Morning Wrap: Ether on the move again, Bitcoin remains bid, NotPetya revenue fail and Cardinal Pell charged
G'Day Steemit, Team Australia and welcome to another overnight wrap. Took a break from the series yesterday, as I deemed it more important to get the PSA out regarding the NotPetya vaccine.
In hind sight, this wasn't the best idea for me personally, as I missed some whopping moves in ...
Crypto Markets
Bitcoin found a bid in the support zone as expected and printed a bullish engulfing candle, reinforcing our bullish bias. Yesterday's candle was a doji, but it's important not to put too much weight in these - they signal indecision, not a reversal. Still see a return to 3k over the next week or so:
Ether has found support against bitcoin. A little disappointed with myself on this, as I was waiting for 'clear bullish price action', but looks like I've missed the optimal entry boat. We had a bullish engulfing signal Tuesday, followed by massive up day yesterday:
Ether vs USD looks near identical, bullish engulfing followed by massive up day:
STEEMBTC is a solid buy and one I didn't miss, as I'm slowly yet steadily racking up Steem Power each and every day (big ups our resident whale @ausbitbank). Also the buy signal has only just occurred - Bullish Engulfing out of channel support/former resistance zone:
Will look at buying a little more Steem when I'm done here. Currently trading at 2.77 AUD/1.95 USD and Steem Dollars continue to attract a substantial premium above the peg: trading at $1.66 as I write.
News
NotPetya has infected a lot of computers, but just like WannaCry, looking like a massive fail on the revenue side. Radio National reporting the scam had only netted 10 000 USD this morning. The info about the email account shut down was out incredibly quickly, so lots of people knew not to bother sending Bitcoin.
Also, turns out people who did pay and contact in time, didn't get their files back anyway - the virus apparently deletes your files, rather than encrypting them. Every time one of these attacks generates a lot of attention from the authorities and dismal revenue is a blessing - sooner or later the hackers will stop bothering - it's not worth it. Stuff like this tarnishes the entire Crypto industry.
In local news, Cardinal George Pell will face at least three charges of child sexual assault and is due to appear in Melbourne Magistrates Court on July 18. He managed to avoid returning to Australia through out the Royal Commission, but has said he'll be showing up for this one! The Herald has more.
That's me for the morning, itching to get my hands on some more Steem! Thanks for reading.
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Thanks for the post. I'm incredibly bullish on Ethereum and can definitely see it grow past the $400 highs seen last month.
On another topic, anybody find it interesting that steem is pegged to the US dollar instead of being pegged by a limited supply like BTC? I'm still trying to wrap my head around the white paper but it seems like the constant generation of Steems on steeemit requires it to be pegged to some other stable asset.
Steem Dollars (not steem) is pegged to the US dollar. This is to ensure that long term users can have some guarantee when investing in Steem Dollars. A good vid about this
Great simple video, but a lot of the info is now outdated/incorrect ie Power down times and interest
Definitely, I think $500 is pretty much a given.
Re: Steem, it's not Steem itself that is pegged to the Dollar, but Steem Dollars, and these are traded on exchange so the peg is more like a floor. They currently fetch a substantial premium over the intended peg.
You're right in that Steemit isn't supply limited like bitcoin, but the inflation rate does decline each year. By 2037 the supply will only be increasing by .95% pa, which is a lot lower than traditional M growth.
i like your post
Thanks mate
Wow! I like your Financial news on The coins... Thank you!!! I am glad to see your posts now that I have found you... :)
Thanks for the support. I just cover things very briefly in these wraps. If you ever want in depth analysis of a coin just give me a yell.
Okay... Will do..
Love your work mate. Adding real value to the Steemit community with this series of posts.
Stay motivated and keep posting!
Thanks mate!
@bulleth got you a 32.89% @minnowbooster upvote, nice!
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