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The 10 Cryptos You Must Own in 2020

Last month, the who's who of crypto descended on Las Vegas for one reason... Vegas IN THIS
Blockchain Week. MONTH'S ISSUE:
During Blockchain Week, we spoke with crypto companies, saw product • Should We Be Worried
demonstrations, and met plenty of subscribers. About Government
Involvement?
And at the Stansberry VIP event at the Mike Tyson mansion, we sat down with some
• How Blockchain Is
of the top minds in crypto. Changing Lives
During the event, entrepreneur Brock Pierce (who helped launch EOS) explained how • Our Top 10 Cryptos
he sees blockchain as a global phenomenon... for 2020

Tor Bair, head of growth at Enigma (ENG), revealed the threat of governments • An Update on
Viberate (VIB)
regulating cryptos...
Meanwhile, Anthony Pompliano, co-founder of Morgan Creek Digital, revealed why
we haven't seen mainstream crypto adoption yet... and how crypto is changing the
world.
We also heard from Charles Hoskinson, co-founder of Ethereum and founder of
Cardano… Ravencoin (RVN) founder Tron Black... author Alex Tapscott of the
Blockchain Research Institute... podcaster and entrepreneur Robert "Crypto" Beadles...
and Michael Terpin, who runs crypto public relations firm Transform Group.

STANSBERRY
RESEARCH
1125 N. Charles Street
Baltimore, MD 21201
1-888-261-2693
www.stansberryresearch.com

Editor
Eric Wade
Analysts
Fred Marion

November 2019 Crypto Capital | 1

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In this month's Crypto Capital issue, we're sharing some
of the best insights from the event. You'll learn what the
experts think about government regulation, why mass
adoption is coming, and how crypto is changing the world
we live in.
We're also highlighting the top 10 cryptos from our model
portfolio for 2020. These are the 10 cryptos you need to
own next year. We'll reveal why now is a great time to buy...
and why these cryptos could soar in 2020.
So let's get started...
SHOULD WE BE WORRIED ABOUT
GOVERNMENT INVOLVEMENT?
Crypto is quickly becoming a global phenomenon – with
users from Afghanistan to Zambia. Brock Pierce explained
how he thinks all this will play out...
It doesn't matter what any one nation ultimately
does. Because nations have to compete as well.
Nations are in the process of competing. It's
the game of regulatory arbitrage. If you're the
Philippines right now, what's good for them isn't
necessarily what's good for us. And the world is a
big place. And as we move into a more globalized
world where we can move across borders
hopefully more fluidly – and we're blessed in that
regard today more than we've ever been in many
respects – we don't know what the future holds.
Along with global users, cryptos are also attracting
government attention. For example, the European Union
has a draft document under consideration that would ask
Europe’s central banks to consider "concrete steps" toward
the possible launch of digital currencies. The U.S. Federal
Reserve is hiring a digital currency expert. And China's
President Xi Jinping recently called for increased research
and investments in blockchain so China can "gain an edge"
in the emerging field. We asked Tor Bair if government
involvement is something we should be afraid of. Here's
what he told us...
What does the country want? A country does
not want the same thing that I want. They're
thinking about a central point of control,
not a central point of failure. They're not
thinking about distributing something. They're
thinking about: 'How can I grab as much of
2 | Stansberry Research November 2019
this pie?' That's just their function. That's what
governments do. They are supposed to be the
central coordinating force. And of course some
countries more than others.
I think it conflicts with the [crypto] ethos in a
lot of ways. I specifically think China conflicts
with the ethos of privacy that we try to live
personally. At the same time, we should be
celebrating that people are seeing the value in
decentralized systems. But, look, we should've
been aware of this from day one. As soon as you
create something of value, people who have a
vested stake in controlling things and centralizing
things are going to want to centralize the parts
of that system that matter the most to them.
This was always a possibility from the first day.
I'm pretty sure Satoshi was writing about this
possibility from the early stages. So we shouldn't
be surprised that we find ourselves where we are.
