For those who are not aware, Cindicator is a project that to maximize the power of crowd forecasting. Forecasters making prediction base on the questions generated by the system and to be rated according to the prediction accuracy.
Cindicator offers the platform for forecasters to predict both the crypto and traditional market. I will discuss why it is a good idea to start predicting as market analyst using this application and I would only share my insight on the crypto part in this post as I only making investments in this field.
Forecasting skill is essential
First of all, I assume all the readers of this post are the crypto-person or at least possessing some fundamental understanding what is cryptocurrency, what is the must-do task for a crypto person on a daily basis?
Checking tokens price.
Coinmarketcap.com is the most popular choice that it would become one of the most visited sites not long after participating in the crypto space. It is undeniable there are many more interesting aspects regardless the crypto price itself, like the blockchain variants, implementation of trustless transaction system and how all these ground-breaking technologies are going to change our lives. We can talk about these all day.
But the fact is, we are here because most of us care about the price more than anything else. Especially some real money has been invested in it and making the crypto officially part of the assets. We've heard so much of the earlier Bitcoin success story that we hope this new digital investment asset could be the next best place to quadruple our capital.
We trading and investing in cryptocurrencies so much that we try to grab all the news and information about projects we care for only one purpose, to be profited against the BTC or fiats.
To day traders, they go in the long position in the hope of bullish run and turn to short call in the bear market. To long-term hodlers, short-term price fluctuation doesn't impact much but they still anticipating the right timing to enter or quit the market nonetheless.
In the other words, we constantly forecasting the price trending of coins. So it is safe to conclude that crypto investors practising the habit of an analyst.
Do what you are already doing
In the discovery of Cindicator app, I thought this project was tailor-made for people like me. As I already spend most of my spare time observing this highly volatile space, all I have to do to take part in Cindicator is just answering the forecast questions without further studying.
This would not take more than 5 minutes every day. I treat this as a tiny game as any quick mobile games would have taken longer than that. Sometimes it could be on the bus commuting to work, short tea break in the afternoon, or a couple of minutes before the bedtime.
Not to forget that Cindicator is not all about making forecasts on the crypto topic only, but the traditional market occupies up the other half of it. If you are already reading the newspaper and catching up with the world news, you may be able to make a confident prediction on a various social topic like the election outcome of some countries. There are questions for stocks, precious metals like gold and silvers as well. One can only make prediction based on the questions generated by the system while the range is sort of limited at the beginning phase, analyst gets a broader range of question as the system matures.
Forecasters can be rewarded
As of now, there is 1.25 BTC worth of prize for the crypto market and $7500 for the traditional market to be won every month. I will talk more about the BTC price as I solely taking part in the crypto market prediction only. Cindicator distributes to the 1.25 BTC every month to all the contributors with positive points propositionally.
Theoretically, every contributor could earn a tiny split of the prize pool with even 1 point. This is the spreadsheet for February 2018 Crypto Market prize list where you can find all the contributors with a positive score. From the spreadsheet, we can tell that in the February round Martin Lawrence was the top winner at rank 1 with 5071 points that he could get away with 0.05787042917 BTC while scrolling down to the bottom where you can see a dozen of participants with the lowest rank of 10953 by 1 points and they still able to get 0.000003734820723 BTC each.
One thing to take note, participants get the rewards in term of ETH with the equivalent amount of BTC. Also, it takes to posses of accumulation of at least 0.02 ETH in the account in order to withdraw it to own ETH wallet.
My result as a casual forecaster in the first month
It was a generous 0.02104335 ETH (roughly 18 USD) for the rank of 103th in the February run which you can verify in the spreadsheet above.
Well, you might say 18 USD might be mediocre to most but it is good enough for merely a bonus. What motivates me the most was the recognization of my prediction skills (or guessing skill you might want to call it haha) to be ranked almost in the top 100 out of 10k predictors.
Out of my surprise, that prize comes in a package that I was entiled to one month of Beginner plan to receive processed event indicators from Cindicator that would require a total possession of 5,000 CND. That would allow me to access the result of crowd intelligence and maybe trade accordingly if I want.
