Crypto Weekly 6/13/18 #illumedati

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Hey everyone, it’s Whatever Wednesdays again and we’re actually going to do a Crypto Weekly two weeks in a row! The theme of this week’s Crypto Weekly 6/13/18 post is “Is the THE crash?”

Stock Photo from: Pexels

Crypto Weekly 6/13/18

There isn’t too much going on with the coins I believe in, which are Ripple (XRP) and Cardano (ADA). So their sections will be relatively short today:

Ripple (XRP)

The only major thing that happened was that there was a potential “leak” about American Express using Ripple (and xRapid). There was a job posting at the official American Express website for a Sales Coordinator in Phoenix which stated:

“In 2018 we are offering a blockchain solution with Ripple and Santander.”

However, this was removed from the official post a few hours after it was released. You can read more about it here on Reddit. While you might think that this could be a simple mistake on the part of the HR person in charge of these job postings, it’s more likely to be a leak. The reason for this is because Ripple, American Express, and Santander announced a collaboration way back in November 2017. If you read between the lines a bit, the implication is that this partnership is moving forward — likely to use xRapid. However, only time will tell.

Cardano (ADA)

Cardano continues to chug along at its own pace, doing things that won’t make the news, but are very important:

Updates to their Daedalus Wallet coming:

And some stuff I don’t understand but I assume is important:

Their IELE testnet is still scheduled to launch in July.

Long story short, my stance on both Ripple (XRP) and Cardano (ADA) remains the same. The prices they are trading at don’t really matter to me. That said, I must remind everyone that I only own a tiny amount of crypto. Don’t invest more than you can afford to lose. Please.

Is this THE crash?

I’m not sure. The previous “crash” I wasn’t too concerned about because it was more of a correction than a crash. Bitcoin and Crypto in general went too high too fast, and needed a massive correction to protect a monumental bubble from forming. However, back then I said if Bitcoin went below $5k, then that would be a real crash. Nowadays I’m not so sure. It will be interesting to see just how low Bitcoin can go and continue to drag the altcoins down with it.

As it stands today, total market cap is ~$268 billion. This is a far cry from the “$1 trillion” market cap everyone was expecting to see for 2018. A friend of mine believes that a $180 billion market cap will signal the bottom of this crash. Others believe Bitcoin will hold around $6k, whereas others believe we may see a freefall to $5k or even $4k. Long story short, the market sentiment seems to be very bearish — how low can we go?

It will be interesting to see what will happen if Bitcoin does go that low though. In order for mining operations to be profitable right now, Bitcoin needs to sustain a certain value. This value varies depending on how large your operation is and how much your energy costs are. We may see some of the smaller, less efficient mining pools collapse if Bitcoin goes low enough and stays there.

In my personal, completely arbitrary, uneducated opinion, I think we may see Bitcoin got $5500 or so. I don’t think it will go lower than that. However, what do I know? Hindsight is 20/20 and trying to predict the crypto market is basically impossible.

Anything else?

Yea.

There are still rumblings about Bitcoin being propped up by Tether.  A paper came out today from University of Texas, Austin. It’s 66 pages, and I haven’t read it yet, but if you have some time, pour some coffee, give it a read, and let me know what you think:

Griffin, John M. and Shams, Amin, Is Bitcoin Really Un-Tethered? (June 13, 2018)

The TL;DR supposedly is what we kind of what was already questioned, that there is market manipulation going on and Tether props up Bitcoin during downturns.

Long story short, this week is just more craziness in the wild west that is crypto.

TL;DR

Probable accidental leak about partnership progress between American Express, Santander, and Ripple.

Cardano continues to move forward with a more efficient wallet soon, and other testing.

Is this THE crash? Maybe.

Is Bitcoin Really Un-Tethered? Market Manipulation? Collusion?

Just more craziness in the crypto wild, wild west.

Whatever Wednesdays Sensei

-Sensei

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