Ah, the 1,000 Club – where 24 hour volume range between $0 and the price of a good pair of shoes. Where blockchains abandoned by their developers go to die. Where a 500% daily spike can be caused by a few hundred dollars worth of trades.
However, it’s not all doom and gloom. In our random trawling through the coins ranked 1000-1099, we’ve also uncovered some unlikely gems; although they’re few and far between amid a sea of joke-coins, scams and just plain old bad ideas.
With that said, let’s take a look at some of the coins which are languishing in the 1000 Club.
Cannation Coin #1010
Cannation is unlikely to remain in the 1010th spot for long as it continues to make good on its 49% gains over the last day. In the last 36 hours Cannation Coin jumped 280% – but this was a recovery from losses incurred earlier.
Cannation Coin joins the burgeoning ranks of ‘pot coins’, where the (sometimes vague) aim of the project is to promote and/or increase the profile of the legal cannabis market.
Cannation launched in May 2017 and grew steadily all the way up to January 14th when CNNC coins were priced at $0.39. However the subsequent crash carried on for the last six months to leave CNNC at a price of $0.01 – marking a 97.31% bloodletting for the once promising pot coin.
Cannation has a total 24 hour volume of $2,310 with 97% of that coming from CoinExchange. CNNC is also listed on YoBit and NovaExchange, while its listing on Cryptopia was brought to an end on June 7th.
The cannationcoin.com website is dead and doesn’t look to be coming back any time soon. The Bitcointalk forum thread is remarkably small for a coin launched over a year ago, but is still being occupied by a few enthusiasts.
Without casting aspersions: it would be easy to jump to the conclusion that Cannation Coin was a fugazi – a basically useless ICO launched in a weekend by some opportunistic money-makers. Such a coin probably wouldn’t take hold today, but in mid-2017 there was still room to grab people’s attention with a cannabis-focused altcoin.
The Carboncoin blockchain has been up and running since 2014, but besides a 600% spike in January the coin has failed to gain traction, recording typical daily trading volumes of a few hundred dollars.
The project aimed to create a sustainable and environmentally friendly approach to cryptocurrency mining by planting a tree for every set amount of CARBON coins mined.
For much of the coin’s lifetime it was priced at 1 satoshi. During January’s peak that price rose to 12 satoshi.
Control over the project has changed hands since launch, and some recent activity posted on Medium suggests the current developers are gearing up for another big push. A new ICO is being launched, with current CARBON holders being urged to hand their coins in for a new version of Carboncoin.
Many users on Bitcointalk have denounced this is a scam, with some claiming to have lost their coins to the scheme already.
Where Carboncoin goes from here remains to be seen, but a meagre 24 volume of $18 just a couple of days ago suggests that a huge marketing push would be needed to jumpstart a climb up the rankings.
The landing page of the PutinCoin website describes its function as being to serve as a tribute to both the President and the people of ‘…one of the largest and greatest country (sic) in the world: Russia!’.
The PutinCoin blockchain uses both PoW (Proof of Work) and PoS (Proof of Stake) in its confirmation algorithm, and promises the usual mix of fast transactions and low fees.
While January 2018 saw a strong performance by PutinCoin, its best performance actually came in 2017 when 1 PUT coin reached a price of $0.04. Indeed, 2017 was kind to PutinCoin in general, and PUT coins regularly recorded a price exponentially greater than its current price of $0.003.
PutinCoin disappeared off the map in 2018, and has a 24 hour volume of $300 at the time of writing. However, it has also managed to remain listed on numerous exchanges, including Cryptopia, Livecoin, CoinExchange, TradeSatoshi and Crex24.
As with many of these coins down in the low 1000’s, there is uncertainty as to whether or not PutinCoin is a scam. A lack of response by developers has led many to believe the project lacks authenticity, while there remain some forum members who vouch for coin’s future potential.
BiblePay # 1039
BiblePay is a Christian-oriented blockchain which donates 10% of its funds to charities and non-profit organizations. The project is sponsor to over 300 orphans on a monthly basis, and encodes the King James Bible in its transactions in what it terms a Proof-of-Bible (PoB) hash.
BiblePay is currently is something of a lull, having crashed around 50% since its recent high point on April 15th. One BBP coin is currently priced at $0.002703, which is 78% less than it was during the gold rush of January.
