The following is not financial advice.
Welcome to back The Scoop!
This is the next post at a place where we share analysis and opinions for interesting coins, tokens and pure gems in the vast landscape of the blockchain world. There's so many coins out there, but not a lot of free information (looking at you, paid groups) and analysis on them. The Scoop aims to change that by sharing and improving the data available for a given coin by focusing on evaluating instead of predicting.
What is CryptoForecast?
It's a platform for traders to be able better predict cryptocurrency market trends and the various forms of movement. It's an application of the PILLAR algorithm which the team created internally and one can try it out here:
https://www.cryptoforecast.com/accounts/login/?next=/app/
Latest blog from team:
https://medium.com/@Forecasts/the-heart-and-mind-pillar-cryptoforecast-and-what-awaits-us-in-the-near-future-fa6e72e6716a
Where's the wallet?
CFT is an Omni asset, so if not keeping coins on the platform, you may keep in them in your Omni wallet:
https://www.omniwallet.org
Along with the whitepaper:
https://www.cryptoforecast.com/static/WhitePaper_V1.0.pdf
How many of them are they?
CMC says 46m circulating with a total supply of 50m.
More details:
https://bitcointalk.org/index.php?topic=1791709.0
Who's the team?
Michele Morelli is the author of the whitepaper and the rest of the team is supposedly comprised of developers and traders.
What motivates them?
It's unclear how many CFT the team still holds, but it's likely they have a stake.
Marketcap and Competitors?
~6m today and 27k volume, both very low but steadily gaining if you take a look at historical data.
https://coinmarketcap.com/currencies/cryptoforecast/historical-data/
There's plenty of 'prediction market' coins out there, like Augur, Stox, but few that we know of similar for trading and predicting actual crypto movement. Just EquiTrader comes to mind, actually.
- Gambit ($GAM) -> ~31m
- EquiTrader ($EQT) -> ~9m
How is CFT different?
As crypto becomes more popular and more traders come online, they'll naturally want tools to make them more successful. Platforms like this cater to a community and if you believe the crypto will keep growing, why wouldn't tools like this too?
Pros
- niche market
- low cap
- cool factor
- communication
Cons
- focus and progress
- unproven team
Any constructive criticism?
Looking forward to more transparency about the team and roadmap progress in 2018 for sure.
Someone went out of their way to show their dismay with the team (unclear if there's any merit to this):
https://crypto-forecast.eu
Where is it traded?
Cryptopia brings in the most volume today.
https://www.cryptopia.co.nz/Exchange?market=CFT_BTC
The Final
Based on the FA, CFT looks like a low to medium risk with high reward potential if they continue to deliver and catch on. Picking it up under 800 sats would be bargain or around 20 - 25 cents would be an upper entry while still expecting solid, crypto-style gains.
And that's your scoop!