​​YAM Will Never 'Become Money', YFI Exceeds Bitcoin Price

Despite branding itself as money, the much-discussed and recently troubled decentralized finance (DeFi) token YAM will never achieve this, and real utility for the token must be found to keep the bubble from popping, popular crypto researcher Hasu said. Meanwhile, DeFi token YFI became the first altcoin to ever exceed the price of bitcoin (BTC).

According to a new blog post written by Hasu for crypto derivatives exchange Deribit, YAM most closely resembles what he calls a “Nakamoto Scheme with additional bells and whistles,” and it essentially is a bubble that can either stabilize or pop, depending on what utility, if any, users can get from holding the token.

Nakamoto Scheme is a term coined by Preston Byrne during the bitcoin bull market in 2017 to explain a type of investment scheme where early investors benefit the continued entry of late adopters, but where the decentralized structure of the scheme sets it apart from traditional Ponzi and pyramid schemes.

“To escape the pop, YAM has to find a reason for people to never sell but instead hold it for its utility, and not merely the hope of future price appreciation,” Hasu wrote in the blog post, while adding that YAM’s “flawed design” will prevent the token “from ever becoming money.”

And although it is clear that Hasu is not particularly optimistic about the future of the project, he did say that one alternative for the project to become viable again is if the community can “grow the protocol into something else entirely.”

“It’s not impossible, given the system’s treasury system and community’s ability to shape it via governance. But it’s not likely either,” the popular researcher concluded his piece by saying.

As of press time today (12:46 UTC), YAM was up by nearly 43% over the past 24 hours to trade at a price of USD 1.15 per token. The gain today comes after a near-complete collapse of the token’s value last week, bringing the price from a high of more than USD 92 and down to just over USD 1 between August 12 and 13.

Meanwhile, another and more successful DeFi project, namely Yearn finance and its YFI token, continued its rise higher in the market today, after already seeing gains of more than 120% over the past 7 days.

@CryptoWorldTina

​​Bitcoin market cap in context 📊

@CryptoWorldTina

​​#EOS UPDATE

The price has perfectly tested the trend line, as long as it stays above this line, the priority is upwards. The first target is 2940 sats, the second is 3225 sats.

@CryptoWorldTina

​​$ALGO weekly is bullish AF

@CryptoWorldTina

​​Daily Bitcoin chart review 📈

Today Bitcoin close week candle and it doesn't look strong, making next week bearish. At the same time keep in mind that BTC is within a global uptrend, so that potential drop to 9800-9600 is a part of the process you can't ignore or avoid. That is just the way trends grow. Everything else from yesterday's review stay valid, while 11.7 target done

Yesterday post: ... during weekend price will bounce to ~11700. If get stopped there, continue falling to 11.1k. If get through, then pump back to 12-12.1k. Keep in mind CME closed at 11600 so that will be a target for Monday.

4H: EMA21 at 11691 and EMA89 at 11677 act as dynamic resistance .

11690 11900 - 12150 - 12300
11500 - 11340 - 11100 - 10500

Fear & Greed index: 76 (<= 78 <= 81 <= 75)
BTC Dominance: 59.3% (<= 59.5 <= 58.8 <= 59.4)
24h Volume: $80 billion (<= 110 <= 97 <= 96)

@CryptoWorldTina

​​#SXP

SXP bouncing back as well. Nearest strong resistance at 3 and 3.14

@CryptoWorldTina

​​#TFUEL

Reached two targets, heading to the third one. Printed +18% profit at the moment.

@CryptoWorldTina

​​#CHR

Technicals looking damn cool for opening a position in CHR at the moment here is why

- Technicals
• Following the bullish trend line, and sitting at exact support
• Having strong bullish cloud support too
• 4Hr. charts forming a Diamond pattern, which indicates bullish

- 2 buy order setups
• 1st zone: 535 - 565 sats
• 2nd zone: 480 - 500 sats

- Targets will be here below
595 / 623 / 650 / 700 / 770 sats or above

stoploss should be used lower to 8% from buy zone

@CryptoWorldTina

​​#SAND

Two targets were almost reached here in less than 6 hours of waiting. Printed +16% profit.

@CryptoWorldTina

​​#SAND

Reached the third target and printed +25% profit so far. Continue holding.

@CryptoWorldTina

​​No one wants to be 1st, then no one wants to be last. Canadian graphics company SnappaHQ becomes the 3rd mainstream company to ditch dollars for Bitcoin. A trend that will likely accelerate as fiat is printed by the trillion.

@CryptoWorldTina

​​#BTC #Bitcoin

BTC is officially going lower. Next stop at ~11385 / 11k as per daily review.

Edited: most probably will have another test of ~11550 before further retracement.

@CryptoWorldTina

​​Kraken Lists PolkaDot

@CryptoWorldTina

​​#BTC #Bitcoin #Dominance

Dominance testing 61.61 resistance again. This is the forth time in a row. If it was a usual chart with real resistance, I'd say its fucked up and 100% broken. Dominance isn't exactly calculated that way, but still its 4th time and it seems that reversal is coming.

@CryptoWorldTina

⁠Bitcoin 'maximalists' accused of 'shilling' an SEC-cleared token

Bitcoin 'maximalists' don't seem to mind altcoins when they're being paid to promote them

@CryptoWorldTina

​​$AMB has the same chart with $POA on the daily before the massive pump. Buy every dips and HOLD!

@CryptoWorldTina

​​The total value locked(TVL) in decentralized finance (DeFi) applications and protocols has crossed 7B USD. In the chart below you can find top 10 DeFi projects by the total value locked.

@CryptoWorldTina

​​Buying #IRIS bag

Technically it convinced to grab some IRIS here
see below why

- Technicals
• 4Hr. chart holding very great support
• 4Hr. chart also holding 50 & 100 MA supports
• We can expect a big breakout from this accumulation zone

- 2 buy orders setup
• 1st order: 1015 - 1045 sats
• 2nd order: 880 - 930 sats

- Targets will be here below
1098 / 1145 / 1209 / 1280 / 1455 / 1600 / 1900 sats or above

stoploss should be used 8% lower to buy zone

@CryptoWorldTina

​​#EOS - Bearish Update

I know that it sounds very sad for many people, but EOS broke the trend line downwards. The closest support is located at the 2580 sats level. Small scalp SHORT looks quite good at this point.

@CryptoWorldTina

​​Ankr has announced a new partnership with KardiaChain.

The cooperation kicks off by hosting their decentralized cross-chain exchange, KardiaChain DEX on Ankr’s proprietary infrastructure.

@CryptoWorldTina

​​#COMP

COMP making attempt to breakout

@CryptoWorldTina