One Cryptocurrency to HODL, Two to FODL (YOYO, BCHABC, BCHSV)

Forks can be beneficial to the cryptocurrency space. This is specifically true when they add desired attributes to underlying cryptocurrencies. In many instances, forks do not bring any benefit but are the result of infighting.


Cryptocurrency Chaos: BCHSV and BCHABC

Cryptocurrencies dealing with infighting and hash wars should be avoided while coins reaching milestones with tiny market caps should be accumulated. Following this logic, both Bitcoin Cash forks should be sold, while the project YOYO deserves major recognition. YOYO is a HODL, while BCHSV and BCHABC are both immediate FODLs.

“BTC is the new stable coin,” was the resounding statement the prior month. Right as the entire cryptocurrency market expected stability from the market leader it lost more than 10 percent in under 48 hours. Many speculated about the reasoning but it seems fairly clear to those who did a little investigating.

Bitcoin Price Analysis: Will Bitcoin Bite Back?

The Bitcoin Cash [BCH] 00 fork sent the market into a tailspin this week. Now that the BCH fork has concluded it seems the same fork that created market panic has demonstrated bullish market signals.

Let’s start with the lovely ticker symbols: BCHSV and BCHABC.

Bitcoin Cash price technical analysis BCH

How can anyone take someone seriously when they claim “BCHABC is the original BTC.” The sentence is almost laughable. When the parties that tore BTC apart were working in tandem to try to be the ‘original BTC’ they had a chance. Albeit a small chance, one that existed. Now having forked their fork, neither Bitcoin maximalist nor novice cryptocurrency trader will believe BCHSV or BCHABC is the “original bitcoin.”

Could either be a possible winner regarding a short-term trade? Sure, however, regarding long-term utility, neither solves a problem BTC 00 has not already resolved, and neither have communities like the original BTC.

With discussions raging regarding a hash war between the two new BCH chains, it seems like neither is the ‘right’ choice in the short term.

To capitalize on the market rebound that is likely to occur from this week’s overcorrection small caps on the largest exchanges should be targeted.

A cryptocurrency that clearly meets most investors guidelines with a tiny market cap on major exchanges is YOYO.

YOYO (YOYOW)

 YOYO, is a clever acronym for “You Own Your Own Words.” YOYOW trades under the ticker symbol YOYO 00. The concept behind YOYO is very simple; you own what you create. The content a user creates deserves to be rewarded.

What makes YOYO a unique acquisition target, especially during this week’s correction are multiple things:

  1. Confirmation speeds of 3 seconds compared to BTC’s 10 minutes.
  2. A throughput of more than 3,000 transactions per second.
  3. The first blockchain authorization login.
  4. Network governance for token holders.
  5. The total circulating supply is equal to the total supply.
    1. This means all coins are in circulation and the team is unlikely to be able to ‘dump’ on the market during major price shifts.
  6. The market cap is under $7.5 million and is traded on multiple Top 5 exchanges.
  7. 2018 Q3: Dapps were integrated.
  8. 2018 Q4: Token Feature Optimization, Authorization Feature, Lockup Feature, and Dividend.
  9. 2019 Q1: Enable Content Rewards.

Finbitex

There are almost 10 reasons that make YOYO a short-term acquisition target as they roll out their content rewards at the beginning of next quarter. Confirmation speeds of just seconds mean your cryptocurrency can be sent anywhere and received before a sentence can be completed. Being able to process 3,000 transactions per second means as a payment for content provider they will be well ahead of the curve.

YOYO intends to be the first blockchain with authorization login. This feature will separate YOYO from the majority of other similar content platforms. Those who hold tokens of any cryptocurrency appreciate being able to help govern the platform, this attribute will be implemented for YOYO imminently.

The market cap of YOYO being under $7.5 million makes it a ripe target for rapid growth as any substantial news or meeting of deadlines will push the market cap exponentially higher.

Despite the bear market, YOYO continued to integrate Dapps while building out their reward and incentive platforms. This quarter has the implementation of many of YOYO’s coin features. This includes their Authorization Feature, Lockup Feature, Dividend, and Governance.

It does not appear that either BCH fork added any value to the cryptocurrency space but instead created a 48-hour correction. Due to their lack of adding real value or utility both BCH forks should be avoided.

YOYO is a project that deserves the attention being diverted to unnecessary forks and market corrections.

Look for YOYO to outperform during any rebound the next few days and through the possible upcoming bull run.

[Disclaimer: This views expressed in this article do not reflect the views of Bitcoinist and should not be taken as financial advice. Also, this is the first time the word FODL has been used (opposite of HODL)**]


To read the Crypto King’s prior articles or to get in contact directly with him, you can on Twitter (@JbtheCryptoKing) or Reddit. The King is the founder of ANON and actively trades cryptocurrencies.

Home Crypto Miner Launched by Coinbase-Backed Start-Up at $799

Coinmine, a start-up backed by Coinbase has launched a trendy and power-friendly device for home mining of cryptocurrency at a price tag of $799.


The Rise of Crypto Mining

As Bitcoin and cryptocurrency prices shot up last year, so did the public interest in mining them. An entire industry of hardware manufacturers, cloud mining companies and masternode hosting services have come up.

