EOS Again Ranked #1 Cryptocurrency by Chinese Government
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The Chinese government has once again named EOS the world’s top cryptocurrency in a ranking that prioritizes innovation and application over market capitalization. Bitcoin, the world’s largest cryptocurrency by market cap and trading volume, jumped seven spots compared with June. Crypto Market Ranking
China’s Center for Information Industry Development (CCID) has published the fourth edition of its Global Public Chain Technology Evaluation Index, which ranks dozens of cryptocurrencies on technology, application and innovation. EOS topped the list for the third consecutive edition despite concerns over the platform’s botched mainnet launch in June.
EOS’ strong performance likely reflects its scalability solutions.
The platform’s proof-of-stake protocol is capable of processing a huge number of transactions when compared with leading blockchains bitcoin and Ethereum.
Like the previous edition , Ethereum was ranked second. NEO was bumped out of the top-three in favor of Komodo, which failed to crack the top-15 in June.
The top-ten are ranked as follows: EOS Steem Bitcoin
The first version of the report, released in May, ranked Ethereum as the world’s top blockchain. Bitcoin’s Rise
Although bitcoin did not perform particularly well in the first two CCID reports, it has risen through the rankings following a major structural shift in the cryptocurrency market. As Hacked previously reported, bitcoin’s dominance rate has risen more than 40% over the past three months.
Bitcoin now accounts for more than 52% of the entire market capitalization for cryptocurrencies after hitting a high of 54.5% last week.
EOS and Ethereum have seen their market values plummet over the same period. Ether’s dramatic fall, which culminated in last week’s 14-month low, has raised alarm bells over the health of initial coin offerings (ICOs) in the wake of last year’s record funding amounts.
Bitcoin’s growing market share essentially means other digital assets will rise and fall on its whim. Although non-correlation with bitcoin is seen as necessary for a healthy, dynamic cryptocurrency market, recent price developments suggest investors are dropping more speculative bets for an asset with a proven track record.
According to Ethereum founder Vitalik Buterin, this will ultimately lead to a new era of ICOs with better protocols and more proven business models. This paradigm, known as “ Tokens 2.0 ,” could materialize as early as next year.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.
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Failed Trade Recommendations should not be rated as that is considered a failure either way. ( 2 votes, average: 5.00 out of 5 ) You need to be a registered member to rate this. Loading… Sam Bourgi 4.6 stars on average, based on 556 rated posts Sam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world’s foremost newscasts.
You must be logged in to post a comment Login Leave a Reply Why Investors Should Pay Attention to Basic Attention Token (BAT)
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BAT, or Basic Attention Token, has received a lot of attention in the past few months regarding it making the shortlist to be listed on Coinbase, but there is a lot more to the coin that that.
The top use of cryptocurrencies and blockchain is to form a “network of markets” that allow for parties to interact in a more direct way. This usually means cutting out middlemen, and in the case of BAT, the token works as a means of exchange between publishers, advertisers, and users.
BAT Is Commoditizing Focus
Attention is everything in the world we live in. Most resources aren’t even scarce anymore. It used to be that data was the new currency, but now information is plentiful to the point of bloating. What we do have is an inability to get readers to stay focused on any single thing for a long time.
That is where BAT comes in.
This protocol is housed on the Ethereum blockchain, but has a browser counterpart that has already received a lot of traction on its own. BAT’s utility stems from user engagement. This means that the token can be used to obtain advertising and attention-based services on a platform called “Brave”.
Brave is a browser that is both open source and focused on privacy. This creates a unique environment for users where they are not subject to trackers or anything of the sort.
What they are subject is a ledger system that measures user attention and rewards publishers for it. Of course, all of this is done anonymously. Market Innovations to Change the Advertising Industry
To put it in the simplest terms: BAT is paid by advertisers and given to both publishers and users in exchange for their services. Publishers are providing content, users are providing their attention, and the result is a higher ROI for advertisers. Additionally, users benefit from receiving more relevant ads to their interests. Ideally, BAT is creating a win-win-win situation in the market.
