Monat: August 2023

• Chancer aims to take the mainstream betting market to the blockchain.

• The P2P betting has been in demand, as the presale raises $1.4 million

• Chancer has huge potential after listing and could rise more after the platform launches

Blockchain is fast infiltrating traditional sectors. Betting is one of them, with Chancer taking steps to take the predictive market to the blockchain. Chancer lets users bet on a fully decentralised ecosystem powered by a crypto token. Since launching a presale, investors have bought over $1.43 worth of tokens. But is Chancer worth buying at presale ahead of the listing?

How Chancer works

Chancer is coined under the phrase “Your Game, Your Rules, Your Odds.” That partly explains how the platform works.

Chancer allows users to dictate the game of betting. Users can determine what they want to bet on, from mainstream events like football to social events. There is no limit on what users can bet on, making Chancer a game-changer in new betting experiences. 

To bet, users create a peer-to-peer Chancer market via the decentralised ecosystem. Users can invite others (peers) to their markets. 

Once created, users develop rules that will govern their P2P betting market. They also determine the odds of claiming winnings.

The P2P model of Chancer is unique from the mainstream betting platforms. Users are not constrained to what bookmakers provide. This aspect is expected to bring limitless betting opportunities and attract new users. The revolutionary features explain the fast presale of the token. 

What is the value proposition of Chancer?

Betting is one of the fastest-growing and most popular sectors globally. By bringing it to the blockchain, Chancer has a huge potential to find unlimited uses. Users need not turn to their local or bookmaker currencies to bet and claim winnings. They will do so with the Chancer token. This means the potential for the token to skyrocket is high as demand increases, delivering returns.

Owning Chancer is also an opportunity to earn through market-making rewards. Users get rewarded for creating the P2P markets. The native token can also be staked for passive income-generating opportunities. Those who like to spread the word about Chancer are rewarded for their efforts through a Share2Earn feature.

Betting does not also need to be boring too. Chancer features real-time or live streaming powers via P2P markets. This is a good way to engage with wagers in one’s betting cycles and have fun. 

Chancer price potential and prediction in 2023 and 2024

The magic of creating one’s betting market through Chancer gives the token a lot of potential. Analysts have lauded the token as a 10x investment, which is realistic and attainable.

Based on the project’s roadmap, Chancer will be listed on Uniswap in Q3 2023. The company seeks a minimum of two CEX listings in the quarter. The listing will open up the token for more buys and unlock value. It means the value of Chancer could start to rise then.

But from a prudential perspective, Chancer’s value could rise by 1,000% in 2024 or more in the future. This is after the main platform launches, and the value is unlocked from organic use rather than speculation. For 2023, investors should be comfortable with 100% or more increases. A 10x increase could be overambitious in the near term.

Is it the right time to buy the Chancer token?

There is a clear expectation that Chancer will surprise the markets, looking at its successful presale. The price will be ready for takeoff when the token is listed in the third quarter. Investors that miss the presale may be forced to buy the token at a higher price on exchanges. 

Buying the token at the presale is advantageous as the token’s price is low. More so, the token is most attractively priced at the initial stages. For example, while Chancer started the presale at $0.01, it now goes for $0.011. That makes it worthwhile to buy it now rather than later.

The post Is Chancer a profitable bet in 2023 and 2024? appeared first on CoinJournal.

Key Takeaways 

• Coinbase went public in April 2021, close to the top of the crypto market and near a $100 billion valuation
• Despite a stout 141% rise thus far this year, it remains 77% off its IPO price
• It has underperformed Bitcoin significantly
• Regulatory issues cloud picture but hope remains that it can establish itself as largest fiat on-boarder

Coinbase stock is having a bumper year. The cryptocurrency exchange is up 141% year-to-date, far exceeding both Bitcoin and the Nasdaq, which have risen 77% and 31% respectively.  This year-to-date gain comes despite a 24% fall over the last month. 