Tor ended by saying that he implores everyone to think
critically... and to work hard to preserve the parts of the
crypto space they believe in.
HOW BLOCKCHAIN
IS CHANGING LIVES
Another big topic at the VIP event was mass adoption.
When we asked Anthony Pompliano why we haven't seen
mass adoption yet, he talked about people building in the
space. He believes they'll get it figured out. Then he spoke
about blockchain changing the lives of billions of people...
This industry is making a bet on two groups
of people: technologists and entrepreneurs.
Sometimes they're the same people. But those
two groups of people are unstoppable, right?
There's no government in the world, there's no
regulation in the world, there's no anything that
could stop people who want to innovate and want
to build things that're valuable. But it takes time,
and this stuff is really hard...
When you look at something like bitcoin, I
believe that it has a better chance of solving that
wealth inequality gap than all philanthropy
combined. But you can't solve a problem that is
structural. You have to change the structure.
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And until we get rid of the inflation that is
driving that wealth inequality gap, we will have
[a] continuous kind of segregation of the rich and
the poor, and it will only get worse and worse.
And so I think that something like bitcoin is
going after the number one problem because
it literally will lift, here in the United States,
150-plus-million people out of poverty, simply
by getting rid of that inflation and using a digital
currency that no longer is controlled by the state
and allows people to actually have a transparent
window into the monetary policy.
We agree with Anthony that mass adoption is coming... and
soon. We believe 2020 will be a renaissance of innovation
that will overwhelm regulation.
You see, there's a tendency to get over-fixated on regulation
in the crypto space. Each country can (and will) determine
its own regulations. But crypto has a history of moving the
direction it wants to go... and daring regulators to catch up.
Innovation is coming faster than regulators can react. And
crypto products might not follow the rules when they
launch... but if billions of people are using them, the rules
will change.
That's why 2020 will be the year of mass adoption. If
that happens, many cryptos will soar. But to profit, we
need to be invested in the right ones. So this month, we're
highlighting the 10 cryptos in the model portfolio that you
need to own in 2020.
OUR TOP 10 CRYPTOS FOR 2020
Longtime readers should be familiar with our top 10 list
of cryptos. Last year, we revealed the 10 cryptos to own
in 2019.
Since that issue published, the price of bitcoin has risen
from $4,976 to $8,544, and the market cap of the crypto
market has gone from $144 billion to $221 billion.
A few of the 10 cryptos we recommended for 2019 also
went up. For example, Basic Attention Token (BAT) soared
nearly 50%. But we did have some losers as well. You can
see all our current returns in the online portfolio right here.
The returns make two things clear. First, crypto continues
to be volatile – it can lead to big gains and losses. Second,
the past year has been a bottoming phase. Even though
November 2019 Crypto Capital | 3
bitcoin has more than doubled this year... we're still in the
early phase of the next bull run. That's why we believe
2020 will see even bigger gains than 2019.
So let's get to the 10 cryptos from our model portfolio
that everyone should hold in 2020 (in order of market
capitalization).
Just like last year, these 10 cryptos have loyal users,
great communities, and uses that make sense. They're
solving problems for the crypto world, and their developers
are tackling challenges along the way. They've also
decentralized and enjoy strong governance. They're
also easy to buy, sell, and store safely. And they all have
applications that millions of customers want or will
want soon. Finally, all of these cryptos are led by world-
class teams.
In other words, these cryptos all scored high on our
UPDRAFT system for identifying crypto opportunities.
NO. 1: BITCOIN (BTC)
We've said it before... Bitcoin is the "reserve
cryptocurrency." It's also the largest. But if you watch the
news, it may appear that bitcoin is losing prominence.
You see, China and Facebook are working on their own
digital currencies. When those launch, many think bitcoin
will get left behind.
Nothing could be further from the truth, though. Face-
book's libra will be backed mostly by fiat currencies. So it
will automatically inherit their problems... namely inflation.
