Coin Report #8: Arionum

N.B: This Coin Report has been selected by the readers of the blog, with Arionum winning the poll with 41% of  the ~2,300 votes. Congratulations!

Welcome to the eighth Coin Report. In today’s report, I will be assessing the fundamental and technical strengths and weaknesses of Arionum. This will comprise of an analysis of a number of significant metrics, an evaluation of the project’s community and development and an overview of its price-history. The report will conclude with a grading out of 10. I hope you enjoy the read!

Introduction

Having only recently completed a Coin Report on Bismuth, I found it rather amusing that this next one – as selected by the community – will be on Arionum, for reasons that will become evident as the report progresses. In short, both projects are unique, first-of-their-kind cryptocurrencies, written from scratch in their respective languages. As such, I feel as though chance has given us a good opportunity for a true and thorough cross-comparison. This report will follow the regular template in its composition, but it would be negligent not to draw comparisons where appropriate.

As mentioned above, Arionum is one of those rare cryptocurrencies that is built from the ground up, and thus I was quite excited to find that it had won the community poll. That being said, aside from this singular fact, I knew relatively little about the project prior to conducting my research for this report. Having now completed this research, there is much to be excited by but certainly areas where improvement is required; eerily enough, these areas correspond with those of Bismuth.

I hope this report will prove objective where it must be and fair on more subjective matters. For those who’d like to learn a little more about Arionum prior to reading this report, here are some primary links:

Fundamental

General:

Name: Arionum

Ticker: ARO

Algorithm: Argon2i + SHA512

Sector: PHP Blockchain Platform

Exchanges: Mercatox

Arionum was launched in January 2018 – oddly enough around the time of the market peak – with no premine and no ICO. It was written from scratch in PHP; the first cryptocurrency of its kind. The coin operates using a Proof-of-Work consensus mechanism on a combined Argon2i + SHA512 hashing algorithm. It also operates using masternodes with a collateral of 100,000 ARO. The Proof-of-Work phase is expected to last ~8 years from launch, with the block reward beginning at 1,000 ARO and decreasing by 10 ARO every 10800 blocks. We’ll dig into supply emission and the block reward schedule a little later.

Of all the coins I have written reports on, Arionum has the least available price-history, with data going back only four months – to the beginning of August. Despite that, Arionum has experienced two short market cycles, setting an all-time high of 734 satoshis ($0.048) at the end of October. Price has since dropped off, setting a local low of 236 satoshis late in November. More on this in the Technical section.

Arionum, as a project, is primarily concerned with streamlining the development process for those familiar with PHP, relative to other programming languages. Further to that, and more applicable to the layman user, Arionum seeks to drastically reduce transaction costs and improve upon the scalability issues found in Bitcoin. Lastly, its future is concerned with developing a graphical interface for asset creation, allowing less technical users to develop their own digital assets and currencies.

That should suffice as a general overview of the project; onto some metrics:

Metric Analysis:

Below are listed a number of important metrics, all of which are accurate as of 13th December 2018. For anyone reading this who has yet to read a Coin Report, it might be worth reading this section of the first report, where any potentially unfamiliar terms are explained. For any terms or metrics specific to this post, I will provide explanations besides the figures.

Metrics:

General:

Price: $0.012 (341 satoshis)

Exchange Volume:  $67,581

Circulating Supply: 115,801,450 ARO (I have used the figure found on the block explorer for this, as there is a discrepancy between it and the figure found on Coinmarketcap)

Total Supply: 115,801,450 ARO

Maximum Supply: 545,399,000 ARO

% of Max. Supply Minted: 21.23%

Network Value: $1.341mn (394.88 BTC)

Network Value at Max. Supply: $6.32mn

Category: Midcap

Exchange Volume-to-Network Value: 5.04%

Average Price (30-Day): $0.014

Average Exchange Volume (30-Day): $48,992

Average Network Value (30-Day): $1.048mn

Average Exchange Volume (30-Day)-to-Network Value: 4.67%

% Price Change USD (30-Day): -57.7%

% Price Change USD (1-Year): N/A

USD All-Time High: $0.048

% From USD All-Time High: -75.6%

Premine % of Max. Supply: 0

Premine Location: N/A

Liquidity (calculated as the sum of BTC in the buy-side with 10% of current price across all exchanges): 0.575 BTC

Liquidity-to-Network Value %: 0.15%

Amount Available on Exchanges: 2,146,982 ARO

% of Circulating Supply Available on Exchanges: 1.85%

Supply Emission & Inflation:

Block Reward Schedule: Block rewards began at 1000 ARO, and decrease 10 ARO every 10800 blocks (~30 days). 8 years 4 months for entire PoW phase. Current block reward = 880 ARO for 7491 more blocks (~21 days).

Average Block Time: 4 minutes

Current Block Height: 122109

Annual Supply Emission: 107,838,480 ARO (367.73 BTC at current prices)

Annual Inflation Rate: 93.12%

Circulating Supply in 365 Days: 223,639,930 ARO

Staking & Masternodes:

Note: I have used this source for some data on masternodes. For further info on Arionum’s masternodes, take a look here.

Masternode Price: $1,158.86

Masternode Collateral Size: 100,000 ARO

Masternode Count: 427

Supply Locked in Masternodes: 42,700,000 ARO

Masternode Count Growth (30-Day): N/A

Masternode ROI (Annual): 83.34%*

Masternode Reward / Block Reward: 33%

Masternode Network Value: $494,832

MNV / Network Value: 36.87%

*To calculate annual ROI based on current active masternodes: (Annual Supply Emission x (Masternode Reward / Block Reward)) / Supply Locked in Masternodes = (107,838,480 x 33%) / 42,700,000 = 0.8334 =83.34%

Distribution:

Address Count: N/A

Supply Held By Top 10 Addresses: 12.91% (discounting 1st-richest, which is Mercatox and contains ~13mn ARO)

Supply Held By Top 20 Addresses:  17.36%

Supply Held By Top 100 Addresses: 30.03%

Inactive Address Count in Top 20 (30 Days of No Activity): 10

Analysis:

There’s a mountain of material to cover here, and I’ll begin with the General metrics, before moving on to sequentially unpack the rest.

