Wrapped Token Allowing Zcash to Join Ethereum DeFi Ecosystem 

Plans for developing a ZEC token that can function on the Ethereum blockchain are being made by the Zcash community. This would result in partaking in the network’s decentralised finance (DeFi) ecosystem. 
The VP of marketing and business development at the Electronic Coin Company, Josh Swihart has said that the developers at Zcash are hoping to release a wrapped token within the next six months. The VP made the comments to CoinDesk at the Devcon developer conference which was held last week in Osaka, Japan. 

Following the integration onto the DeFi platform, there is hope that the privacy-focused ZEC token will have the capability to provide anonymous, automated loans and transactions through the Ethereum network. Developers on Zcash have also been hinting at the possibility of the interoperability which would allow the privacy features of ZEC to be applied to smart contracts. 
ECC is allegedly targeting Ethereum interoperability and DeFi as a way to boost ZEC usage and purchase on exchanges. Sources familiar with the coin’s exchange performance say ZEC has stalling in popularity over the past 12 months, despite the resurgence in the crptyo markets throughout 2019.
The VP explained that ECC wants to make Zcash widely available for DeFi applications. 

“If you want to do lending, if you want to do DAOs [decentralized autonomous organizations], all of that stuff could be done with zcash as well. … Ultimately, we want zcash shielded [addresses] to be usable in ethereum smart contracts.”

So whereas ECC may be looking at Ethereum interoperability as a path forward for Zcash, developers say the looming 2.0 network update could potentially disrupt any cross-chain applications. This would more than likely result in the partnership being just short-lived.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
Source: Crypto Daily

Sally Ho's Technical Analysis 19 October 2019

Bitcoin
Bitcoin (BTC/USD) drifted lower early in today’s Asian session as traders pushed the pair to the 7921.05 area after the pair traded as high as the 7989.72 area during yesterday’s North American session.  Prior to that, the pair tumbled from the 8117.77 level early in yesterday’s Asian session and traded as low as the 7814.08 area before mounting a comeback. The pair continues to orbit the 7966.50 area, representing the 76.4% retracement of the move from 7701.00 – 8826.00.
Weakness in BTC/USD continues to linger as evidenced by its inability to move back above the 50-bar MA (hourly) following its move lower yesterday and early today. Price activity also continues to trade below its 50-bar MA (4-hourly) and 100-bar MA (4-hourly), further evidence of negative market sentiment. Below current market activity, the 7712.45 and 7344.90 areas represent downside price targets. Chartists anticipate some potential buying pressure between the 7147 and 7235 levels. Below those levels, the 6865.68 area and 6540.23 areas represent potential technical Support.
Price activity is nearest the 100-bar MA (4-hourly) at 8,210.34 and the 50-bar MA (Hourly) at 7,994.06.
Technical Support is expected around 7,712.45/ 7,508.77/ 7,223.25 with Stops expected below.
Technical Resistance is expected around 8560.50 /9,071.00/ 9,651.00 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
 
Ethereum
Ethereum (ETH/USD) extended recent losses early in today’s Asian session as the pair came off to the 171.66 area after trading as high as the 175.70 area during yesterday’s North American session.  Prior to this, the pair traded as low as the 168.34 area during yesterday’s European session after Stops were elected below the 169.63 area, representing the 61.8% retracement of the move from 152.11 to 197.97.  ETH/USD has generally been pressured lower after trading as high as the 179.71 area during Thursday’s European session.
Chartists are observing a convergence of the 50-bar MA (4-hourly) and 100-bar MA (4-hourly) and note that the pair continues to trade below the 50-bar MA (4-hourly), 100-bar MA (4-hourly), and 200-bar MA (4-hourly).  Likewise, the pair continues to trade below the 50-bar MA (hourly), 100-bar MA (hourly), and 200-bar MA (hourly).  Technicians are looking to see if the pair can remain above the 171.15 area, representing the 61.8% retracement of the move from 168.34 to 175.70.  Some buying pressure emerged around the 172.02 area early in today’s Asian session, representing the 50% retracement of the same range.
Price activity is nearest the 100-bar MA (4-hourly) at 179.68 and the 50-bar MA (Hourly) at 174.56.
Technical Support is expected around 168.34/ 165.25/ 162.93 with Stops expected below.
Technical Resistance is expected around 170.08 /179.84/ 183.33 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bullishly above MACDAverage.
Source: Crypto Daily