And while we don't know the details of China's planned
currency, we know the government will be able to control
it. That means privacy and economic freedom might not
exist with this currency.
So these currencies won't be able to replace bitcoin. And
they'll stir up more interest in it...
You see, they'll help the mainstream public become more
familiar with cryptos. And they'll only highlight the
fact that bitcoin is immune to inflation and government
manipulation.
So no matter how big the launches for China's currency
or Facebook's libra are, they'll only create more interest
in bitcoin.
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And bitcoin has another big catalyst for higher prices in
2020. In May, the number of bitcoin awarded to miners
will be cut in half. So bitcoin's inflation rate will fall from
3.71% to 1.8%. This has only happened twice before, and
both times ignited spectacular rallies in the price of bitcoin.
For example, in 2012, prices climbed roughly 8,000%. From
2016 through the end of 2017, prices rose nearly 3,000%.
No one can say for sure what will happen with the next
halving, but the supply of new bitcoin entering the market
is about to decrease dramatically. We believe that will be the
catalyst for much higher bitcoin prices.
ACTION TO TAKE
If you haven't already,
buy Bitcoin (BTC) up to $15,000
UPDRAFT Score: 100
Complexity Rating: 1
Exchanges: Coinbase, Crypto.
com (excludes NY), Binance.US
(U.S. residents, excludes 13 states),
Binance.com (non-U.S. residents)
Wallets: Exodus, Ledger, Trezor,
KeepKey, or Blockchain.com
Note: Bitcoin should be your single
largest portfolio holding. We
recommend at least 50% of your
crypto portfolio be held in bitcoin.
NO. 2: ETHEREUM (ETH)
Ethereum is the second-largest crypto token by market cap,
just behind bitcoin.
The magic of the Ethereum network is its ability to execute
transactions without human involvement. The Ethereum
network is powered by ether (ETH). However, people refer
to the cryptocurrency token as Ethereum, ETH, and ether
interchangeably.
Think of Ethereum as a global computer network that
entrepreneurs and computer programmers can build the
apps of the future on.
The network is so powerful because:
■■ Money and payments are built into it.
4 | Stansberry Research November 2019
■■ Users can own their data, and apps don't spy or steal
from them.
■■ Everyone has access to an open financial system.
■■ It's built on neutral, open-access infrastructure,
controlled by no company or person.
Ethereum is maintained and improved by the global
community of programmers who use the network. That
means everyone from individual users to Fortune 500
companies pitch in every day to make the network better
and invent programs that run on it.
This includes games, marketplaces, payment apps, and even
financial applications that let you invest, lend, or borrow
based on digital assets. Some of these investments pay
above-market yields or let borrowers leverage the cryptos
they're holding.
It's all powered by the ETH token. That means a growing
number of people need to buy Ethereum or other tokens
powered by ETH, because every transaction requires a little
ether to pay the miners who verify the transactions.
The Ethereum network is growing by an estimated 100,000
addresses a day, according to Etherscan.io, which tracks
ETH statistics. (Addresses are a rough proxy for new users.)
Over the last year, transactions on the network have risen
from an average of 500,000 per day to nearly 700,000 per
day... which shows a strong demand for ETH.
In 2020, Ethereum will undertake the biggest change in
its history. Right now, to be part of the ETH network,
computers use a lot of energy to solve challenging puzzles,
called proof-of-work ("PoW"). But eventually, instead of
solving puzzles, computers will have to prove that they
own some ETH if they want to participate in the network,
which is called proof-of-stake ("PoS").
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Not only will this save a lot of electricity, it will dramatically
speed up the network and the number of transactions it can
process. If Ethereum implements this change successfully, it
will continue to be the premier smart contract platform.
We could also see a shift in Ethereum's value proposition.
You see, PoS networks operate a lot like dividend stocks
by distributing value amongst holders. So moving to PoS
could effectively change Ethereum from a utility token to a
utility token and a store of value. Depending on the amount
of participation in the staking network, early estimates
show stakers could earn anywhere from 4.6% to 10.3% in
Ethereum every year. That will help push prices up as users
hoard Ethereum to earn more.
