In this piece, we are going to take a look at decentralized VPN company Mysterium and, specifically, we are going to put forward an argument as to why we think this one could be a nice turnaround play in the cryptocurrency sector.
So, here goes.
Before getting into detail, take a quick look at the two charts below. The first is a zoomed out view of price action in the company’s representative token – MYST – since its initial offering and the second is a much shorter time frame chart looking at somewhere in the region of the last seven days’ worth of action in the same.
As the first chart illustrates, action since the initial offering hasn’t been particularly inspiring as far as the open market price of MYST is concerned. MYST debuted back in May this year in and around $0.92 a token. Right now, the same tokens go for around $0.76 – a decline of circa 18% in a little over six months.
One of the primary drivers behind this decline is a serious lack of communication between the guys behind the company and its investors (i.e., those token holders who took part in the ICO). Aside from a few updates released once or twice every couple of months, progress towards pre-stated goals is very tough to quantify and this, in this space, isn’t a smart move from the Mysterium team.
The more successful tokens all have one thing in common – holders pretty much know exactly what’s going on at the company that underpins them based on constant communication from founders and those involved through Twitter, Medium, Reddit, that sort of thing.
With that said, however, every company works differently and, for us, while the lack of communication is a negative aspect of the way Mysterium is being managed, there are enough positive elements of this company to make it a pretty attractive play. When combined with the fact that price seems artificially subdued because of a lack of communication, this attraction compounds.
For those unfamiliar with Mysterium, the company is trying to apply the concept of decentralization to VPN networks. Basically, nodes (which are just individual computers with network space that they wish to rent out) are rewarded for allowing others to utilize their unused network traffic. This is pretty much exactly how the current VPN space works but instead of utilizing the unused network traffic of an individual the user purchases access to a centralized server.
The reason we think this one is so exciting is because the VPN market is huge and growing fast. Moreover, alongside this growth, centralization issues and concerns are rising, with many of these issues rooted in data control and privacy. With the FCC net neutrality topic very much in the media right now and the potential applications of VPNs to this issue (which, it’s worth pointing out, remains an uncertain and variable topic depending on how ISPs decide to deal with VPNs), potential solutions (like that which Mysterium offers) have the potential to really take advantage of what analysts expect will be a conservative doubling of the current $50 billion global VPN market over the next five years.
Going forward, then, we’d like to see some confirmation that Mysterium is progressing towards a point from which it will be able to take advantage of this industry growth. This is going to require some increased level of communication between the company and its token holders, almost certainly.
Jumping back to the second chart outlined above, price over the last seven days looks to have bottomed out and is slowly starting to stage a recovery. If we are right, this current action could be the start of a longer-term turnaround and – in turn – might be a nice point at which to load up on MYST in line with a bullish long-term thesis.
We will be updating our subscribers as soon as we know more. For the latest updates on MYST, sign up below!
Image courtesy of Mysterium
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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.
NFTs are already being actively traded in markets globally. For…
Wisebitcoin Launches Professional-Grade Crypto Exchange
Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.
In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.
For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750.
Beyond leverage, Wisebitcoin additionally offers a simple and…