Tuesday 26 January 2016

Bitcoin is being rolled to Ethereum!


So here is what I think is happening...1) Bitcoin is being rolled to Ethereum (i.e. sell BTC, to buy ETH). The volumes on Kraken exchange (XBT/ETH) seem to support this, including the trade activity on shapeshift.io for the BTC>ETH swap.2) ETH fell sharply yesterday because Kraken had some technical difficulties. Kraken seems to doing a sizeable amount of Ethereum trades and the outage effectively made the book extremely thin during yesterdays outage.3) Ripple lost the no. 2 spot. This fails to build confidence in Ripple as the protocol hasn't been growing as fast as it's competitors. Even Santander bank who is/was pro Ripple has also joined R3CEV. I make these points because I see Ripple has seen a boost in trading volumes this morning and has regain 2nd spot (ito market cap). Not sure what the fundamentals are behind this but I am not convinced. Volumes on Ripple are low compared to ethereum. As a Ripple trader I feel that based on these low volumes, its quite possible for a couple thousand dollars to swing the market upwards.4) Stellar is the dark horse. While its smart contract functionality is limited its consensus protocol seems to be the best out there. I am hoping that RootStock's platform for smart contracts is made to be compatible with Stellar at some point.Those were my thoughts, I am quite interested in knowing yours? via /r/CryptoCurrency http://bit.ly/1NzHXFV

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