Read the disclaimer before you proceed
Bitquence BQX – a very good coin with a bright future
I will definitely buy this coin. It is well presented, backed by a big team of real people, it has great features and two aspects that I’ve believed in even before finding out about this crypto. I don’t think it is too undervalued currently because there’s been a lot of good news, a lot of progress, good sentiment in both forum and slack, no big issues, but with the amount and nature of the upcoming features, I am almost certain the price is going to go higher. This project might be very big. Keep in mind that this is yet another ICO and those have had a bad reputation recently. Read the entire report in order to get a clear vision over the big picture of this project.
As of this writing, 6th of August, 2017, BQX suddenly appears at the top on the daily trading volume chart at the small shady exchange coinexchange.io. I am writing a review on the exchange itself soon. Haven’t noticed BQX so far, so lets dive in.
So there is this quote from Forbes on their website (which looks nice and clean) and it turned out that Forbes did, in fact, write about Bitquence – so shit is serious. Here’s a link to the article https://www.forbes.com/sites/rogeraitken/2017/06/28/bitquence-in-crypto-crowdfund-for-consumer-friendly-wallet-one-click-diversification/#6bf338e74499 As far as I understand, it is a legit coin that will provide a handful of interesting features as you will read in the article. It is going to enable trading other cryptocurrencies in an ETF-like manner and also by aspect. The BQX token will be used to convert between different cryptos. And they aim to do so in a User-Friendly way, which is something that I respect a lot, because it is the key to wider adoption. Following the footsteps of Dash in this regard, so to speak.
Without a shadow of a doubt, the Forbes exposure has already been factored in the price, so no buying advantage here for us, in this regard (Forbes article).
Watching their demo video here, https://www.youtube.com/watch?v=lb6CNYdUMkY I get excited because I can see how they provide something like a stock index, but for cryptocurrencies – a basket of cryptocurrencies with a common trait, that you can invest in – I had this idea a few months ago but didn’t do anything about it.
The platform has several very nicely working features, it looks as if it is in advanced stage of development, and its intuitive and minimalist. This is surely a fundamentally good, legit coin, I don’t sense anything that would make me think of a scam.
- Website: Does it look good/presentable – Absolutely. Clean, minimalist, straight to the point. Youtube video, great explanations, white paper, buying cryptocurrency guide, team with real people and photos and a blog. ✔
- Website: Does it have a roadmap for the cryptocurrency development – Yes, in the whitepaper ✔
- Website: Does it have a whitepaper – Yes, and a nicely laid out one, at that. ✔
- Website: Is the domain name and TLC good – yes, bitquence.com – can’t get any better than that ✔
- Website: Is it a quick wordpress template, a 2-hour html job or a custom design with lots of work, money and thought thrown at it – looks custom to me. ✔
- What new does this cryptocurrency bring to the world, what problem does it solve, what does it stand for – provides a user friendly payment system and investing in cryptocurrencies and cryptocurrency indexes ✔
- How does the cryptocurrency name sound (does it sound legit and like a good brand name) it’s a mouthful, but its almost original ✔
- Is it a PoW, PoS or PoW/PoS coin, what is the mining difficulty or APR, does it suffer from inflation – PoS, no information for APR though.
- Who is behind the cryptocurrency – are they shady figures, or have they placed their names and pictures on the website; what is their track record and reputation; do a quick google/github research on them – a big team of real people, real pictures, linkedin profiles with lots of credentials ✔
- What is the limit on supply of coins in circulation – 222 million, 66 of which are in circulation
Code and development activity
- Is there a link to the source code – no, this is a company-run crypto, not a community one, I guess its closed-source. This is not necessarily a bad thing, in this particular case. It would’ve been a bad thing if it wasn’t a company but a single developer running the crypto, hiding the source code away. ✔
- When was the last commit made, and how frequent are commits – N/A
- How many developers participate in the coding – according to bitquence’s website’s team page, I could count at least 5 technical persons on the team ✔
Exchanges and trading
- Which exchanges (and how reputable they are) is the coin traded on
Not the biggest among exchanges, but a good start, although these aren’t among the most liked exchanges. Means that there are several spikes in price down the road when potential listings at Bittrex, Poloniex and other exchanges occur. There are rumors on their slack about listing at bittrex. Apparently lots of people’ve been asking but there’s no official confirmation from the BQX team yet. ✔
- What is the daily trading volume and market cap – DTV is about 30 bitcoin (which is good, I think) and a market cap of $6 million ✔
- Are there buy (support) or sell (resistance) walls – the sell book at CE.io is thin up to 3500 satoshi, and the buy book is thin all the way down to 2000 satoshi. In both cases, the first big wall amounts to about 10% of the overall daily trading volume – 2.5 btc.