Firstly, let’s take a look at the price-and-volume-related metrics: Arionum is currently trading at a Network Value (here meaning price x circulating supply) of $1.341mn, or 394.88 BTC. This would place it in the lower-midcap range of altcoins. The Average Network Value for the past 30 days is a little lower at $1.048mn, despite the price of Bitcoin decreasing significantly in the past month, indicating that Arionum has been faring well against Bitcoin recently, as we shall discover a little later. The Exchange Volume for the past 24 hours comes in at $67,581, whilst Average Exchange Volume is ~$49k. This gives Arionum an Exchange Volume-to-Network Value of 5.04%, and an Average EVNV of 4.67%. This is very impressive. In prior reports, I have mentioned that I tend to look for altcoins with 1% or greater for these metrics as a sign of significant interest, but current market conditions have made such scenarios sparse. Well, Arionum seems to have plenty of interest despite such conditions and despite the fact that it is only traded on one exchange: Mercatox. Further, Arionum actually beats out any coin previously reported on with regards to this particular metric, with Stakenet coming in second place with 2.33% EVNV and 1.48% Average EVNV. As I say, this is a promising start.

The next point-of-interest from the General metrics is Liquidity and the metrics relating to supply available on exchanges: Arionum has Liquidity of around 0.15% of the Network Value, which places it in the middle of the pack relative to other coins reported on. Further, there is a little over 2.1mn ARO available for purchase in the Mercatox orderbooks, which equates to 1.85% of the circulating supply. Of the four coins I have previously calculated this metric for, Arionum has less of the circulating supply available than three of them, suggesting that there is a relatively high inclination towards holding ARO. The masternode returns may be a contributing factor to this, as I’ll highlight shortly.

A final point to highlight from the General subsection before we move onto Supply Emission & Inflation: there is zero premine, which I always like to see.

Now, calculating supply emission and inflation metrics is fairly straightforward for Arionum, as it has a simple block reward schedule. Using an average block time of 4 minutes, a current block reward of 880 ARO and a decreasing block reward of 10 ARO every 10800 blocks, the supply emission for the next 365 days works out at ~107,838,480 ARO, or 367.73 BTC at current prices. This equates to an annual inflation rate of 93.12%. Without doubt, this is rather high and a little worrying for those of us who are potentially looking to turn a profit on a position in Arionum. In fact, this is the highest inflation rate for any coin I’ve reported on.

But how does the supply emission relate to the volume that Arionum is generally trading? Well, with an annual supply emission of 367.73 BTC at current prices, average daily supply emission works out at almost exactly 1 BTC, or ~$3398. Arionum’s trading volume (Exchange Volume) for the past 24 hours is ~1988% greater than this supply emission, and its Average EVNV is ~1442% greater. This is ample trading volume to cover the supply being minted daily, and thus current prices should be sustainable if current levels of volume persist. Thus, any decrease in price should generally be attributed to either smart-money distribution or weak-hand distribution, rather than to miners dumping their rewards, and this could be more precisely determined using rich-list analysis. This is also roughly 5 times greater volume-to-supply emission than I found in Bismuth, despite Bismuth having half the annual inflation rate of Arionum.

Moving onto masternodes, Arionum offers an annual return on its masternodes of 83.34%, calculated using figures for current active masternodes, annual supply emission and the percentage of the block reward that is distributed to masternodes. This is a very high return, and unsurprising given the high inflation. It is actually the highest annual ROI of any masternode from previous reports.

Next, let us consider the strength of the Arionum masternode network: with 427 active masternodes and a collateral size of 100,000 ARO, this gives us 42.7mn ARO locked in masternodes. This equates to a Masternode Network Value of $494,832, which is 36.87% of the Arionum Network Value. This is indicative of a moderately strong masternode network, as it is stronger than the masternode network of Bismuth and Stakenet but weaker than Bulwark and ALQO.

Finally, let’s take a look at Distribution:

As Arionum states in its whitepaper, “the goal is to be… democratically spread across non-professional miners.” In short, decentralisation is key, and this seems to be a point of strength for the project. Discounting the richest address, which is owned by Mercatox and contains ~13mn ARO, the top 10 richest addresses control 12.91% of the supply. The top 20 control 17.36% of the supply and the top 100 control 30.03%. This is slightly more decentralised distribution than Bismuth, which (discounting its richest address, which is owned by Cryptopia) had the top 10 controlling 16.44% of the supply.

Let’s dive a little deeper into the Arionum rich-list. 10 of the top 20 addresses have been inactive for the past 30 days, whilst the 4th, 10th, 13th, 17th and 19th-richest addresses are in active accumulation. Only the 11th-richest is distributing at current prices and the remaining addresses have shown negligible activity recently. This shows that the vast majority of the richest holders are either accumulating or holding at present, which is a good sign.

That concludes this section on metrics. Let’s dissect the Arionum community:

Community:

There are two primary aspects of community analysis: social media presence and Bitcointalk threads. I’ll begin with the former before moving on to the latter.

Social Media:

Concerning social media presence, there are four main platforms to examine: Twitter, Facebook, Telegram and Discord.

Arionum is present on all four platforms. To begin, let’s look at the various social metrics that I calculated from the Arionum Twitter and Facebook accounts:

Twitter Followers: 1994

Tweets: 174

Average Twitter Engagement: 2.1%

Facebook Likes: 36

Facebook Posts (30-Day): 0

Average Facebook Engagement: N/A

As usual, I will be using RivalIQ‘s social benchmark report for evaluation purposes.

Firstly, I’d like to point out that despite Arionum having a Facebook page, it seems to be out of use, with no posts showing since April. This isn’t great, as it suggests that the team thought Facebook important enough to create a page but not important enough to spend the time it takes to maintain it.

That being said, Arionum does seem to have some solid engagement on Twitter. It has quite a small audience of just under 2,000 followers (relative to Bismuth’s ~7k followers) and the team are relatively inactive with less tweets than any other project I’ve written a report on besides Dero. But, their Average Twitter Engagement rate is 2.1%, which is stronger than all except Dero, funnily enough. The engagement level is roughly 3x that of Bismuth.

Further, using the RivalIQ report, we can see that Arionum has 45.65x more engagement than the average across all industries, and over 161x greater engagement than the Media industry. The engagement is certainly promising, but the audience is small.

Now, moving onto Discord, Arionum has 3023 members in its group, which is slightly larger than Bismuth’s group. 53 new members joined in the past week, which equates to 1.75% weekly growth. There are plenty of channels available under relevant subsections for all manner of topics, which I like to see as it ensures accessibility for newer users. Further, there is an FAQ channel with all resources clearly linked.

With regards to the content of the group, Announcements seems to be updated more regularly this month than previously, with an update every two or three days in December but only one update in November. Development is fairly active with some discussion taking place on a daily basis, most recently concerning a phishing incident that occured a few days ago and led to some users of the web wallet and Android wallet losing their funds. Suggestions is currently on the topic of Ledger integration for Arionum, which would be great to see. I found very little of interest in Marketing, which may explain the smaller audience across platforms for the project. There is a lot of action occuring in the OTC channels; this makes sense given that there is only one listed exchange.