And yet, despite the boisterous performance thus far this year, for those who invested in Coinbase a couple of years ago, it has been nothing but pain. The stock remains 76% below its IPO price from April 2021. At one point flirting with a $100 billion valuation, today it has a market cap of $19 billion. 

The travails of the stock sum up the struggles in the wider cryptocurrency industry over the last eighteen months. Booming during the pandemic as stimulus cheques flowed and interest rates were non-existent, the music stopped last year once inflation began to spiral. Central banks were forced to hike interest rates, with the US Federal Reserve particularly aggressive. Today, rates are north of 5%, with risk assets pulling back severely last year as a result. 

Trouble within crypto

In addition to the harsh macro climate, the crypto sector has done itself no favours. There have been several startling collapses which triggered mass contagion across the industry. The first was the death spiral of the UST stablecoin, taking down the entire Terra ecosystem and leading to a host of bankruptcies, including hedge fund Three Arrows Capital.

Crypto lender Celsius were among the other firms to follow, but it was the demise of FTX, the Bahamas-based exchange, that was the cherry on top. Bitcoin fell to $15,500 and the entire industry was in disarray. For Coinbase shareholders, despite the evaporation of a key competitor, the stock price suffered further, such was the damage to the ecosystem. 

In retrospect, Coinbase went public right at the top, walking into an oncoming storm. Marking their IPO on a Bitcoin price chart below shows how poignant the timing was. 

Yet even with bad timing, it has underperformed Bitcoin. While the two assets have been highly correlated, since the start of 2022 (roughly coinciding with the start of the crypto bear market), Coinbase has headed lower than the world’s biggest crypto. 

Regulation

A big part of the issue is regulation. US lawmakers are cracking down on the cryptocurrency industry, and Coinbase is squarely in the line of fire. The exchange was sued in June for securities violations. 

“(The SEC) came back to us, and they said . . . we believe every asset other than bitcoin is a security,” Brian Armstrong, CEO of Coinbase, said. “And, we said, well how are you coming to that conclusion, because that’s not our interpretation of the law. And they said, we’re not going to explain it to you, you need to delist every asset other than Bitcoin.” 

“We really didn’t have a choice at that point, delisting every asset other than bitcoin, which by the way is not what the law says, would have essentially meant the end of the crypto industry in the US,” Armstrong continued. “It kind of made it an easy choice . . . let’s go to court and find out what the court says.”

The court case will be pivotal not only for the future of Coinbase’s business, but the entire crypto industry in the US. Yet despite the regulatory troubles, Coinbase is arguably the most reputable major exchange. Its legal trouble centres on securities violations, a far cry from the laundry list of accusations against the biggest exchange, Binance. Changpeng Zhao’s company faces charges of trading against customers, manipulating volume, circumventing AML and KYC laws, and more. 

Institutional on-boarder

Additionally, many of the spot ETF applications which have been lodged with the SEC recently outline Coinbase as a proposed custodian. This, in addition to its cleaner reputation as mentioned above, highlights an angle that Coinbase could exploit if it does manage to fight its corner in court successfully: institutional money. 

If or when institutional capital is allowed to flow freely into crypto, Coinbase – at least right now – appears well placed to vacuum up all that volume and offer as a vital on-boarding into the on-chain world for all this trad-fi capital. 

It is difficult to forecast how the legal case will play out, and in any case, it will not be resolved quickly. On the positive side for COIN investors, last month’s ruling in the landmark Ripple security case provided hope, even if it was only a partial win, with the result also pushed back against by the SEC.

Whatever happens with that case, COIN investors will hope that the future brings more positive results than the past, as the stock has been a disaster for most. Perhaps the best way to sum it up is this: had investors put their money in FTX, and if FTX creditors end up securing 24 cents on the dollar or greater, they would be better off than Coinbase investors. Obviously, that is a silly comparison and assumes Coinbase trades flat from here (not to mention the fact that bankruptcy proceedings will take years), but it does indicate quite how badly Coinbase stock has performed since those dizzying days of 2021. 

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