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On today's show:
We are going to do our daily check on the growth of the Lightning network
We’re going to look at a double bottom pattern on the Bitcoin chart
AND the cryptocurrency gradings from the Weiss Rating agency have been released.
Story - Lightning Watch 0:50
https://lnmainnet.gaben.win/#
https://p2sh.info/dashboard/db/lightning-network?orgId=1
https://docs.google.com/spreadsheets/d/14EN_vpbeLeQNFTNJ8DJbayZX33wlRINW-oQfJjveScI/edit?usp=sharing
Today’s stats.
Gaben.win site is down so wasn’t able to get a reading on the number of nodes.
I have implied the number of nodes based on the increase on previous days.
And just as mild curiosity today:
https://btc.com/
The pool of unconfirmed transactions is sitting at a mere 100 MB and 35,000 transactions right now. The lowest I’ve seen it in a while.
I know that mentioning it in the Lightning section of the show implies that transactions are moving over to the Lightning network but I honestly do not think that’s the case yet.
Story - Bitcoin Double Bottom Fractal 3:15
Charts provided by Coinigy: https://www.coinigy.com/?r=16171fe8
The crash down from 20k formed a double bottom but the uptrend did not hold beyond 17,250.
A smaller version of that pattern has just formed which would suggest breaking the last high of 13,017 before falling again.
That would be purely on the basis that the chart follows a fractal pattern.
Like I said yesterday, external fundamentals are also at play that can mess with your technical analysis at any time.
We know the effect good or bad news can have in an instant.
I’m not going to show any other charts today because they all have this similar double bottom pattern.
A double bottom normally signals a reversal but like the one that appeared after the drop from 20k, it didn't result in a sustainable uptrend.
Story - Weiss Ratings Are Out 8:06
First, a note on why there was a delay in the release.
They say here in their launch email that they came under a Korea Cyberattack.
In the second paragraph of this email it says their staff were up all night fending off denial of service attacks from Korea.
And check out this quote from Martin Weiss, the founder of Weiss Ratings: “Earlier commentary on social media…”.
Can you believe that?
I can, because money literally makes people crazy.
While we humans don’t like on the African savanna fighting for physical territory and material resources, the biological and psychological need for those things is still there.
All we’ve done is mapped it over so territory becomes for example, our office and the material resources are money.
So unconsciously, if you perceived Weiss were about to do something that reduced the value of your crypto, that would be processed psychologically as them running over and stealing the pile of food you had stored for the winter.
I personally am the target of this sort of behaviour sometimes.
All I have to do is say something critical about a coin and the holders of that coin come out the woodwork and start attacking me as if I were intentionally trying to steal their fruit.
Anyway, that was a quick philosophical segway, which is what you get on this channel so it should come as no surprise.
This email gives a sample of the ratings such as a C+ for Bitcoin. It says it lost points because “Bitcoin has no immediate mechanism for promptly upgrading its software code”.... Er pardon?
Do they not watch The Cryptoverse?
Do they not see the Lightning network has been growing by more than 10% per day?
Obviously not. But even then they would argue that this is not an ‘immediate’ solution.
The email was free of course, but the annual membership for the Crypto Ratings service is $468.
Now because I have the material resources provided by my loyal patrons I was able to sign up for this service without hesitation.
So the utmost appreciation goes out to you all for allowing me to take advantage of these opportunities immediately.
Now Weiss points out that their rating system differs from other rating agencies.
I like Weiss’ better to be honest because the way the other agencies do it is absolutely ridiculous and is such obvious psychological delusion.
They do things like AAA, AA, A, B etc.
That’s totally stupid and smacks of mental masturation since every could end up in the top 3 categories, AAA, AA and A.
So why not just have it A, B and C categories?
Well, that’s the approach Weiss have taken. It goes A-E and F is a signal for fraud.
A is excellent and E is very weak.
A is also a ‘strong buy’, B is a ‘buy’ C is ‘hold’, D is ‘sell’ and E is ‘strong sell’.
Nice and simple, just what the space needs… although maybe a bit too simple.
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good post @marketingmonk go to success
Holding and buying the right stuff.
Ratings are a bit low, but the tiers implied are accurate. Glad to see Steem up there.
This is the reason why Steem shot up so much, especially with that B- ranking! We're going to see some great changes coming to this platform in the near future :)
Agreed. Steem is useful/being used right now & in the real world.
Let's continue to create this valuable space for Steem to be used. And don't forget to protect your earnings/hedge your bets with the 20% Cream Rule.
Chris I heard that the LN is not as decentralised as what id claimed from some other content creators I've watched, I'd like your opinion on this when you have time to cover it as I'm sure not only myself, but many others would appreciate it.