As usual, General is the most popular channel, with near-constant conversation taking place. Of late, this revolves around the phishing incident, understandably. There is a little talk on the need for new exchange listings; a listing on Cryptopia is confirmed. Much of the back-and-forth is currently about convenience versus security, and many feel as though the team’s decision to disable the affected wallets is a step backwards for the project as it dramatically reduces the potential userbase to only those with some degree of technical proficiency, given the PHP codebase. I’m inclined to agree, though there is a GUI Lightwallet available for Windows users. There is also some degree of backlash arising around communication and the team not using the community to its full capacity to assist with the project. The positive here is that the community certainly seems willing and engaged. Finally, there is some talk about a cross-platform wallet currently in development for Mac, Windows, Linux, iOS and Android, which sounds promising. Overall, the group is highly active but, at present, in minor crisis.

Unlike its engaged Discord group and Twitter account, Arionum’s Telegram group follows the footsteps of its Facebook page, with 392 members but only a handful of daily messages. In general, the Telegram doesn’t seem to be used for much besides the odd support query. Strangely enough, this is exactly what I found to be the case with Bismuth – a strong Discord and a neglected Telegram.

BitcoinTalk:

The Arionum BitcoinTalk thread was created on January 8th, 2018, and has since generated 2175 posts spanning 109 pages in 339 days, giving an average of 6.4 posts per day. However, in the past 90 days, the thread has had 183 posts via ~40 individual posters, giving an average of a little over 2 posts per day, suggesting that activity has died down of late. That being said, 183 posts in the past 3 months is still more activity than most of the coins I’ve previously reported on.

That concludes the section on Community. Onto Development:

Development:

For the following Development analysis, I will be evaluating project leadership, the website, the roadmap, the whitepaper, the wallets and finally providing a general overview:

Project Leadership:

There is no clear information on the team displayed on the website, and there are 4 contributors to the Github. An FAQ on the forum shows that there are 3 core developers, with 27 years of programming experience between them, specialising in PHP and Linux. There is very little expertise in marketing and none in project management. I would like to see this balanced out a little; perhaps adding a marketing specialist or an operations manager would assist in growing the userbase.

Website:

The website is fairly well designed and branded, and it is informative for new users, with a thorough overview of the project displayed and relevant resources linked. There is also a dedicated forum, which is a plus. That being said, it looks a little amateurish relative to the websites of other cryptocurrencies (a problem I also found with Bismuth’s website). Further, there is no clear link to the Arionum wallets. In general, I’d like to see a redesign for the website and a regularly updated blog.

The block explorer, in contrast, is fantastic. It is highly functional with a plethora of useful features and a visually appealing interface. More of this, please.

Roadmap:

There is no roadmap to be found on the website or the BitcoinTalk thread, which is highly disappointing.

Whitepaper:

https://www.arionum.com/wp.pdf

The Arionum whitepaper is more like a lightpaper, as it is only 2 pages in length. I know I like my whitepapers concise rather than lengthy but this might be a little too brief. The whitepaper is in need of proof-reading and makes little mention of the future direction of the project; of its goals and aims;  or of its unique features. Its redeeming quality is that it does talk briefly about Arionum’s advantages over Bitcoin, with regards to dynamic block sizes, fixed fees and a CPU-optimised hashing algorithm. It also mentions that Arionum will be developing a graphical interface for asset creation, in an attempt to alleviate the problems faced by non-technical users in creating their own digital assets and currencies. There needs to be much more detail on such an interesting aspect of development such as this.

Overall: again, rather disappointing. It seems as though the resources and platforms that are most useful in growing a userbase (social media, roadmap + whitepaper) are neglected by the Arionum team.

Wallets:

With regards to wallets, there is a CLI for Windows, Mac and Linux, as well as a GUI Lightwallet for Windows, a web wallet and an Android wallet. The latter two are currently disabled due to the phishing incident.

General:

Generally, it is quite difficult to judge the development progress of the project without a corresponding roadmap or a detailed whitepaper. Obviously, the stand-out achievement is writing the blockchain from scratch in PHP; a first for any cryptocurrency. But, since this point, there doesn’t seem to have been any stand-out development achievements, and, if there are, they’re well-hidden.

Looking forward, the graphical interface for asset creation piques my interest but, again, there must be more detail available for those that come across Arionum in order to grab their attention and grow the coin’s userbase.

Technical

Despite having only four months of available price-history, the Arionum chart exhibits two short-term market cycles. Price initially formed a local high at ~700 satoshis before dropping off to form its all-time low at 77 satoshis, completing its first mini market cycle. Price then formed a short-term accumulation range between 180 and 230 satoshis before breaking out, climbing above the pivot are around 330 satoshis, all the way to new all-time highs at 735 satoshis. We have since seen a similar drop-off to that of the first cycle, though this time price has formed a higher-low around 230 satoshis – the breakout level from the previous accumulation range. Minor levels of prior resistance continue become new support levels as ARO/BTC has climbed for the past couple of weeks, with price now sitting within that pivot area.

A swing trade could possibly be available here, with ~30% of downside if a soft stop is placed at that local swing-low ~230 satoshis. There is ~120% of upside potential to the all-time high, giving a reward-to-risk of 4:1. However, for those looking for more of a long-term position, buying below this pivot area has generally been rewarded and volume has continued to steadily rise for the past few months. Inflation is naturally a worry, but the trade volume is certainly sufficient to sustain current prices.

Conclusion

This report is now approaching 4,000 words, and it is time to draw it to a close.

My final grading for Arionum is 6 out of 10. It is quite clear that there is promise here, not only with regards to the project being written from scratch and being the first of its kind, but also in the engagement shown on Twitter and in the Discord group, as well as the strength shown in many of the metrics. But there is a lot to be improved on.

Lastly, here is a link to a Google Sheets file with any significant data from previous reports compiled for cross-comparative purposes. I will keep this updated as I continue to write these reports.

I hope this report has proved insightful and that you’ve enjoyed the read! Please do feel free to leave any questions in the Comments, and I’ll answer them as best I can.

If you’ve enjoyed this post and want to receive new posts straight to your inbox, I’ve set up a RSS-to-Email feed that will be sent out weekly; every Monday, 12pm. Just submit your email and I’ll make sure you’re included in the list. Cheers.

Market Outlook #15

Market Outlook #15 (9th December 2018)

Welcome to the fifteenth instalment of the Market Outlook series. We’ve had some noteworthy price-action over the past week across-the-board, with some short-term reversals looking imminent after a period of prolonged bleeding. In today’s post, I’ll be covering Bitcoin, Monero, Ethereum and ZCash.