The BiblePay thread on Bitcointalk.org is still very active to this day. An enthusiastic group of volunteers continue to develop and refine the blockchain, and its economic rankings are ultimately not reflective of its overall popularity. The project only launched in November of 2017, and there’s still plenty of time for BiblePay to climb the market cap ladder.
What if I told you that one of the most expensive coins in the top 1628 cryptocurrencies was the coin ranked at number 1057 by market cap?
Because that’s the case for 42-Coin, which holds the unique virtue of only having 42 coins in circulation.
42-Coin debuted in January of 2014 at a price of $1,013,620. Popularity cooled on 42, and the value of the coin fell to a mere $38.41 by August 2016.
However 42 then got swept along by the growing market throughout 2017, and by January of 2018 had reached a unit value of $91,000.
Two-thirds of those gains have since been lost, but 42-Coin still ranks an overall third for the cryptocurrency with the highest face value. The title of most expensive cryptocurrency was previously held by 42-Coin, but it eventually lost out to Project-X and Bit20, which recorded token values of $2,530,660 and $1,702,440 respectively.
As the website landing page states:
“42 – the answer to life, the universe, and everything…”
If that isn’t enough to get your investment then I don’t know what is.
You’d be forgiven for thinking this was another of those ‘mine a coin – plant a tree’ platforms, but Woodcoin actually has a lot more going for it than just replanting the rainforest.
Woodcoin seeks to find the sweet-spot between inflation and stagnation by growing logarithmically (LOG). This means that mining rewards decrease at a set rate, and that coins mined right now will always be worth more than coins mined tomorrow.
Unlike Bitcoin and Litecoin who released half of their coin supply in the first 4 years, Woodcoin will release theirs over 200 years.
No pre-mine or ICO took place during Woodcoin’s launch. Its blockchain has been operating since way back in 2014, without any fork, interference, or influence in that time.
At the time of writing, Woodcoin’s 24 hour volume stands at $39. One LOG coin is worth $0.09 – which is almost half the level it achieved in April, and a four-fold decrease from January’s peak of $0.39.
The forum chatter is limited, and developers don’t show themselves very often. Don’t expect Woodcoin to sprout and grow any time soon.
Not many cryptocurrencies are specifically aimed at children, but that’s exactly what sets PiggyCoin apart from the competition.
The only trouble is that it doesn’t seem to have helped. PIGGY coins have halved in value since March, and the 24 hour trading volume has sunk to $402, from a respectable low-six figures recorded in January.
It’s not clear how much input the original developers still have in the project. The only posts on their blog in the last year relate to exchange delistings, with no news of upcoming developments being posted in a long time.
The idea behind PiggyCoin is novel, and we may eventually see some version of it succeed one day. PiggyCoin’s website and wallet is designed to educate children about sensible economics, while also introducing them to cryptocurrency. Several games exist on the website, mostly based around the eponymous Pig.
Regardless of its recent performance, PiggyCoin has still experienced a tremendous 600% growth since the time of its ICO, going from a coin price of $0.000129 up to its current value of $0.000967.
So there we have it – another handful of lurkers from the depths of the market capitalization charts. Whether this article inspires you to buy up some PutinCoin, or to simply never venture past the Top-100 ever again is entirely up to you.
Galaxy Digital’s Novogratz: Bitcoin Is “Going To Be Digital Gold”, Talks Sovereignty And Periodic Table Elements
Galaxy Digital Founder Believes That Bitcoin Is “Going To Be Digital Gold”
Mike Novogratz is known for his former work on Wall Street with Goldman Sachs, but he has since made a name for himself in the cryptocurrency industry with the crypto merchant bank Galaxy Digital. Recently, he sat down with Bloomberg TV for an interview, during which time he spoke on the spread of crypto assets and how Bitcoin remains the top coin.
The interviewer started off with commenting that “it was carnage” in cryptocurrency, asking if the industry is in the “birthplace of recovery in crypto.” That opened the door to talk about exactly how government decisions and the lack of institutional investors have truly been the hold-up.
As the attention turned to the crypto winter, Novogratz commented that this whole year has been an example of “just how painful popped bubbles can be.” Considering how the retail sector has settled down and the inflation of crypto values has balanced out, the industry is likely to go from “a people’s revolution to an institution-led one.”
Discussing the way that crypto assets have evolved, Novogratz acknowledged that there are many altcoins that have tried to go head-to-head with Bitcoin as a store of value. He added,
“There are 118 elements on the periodic table, and only one gold […] Bitcoin is going to be digital gold, a place where you have sovereign money, it’s not U.S. money, it’s not Chinese money, it’s sovereign. Sovereignty costs a lot, it should.”