ITS GIVING ME MORE CONFIDENCE TO HODLE MY STEEM
Would you hodl this? https://steemit.com/bitcoin/@investingtips/this-is-the-real-bubble-not-cryptocurrency
For me this is my best chance to buy bitcoin despite recent patches
Although the digital currency market has developed into a $ 550 billion trade, bitcoin is still the only one that enjoys the support of investors, financial institutions and structured trading platforms such as the Chicago Mercantile Exchange (Cboe) and the CME Group. Thus, while alternative digital currencies have become more popular over the past six months, institutional investors entering the digital currency market are still investing in bitcoin primarily before they make plans to diversify their assets into other digital currencies. It is also important to keep in mind that the US tax filing season is imminent and that the South Korean currency market is expected to allow new investors to open trade accounts by the end of January. These two factors will contribute to the increasing volume of trading and the price of major digital currencies, especially bitcoin
Thanks for sharing a very important topic.
@marketingmonk
i give the weiss credit for not doing "A" at least, that shows an amount of humility in the ability to predict. looks like your Weiss was a POP for STEEM !! (-: precisely why millenials no longer like to fight like australopithecus on the african savannah is why the corpo fiat system will not be overthrown by direct confrontation, but will be subvert via abandonment as more and more look to digital tokens and share networks to flee from and expose evermore the exploitative rentier system of terminal stage IV capitalism / peace
Now I know why steem shoot up today. SBD is standing strong among all the other coins! Keep it up. Be patience and we will be rewarded =)
I love that the Weiss ratings are up, however is it just me or everyone should fear that if we don't get some other competitors up, Weiss would influence the market quite a lot.
Would be interesting to know if there are any decentralized attempts at rating, something similar to steemit would make for a great system of voting.
Thanks for giving an overview of the ratings, Chris, and moreover for subscribing so we can keep up to date. I have some of the same questions you do about what all goes into the final letter grade.
Specifically I'd like to see more sophistication in what those letter grades mean vis a vis mainstream financial analysis with price targets and expectations for a the quarter/year/roadmap milestone. I realize this is a lot of work but it's a paid publication and the expectation should be more like a trade magazine than a "newsletter" for ~US$500 per year.
Regarding the Lightning Network commentary, what you've described as an algorithm to load balance is totally feasible. There is an algorithm to find the lowest-cost path between two nodes in a network and we're using it right now ;) The whole internet operates this way - for fun use the terminal/command line and type
dig <some website or server IP>or in Windows I think it'stracertof the same and you'll get a readout of all the "hops" in the shortest path. The innovation here would be the ability to create a shorter path by having some overlay of traffic/connections. Funny enough, this is a problem I've dealt with at work - there is active research and some heuristic based approaches to "client-side" load-balancing. Essentially, each node could have information about a subset of the network and keep track of latencies from previous interactions. Then just pick at random or actively select for below-median latencies. The Lightning folks could adapt this approach to periodically scan chunks of the network for underutilized nodes and self-load balance by automatically creating/tearing down connections.That's hand-wavy but the underpinnings are all there and have real world implementations. I'm not sure that this gets around KYC rules or even gives you plausible deniability - you're still operating a server whose purpose is to act as a payment channel. I'm not a lawyer but I don't see how that saves you. Anyway, just my two cents and hopefully that heartens you that such a thing could be done and regardless of the KYC circumvention it would be a great idea to have a self-balancing system.
What rating did ZenCash get?
We're following the partnership between ZenCash and IOHK very closely. If their research is successful, they could help dramatically increase the throughput on PoW blockchains, which would combine the best of both worlds in terms of scalability and security. Very interesting partnership.
For BTC it would be nice to break this resistance today
I agree that at least Weiss demonstrates their independence by not charging companies for the ratings like others in the space. I wrote a post about my thoughts on the ratings and where I believe they are flawed in their methodology. Would love to know your thoughts on these. Thanks!
https://steemit.com/cryptocurrency/@newageinv/thoughts-on-weiss-ratings-for-cryptocurrencies
Not sure I agree entirely that they are that independent, newageinv.
I haven't done any exhaustive research on Weiss, but it seems from a quick glance that they have been in this space a while already.
So, basically, when it comes to rating assets, it would seem they are accustomed to rating markets which are - at least to one degree or another - rigged. A tell-tale sign is they don't feel the need to provide fuller details on their findings.
As for it being free... I don't know how they would survive by doing all that work without charging for it, right? I mean otherwise they'd be a charity. Or they're a front for the 'winners' in the rigged system.
And, if you do make any sales reporting on who winners are, in a rigged market, well .... then surely you have implicated yourself.
That's my opinion, anyway. I wouldn't be too quick to assume their independence. Perhaps a good starting point would be to ask independent from what/who?
Agree with your thoughts. When I mention independence, I mean it relative to others in the space whom charge for ratings. Weiss does not (and really cant due to decentralization) do that. However, agree that they are not totally independent as they are charging for this without much transparency (as mentioned in my post). They are just taking advantage of the hype of the crypto space to get some subscription. The risk is letting them have influence on the pricing with little to no disclosure regarding their methodology.
I'm one of the leading analysts at Weiss. What I can tell you is our revenue model is subscription-based. We will provide a host of services related to our ratings like trading advice, alerts, education, etc. We do not accept payment for our ratings, and we strive to be as objective as humanly possible. There is quite a bit of bias and partisanship in this space. This was surprising to us, you don't generally find that in traditional markets. People not only hold on to their coins, they believe in them. We're now moving to be more transparent with our ratings, and look forward to community feedback!