On with the show:

Bitcoin:

Price: $3628

Market Cap: $63.18bn

Thoughts: I have opted to only post the hourly chart for BTC/USD this week, as this is where all of the action is taking place. Price broke below the support at ~$3750 and made new lows, bottoming out at a little below $3300; all the while, it continued to respect the short-term trendline resistance that had formed. Since finding a local bottom, price has experienced significant volume on two buyups that have caused a series of higher lows and higher highs to form on this time-frame. The local resistance at $3476 has now become support as Bitcoin attempts a breakout from the trendline resistance. All that being said, there is still major resistance ahead at $3750 – an area which remained resistance on the most recent test. What I am looking for is more volume to come in and carry price above this significant pivot level. If we can get a higher time-frame close above $3750, that would open up the likelihood of a move back towards $4400 to target the old range highs that are sitting there. This is a big if, but if it plays out, we could well see a short-term reversal, which I would imagine will bring the rest of the market up with Bitcoin. One supporting factor to this scenario is that peak selling volume occured on the initial drop to $3750 back in late November – Bitfinex has since not experienced such a high level of sell pressure. However, failure to crack the ~$3750 resistance would undoubtedly see price trading below $3200 over the coming days.

Monero:

XMR/BTC

Price: $48.10 (0.01326 BTC)

Market Cap: $800.138mn (220,545 BTC)

Thoughts: XMR/BTC recently swept the local low that had held firm for ~3 months previously, but it refused to close the daily candle below that low. Price continues to trade below the trendline resistance, but, when the hourly chart is taken into consideration, it seems as though a bottom is forming at this critical support. Price bounced hard after sweeping the low but ran straight into the level of prior support now turned resistance; it refused to give way. Since, price has formed a higher low and looks to be ready to retest that resistance.

Ethereum:

ETH/BTC

Price: $97.19 (0.02679 BTC)

Market Cap: $10.078bn (2,778,028 BTC)

Thoughts: ETH/BTC has played out very similarly to XMR/BTC over the past week, with price break below the short-term range support and experiencing a significant dump below the local low from September. Unlike Monero, Ethereum did close a daily candle below this low; but, sure enough, the following candle reclaimed the critical support level. Again like Monero, price continues to trade below short-term trendline resistance, but has formed a series of higher highs and higher lows on the hourly chart. ETH/BTC recently traded into the mitigation block at 0.0255 BTC, and looks poised to move back into the range above 0.028 BTC. A higher-time frame close within the range would indicate further upside and a reversal underway.

ZCash:

ZEC/BTC

Price: $61.53 (0.01696 BTC)

Market Cap: $333.091mn (91,811 BTC)

Thoughts: This past week, ZCash did what ZCash does best: fuck bulls and bears up in equal measure. On the news of a Coinbase Pro listing, ZCash jumped, moving above range resistance briefly before being swatted down again; but not before forming an equal ‘double top’ around 0.0223 BTC. Price then dumped straight back into the range and further, making a new all-time low against Bitcoin. This move swept the equal ‘double bottom’ that had formed at 0.016 BTC, but the daily candle closed bullish. Price has since formed a short-term uptrend. It remains to be seen whether that move was a stop-hunt or the beginnings of further downside, as price has yet to retest the support turned resistance at 0.01806 BTC. If ZCash can close the daily above this level, I believe new highs will be seen soon after.

That concludes this fifteenth Market Outlook. I hope you’ve enjoyed the read. Let’s cross our fingers for the bullish price-action that seems overdue over the next week.

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Coin Report #7: Bismuth

N.B: In the spirit of full transparency, the following Coin Report is the third Sponsored Post on my blog. The Bismuth team recently contacted me with a request to write up a Coin Report on the project. After they had agreed to my sole stipulation that this report would conform to the rigour of the previous reports, with all strengths and weaknesses being explored and evaluated, I agreed to write the report. Regarding future Sponsored Posts, I have 2 spots open before the end of January 2019. If you would like a Coin Report written for a project, please ask the team to get in touch. Further, next week’s Coin Report will be selected via community choice: vote here to choose which altcoin you want featured.

Welcome to the seventh Coin Report. In today’s report, I will be assessing the fundamental and technical strengths and weaknesses of Bismuth. This will comprise of an analysis of a number of significant metrics, an evaluation of the project’s community and development and an overview of its price-history. The report will conclude with a grading out of 10. (These reports were previously graded out of 5.) I have also included a spreadsheet with any significant figures and metrics from previous reports at the end of this one for cross-comparative purposes. The previous reports will have a grading out of 10 assigned, too. I hope you enjoy the read!

Introduction

Bismuth is a project that has been on my radar for quite a while now for a multitude of reasons that I’m sure we’ll delve into later. The primary reason, however, is that it is one of the rare cryptocurrencies that has been entirely written from scratch, and one of even fewer cryptocurrencies that is truly innovative in its form.

Having now completed my research for this report, there is much I am excited about and much I would like to address regarding where I think the project is falling short. I believe this report will serve to illuminate what I feel is strong development, in particular, that is flying under the radar, and weak marketing, as we’ll discover. Overall, I hope it will prove objective concerning the facts and fair with regards to more subjective aspects of the report.

If you’d like to find out a little more about Bismuth prior to reading on, here are some primary links:

Fundamental

General:

Name: Bismuth

Ticker: BIS

Algorithm: SHA224

Sector: Decentralised Applications Foundry

Exchanges: Cryptopia, Qtrade & TradeSatoshi

Bismuth was launched in May 2017 with no ICO and no premine, and was written from scratch in Python; the first cryptocurrency of its kind. The coin operates on a Proof-of-Work consensus mechanism under the SHA224 algorithm, with Hypernodes that operate on a separate, secondary blockchain under a Proof-of-Stake consensus mechanism. The Proof-of-Work phase will last ~13.5 years post-launch. Much like Dero, from the previous Coin Report, Bismuth has a progressively diminishing block reward. We’ll get into how this affects supply emission in the following section.

Having been launched over 18 months ago, Bismuth has a little more meat to its price-history than many of the coin I’ve recently written reports for. It has experienced a full market cycle, finding its peak of ~64k satoshis in January 2018, as the vast majority of alts did. Bismuth has since followed the trajectory of the entire market and experienced a slow bleed from those highs to the prices we see today. More on this a little later…

As a project, Bismuth seems very much focused on attracting the more technical users in the space, at least for the time being, as I’m sure you’ll agree as we traverse through this report. In their own words, “Bismuth is trying to be the blockchain lego… Bismuth is trying to be modular, extensible and as simple as possible with only about 2400 lines of code.” This is a developer’s dream, one would imagine, but it does come with some difficulties for the layman, as we’ll discover. Let us take a look at just how well Bismuth is doing after ~18 months in existence:

Metric Analysis:

Below are listed a number of important metrics, all of which are accurate as of 4th December 2018. For anyone reading this who has yet to read a Coin Report, it might be worth reading this section of the first report, where any potentially unfamiliar terms are explained. For any terms or metrics specific to this post, I will provide explanations besides the figures.