Even though there was not a discussion on why Bitcoin has been able to take the center stage, Novogratz said that all cryptocurrencies do not need the use of blockchain to thrive. From a security standpoint, cryptocurrencies without the same value and traditional roles could help to offer gains.
Bitcoin, for now, is holding steady between $3,400 to $3,600, though Novogratz believes that this is presently the bottom, leaving plenty of room to increase. He said that the most realistic and achievable medium-term price point is $8,000, adding, “We’re not going to bubble back up.”
The structure necessary to welcome and entice institutional investors into the space is finally coming to fruition, Novogratz adds. Even though the government shutdown slowed it down, the solutions being offered from major companies like the New York Stock Exchange and Fidelity show that the increase of institutional investors “is just getting started,” he said.
Even though traditional institutions are starting to get involved with the crypto industry, existing exchanges and services are bringing custody solutions to the table as well. Big Four auditor KPMG also seems to agree with the stance of Novogratz, saying that institutionalization is “a necessary next step for crypto to create trust and scale.”
CARDANO (ADA) Daily Price Forecast –February 13
ADA/USD Medium-term Trend: Ranging
Supply zones: $0.0600, $0.06600, $0.06800
Demand zones: $0.02000, $0.01500, $0.01000
ADA is in consolidation in its medium-term outlook. The new week saw the bullish pressure stronger as the coin enters the range. $0.04399 in the supply area was high while $0.04037 in the demand area was the low thus far.
The inverted hammer within the range implies the bears return within the range shortly after today opening. Price is below 10-EMA and the stochastic oscillator signal points down at 35% an indication of downward momentum within the range.
ADAUSD is consolidation and trading between $0.04405 in the upper supply area and at $0.04091 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position after a retest while a breakdown at the lower demand area may be a short position with good candle pattern as confirmation for entries. Hence patience is needed to allow this occurred before taking any back position.
ADA/USD Short-term Trend: Ranging
The cryptocurrency is in a range-bound market. The bullish candle formed after the bearish spinning top was an indication of the bulls’ presence during yesterday session.
Confirmation to the bulls takeover occurred at the break of the two EMAs with a large engulfing candle at $0.04167. ADAUSD rose initially to $0.04279 and later to$0.04341 in the supply area before exhaustion.
The bearish spinning top at $0.04303 followed by a bearish candle signaled the bears gradual returned. The cryptocurrency dropped to $0.04301in the demand area due to increased bears pressure as it enters a range-bound market.
ADAUSD is ranging and trading between $0.04368 in the upper supply area and at $0.04077 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area may occur hence traders should be patience.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
Litecoin [LTC]’s Charlie Lee: MimbleWimble is a good way to get privacy and scaling
Recently, a cryptocurrency known as Grin was launched in the cryptocurrency space. The coin grew to be one of the most controversial cryptocurrencies in the space within hours of its launch. The credit directly goes to the protocol the coin is based on, MimbleWimble.
The protocol was initially introduced to solve the scaling and privacy problems in Bitcoin, by an anonymous developer Tom Elvis Jedusor. Interestingly, both the pen name and the name of the technology are an inspiration from Harry Potter. The developer ensured that privacy would be the core of this technology.
More so, the protocol makes sure that apart from the information that is absolutely required to confirm a transaction, no other information is revealed, including the addresses involved in the transaction and the amount of cryptocurrency involved in the transaction.
During the sixteenth episode of Magical Crypto Friends, Charlie Lee, the creator of Litecoin, Riccardo Spagni, the lead developer of Monero, Samson Mow, the CSO of Blockstream, and Whale Panda, discussed the new privacy-oriented coin. Here, Lee opined about the technology that made the coin one of the most controversial ones in the space. He said:
“I think MimbleWimble technology is actually pretty cool. So when I first learned about it, seems like a good way to get both privacy and scaling and privacy that doesn’t make scaling hard or much worse which is very cool. So I’m yeah happy to see where where this technology goes”
This was followed by Riccardo Spagni aka FluffyPony speaking about Grin’s mining, which drew the attention of even the VCs. Spagni said:
“If you look at at Grin’s economic design it’s clearly designed to be currency. It’s designed to have this crushing inflation so that you’re forced to spend it so hodling is not really part of the economic design. So, they’re throwing money at it because they know that there’s be hype and that, you know, the moms and the pops would eventually go in to buy it.