Hi juanvilla,
So, just to be clear, newageinv said, above, that Weiss does not charge for its ratings, but you do, right? That's what the subscription service is, if I understand correctly.
So when you say, 'We do not accept payment for our ratings,' what exactly do you mean? Would you mind clarifying?
Thanks for your input.
I sent $28 of bitcoin yesterday for only thirty five cents and it took a couple minutes. I can't wait till this becomes the norm. Excellent info, thanks!
very good and important information
Very Good information about crypto currency
I liked how you explained to trends in Bitcoin with the double bottom lingo. Hopefully the next up trend holds strong! And honestly didn't think I'd learn much from this vid, but I was wrong lol. You have a new sub from me brother. Think I'm going to like this channel.
Very good
Hi I am Done. yes very good and important information
great post looking forward to many more. I always like your post. They always have alot of great info with the charts and graphs you share.
Upvoted
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Weiss Ratings of Crypto: Top 10
https://steemit.com/crypto/@steckxftw/weiss-crypto-ratings-top-10-crypto-2018-with-links
Great post. Informative
Thank you for this information, follow me pls i will follow you back :)
Thanks for the video, I was curious to know what are the ratings for different coins in the full report.
Thanks for the info.
Nicee
Very nice bro keep it up
hi
I hope bitcoin can be saved by lighting network. I don't know enough about it to guess
Thank you @marketingmonk for providing today's video. You've got a great way to present and break down information!
Nice post. Good INFO! Signed up
I find it interesting that Weiss favor what I would call 'Platform Coins' (EOS, ETH, NEO, ADA). It makes some sense too as future crypto is likely to be built on these platforms. They seem not that keen on the privacy coins however and I would have expected Monero to be a C+.
Even though I have only been on Steemit for a few days I can already see its potential and it's good to see that with a good rating.
I would have liked to have seen TRX on the list, but I can't help thinking it's good for it's holder that it is absent for this time being. I'd probably expect a D rating until something resembling a product appears.
Do you know if Weiss are planning to expand the list in the near future?
Thanks for the info Chris! I always listen to your podcast on the way to work. It makes for an enjoyable ride. You should have more guests on the show! I feel like you could have a really good fireside chat with a lot of different people.
So basically for the established coins, they recommend to hold and buy. This is what I am doing so I guess I have the good strategy. I would love to know the criteria for their ratings. I am not a big fan of BCH but Dogecoin better than BCH, I am not sure.
Interesting ratings so dodgecoin is a C that's crap man it's An A god damn it! it's going to get very bad with that rating agency very fast lol.
Great news for anyone using Steemit as a side hustle.
It would be really useful if you could make a video perhaps outlining all the currencies that got graded B/B- or D/D+ as the majority have been given a C I think this would be useful.
I hope that this does not have too much impact on Cryptocurrency overall, but it's not a bad idea. Nearly $500 dollars a year is steep, and for what? An opinion?
Anyway, I listened to your podcast at lunchtime, and thanks for the update. Did they rate LiteCoin at all? If so, I would be interested in what score LTC achieved.
I say Steemit should be A+++
I am curious what your thoughts are on the Elliot Wave principle of charting and technical analysis.?
Thanks so much for covering our ratings Chris! Appreciate the comments.
Here's a post where I address some of your (fair) concerns:
steemit.com/cryptocurrency/@juanvilla/the-weiss-cryptocurrency-ratings
I'm the lead analyst behind Technology and Fundamentals for Weiss Crypto Ratings. We appreciate all the comments we're getting from the community!
Thanks for covering our ratings Chris!
Here's a quick update: https://steemit.com/cryptocurrency/@juanvilla/the-weiss-cryptocurrency-ratings
Crap! First time on D-Tube and I reposted the same thing over and over, apologies!
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Obviously, the Bitcoin rating below the B range carries more than just the lack of prompt upgrades (as you note in your assessment) but you bring up a good point: the Bitcoin developers are actively and passionately working to improve the network and coin utility. Additionally, Bitcoin might carry less risk than Ethereum or EOS due to mass adoption and recognition.
But does this earn it a "B" range status? I think not because the lightning network, by definition, is deviating significantly from the fundamentals of Bitcoin!
Thanks for sharing, and I look forward to more insight because the almost $500 annual membership is pretty steep!
Obviously, the Bitcoin rating below the B range carries more than just the lack of prompt upgrades (as you note in your assessment) but you bring up a good point: the Bitcoin developers and community are actively and passionately working to improve the network and coin utility. Additionally, Bitcoin might carry less risk than Ethereum or EOS due to mass adoption and recognition.
But does this earn it a "B" range status? I think not because the lightning network, by definition, is deviating significantly from the fundamentals of Bitcoin!
Thanks for sharing, and I look forward to more insight because the almost $500 annual membership is pretty steep!