Crypto Apps
Are Social Platforms The Way Forward In Cryptocurrency Investment?
Cryptocurrency investment is a term that can have expert eyes lighting up and newcomer brains fried. For those already within the cryptocurrency industry, talk of investment improvements is one that is consistently ongoing, with new innovations, priorities and demands consistently shaking up the discussion, but none has done this more than social platforms. While investment hasn’t been a ‘solo’ act, exactly, partaking in a social trade isn’t something that many investors, especially those of cryptocurrencies, will have much experience in doing. However, with leading platforms taking this on, could social platforms be the way forward in cryptocurrency investment? Read on to find out.
What Is Social Trading?
While social trading is technically nothing new, the rise of online and Internet-based trading have given this term a much more technology-based meaning. Essentially, social trading is the act of following the trading activity of another trader and usually copying what they do if there are enough trust and belief in their chosen action. Through online social trading platforms, giving and receiving feedback and mimicking the exact actions of another trader who may have more expertise is made extremely simple. Considering that trading is often based off of trends and market movement, traders could opt for following influencer activity as opposed to utilising indicators or trend analysis themselves.
Mob Psychology
Crowd psychology, often referred to as mob psychology, is a study within psychological science that looks at why individuals tend to follow the actions of a crowd as opposed to opting for their own ‘path’. Through the rise of social platforms within trading, we are already seeing this kind of behaviour in investors, clearly shown in the crash of the credit bubble in 2008 that saw millions of investors in competitive markets following each other a little too closely in an attempt to take advantage of trends – until it crashed. Given the volatility of cryptocurrencies, the debate as to whether this is necessarily a good mentality to have is widely up for debate.
The Power Of Influencers
Similarly to mob psychology, the control that influencers have over the markets is also something worth watching. Within social trading, investors tend to follow the actions of those with more experience or a higher level of understanding that they do and while this makes perfect sense, it drums up another debate as to whether this is necessarily a good thing. However, for new traders just starting out and looking for the best ways to invest or when considered alongside careful analysis, social trading could prove beneficial to the market overall. Social media is an undeniably useful way of learning how any particular industry is leaning and through following the actions of an influencer quickly, traders could make much more valuable decisions.
Could This Be The Way Forward?
Whether social trading is the way forward is undoubtedly a topic up for debate, but one thing is for certain: it’s a valuable and fun way to get trading. Through careful and well-formed feedback and a touch of common sense, following the influence of leading traders or experts in the industry can lead newcomers or those looking to step up their game to a new level within trading. Traders can become much more integrated into the markets and through careful attention to their social feeds, can even start to make better decisions about the investments that they are making.
With all of the above in mind, social trading certainly has its pros and cons but all in all, a bit of careful thinking and common sense could make this trading method highly valuable. Would you give it a try?
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
Software development company Sylo has officially launched Oya today – a complete reimagining of its backend architecture. The company said the new product “leads the way for mainstream decentralization.” Sylo’s goal is to democratize access to communication and financial capabilities, without sacrificing privacy, personal data and user experience. Additionally, Sylo has deployed wallet support for public blockchain Tezos in their multi-chain wallet-messenger decentralized app, the Sylo Smart Wallet, which currently has over 250,000 users around the world.
“We’ve solved the hard issues of scalability, performance and fair-reward in a decentralised setting, allowing developers to build apps with a real competitive advantage. The launch of Oya brings our vision of a future worth looking forward to, a whole lot closer and we’re really excited about what can be built on this new decentralised foundation,” said Ben Jordan, Sylo Co-Founder and Product Director, in a statement.
“The Oya Launch opens the door to a plethora of new features and business opportunities, many of which we will be unveiling over the next two quarters,” said Dorian Johannink, Sylo Co-Founder and Business Director.
The Tezos blockchain supporting firm TZ APAC is advising Sylo on technical integration of Tezos, to improve developer experience and increase adoption of the Sylo wallet in…
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