I've no finance background nor possess any analytical skills. I make prediction base on my understanding of the crypto market since the day I started to invest 1 year ago. The first month is already a thrilling experience for me.
After all, these rewards were just more than enough for doing something I was already doing and just requires 5 minutes of my time every day which I could just spend away in a few Bejeweled games.
Things can work in bidirection
When I first get to know about Cindicator, the first impression is that user is the engine to power up this project. We feed tremendous forecast and prediction for the hybrid intelligence infrastructure to process and finally produce some useful indicators. Analysts then get rewarded base on our accuracy point by the system. Intelligence is exchanged for financial reward under this model.
It is easy to come to a conclusion that Cindicator will not survive if no one ever wanted to participate in it anymore. Only the participants can empower the system in a one-way direction.
It is not true.
When I was making my first forecast about Bitcoin event, I noticed there will be some helpful links beside the question. Those are links providing crucial information like candlestick chart, news and summary which could help the analyst in the decision-making process.
I was quite surprised by the thoughtful design and will have a look at some of them sometimes and that's when the magic happens. I actually learn something new every now and then, be it the new insight from communities or some new trading tactics. If it weren't for the helpful links, I would have just completed all the questions and call it a day even if there is some trend I wasn't really sure of.
Prediction's performance tracking tool
"Is Bitcoin going to achieve $50,000 mark at the end of 2018?" "Will Etheereum dethrone Bitcoin after implementation of Casper?" "Market is crashing so bad, is the bull getting near?"
We make forecast every day on the market trend and some of us might answer to questions above which can be seen all over the social media. But how to judge the accuracy your calls are for these future events?
You can make all the prediction either in your heart or in front of friends but chances are you will not remember how does your call turn out in the in the said future. Because we would not track something that was made out of instinct or wasn't planned.
To remember a bet, there is no better way than to actually put down the cold hard cash on it. You in the long position for Bitcoin? Buy some Bitcoin. Feeling bearish for gold market? Sell away your gold in the bank. Naturally, you will follow up all the upcoming event to verify all the trades that have been made.
However, this method is not applicable to young, ordinary, and asset-less people like me.
Cindicator offers a whole new opportunity to track what I've predicted without having to put my money at stake. All I have to do is just looking at the Statistic page where the score will tell how accurate I'm in the market predicting overall, and the rank shows how competitive I'm against all the other forecasters.
Competition drives innovation
Competitiveness is one of human's natures. That's why we will keep trying to unlock the full three stars each stage in the Angry Bird. We want to top the leaderboard and better than all of our friends even if it was just a game.
Cindicator is designed in a way to push analysts to compete with each other. Although it takes minor effort and no risk to take part, nobody would love to do something for nothing. Nobody wishes to end up in 5084th place and receives prizes equivalent to 24 cents after one month of work.
The design of the ranking system and unique prize distribution model motivates everyone to compete and improve in a fair and open arena. We will not stop polishing our prediction ability and keep looking for the better way in order to improve the result. This will not only granting analysts the sharpness in the extremely volatile trading market but they will have the
edge of a well-informed person for any upcoming events.
A door to world of blockchain
Cryptocurrency is booming in 2017, a tremendous amount of new projects blooming in the space of blockchain targetting different niches from payment, ICO, to exchange, and storage. Hot projects in the market are mainly made for the technical developers, business owner but leaving ordinary people behind. You can't just start living off Bitcoin or Litecoin without a great amount of inconvenience and you do not draft smart contract for day-to-day transactions.
Cindicator offers easy access for anyone to hug the ground-breaking blockchain technology. The Analyst can start the prediction as simple as visiting web application or just download mobile application from Google Play Store or Apple Store. These apps are one of the finest crypto-based application I've seen in the market. UI was clean and the operation is sleek.
Predicting in the crypto market the is compounding action to immerse one in the sea of cryptocurrencies. The more you learn the better the prediction, the better the prediction one will end up with bigger portion of the prize pool.
This may be the best chance for a complete crypto newbie to score their first crypto token that actually worth something, and that could be as easy as earn one point and grab that 0.00001 ETH.
Cindicator is the best starting point for anyone who wants to experience the beauty of blockchain while risking nothing. It encourages study and rewards the best performers.
