supply and demand, without artificial constraints placed on it by government.
Need a nurse at your hospital? In the US, 4 solid years of college training, plus many expenses for the student to incur before they become a nurse, along with rigorous testing. In India they don't do that. Meaning, you teach a person how to stick a needle in someone properly, and there you go. It is called on-the-job training. It used to exist in the USA too, where we would train people on the job, but sometime in the last 50 years I think we forgot how to do it.
What if a hospital is bad? Most people don't go to hospitals where everyone dies at them. Word gets around if your care is bad, and people wont show up. They're going to go where care is decent. But you know... in the US there are a lot of liberals. Liberals don't really espouse freedom in the US, rather it seems to be more about what new government control and law can be implemented to ensure prices increase and people become poorer and poorer. It's all fine as along as they offer a welfare system to go with it. After they make other Americans poor, they want them put on welfare so they can continue to be poor. This way as poor people, they know, they will blame the rich for their problems in life, and keep voting democrat.
As for me and my house, I trust in the Lord God, and poverty has no place in my life. God can't be a democrat because God doesn't believe in blaming the rich for his problems... why? God is rich.
You seem to have missed the point completely mate, the top ranked health care systems in the world are all government funded with optional paid healthcare for the rich. The problem in the US is leaving an essential service up to the market and the regulations enforcing that mechanism, not restricting it.
Health care is free in Australia. Just free. Not $200 and definitely not $150k for a bloody snake bite ...
Yeah that's not a free market price. Unless otherwise prevented, that bill is bait, attracting a hundred hungry competitors, desperate to be more efficient and provide a better service at a cheaper price.
Good round up as always.
Cheers Choo! What's the story behind your name btw?
Jimmy Choos baby! Have. Want more.
Love those shoes!! ;) Great user name!
Thank you! I like the name too. I don't have these particular ones. I was just looking for an appropriate image.
But yes, they are cute.
You are welcome! I don't have any jimmy choo's. Stand on my feet at work and I have worn the two little things out! lol But still LOVE shoes or should I say "choo's" lol
lol learn something every day
People were going to get scammed in an ICO at some point, I'm surprised there aren't more of these in the news. But switching the ICO address on the website? Damn, not much somebody can do about that even if you do all the checks about the ICO itself. At least they get the money back though.
Do you think that's the market correction over in the run-up to 1st August? There's still a long time, in cryptocurrency terms, before then and I'm surprised there hasn't been a little more manipulation of the markets. Still time perhaps??
I saw the article on the health service comparisons. That's the one where the UK came out first, right? Probably a shock to most people in the UK who really like to say how inefficient the NHS is. But, you compare it to the bill for getting bit by a snake in the US, I'll take the UK service any day.
Yeah quick millions always attract scammers. Still if their website was secure, the hack wouldn't have been possible.
Re: correction - I'm hoping so and about to do another wrap so will update there.
Yeah that's the one, UK on top, Aus second. I was surprised it wasn't Scandinavians taking the cake. I imagine UK hospitals are a lot like ours though - super long waits and overworked nurses and doctors!
True, if you're looking to raise millions via an ICO then you'd make sure security was a top priority, right? I think the fact they were hacked in this way provides a good overall summary of their ICO in general.
Yep, long waits if you walk into an A&E in the UK and seemingly never enough doctors and nurses. However, you only appreciate what you have either when it's gone or you compare it elsewhere.
With the NHS, you're going to get a high level of care in a system that's highly regulated and you aren't presented with a bill at the end. I'll accept the wait in A&E for that.
Scandanavians usually seem to come out on top for quality of life, education, etc, don't they? I think they pay through the nose for it in terms of taxes, but makes you wonder at times if it's worth it.
Yeah I think a lot of these firms rush into these ICOs - after all, it's the easy option vs venture capital and the associated due diligence checks.
Agree re: the health system - completely worth it - though a couple of extra nurses and doctors couldn't hurt.
Yeah I've read a few stories to that end re: Scandinavian nations, though I think one of them has a really high suicide rate too due to lack of sun/seasonal depression?
great post! voted
thanks mate!
Thanks for this roundup .
Seems like promising news on the Bitcoin / SegWit2x front - hopefully the 80% will be reached.
I can't see it being good for crypto's as a whole if Bitcoin splits?
Exactly, it's not really in any one's interests to destroy Bitcoin (predatory specs aside) ... Segwit2x is a compromise and we should reach the necessary consensus
Charts look great man, I think we still got a little bit of downward momentum before the bears break! I'll follow for more!
Thanks mate, I think that low holds, but yeah can definitely see possibility of it being retested before up resumes.
Upvoted & RESTEEMED! :)
Thanks Kate, much appreciated!
Good post. Very informative and useful to the Crypto investors. Good work and content. Will continue to follow. Good job.
Thanks for the feedback!
Your welcome. Stay in touch. Will follow and look out for you.
Sweet new wrap's up now
Early signaling AND the support for BIP91 OH MY!
https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-solution-found-no-more-split
Yeah baby, BITCOIN TO THE MOON!
wOOT
nice details post but there is no SegWit2X signal, why everyone is following for this SegWit2X thing
These miners really have folks goin
Sorry mate, not sure what you mean. > 40% of the network have signaled readiness.
follow this site, once there is a consensus among miners then we can expect something...check out the latest blocks http://segwit.co/ and you can keep up with the miners here https://bitcoincore.org/en/segwit_adoption/ we are looking for overall consensus, as for now its just UASF but who knows what August 1st may bring
The point the original story was making (and the reason behind the Bitcoin recovery), is > 40% of the network are ready early. We only need 80% consensus, not unanimous, I think we see this resolved prior to August 1 XD
Thanks, good article. Following
Spankyou
Great post dude, would love your feedback on my coinclub piece showing our trade action in the last 7 days. Cheers!
https://steemit.com/introduceyourself/@cryptocoinclub/my-first-crypto-coin-club-trade
Thanks mate, will check it out when I get a chance
Upvoted and resteemed! Love your posts.
Upgoated*
Thanks Bangla - much appreciated!
Nice post, thanks for sharing :)
No wuckaz :)
cryptocurrency/@bulleth/59svg
U wot m8? :P
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great post m8, grtnz ;)
thanks mate
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