Tag: ZRX

Hitting the Road

Michael Wade

We’re gearing up for CryptoCoinCon this weekend in Valley Forge, PA, and since we’re overdue for an update I wanted to get a post out before we head out.

As they say, everyone is a genius in a bull market, and this bear market has given us ample opportunity to focus on the tech. We’ve (temporarily) ceased active trading, setup passive income growth with a masternode, and been actively building community with a small coin fork to hone our development chops.

Trading

We’ve refrained from all trading the last two months. After failing to hold to our 2% risk management rule with our holdings on IDEX (AURA and SEN), we decided that it wouldn’t be appropriate to continue until these open positions returned to profitability. We did have a nice gain on ZRX that closed in early July, but were offset by a stopped-out position in BNB.

Masternodes

We setup our first masternode (MN) in early July, finally picking XDNA after several weeks of research. We gave a presentation on MN at the July Blockheads meetup, and we’ll expand the discussion on the experience at a later date. 

SpecMining

Measured in USD, our mining portfolio for July and August so far hasn’t quite made up for June, but the last 90 days have been profitable, BTC-wise. 

PennyKoin (PK) is going to get a full write up here at some point, a lot of our attention has been on this one over the last month or so. For now we’ll say that it’s a CryptoNote fork run by a solo developer, and we’ve now functioning as one of the core devs/community leaders. We’ve setup a mining pool and block explorer, and have even contributed to the project’s Github. It’s also inspired a related software development project that has income potential, and we’ve learned so much about blockchains while debugging the code. 

We also spent a couple weeks mining TUBE, the token for BitTube, a decentralized YouTube clone that looks really interesting, but we’ve since switched back over to our profit-switching pool of choice, MiningPoolHub. 

Not rekt yet

Michael Wade

If May was bad for crypto markets, then June was completely horrible. We’ve seen USD  drawdowns of around 35% in both our long term holdings and mining accounts, but have managed to hold some water, in BTC terms, with our active trading account. The real silver lining has been that we’ve been able to focus more on tech, continuing progress on our trade planning and management package, as well as starting a new project that involves our own ERC20 and 721 tokens. While the past few months have been painful, we’ve been working hard and aren’t rekt yet!

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Trade diary

Michael Wade

The past two months have been a mixed bag for my personal trading portfolio. In USD value, it’s portfolio is exactly where it was on May 20, despite an overall swing of over 40% from top to bottom.  Measured in BTC, our bags have gained 12.5 percent over the past two months, despite making very few trades.

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Bitcoin crosses critical trend intersection

Michael Wade

As I write this, we are seeing a broad pump throughout the crypto markets. The timing seems to indicate a relationship with the US income tax deadline on April 17th, as the markets seemed to bottom out during the first week of April and began climbing the following week, including an insane $1000 pump that happened in under an hour. BTC itself has climbed 34% in the last 12 days.

We’ve also broken through the downtrend line that began in mid-December. The green line is the uptrend that started March 2017. We see this as a very good sign that the bear market may be over, but I’m waiting for several days of price levels above the uptrend before I call the bull run back on. I had noticed that these two trends were coming together on tax day, and had been anticipating what was going to happen for several weeks. This last dip down to the $6500 level was quite trying.

Alts are also having a nice run as well, with most of my personal bags up 40-160% over the past 30 days. I’ve refrained from any trading other than dollar-cost-averaging into BTC over the past 2-3 months, but today opened a few small positions of ZRX and XMR. I did not do any specific technical analysis beforehand, but did make a trade plan and will be keeping tight stops and scaling up as the price rises. We have only allocated a very small percentage of our capital to trading at this time, and our trade plan is limiting losses to under 2% of this subset. Our exit prices targets are at least 30%.

Our spec mining operation has had a good week as well. Haven (XHV), which we’ve been mining almost exclusively for the past month, has had over 200% gains the past two days. We continue to hold all of our mining proceeds as planned, although we have consolidated some smaller amounts of alts acquired through MiningPoolHub profit switching into XMR and ZEC.

In summary, we’re optimistic about the next few days and are watching things very closely in the meantime.