- How does the chart look chart looks stable, with no spikes, no traces of P&D or market manipulation. Can’t spot any developing patterns or trends ✔
- Does the chart contain patterns that look like pump and dump actions or trading by bots – I don’t think so ✔
- Has the coin spiked on one exchange after being added on another exchange – on hitbtc, the price rose a little in the middle of July when the coin was listed on coinexchange, but a big red candle brought it back to normal soon enough.
- Is the coin listed on coinmarketcap.com – yes ✔
- Is there a Bitcointalk forum Announcement thread – yes ✔
- How many pages is it- 18 pages in about two months – not bad at all ✔
- What is the impression of the general topic of discussion there (are there constructive conversations about the use of the crypto or trading it on one hand, or shouts about scam or pump and dump or other worrying stuff) – very favorable, people are using optimistic words to describe the project. Discussions are constructive, no FUD, no hype. Bitquence are very actively responding to people but they stop responding after the ICO is over and 5000 ETH collected. A user voices his opinion that it is always the case with ICOs. Some users are unhappy that the price is below the ICO price. Bitquence team members are active on slack, though.
- Is there a slack channel – yes ✔ https://bitquence.slack.com/messages/C5B0XD5GU
- How many members in the slack channel – 800+ ✔
- What is the public sentiment in the slack channel – same as on the forum. Constructive + good vibe going on✔
- Is there a Twitter profile for the cryptocurrency and does it post regular updates, how many followers yes, 5600+ https://twitter.com/bitquence ✔
- Is there a Facebook page for the cryptocurrency and does it post regular updates, how many likes yes, 2100+ https://www.facebook.com/bitquence/ ✔
- Are there any known problems with the source code, the wallet or something else regarding the coin (transactions, mining, efficiency) – due to the nature of the platform (index-like trading of baskets of cryptocurrencies), they are currently experiencing issues with providing their service to US citizens.
- Is there an active development for fixes on the way – they have a legal team working their way through this. Currently US citizens are held back from using it. I am not sure they will be able to make any progress on this any time soon, though. No hard data to back my opinion, just a gut feeling. Seeing that SEC rejected the Bitcoin ETF because cryptos were almost impossible to regulate.
- Has the wallet been under maintenance for prolonged periods of time on some/all of the exchanges Is any government planning on banning the coin (or similar coins) or putting heavy restrictions towards its use – here is an interesting paragraph from the discussion in bitcointalks ann thread:
How can a US citizen get tokens?
U.S. citizens cannot participate in the token sale because of legal exposure and uncertainty in the U.S. market. We are working closely with a top Silicon Valley law firm to build the legal framework for a U.S. release as soon as possible. U.S. citizens will have to wait until the token starts trading on exchanges to buy.
Popularity and perception
- What does a quick google search tell us about the coin – nothing out of the ordinary. Exchanges, informational links, social media links, a few articles about the ICO and the coin’s vision. ✔
- Filter google search by recency or for “news”- what are the latest news on the coin? – news about the crowdsale (ICO) ✔
- Are there youtube videos about the coin- two news videos one of which is an interview with Bitquence’s founder. Several reviews by crypto traders. A dozen videos by Bitquence themselves. A dev update from 1 day ago (this is important and good) https://www.youtube.com/watch?v=hJLV3hDqvmg Release 1 and Release 2 explained. Release 2 will be the big one, planned for Q1 2018 so we have to be patient. Might take some time before a huge price increase occurs. When I invest in this coin, I am not going to sell even if the price declines in the meantime. ✔
- What is the general sentiment in the comment section below the videos (constructive, fud/hype, calling out scam etc) – positive ✔
- Is the coin associated with illegal/criminal activity or the dark web – I don’t think so ✔
- Similar cryptocurrencies/projects – https://www.iconomi.net/ https://taas.fund/
Update: today 11th of August price is at 11599 (up from 3200)
Update 2: today 12th of August price is touching 21000
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