Metrics:

General:

Price: 6906 satoshis ($0.28)

Exchange Volume (24H): $18,197

Circulating Supply: 14,124,968 BIS

Total Supply: 14,838,112 BIS

Maximum Supply (After PoW phase excluding 10% Dev Fund rewards): 63,922,918 BIS

% of Max. Supply Minted: 23.21%

Network Value: 975.47 BTC ($3.925mn)

Network Value at Max. Supply: $17.764mn

Category: Midcap

Exchange Volume-to-Network Value: 0.46%

Average Price (30-Day): $0.47

Average Exchange Volume (30-Day): $15,388

Average Network Value: $6.533mn

Average Exchange Volume-to-Average Network Value: 0.24%

% Price Change USD (30-Day): -49.6%

% Price Change USD (1-Year): –73%

USD All-Time High: $8.94

% From USD All-Time High: -96.8%

Premine % of Max. Supply: 0 (10% Dev Fund Rewards)

Premine Location: 4edadac9093d9326ee4b17f869b14f1a2534f96f9c5d7b48dc9acaed 

Liquidity (calculated as the sum of BTC in the buy-side with 10% of current price across all exchanges): 0.753 BTC

Liquidity-to-Network Value %: 0.08%

Amount Available on Exchanges: 693,273 BIS

% of Circulating Supply Available on Exchanges: 4.91%

Staking & Masternodes:

Note: Bismuth masternodes are referred to as Hypernodes, and are available with collateral of 10k BIS, 20k BIS or 30k BIS. For the purposes of these metrics, I am using 10k BIS collateral for the calculations. Further, I have used https://hypernodes.bismuth.live/?page_id=21 for masternode data. For more info on Hypernodes, see https://github.com/bismuthfoundation/Bismuth-FAQ/blob/master/Hypernodes/HyperNodes_FAQ.md.

Masternode Price: $2,779.03

Masternode Collateral Size: 10,000 BIS

Masternode Count: ~430

Masternode ROI (Annual): ~9.78%*

Masternode Reward / Block Reward: Rewards proportional to collateral. 0.8 BIS per block attributed to Hypernodes. 1152 BIS per day.

Supply Locked in Masternodes: ~4,300,000 BIS

Masternode Network Value: $1.194mn

MNV / Network Value: 30.44%

*To calculate minimum annual ROI for Hypernodes: Annual Hypernodes Emission / Supply Locked in Hypernodes = 420,480 / 4,300,000 = -.09778 = 9.78%

Supply Emission & Inflation:

Note: I have used https://github.com/hclivess/Bismuth/blob/master/bismuth-supply.md for supply emission information. Bismuth supply emission is quite unclear across different sources but this was provided to me by the team as the most updated source. The table at the bottom of the link is useful.

Block Reward Schedule: Diminishing block rewards from 15 at block 1 to 0 at block 7,100,000. Current block reward is ~12.32. Total supply from PoW phase = ~63.9mn BIS + 10% for Dev Fund = 10.371 BIS average block reward during PoW. 0.8 BIS reward per block for Hypernodes, starting at block 800,000 and taken from PoW block reward. 420k BIS per year emission post-block 10,000,000.

Average Block Time: 60 seconds

Current Block Height: 936575

Annual Supply Emission: using the current block reward of 12.32 BIS to provide a maximum annual supply emission: 12.32 * 1440 (blocks per day) * 365 = 6,475,392 BIS (447.19 BTC at current prices). Note that this is a maximum figure for emission, as rewards decrease with each block.

Annual Inflation Rate: 45.84%

Circulating Supply in 365 Days: 20,600,360 BIS

Note: below are printed two inflation curves sourced from the Bismuth Bitcointalk ANN:

Distribution:

Address Count: 2566

Supply Held By Top 10 Addresses: 49.11% (the top address is Cryptopia)

Supply Held By Top 10 (minus Cryptopia): 16.44%

Supply Held By Top 20 Addresses:  53.96%

Supply Held By Top 100 Addresses: 71.27%

Inactive Address Count in Top 20 (30 Days of No Activity): 14

Analysis:

Now, there’s a lot to get through here, and much that is more difficult to untangle than in previous reports. As stated in the section on Staking and Masternodes, Bismuth operates using its own custom-built Hypernodes, which vary in collateral. As such, I have used a 10,000 BIS collateral-equivalent for the purposes of metric calculation. Further, Bismuth is particularly difficult to find clear and updated supply emission information for, as they have recently reduced inflation plus some sources are out-dated.

All the above being said, there is a lot of interesting data here to unpack. I’ll work my way through the metrics from General, before moving onto Staking and Masternodes, followed by Supply Emission and Inflation and I’ll conclude with some rich-list analysis:

To begin, let’s take a look at Bismuth’s recent volume-related data and how it relates to Network Value. Bismuth is currently trading at a Network Value of ~975 BTC or $3.925mn, but experienced a little over $18,000-worth of Exchange Volume over the past 24 hours. This gives Bismuth an Exchange Volume-to-Network Value of 0.46%. This is lower than I tend to like to see, as frequent readers of these reports will know; but, when the current market uncertainty and general environment of low volume is taken into consideration, it’s not too bad at all.

The Average Exchange Volume for the past month has been $15,388 daily, which equates to 0.24% of the Average Network Value for the past month of $6.533mn. Now, there are a couple of things to note here: firstly, it is during market conditions like this that I wish I could determine these values using Bitcoin-based data rather than Dollar-based data, as the rapid decline in BTC/USD over the past couple of weeks is undoubtedly skewing these calculations; secondly, the fact that Average EVNV is a little over half that of EVNV suggests that interest is perhaps picking up recently at current prices.

That being said, we must do some cross-comparison for further clarification: Bismuth’s EVNV of 0.46% places it in the middle of the pack, relative to previous coins reported on – it is higher than ALQO, GeoCoin and Bulwark but lower than Covesting, Stakenet and Dero. Bismuth’s Average EVNV of 0.24% is a little weaker than this, with it beating out GeoCoin and ALQO but not the others. Overall, the market interest in Bismuth seems moderate.

Now, another point-of-interest to note from the General metrics is everything related to price. Current prices of $0.28 or ~6900 satoshis are almost 97% below the all-time high of $8.94. This presents almost 3200% of upside potential if Bismuth was to ever set a new high. We’ll dive into more on this when we look at the chart later.

