We are kicking off our very first beloved “cryptoletter” by covering Ethereum.
Ethereum (ETH) announced on Twitter this past week sign ups for DevCon3. DevCon3 is Ethereum’s annual cryptocurrency conference for developers to learn and share what they are building. It will be held Nov 1–4, 2017 at Cancun, Mexico. Book your tickets today folks! If you are a student or developer like me you can apply for a discount too 😉
Ether also is breaking all time high records at around $231.60 at time of writing. It’s safe to assume Ether will maintain its current course as more people join the network.
There is also news that Vitalik (founder of Ethereum) and Vladimir Putin (Russian President) are talking. This could add legitimacy to Ethereum.
Bitcoin (BTC) this week has not only broken all time high records and crashed, but also rebounded and gained some momentum along the way. It’s currently sitting around $2500 after falling to $2000 from a high of $2750. Many investors are speculating Bitcoin will reach tens of thousands of dollars someday, may even millions due to its called supply of 21 million bitcoins of all of existence, effectively deeming it a digital gold. When cryptocurrencies replace the old fiat system, we are likely to see Bitcoin’s price and all the alt prices shoot up.
Siacoin (SIA) has gone under the radar for a while now but has recently shot up in the past month and week. Siacoin is a decentralized storage in the cloud and aims to replace Amazon’s AWS and other similar centralized cloud storage systems. Bittrex exchange recently added Siacoin and there is speculation that Siacoin has struck a deal with SAP in the MasterData Governance Software. If this deal is true, in addition to Sia’s big June updates, we are likely to see Sia go much higher than it is now. Sia is currently sitting around 600 satoshis, up from its average 250–350 a couple days ago.
Digibyte (DGB) is a coin I don’t fully understand. Their website states that they focus on secure communications and payments. The past two days have seen DGB go from 500 satoshis to around 2400 satoshis at a high. Now it is hovering around 1900–2000 satoshis. Although DGB has announced it will have its own minecraft server soon, I doubt this is a big enough reason for the sudden increase in value. Be careful folks.
Reddcoin (RDD) is a more unproven project in the realm of social currencies. In the past two weeks it has gone from 20 satoshis to now 109 satoshis. There is a good chance it could continue its momentum, at least for the short term. Since it is so cheap, it may not be a bad idea to put a little money in this coin because it is so different from the other coins. Again, never put more money in that you are afraid to lose.
Reddcoin project – Official website
Ripple (XRP) is crypto’s love hate relationship. A great # of people dislike it because it smells fishy. At its core, Ripple aims to become a payments network for large financial institutions like UBS and JP Morgan. It is able to move small and large amounts of money cheaply which is a big incentive. As far news, XRP may be working with MasterCard in experimenting cross-border payments but this is all experimentation and not necessarily real. XRP has skyrocketed this past month from 3000 satoshis to 13000+ satoshis. In June Ripple is planning on announcing a lock-in for tokens, meaning it promises to keep $14 Billion worth of Ripple from entering the market. This will reduce supply of Ripple.
Ripple Pledges to Lock Up $14 Billion in XRP Cryptocurrency – CoinDesk
Stellar (XLM and STR) is Ripple’s less known little brother. Jed Mccaleb, the technical founder of Ripple (but left under internal conflict) forked the Ripple Protocol and started his own version called Stellar. Stellar is currently a non-profit aimed to helping reduce transaction costs through its protocol. Stellar aims to first help poorer communities transfer money without the small transaction fees that eat up micro-transactions. They recently announced Lightyear, which is Stellar’s public facing side. There is very little doubt in my mind that Stellar aims to someday beat out Ripple or at least compete for the same resources.
Stellar is also building a trading exchange that will compete with exchanges like Poloniex for users.
Poloniex has recently seen a huge interest from new users, partially due to the growing cryptocurrency marketcap, which is now in the billions (USD). Poloniex has seen some growing pains, especially with laggy servers and many DDOS attacks. It’s important to remember never put more money in than you are ok with losing. If you are day trading, keep money in an exchange. But if you want to hold longer term (hodl), consider transferring funds to a cold wallet on your local machine or computer along with the private keys/passphrase. For alternative exchanges, check out Bittrex, GDAX or even Shapeshift.
Thats the main news so far folks! If you enjoyed this post, please consider joining our slack community at www.cryptosurge.xyz. We will be posting more trading tips and ideas in the coming days from our expert traders as well as growing out our site. For more information on how we plan to help you check out our slack!