Ethereum (ETH) Near Term Outlook Remains Bullish Despite Recent Crash

Ethereum (ETH) has just declined to the 21 EMA on the daily chart for ETH/BTC. This level also coincides with the 38.2% fib retracement level from a recent top. So, what does this mean? It means that the recent crash has not changed the bullish outlook of Ethereum (ETH) near term. If the pair ends up closing the day above the 21 day EMA, this would be a very bullish event leading to a major move to the upside in the days ahead. I think the market makers have deliberately instilled fear in the market recently to get every all bearish just before a big move to the upside. It is no surprise to me that many traders and analysts that are known to be hardcore bulls are currently bearish on the market.

The daily chart for ETH/BTC further highlights the probability of a sharp move to the upside to the 200 day EMA coinciding with the 61.8% fib retracement level if we see a daily close above the 21 day EMA. This would be a very bullish development, one that would inflict a lot of pain on reckless traders that follow sentiment of the general market. The thing is, if you think what everyone else is thinking then you are going to get the same results as everyone else and I assure you, “everyone else” does not have a very good track record in this market or any market. The reason most people lose money trading is because they listen to popular opinions. Remember, someone has to lose money for others to make money in this business. That won’t work if everyone is right, so pay no mind to what everyone thinks.

The 1H chart for ETH/USD shows us that the price has now declined to the bottom of an ascending channel which also forms part of a major bear flag. It is thus very easy to think here that we might be close to seeing a sharp decline below this ascending channel. However, the real question to ask yourself is, are you the only one waiting for a decline like this? If you look at some of the top posts on Tradingview, you would see most traders talking about a decline from current levels.
Some people do not like popular posts on Twitter or Tradingview. I like such posts and I follow them a lot. It tells me what the average investor is thinking because to me psychology is everything in this market. In order for me to understand the game plan of the market makers, it is important that I first understand what the average trader is thinking at this point. Based on my analysis, the average trader is either too scared to be bullish or complacently bearish on the market at this point. This is why even if you are not bullish, it would be a good idea to at least wait it out instead of shorting the market here because the price could shoot up a lot more aggressively than it has declined in the event of a massive short squeeze.  
Source: Crypto Daily

Why Bitcoin (BTC) Bears Might Be In For A Big Surprise

Bitcoin (BTC) is very close to a major breakout. The 4H chart for BTC/USD shows that we will have the next big move in less than four days. This is a big development to follow for a lot of traders because the bears are expecting the price to decline to $5,500 or $6,000 from current levels whereas the bulls are expecting the smaller descending triangle to be invalidated and for the price to shoot out of the larger falling wedge instead. In my opinion, the larger falling wedge has a much higher probability of playing out. Even if both scenarios were to play out, we might see an initial decline below the descending triangle to the bottom of the falling wedge and then a strong move to the upside from there.

The probability of the price breaking to the upside from here towards $9,256 and higher levels from here is very high which is why I’m not really concerned about this chart. I’m more interested in the larger descending triangle that the price would enter in after breaking out of the smaller descending triangle to the upside. One of the reasons I do not expect the price declining below the falling wedge and the descending triangle would be the larger descending triangle playing out meaning a break below a very strong support zone. In my opinion, if that were to happen, we would not have seen the price decline so slowly encouraging shorts to stack up along the way.

The 4H chart for ETH/USD shows that the price has found support on the 61.8% fib extension level. This means that there is a very high probability that we might see a move to the upside within the ascending channel that forms part of a large bear flag. That move to the upside would invalidate a trend line resistance but a lot of bears would still be looking at the bear flag to eventually play out and when it does not, it is going to inflict maximum pain on the bears just before the major downtrend kicks in. This is how it happens before most major downtrends. The market makers inflict the most pain on the bears and trap in the bulls before the major decline which in this case could be more than 70%. EUR/USD, the S&P 500 (SPX) as well as the dominance charts for Bitcoin (BTC) and Ethereum (ETH) point to the same outlook which is why it is very important to at least wait it out even if you are not convinced that the market could flip bullish near term.
Source: Crypto Daily