Lastly, from the General section, let’s look at Liquidity and the supply that is currently sitting on exchanges. Bismuth has Liquidity of around 0.08%. This is low, but likely a symptom of the current market uncertainty as much as anything else. When comparing Bismuth with coins from previous reports, it actually has the lowest Liquidity of the seven coins. Further, there is around 4.91% of the circulating supply current available for purchase on exchanges. This is higher than all three coins (Stakenet, Bulwark and Dero) for which this metric was previously calculated. The reasoning behind this may simply be that there is less incentive to hold Bismuth than Stakenet or Bulwark at present because of the higher returns offered by their masternodes. Regardless, it does seem that Bismuth is less attractive to buyers right now than other coins I have written reports on, for whatever reason. Of course, this can be a sign of undervaluation and thus a potentially profitable opportunity may be presenting itself; but this can only be confirmed once the fundamentals and technicals have been fully evaluated, and once we know what so-called ‘smart-money’ is doing with Bismuth.

Now, let’s move onto the Hypernodes. The first point to consider is the annual ROI for running a Hypernode, which I calculated to be around 9.78% using 10,000 BIS collateral. This is, as mentioned above, a lower annual return than some of the other masternode coins I’ve written about: ALQO had an ROI of 53.15%; Bulwark of 59.39%; and Stakenet of 21.32%. This lower return for running a Hypernode may, however, manifest as a positive for inflation.

Next, let’s consider the strength of the Hypernode network: there are ~430 10,000 BIS-equivalent Hypernodes online, equating to 4.3mn BIS locked in the network. This works out as $1.194mn for the Masternode Network Value, which equals 30.44% of the Network Value. This is a moderately strong figure, and is greater than that of Stakenet but lower than that of ALQO or Bulwark. Overall, the Hypernode network seems stable but with plenty of room for growth. This may also be a symptom of the fact that Hypernodes have only been integrated for a little over 3 months, as we’ll discuss at length in the Development section.

Moving onto Supply Emission and Inflation, I find it quite interesting that Bismuth has progressively-diminishing block reward, like Dero, meaning that its inflation rate drops incrementally with each new block. The current block reward is ~12.32 and the reward will taper off to 0 at block 7,100,000. I have used the current block reward to determine maximum supply emission and inflation figures, as, of course, these rewards are not static. Using the current reward of 12.32, around 6.475mn BIS will be minted at most over the next year, which equates to 447.19 BTC at current prices. This gives Bismuth a maximum annual inflation rate of 45.84%. This is lower than that of Bulwark and Dero but greater than that of Stakenet, ALQO, Covesting (an ICO token with 0 inflation) and GeoCoin. Once again, this is a moderate level of inflation, though actual annual inflation will be lower than what I’ve calculated for Bismuth.

Let’s see how this amount of supply emission relates to Bismuth’s volume-related metrics: 447.19 BTC of annual supply emission at current prices equates to 1.225 BTC of daily supply emission, on average (or ~$4,929). Bismuth’s Exchange Volume covers this ~369%, and its Average Exchange Volume covers this by ~312%, indicating that there is ample trading volume to sustain current prices despite the daily supply emission.

To conclude this lengthy section, let’s talk about Distribution. Bismuth has 2566 holders. Of these, the top 10% control 49.11% of the supply, though the richest address is Cryptopia and so we may discount that from our calculations. The top 10% minus Cryptopia control 16.44%, with the 2nd-richest address being Development Funds. This is greater decentralisation of supply than Covesting or Stakenet but weaker than ALQO or Bulwark.

More importantly than that, however, is the activity of the richest addresses. Of the top 20 richest addresses, 14 have been inactive for the past month, implying that those holders are content with their position sizes and are not actively accumulating or distributing at current prices. The 5th-richest address has been inactive for the past month also but distributed 100,000 BIS in October. The 7th-richest has distributed 60,000 BIS in the past 6 weeks. The 11th-richest has distributed 11,000 BIS recently and the 18th-richest is in active accumulation. Overall, it seems that the majority of the largest holders are quite happy with their holdings.

That concludes this section on Metric Analysis. Onto the Bismuth community:

Community:

There are two primary aspects of community analysis: social media presence and Bitcointalk threads. I’ll begin with the former before moving on to the latter.

Social Media:

Concerning social media presence, there are four main platforms to examine: Twitter, Facebook, Telegram and Discord.

Bismuth is present on all four platforms. To begin, let’s look at the various social metrics that I calculated from the Bismuth Twitter and Facebook accounts:

Twitter Followers: 7140

Tweets: 3361

Average Twitter Engagement: 0.68%

Facebook Likes: 630

Facebook Posts (30-Day): 20

Average Facebook Engagement: 0.68%

As usual, I will be using RivalIQ‘s social benchmark report for evaluation purposes.

Bismuth is very active on Twitter, with 3x more tweets than the 2nd-most active coin from my previous reports, Stakenet. Its Average Twitter Engagement rate is also quite strong at 0.68%: this is almost 5x greater than that of GeoCoin and a little over 50% greater than that of Bulwark, but is lower than Covesting, ALQO, Stakenet and Dero. It is also 14.78x greater than the average across all industries, according to RivalIQ’s report, and ~52x greater than that of the Media industry.

Further, Bismuth seems committed to having a cross-platform audience, smaller though it may be on Facebook. They tend to post at least once every other day and, strangely enough, have an equivalent engangement rate to that of their Twitter page. This engagement rate of 0.68% is greater than that of GeoCoin and Covesting but weaker than Bulwark and Stakenet. It is also 425% greater than the engagement across all industries and 850% greater than that of the Media industry. Promising.

Now, onto the Bismuth Discord: the group has 2895 members, which is moderate in size. There are plenty of channels for relevant topics. Of these, the News channel is generally updated every other day, whilst Links contains a list of useful resources for newbies. As tends to be the way, General is where the vast majority of discussion takes place: there seems to be some sort of conversation on a daily basis, though some days are a little sparse; there are around 30 members of the group actively involved in discussion, which is around 1.04% engagement; and there’s a little support-focused back-and-forth with promptly answered queries, but much of the conversation centred on Hypernodes, which is useful in highlighting the benefits of buying and holding Bismuth for new users. It was also great to see a question about Bismuth’s utility answered with lots of insightful points about its codebase and out-of-the-box DApps.

In general, much of the conversation I saw was focused on more technical aspects of the project; there was little-to-nothing on marketing Bismuth or on the future direction of the project. I’d like to see more content like the Hypernode explanation video, as this is critical in growing a project’s user-base. Speaking of Hypernodes, the dedicated channel for these is rather active, with lots of users getting swift support in setting up their nodes. Exchanges highlights a recent listing on TradeSatoshi, whilst the most interesting channel – Suggestions – is not active enough, though it’s good to see the community getting involved in the development process and the team being receptive. More of this would be great. Overall, it’s a solid Discord group.

Moving onto Telegram, Bismuth doesn’t fare so well here. There are 333 members, with 7 new members in the past week, which is around 2.1% growth. This isn’t so bad. The problem is that there have been less than 50 messages across those 7 days, and the majority of those are about the Discord group. I’m guessing the Telegram group isn’t of much importance.