There are some potential risks to the BAT model, such as fraud. We have all seen various instances in past digital marketing innovations where someone eventually figured out how to hack the system, and it lowered the overall value of the platform (blackhat SEO, bots, etc.). The question is whether the BAT team will be able to put safeguards in place to prevent something like this from happening. Recent News for BAT
Just in the last week, BAT has gone up approximately 16.6%.
It is still down 39.5% in the last 30 days, but this is a potential push through resistance zones to higher levels. The high level of volatility in the coin can likely be attributed to Coinbase putting it on the shortlist of potential cryptocurrencies to be listed on their exchange. This actually creates a perfect buying opportunity, since announcements like this usually cause coins to be overbought, and crash below what their original price was.
On a more fundamental level, Basic Attention Token has huge potential for long-term innovation in a major industry. One thing that should make BAT more appealing than some of the other tokens being looked at for listing by Coinbase is that it is innovating an industry that is already very “digital”.
Rather than disrupting the banking industry like Stellar is, it is going after the digital advertising realm, which is far more likely to adapt to new technology than a legacy industry like finance.
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00 out of 5 ) You need to be a registered member to rate this. Loading… Siacoin Takes 8.8% Hit as Devs Fight Over Bitmain-Less Hard Fork
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Siacoin (SIA) sunk 8.8% over the course of August 21st as growing conflict escalated between the blockchain’s core developers concerning a possible upcoming hard fork. The Siacoin founder David Vorick represents one half of the Siacoin community which wants to hardfork the blockchain to exclude Bitmain miners.
If you value decentralization then you might consider that a noble goal, but the issue becomes muddied by the fact that Siacoin have still left the door open for their coin to be mined by one particular piece of mining kit – the one that Vorick’s company manufactures and sells.
The situation becomes even more fraught when you factor in the sum of $22 million raised by the company, Obelisk , which hasn’t produced the mining rigs it was supposed to. Siacoin Price Plunges 8.8%
Amid this chaos Siacoin fluctuated throughout the day, losing 8.8% of its value at one point as the SIA coin price fell from the daily high of $0.
005860 to the four-day low of $0.005341. That price hadn’t been since since August 17th, and between that date and now SIA has fluctuated by double-digit percentage figures. An eventual recovery was initiated which saw the price rise back up to the $0.0055 range at the time of writing (18:45 UTC).
Volumes are down 85% over the course of the month, although haven’t quite bottomed today at $2.3 million. Interestingly, the highest concentration of SIA’s trades have come against Chinese Yuan (CNY) today on the QBTC exchange.
Interesting because Chinese investors could be the ones to take the worst hit if the proposed hardfork goes through. Fork Bitmain
The hardfork would see Bitmain mining rigs rendered useless by an alteration of the Siacoin code. The only remaining equipment capable of mining Siacoin would be dedicated machines sold by Obelisk, Siacoin creator David Vorick’s own company.
When Obelisk missed the July deadline for the delivery of the mining rigs, chaos ensued. Claims made by Vorick that buyers would be refunded turned out to be somewhat less than true. Shortly afterwards the main developer for all of Siacoin’s online presence quit the firm, stating in a lengthy Reddit post that the company knew very well that they wouldn’t reach the proposed deadline.
As the pseudonymous RBZL stated in the Reddit post:
“Sorry, guys. I can’t do this anymore.
I can’t support this project. The mismanagement and hypocrisy is overwhelming.” What’s Next?
Vorick has already conceded that relevant legal action relating to the missing Siacoin miners would be enough to sink his Obelisk firm, with knock-on effects for Siacoin. As RBZL told Coindesk :
“I have no interest in seeing the sia project go under, but they’ve done a good job of setting themselves up for that possibility.”
Siacoin is ranked around the market cap top-forty, and sets itself up as a decentralized, distributed storage platform. But another of RBZL’s assertions may be more damning than the hardfork furore, stating one of his prime reasons for leaving as:
“The typical community member is largely not interested in the storage product, only the eventual price and some form of ROI.” Important: Never invest (trade with) money you can’t afford to comfortably lose. Always do your own research and due diligence before placing a trade.