Pi Network Review

Is this crypto mining app that is beginning to spread virally all it is cracked up to be? I was introduced to it by my wife who received an invitation from a close friend of ours. I actually heard about it first via a friend of mine named Charles Fuchs on Steemit but since I am bombarded by new projects on a daily basis I never took the time to dive any further into the Pi Network information. 
Who is Behind the Pi Network? Stanford PHD’s of Course.
Dr. Nicolas Kokkalis, Head of Technology-
Stanford PhD and instructor of Stanford’s first decentralized applications class; combining distributed systems and human-computer interaction to bring cryptocurrency to everyday people.
Dr. Chengdiao Fan, Head of Product-
Stanford PhD in Computational Anthropology harnessing social computing to unlock human potential on a global scale.
Vincent McPhillip, Head of Community-
Yale and Stanford-trained social movement builder on a mission to democratize how society defines, creates, and distributes wealth.
What is the Pi Network?
The Pi Network is a cryptocurrency that uses Proof of Work without the need to burn massive amounts of electricity. You can mine on your phone without using up battery power. It is decentralized, mobile-based and eco-friendly.
Our Mission: Build a cryptocurrency and smart contracts platform secured and operated by everyday people.
Our Vision: Build the world’s most inclusive peer-to-peer marketplace, fueled by Pi, the world’s most widely used cryptocurrency
The Pi Network has Three Phases.
Phase 1- Design, Distribution, Trust Graph Bootstrap.
During this phase, the team will distribute tokens on a centralized Pi server. The team will be testing and improving aspects of the Pi Network and app. The Pi coin will not be listed on any exchanges during this period.
Phase 2- Testnet.
During this phase, the team will begin deploying Pi Network nodes as well as allow users to run their own nodes on the Testnet. This will be used to test the Nodes against the phase 1 emulator. 
Phase 3- Mainnet.
It is time for Primetime! The emulator will be shut down and the network will be allowed to operate on its own. Similar to other cryptocurrency projects Pi Network will be open to developers to join the community and improve the network alongside the original team. During this phase, the Pi Network coin will be listed on exchanges.
Use My Referral Link to Sign Up for Pi Network Hm2ski.
If You Want to Dive Into the Token Economics. Go For It!
Pi’s economic model design requirements:

Simple: Build an intuitive and transparent model
Fair distribution: Give a critical mass of the world’s population access to Pi
Scarcity: Create a sense of scarcity to sustain Pi’s price over time
Meritocratic earning: Reward contributions to build and sustain the network

Pi – Token Supply
Token Emission Policy

Total Max Supply = M + R + D

M = total mining rewards
R = total referral rewards
D = total developer rewards

M = ∫ f(P) dx where f is a logarithmically declining function

P = Population number (e.g., 1st person to join, 2nd person to join, etc.)

R = r * M

r = referral rate (50% total or 25% for both referrer and referee)

D = t * (M + R)
t = developer reward rate (25%)

The Pi Network team chose to build the Consensus Algorithm on top of SCP which is implemented within the Stellar network.

There are four roles Pi users can play, as Pi miners. Namely:
 

Pioneer. A user of the Pi mobile app who is simply confirming that they are not a “robot” on a daily basis. This user validates their presence every time they sign in to the app. They can also open the app to request transactions (e.g. make a payment in Pi to another Pioneer)

Contributor. A user of the Pi mobile app who is contributing by providing a list of pioneers he or she knows and trusts. In aggregate, Pi contributors will build a global trust graph.

Ambassador. A user of the Pi mobile app who is introducing other users into Pi network.

Node. A user who is a pioneer, a contributor using the Pi mobile app, and is also running the Pi node software on their desktop or laptop computer. The Pi node software is the software that runs the core SCP algorithm, taking into account the trust graph information provided by the Contributors.

 
But Randy Pi Network is Mined on Your Phone and People Refer Each Other. 
I know, it is off-putting for old school cryptocurrency folks like myself. I love my Proof of Work coins and Privacy coins like Monero and the MimbleWimble projects like Epic Cash. But I refuse to miss out on something different just because I might not agree with these aspects of the project.
I am going to tell you a little story about my cryptocurrency early years. I was really reluctant to buy Bitcoin prior to 2014 even though I knew all about it in 2011. The reason was I was a Gold and Silver guy and the idea of digital money was something I struggled with. It really took Bitcoin going stratospheric in 2013 to really get my attention. So I missed out on a great opportunity.
I vowed that I would not let it happen again. So I joined the Ethereum train very early on. I saw the MimbleWimble protocol and jumped on board.  Now I see the opportunity to put cryptocurrency into the hands of people around the world using their phones. MINDBLOWN!
Use My Referral Link to Sign Up for Pi Network Hm2ski.
At the Time of This Writing, Pi Network is About to Reach its First Million Users.
This milestone has a big feature. It is the first halving for the Pi Network. 
Source: Crypto Daily

Bitcoin Remittances Helping Venezuelan Migrants, But is it Enough?