A few years back one could mine Bitcoin using desktops and laptops. As the competition and mining difficulty increased, specialized chips called ASIC (Application Specific Integrated Circuits) chips were designed making mining impossible by CPU (Central Processing Unit) or GPU (Graphical Processing Unit) based devices.

Coinmine, a start-up firm has launched “Coinmine One”, a compact and trendy looking mining device, which as per company claims, is easy to use and can be controlled with an app.

The development was reported earlier by Fortune. According to the article, the device costs $799. While interested customers can place their orders on the company’s website, shipping is scheduled to start in December.

Founders

The firm was founded by Farb Nivi, an entrepreneur and Justin Lambert, an industrial designer. The company has raised $2 million in funding from Coinbase Ventures, Arrington Ventures and Balaji Srinivasan, chief technology officer at Coinbase.

Nivi wants to target crypto-enthusiasts and believes that it will help them participate in new blockchain projects. Balaji thinks that the device provides an opportunity to make money.

Nivi said:

It’s a pretty cool idea to be able to plug a device into the wall that makes money for you while you sleep. As a purely economic proposition, you’d have to balance the cost of power and the hardware device itself with the cost of the coin or token that you’d be mining. There are so many assets now that there is probably always an arbitrage somewhere.

Nivi also believes that more blockchains will follow Monero, which recently updated its protocol to disallow mining using ASIC based devices. That would allow more participation in the mining process and keep the cryptocurrency decentralized.

Device Details

The Coinmine One uses GPU chips and is not powerful enough to mine Bitcoin. However, the cryptocurrencies that can currently be mined using the device include Ethereum, Ethereum Classic, Monero, and Zcash.

The mining device runs its own operating system that will enable the users to add more cryptocurrencies in the future. According to Nivi, the device is power-efficient and very quiet. It also has a trendy design.

Using Coinmine One will allow the users to earn the currently supported cryptocurrencies and switch to mining new currencies in the future rather than having to buy them.

The device stores the mined assets in wallets on its corporate servers and deducts a 5% cut for providing the service.

“With automatic updates, MineOS also gives access to new crypto networks like Bitcoin Lightning, Grin, Dfinity, and Filecoin. This feature ensures users do not miss out on powering the next important crypto network,” said the company in a press release.

As cryptocurrency adoption increases and they gradually go mainstream, more firms like Coinmine will mushroom giving users alternate options to mine and earn digital assets.

Would you like to buy the Coinmine One? Let us know in the comments below.


Images courtesy of ShutterStock

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REcoin ICO Scammer Pleads Guilty in Court

The accused in the REcoin ICO scam admitted to committing the fraud and is likely to be sentenced under violation of securities laws.


Accused Pleads Guilty

Maksim Zaslavskiy charged with running two Initial Coin offering (ICO) frauds has pleaded guilty, on Thursday afternoon at a court in the New York borough of Brooklyn. He admitted cheating about 1000 investors.

The story was reported earlier by MSN. Zaslavskiy, aged 39, confessed to lying and defrauding investors by marketing two ICO scams under the names REcoin Group Foundation, LLC (REcoin) and DRC World, Inc, also known as Diamond Reserve Club (Diamond).

“I, along with others, made these false statements to obtain money from investors,” said Zaslavskiy.

ICOs are a mechanism used by blockchain start-ups to raise funds for their projects. The ICOs raise funds in Bitcoin, Ethereum or other crypto-assets and issue their native tokens in return to the investors.

Regulators and law enforcement authorities like the Department of Justice have in the recent past increased their surveillance of past and current ICOs. SEC (The US Securities and Exchange Commission) has repeatedly said that most tokens fall under the category of securities and need to comply with federal laws.

The regulators and agencies are cracking down upon firms that are found to be in violation of the norms.

Scam ICOs

It is reported that the accused marketed REcoin as a token backed by real estate in developed countries. He even lied to investors about 2.8 Million tokens being already sold.

There were no properties that were purchased to back the cryptocurrency and Zaslavskiy, it is reported, did not even use a blockchain to issue the fake securitized certificates.

“We had not yet purchased any real estate,” admitted Zaslavskiy.

Diamond cryptocurrency which was supposed to be backed by diamonds was also being marketed using similar false claims. The accused had not purchased any assets to support the coin.

Zaslavskiy also lied to the investors of REcoin about having a team of lawyers, brokers, and accountants who would invest the funds raised into real estate.

The Sentence

Zaslavskiy could face up to five years in prison when he is sentenced later for committing securities fraud. His is also likely to be fined by SEC who has slapped him with civil charges.

“This is a case where he had a good-faith belief in his cryptocurrency products, but he marketed it as further along than what had been actually developed,” said his lawyer after the court session.

According to the article, U.S. District Judge Raymond Dearie earlier in September had ruled that federal securities fraud laws could be applied to cryptocurrencies. He has further stated that it would be up to a jury to decide whether the ICO tokens in each case were securities.

What are your thoughts on this ICO fraud prosecution? Let us know in the comments below.


Images courtesy of ShutterStock

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