The altcoin space has been as heated as ever, especially since the DAO hype and fallout and the Ethereum hard fork. Now, Monero is off to the races with news it will be a new form of payment accepted on the Deep Web.
Throughout all of this excitement, I’ve watched a lesser-known two-year-old altcoin which has also been on quite the tear this summer. I’m talking about NAUT or Nautilus Coin. Some of you diehard crypto followers and speculators may already be familiar with it, but I can assure you that you’re NAUT (hehe) familiar with what it is about to become!
NAUT has already had a huge summer. It went from 5,000 satoshis in early June to over 70,000 satoshis by mid-July. Something was brewing. I dug around and talked to my most valued sources. I learned there were new plans to take NAUT out of hibernation and into the conversation on Wall Street.
Now, just in the past few days it seems NAUT has again revved it engines. The price has almost doubled over the weekend and it’s trading at ~130,000 satoshis as of this writing. All of this without any fanfare or concrete announcement. The period between the two sharp rises indicates solid accumulation took place, presumably by those in the know. I smell something big here.
Here’s what I know. It was created by Brian Kelly (CNBC Fast Money fame on TV) in 2014 as an attempt at creating a stable crypto-asset unlike Bitcoin’s reputed volatility. When I initially dug around in July, I heard of plans to develop a parallel currency system like the WIR banc, but open source and peer to peer. Sound powerful? Well, since then it appears the homepage has been adjusted to reflect a different purpose. Something having to do with hedge funds...Oh my! (Takai voice).
PAR - Productive Asset Record System
It states, "PAR = Productive Asset Record System, An open investment recording system built with intelligent lending and hedge fund administration in mind. A first of its kind, a fully transparent administration and audit platform leveraging blockchain technology."
The ticker countdown for the release of the white paper was 2:8:59:48 as of 3pm EST on August 29th.
I also found the community Slack Team for NAUT/PAR, which is full of excitement, as you might imagine. I understand from reading through recent messages that the project has changed from its initial resurrection plans earlier this summer. With Brian Kelly involved, I’m not surprised to see this plan steer towards a hedge fund related use case. In addition to being on CNBC Fast Money, Brian is also a cryptocurrency-friendly hedge fund manager. Needless to say, this all sounds very interesting and yet has barely appeared on the radar thanks to DAO/ETH/ETC/XMR shenanigans (as well, the professionals behind the project keeping their lips tight about it).
For those that want more details, they can be found here as well as a link to join the PAR Slack at http://par.io/index_en.html (it’s the “join the discussion” link).
That's all for now.
I'm more than a little skeptical of a coin that feels they need a countdown for the release of a whitepaper. Why would you do that? One simple reason is if you are sick of holding the bag on this thing and you want a little price pump to give you a good exit point.
I thought so too, initially. But actually, it's currently trading at all time high level right now. The buy side looks really thin, but there is just no sell volume. No one is selling. That's saying a lot for a two year old coin with basically no hype trading at ATH. Makes me think that the people behind the project have consolidated a very large stake of the token for themselves. Also, with the apparent hedge fund angle in play, it makes sense to buy up as much of the market as you can before announcing. We don't know their plan yet, but Brian Kelly is a smart guy, a big fan of crypto, and IMO he stands to lose a lot in the reputation department if this is just another PnD. Look at the market depth. Looks precarious as can be but no one is selling...
NAUTBTC Daily Candles (Poloniex):
Price has already reacted to the 61.8% retracement level (above the pointed finger) from the recent major price swing (starting from the bottom of the ascending triangle).
Huge support confluence zone (SCZ) at the yellow box on the chart, that's made up of:
1.) the highs within the ascending triangle
2.) the 50% level retracement of the major price swing
3.) the 27.20% retracement of the latest price leg
This all measures up to making a strong case for buying if prices should reach that price level.
This market starts to look bearish if it trades below that SCZ and/or the bottom of the price channel (black lines filled in with a light orange background, containing most of the prices). Prices are expected to treat the dotted red line (middle of the price channel) as a type of line of symmetry, about which price may cycle up and down through and/or treat as support/ resistance.
I really love this TA, even though I am horrible at doing my own TA and equally horrible at following it. :P
Thanks :)
You can only get better with experience...and patience. I admit, the patience part is a bit of a test...that I've failed a few...erm, hundred times :(
But that's where our resilience comes into play - we get up, dust ourselves off, and get back at it with more determination to succeed than ever before. That's where success happens.
I find that the patterns that can be identified through TA are definitely helpful. Those who write off TA as completely useless are missing the wisdom in the fabric of nature that emerges in everything, especially unfettered markets like cryptocurrencies :)
We share in this sentiment.
Good post man. I have noticed that too about NAUT.
Thanks! My first real Steemit post ;)
Excellent post! Only Altcoins with purpose have a chance surviving the crypto evolution. How pretty the wallet skin is and how high the stake rate is will become irrelevant as Alt enthusiasts mature.
I agree. The bitcoin-cloning and variation period of blockchain experimentation is behind us. Real networks that do meaningful things in the real world are next. No more brand-only coins. Interesting times.
Amen.
@willybot thanks for this piece of work! I shared it over twitter
I also wrote a trading releted article ETH or ETC? AMP or Steem? Synereo or Steemit? The advantage of being bi-sexual is that it doubles your chance of finding a date - an advice from business magnate Warren Buffett
Cool
I think so! I thought the WIR Banc concept the team was initially gunning for was very cool, but this new hedge fund and lending angle has me super curious.
Sounds very awesome and intriguing...
I wonder what the white paper release will do to the price? They have the website (and possibly the white paper too?) translated for India and China. Altcoins with worldwide appeal do quite well. Intriguing indeed.
Great article @willybot ...very interesting. Nautilus Coin is built on the NXT blockchain. Do you see NXT as a beneficiary as well?
Possibly, but I think Ardor will have more of a positive effect on NXT price in the short term than NAUT.
I agree with you on that point.
Few questions does Naut have a capped supply, and what's with the website it's still currently under maintenance? Thanks
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