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00 out of 5 ) You need to be a registered member to rate this. Loading… Crypto Pricing: Still Searching For The Bottom
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It seems like this entire year has been devoted to rational thinking people searching for rational answers. Why are crypto prices so consistently under such unrelenting selling pressure? There has been no shortage of explanations. Unfortunately most of them fall far short of the task.
We all remember all those rational thinkers at the San Francisco Federal Reserve who teamed up with Stanford University in a study that concluded that the CBOE was responsible . The thinking goes that creating a futures market for Bitcoin lead to the collapse.
That study was grossly misleading. During the first month of Bitcoin futures trading, there were fewer than 900 contracts traded, most of which remained open contracts. That is less than 0.01% of Bitcoin’s daily volume.
Come on folks, you can’t be serious.
More recently on a rainy weekend, I came across an article noting how short sellers were ganging up on Bitcoin. True, the short position had about doubled in just one month from something like 16,000 to 28,000 coins. Frankly, I was surprised that the short position was so small given the collapse of Bitcoin.
This amount of short selling is far too small to account for more than $300 billion in lost Bitcoin value. Bitcoin trades over 500,000 coins on any given day. That means that short selling volume over that month was 0.
0008% of Bitcoin volume: totally inconsequential.
Something to remember, every short sale at some point will have to cover. The only way is to buy into Bitcoin.
So at this point, a gigantic short position would be good. Blame It On ICOs
And there are those who pin the blame for crypto prices on Ethereum based ICOs cashing out. Even though it comes nowhere close to explaining the loss of $600 billion in total crypto losses, there may be some truth to this point. Since the beginning of 2017, according to ICOWatchList, tokenized startups have raised a total of $8.5 billion of which about $3.7 was accounted for last year.
Recent studies have concluded that 75%+ of last years ICO were scams. This is a highly debatable point but it is likely to be a conservative measure for the number of failures of last year’s crop of crypto financed business startups. But even here there is a limit. At its peak in January ETH was valued at $133 billion.
Currently that value is $100 billion+ lower than just eights months ago.
There is no question that ICOs influenced ETH speculators but what that doesn’t begin to explain the loss of more than $600 billion in aggregate losses for all crypto assets, nor does it explain how closely matched has been the difference in price performance between Bitcoin and Ether during the last six months of this year. Where Is The Market For Crypto Spenders
During the current threat of global trade wars, crypto may prove to be a haven for citizens of China, Turkey and other countries. But the real problem is the the world’s 7 billion inhabitants have almost no place to spend their Bitcoins and still fewer places to spend their altcoins.
The drop in crypto prices this year has done nothing to encourage its acceptance as a medium of exchange. The CBOE claims that the presence of Bitcoin futures helps reduce the notorious volatility. This is supported by July showing the lowest volatility in more than a year. It will take more than one month of calm to make a difference.
The fact remains that most ICO, whether they succeed or not, are geared more toward speculation than anything else. Only 2% of capital raised is for commercial/retail projects while over 20% went to financial projects like crypto exchanges.
While certain financial projects like cryptocurrency merchant processors helps limit volatility risk for retailers. Most major outfits that did accept the cryptocurrency have stopped citing volatility concerns. None the less this hasn’t helped crypto adoption by business.
According to Chainalysis, merchant processing over nearly the past year has dropped 85% for all crypto.
Projects like Bitwala, Wirex and TenX, that serve as a consumer bridge between crypto and fiat currencies, are just getting started. The crypto world needs more major brands than just Overstock.com, Expedia, Subway and PayPal to accept a full range of crypto not just Bitcoin, before speculators are replaced by crypto spenders.
Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can’t afford to comfortably lose. Always do your own research and due diligence before placing a trade.
Read our Terms & Conditions here . Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here . Best regards, Jonas Borchgrevink.
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.. James Waggoner 4.4 stars on average, based on 98 rated posts James Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies.
He has a special passion for writing about the future of crypto. .