Considering he only recently just left college, what Deimer González has achieved over the last year was unexpected, to say the least. 
Bear with me here because don’t worry, there’s a point to this. 
You may never have heard of González but in 2018 he left college with his diploma, clothes and memories to last to life along with a mobile wallet filled with 1.5 BTC in savings and left Venezuela. 
Hailing from the Capital of Venezuela, Caracas, González said that the savings that helped him to support his parents as he started to build a new life in Buenos Aires, Argentina.

As per CoinDesk, he said, “I was always able to send money back thanks to my savings, sparing my wages in pesos.” 
This year alone has been estimated to have seen 3.7 billion USD in remittances, money from abroad is an increasingly a big source of income for families in the South American nation. With this in mind, bitcoin and other digital currencies have assumed a much bigger role in facilitating cross-border transactions.
Furthermore, migrants are utilising cryptocurrency during the process of relocating itself. This is most likely because it’s often harder for jobless immigrants to access financial services in their new countries. 

“Plus, supporting a family in Venezuela isn’t easy, even with dollars. In May, Venezuelan economist Luis Oliveros placed the cost of living in the country as high as $900 a month for a family of five, with a basic food basket costing roughly $300 a month. For context, the minimum wage in Venezuela is currently equivalent to $15 a month, though economists suspect this rate won’t last long.”

For González, neither his prior $5 monthly wage as a PDVSA worker nor his Bitcoin remittances alone offer enough to help support his family. 
“Now I send $50 [worth of bitcoin] and it’s still nothing,” he said, that his parents need to work to sustain themselves without any more plans to move out of the nation.
For more news on this and other crypto updates, keep it with CryptoDaily!
Source: Crypto Daily

Bitcoin (BTC) Is Days Away From Its Next Big Breakout

Bitcoin (BTC) has seen massive volatility recently and investors are confused as to its next direction. The bulls and bears are the most divided at this point with the bears expecting a decline down to $6,000 while the bulls expect the descending triangle on the daily chart for BTC/USD to be invalidated and for the price to rally past $8,000 to $9,256 and higher levels in the days ahead. Developments over the past few days have convinced me that what is happening at the moment is just scare tactics to discourage the bulls from getting onboard and encourage the bears to short the market just before a big move to the upside. That being said, I remain bearish on the market long term.

We could see temporary upside from current levels but that is by no means an indicator of real buying interest returning to the market. We can see on Crypto Twitter, Youtube and other forums that engagement is near the lowest and there is not much interest in cryptocurrencies. The price swings are more manipulated than ever and it is obvious that the regular trader has nothing much to do with it. It is just a group of big players playing games with retail traders and taking their money. To them, it does not matter whether they prey on the bulls or the bears. Their goal is to prey on both as much as possible. At every point in the market, you have to think about how they can do that. In this case, the perfect play would be to liquidate the bulls and get the bears more confident.

If Bitcoin (BTC) was supposed to decline towards $6,000 I think we would have seen that happen in a way that would have discouraged shorts from stacking up. However, so far that does not seem to be the case. Shorting this market seems way too easy. There is sideways movement followed by a major decline. This has encouraged the bears to keep on shorting, taking profits and then shorting again. They have gotten used to this to the point of being complacent and I think we are very close to seeing these market makers inflict more pain on the bears now.
The daily chart for EUR/USD shows that we now have three daily candles above the 50 day EMA which is a very bullish development short term. This points to the strong probability of a rally towards the 200 day EMA. This is also why I think the recent panic in the Bitcoin (BTC) market is staged. The price of Bitcoin (BTC) should be rising and not falling in light of these developments. Lest we forget, the focus here is on a major bearish setup, one that might see BTC/USD decline by more than 70%. It thus makes a lot of sense that the market makers would want the bears to get more confident just before they inflict more pain on them to discourage them from shorting the market exactly before that massive 70% decline. This would also trap more bulls just before a devastating decline which would be the cherry on top of the cake.
Source: Crypto Daily