BitcoinTalk:

The Bismuth Bitcointalk thread was created on May 1st, 2017, and has since generated 2742 posts across 138 pages, with an average of 4.71 posts per day. Further, there have been 155 posts in the past 90 days via 39 individual posters.

Regarding the content of the thread, there does seem to be quite a lot of excitement about the launch of Hypernodes and general interest in the future of Bismuth. The community are also quite happy to answer any questions from newbies swiftly and informatively. There are regular, succinct updates on the thread from the team, and the roadmap is visible in recent posts; all of this serves to improve  userbase growth, as those new to the project can see exactly what is going on and the consistency of development. Further, there was an issue flagged with false positives on antivirus software and this was quickly resolved by the team. Overall, the thread is highly informative and fairly active.

That concludes the section on Community. Onto Development:

Development:

For the following Development analysis, I will be evaluating project leadership, the website, the roadmap, the whitepaper, the wallets and finally providing a general overview:

Project Leadership:

Concerning project leadership, there are 10 core members listed on the website. This is a larger core team than that of most of the coins I’ve previously written about. This team is comprised of 2 advisors with experience in programming and cryptography; 1 member who is focused on design; 1 who has experience in service operations; 1 in engineering; 1 in tool development; 1 in research and development; 1 in testing; and 2 core developers. There is a lot of strength and breadth here in development, but little in marketing, which explains why Bismuth isn’t as popular as it perhaps should be. This is another similarity shared with Dero, though they are two very different coins; a concerted effort in developing a great product but no specialists in the team to capitalise on it and push it to the largest userbase possible.

Website:

www.bismuth.cz

The website isn’t particularly great, with relatively poor UI/UX. That being said, it is very informative and comprehensive in its detail on the project itself. What I would like to see is stronger branding, cleaner web design and resources that are clearly linked or segmented; for example, the wallets are linked under the Projects tab, which isn’t intuitive. Overall, I think the website just needs updating and redesigning.

The explorer, however, is very useful and highly functional, which speaks to the focus on utility and development rather than marketing and growing the userbase.

The website is the first point-of-reference for many, so this does need more attention. Ideally, I’d like to see a dedicated, regularly-updated blog.

Roadmap:

https://bismuth.cz/roadmap/

The Bismuth roadmap is great on many counts and not so great on a few counts. I really like that there is a complete history of the project provided, as well as a visually appealing roadmap for present and future endeavours.

Beginning with the historical roadmap, I’m not so keen on the lack of a visual representation for the information but it is still very informative and clearly segmented. May 2017 saw the successful launch of Bismuth; support for messaging (encrypted and unencrypted); and the launch of a mining pool. September 2017 saw a decentralised token layer integrated. From November 2017, Bismuth saw an expansion of the development team; a period of refining the codebase; and proof-of-concept development for Hypernodes. Beginning in February 2018, the project implemented codebase modularity; exchange compatibility; a tiered mempool; more focus on graphic design; a html wallet and cold storage; and continued to develop Hypernodes. At this point of reading the roadmap, I felt that the project is very much targeted at highly technical users that have some familiarity with programming terminology rather than layman. It would be useful for those new to cryptocurrency to have some sort of brief explanation of these developments provided in jargon-free prose.

In September 2018, Bismuth published a roadmap update in the form of a more accesible visual graphic. This is far more useful. H2 2018 (the second half of the year) saw a new logo designed; more exchange listings; the Proof-of-Stake chain initialised for Hypernodes; the code released for Hypernodes; a reduction of inflation; the launch of Hypernodes and shared hosting for them. H1 2019 will see Hypernodes moved to a sidechain and decentralised file storage based on Hypernodes. H2 2019 will see how-to guides and tutorials written and published; a new mining pool and GPU miner; seed wallets and more paper wallets released; and development of DApps.

Whitepaper:

There is no consolidated whitepaper written for the layman. There are several highly technical academic papers that can be found here. These are beyond me, so I won’t even attempt to assess their strengths or weaknesses here.

Wallets:

With regards to wallets, there are Windows, Linux and Mac local wallets, a paper wallet generator and a third-party web wallet.

General:

In general, Bismuth is undoubtedly a development-focused project. It is innovative at its core in that it is the first blockchain written in Python, and thus the team must know their coin inside out and be committed enough to the project to write any additional features for it from scratch. I like that they have custom built their Hypernodes and that these will serve as a base for decentralised file storage in the future. I also like that the project makes it easy for developers to test out new concepts. What I worry about is that it is not yet a fully accessible coin for a layman user: those with limited prior experience with cryptocurrencies will find Bismuth less accessible than, for example, a Bitcoin clone, where those more well-versed with programming may find it more accessible.

With regards to funding, the Bismuth team receives 10% of block rewards for development purposes, which is not included in their circulation supply calculations. This seems ample for the purposes of growing and developing the coin, and I like that it was not premined, so that the rewards are always in line with the supply being emitted, rather than the team controlling a significant amount of the supply, as is often the case.

Technical

The Bismuth chart is a beauty. Price has experienced a full market cycle, with a peak forming in early 2018 at ~65k satoshis and subsequent price-action taking Bismuth down towards the all-time low of 4600 satoshis. Price formed a bottom above this all-time low at ~5700 satoshis in mid-September, bouncing from there to a level of prior support turned resistance at ~15k satoshis. Price has since retraced on low volume towards the accumulation range that was established below 7k in Autumn. As such, current prices are only ~17% below the local lows that formed in September and ~33% above the all-time low. Upside potential is over 1000% against Bitcoin, and far more against the Dollar; as such, this would seem like a low-risk, high-reward play at current prices.

Conclusion

This report is now approaching 5,000 words, and it is time to draw it to a close.

My final grading for Bismuth is 7 out of 10. It is quite clear that Bismuth has a strong case to be made for it regarding its approach to development, and current prices seem relatively cheap, but there’s no hiding from the fact that the project is falling short of where it should be because of a lacklustre approach to growing its userbase and incentivising market participants to buy and (preferably) hold Bismuth. There is much to like and much room for improvement.

Further, here is a link to a Google Sheets file with any significant data from previous reports compiled for cross-comparative purposes. I will keep this updated as I continue to write these reports.

I hope this report has proved insightful and that you’ve enjoyed the read! Please do feel free to leave any questions in the Comments, and I’ll answer them as best I can.

If you’ve enjoyed this post and want to receive new posts straight to your inbox, I’ve set up a RSS-to-Email feed that will be sent out weekly; every Monday, 12pm. Just submit your email and I’ll make sure you’re included in the list. Cheers.

Market Outlook #14

Market Outlook #14 (2nd December 2018)

Welcome to the fourteenth Market Outlook. In today’s post, I’ll be covering the past week’s price-action in Bitcoin, Monero and Ethereum, as usual, as well as taking a look at Waves. I hope you enjoy the read!

Bitcoin:

Price: $4166.42

Market Cap: $72.51bn

Thoughts: In last week’s Market Outlook, I expected a relief rally to $4200. This past week has seen the recent Bitcoin capitulation come to a momentary pause. Price found a bottom above $3600, and has since formed a short-term range between that bottom and $4450. The Daily chart shows that we have seen the most volume on Bitfinex since February, with price also refusing to close inside the Daily bullish orderblock. Further, looking back at the prior two weeks of price-action, there is a an area of illiquid movement between $5-5.4k; an upside breakout from this range would lead to that inefficiency being filled in, I would imagine. Now, looking at the 4H chart, we can see that price has broken above the short-term trendline resistance on significant volume. The range of price-action now has several swing-highs and swing-lows yet untouched, thus providing no clear indication of direction. The decreasing volume recently would suggest that the short-term bullish momentum may soon end and price may dip below $3940 back into the orderblock. However, whilst price remains above this level, I would expect the multitude of untouched swing-highs above $4450 to be the next point-of-interest.

Monero:

XMR/USD

XMR/BTC

Price: $59.83 (0.01437 BTC)

Market Cap: $994.14mn (238,793 BTC)

Thoughts: Monero’s Daily charts against both Bitcoin and the Dollar are rather simple and telling. Looking at XMR/USD, price has traded into an area of prior resistance from last summer, with it looking as though it has turned support. To deal with the bearish scenario firstly, a break of the low that has formed at $59 would see price swiftly reach for support at ~$46. That being said, if this current low can hold, I can see a move back towards ~$83 to test the support now turned resistance. The XMR/BTC Daily chart reinforces this potential footpath for price, as we can see price has traded into a Daily bullish orderblock and is currently failing to close above short-term trendline resistance. A close above this resistance on significant volume would indicate that the bottom is in. Further confirmation of this would come with a Daily close above the pivot area. However, if price continues to trade below this trendline, the lows at 0.013 BTC would be in play. I’m sure we’ll find out soon enough…

Ethereum:

ETH/USD

ETH/BTC

Price: $117.28 (0.0281 BTC)

Market Cap: $12.144bn (2,917,195 BTC)

Thoughts: ETH/USD on the Daily time-frame has one particular point-of-interest from the past couple of weeks: a period of the highest-ever traded volume on Bitfinex. Such significant volume is usually indicative of the height (or depth) of capitulation; and thus the level of prior resistance at ~$100 from May 2017 seems to have become a short-term bottom, at the very least. Looking at ETH/BTC on the 4H chart, it does seem as though this theory holds true. Volume has been decreasing for the past two weeks despite price dropping into the 4H bullish orderblock. I would expect a bounce soon and an attempt at closing the 4H above 0.0293 BTC – this would confirm a short-term bullish reversal.

Waves:

WAVES/BTC

Price: $1.51 (36246 satoshis)

Market Cap: $150.9mn (36,246 BTC)

Thoughts: Waves is a beautiful sight to behold. The dowtrend on near-zero volume culminated in a spring and breakout on high volume. Price has since continued to climb and is making its way towards short-term resistance at ~41k satoshis. A close on the Daily above this level would open up further upside towards the significant support turned resistance at 50k satoshis. A reversal is certainly well underway…

I hope this fourteenth Market Outlook has proved somewhat useful. Feel free to leave any questions in the Comments section and I’ll get back to you as best I can.

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Christmas Altcoin Wishlist

Merry December! The festive month is here and what better way to celebrate than with a Christmas Altcoin Wishlist.

Below are listed 50 altcoins that I’m either currently buying or will be looking to buy for the coming year. I’ve also provided prices below which I’m happy buying. I hope it serves as a reference point from which to start your own research for a 2019 portfolio:

  • Ethereum (ETH): <0.03 BTC
  • Litecoin (LTC): <0.01 BTC
  • Monero (XMR): <0.015 BTC
  • Zcash (ZEC): <0.02 BTC
  • Qtum (QTUM): <0.00052 BTC
  • Waves (WAVES): <0.0003 BTC
  • Siacoin (SC): <90 satoshis
  • Stratis (STRAT): <0.00022 BTC
  • Komodo (KMD): <0.0002 BTC
  • Ardor (ARDR): <1800 satoshis
  • Ark (ARK): <0.00014 BTC
  • Horizen (ZEN): <0.002 BTC
  • Dragonchain (DRGN): <4000 satoshis
  • SALT (SALT): <8000 satoshis
  • Gifto (GTO): <1000 satoshis
  • Vertcoin (VTC): <0.0001 BTC
  • Ubiq (UBQ): <0.0001 BTC
  • Wings (WINGS): <3000 satoshis
  • Blocknet (BLOCK): <0.0005 BTC
  • Stakenet (XSN): <3000 satoshis
  • GINcoin (GIN): <0.0004 BTC
  • Covesting (COV): <0.00012 BTC
  • Counterparty (XCP): <0.00085 BTC
  • ALQO (XLQ): <3000 satoshis
  • Dero (DERO): <0.00015 BTC
  • Bulwark (BWK): <0.0001 BTC
  • Mothership (MSP): <1400 satoshis
  • Aeron (ARN): <9500 satoshis
  • Bismuth (BIS): <0.0001 BTC
  • Shift (SHIFT): <0.0001 BTC
  • BitTube (TUBE): <1000 satoshis
  • XEL (XEL): <1450 satoshis
  • Phore (PHR): <7000 satoshis
  • DADI (DADI): <1150 satoshis
  • BlackCoin (BLK): <1500 satoshis
  • GridCoin (GRC): <180 satoshis
  • DotCoin (DOT): <160 satoshis
  • Synereo/HyperSpace (AMP): <500 satoshis
  • Musicoin (MUSIC): <40 satoshis
  • Solaris (XLR): <o.00028 BTC
  • Stellite (XTL): <6 satoshis
  • SHIELD (XSH): <75 satoshis
  • GeoCoin (GEO): <0.0001 BTC
  • FoldingCoin (FLDC): <50 satoshis
  • Arionum (ARO): <300 satoshis
  • PinkCoin (PINK): <75 satoshis
  • Kore (KORE): <0.0001 BTC
  • Ryo (RYO): <2000 satoshis
  • Denarius (D): <4000 satoshis
  • MORE (MORE): <4000 satoshis

That completes the list, in market-cap order, pretty much. Do with it what you will. These are the coins I’m especially interested over the coming 12 months for the purposes of profitable speculation.

Oh, and as ever, do your own research!