ACTION TO TAKE
If you haven't already,
buy Ethereum (ETH) up to $250
UPDRAFT Score: 100
Complexity Rating: 1
Exchanges: Coinbase, Crypto.com
(excludes NY), Binance.US (U.S.
residents, excludes 13 states), Binance.
com (non-U.S. residents), KuCoin
Wallets: Exodus, MyEtherWallet,
KeepKey, Crypto.com
NO. 3: BINANCE COIN (BNB)
Binance is probably best known for operating the world's
largest crypto exchange, Binance.com (Americans must
use its subsidiary Binance.US). But it also launched a
decentralized exchange ("DEX") called Binance DEX. And
it has launched its own blockchain, Binance Chain.
BNB is used to pay transaction fees on the Binance Chain
network. It also offers holders a trading discount.
In October, Binance announced it surpassed $1 billion in
cumulative profit. It made $183.5 million in the third quar-
ter of 2019 alone. This is great news for BNB token holders.
Every quarter, Binance "burns" or destroys the equivalent of
20% of its profits in BNB tokens. That puts upward pres-
sure on the token's price by decreasing its supply.
But there's another big catalyst for higher BNB prices...
Binance recently launched futures trading. It's also rolling
November 2019 Crypto Capital | 5
out stablecoins. Stablecoins have a "stable" value relative
to another asset (a dollar-pegged stablecoin, for example,
should always be worth $1).
These stablecoins will run on Binance Chain. While it
already has a stablecoin pegged to the dollar, Binance USD
(BUSD), it's releasing more stablecoins, including Bitcoin
BEP2 (BTCB) – which is pegged to the price of bitcoin –
and a Binance GBP Stable Coin (BGBP), which is pegged
to the British pound. More are expected to launch as
Binance consolidates power as the world's premier crypto
trading platform. Fees from increased trading will benefit
BNB holders as more of the token is destroyed.
ACTION TO TAKE
If you haven't already, buy Binance
Coin (BNB) up to $30
UPDRAFT Score: 92
Complexity Rating: 2
Exchanges: Binance.US (U.S.
residents, excludes 13 states), Exodus,
KuCoin, Crypto.com App (excludes
NY), Bilaxy, Coinomi (only on
Changelly)
Wallets: Exodus, Trust Wallet, Crypto.
com app, Coinomi
NO. 4: MONERO (XMR)
Because of its focus on privacy, Monero is one of the most
important coins in the crypto market. Unlike bitcoin,
transaction amounts and wallet balances are hidden from
public view. This allows users to conduct transactions with
privacy.
But this privacy has put Monero in the crosshairs of
regulators.
You see, the international Financial Action Task Force
– which was created to combat money laundering and
financing terrorism – is implementing new rules on
exchanges. In June, exchanges will be required to identify
parties on each side of transactions worth more than
approximately $1,000.
The new rules have caused several exchanges to delist
Monero. Because of liquidity concerns, we moved Monero
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from a "buy" to a "hold" in the model portfolio in
September.
But now, we're moving Monero back to a "buy" for one big
reason.
It's a hedge against a governmental ban on bitcoin. While a
ban is unlikely in the U.S. and most of the developed world,
it is a possibility. Several countries already have some form
of cryptocurrency bans in place – including Bolivia, Ecua-
dor, Pakistan, and Morocco. If a larger country or group of
countries moves to ban bitcoin, prices would likely plunge
before recovering quickly. We've seen this in the past, as
China flip-flopped its stance on bitcoin several times in
recent years.
But in countries where bitcoin is banned, a black market
inevitably springs up. Entrepreneurs are also forced
offshore. So any country that bans bitcoin forfeits a
growing source of tax revenue. If crypto is going to be
as big as we believe, a ban can only harm a country's
economy.
That's why it's unlikely to happen in developed countries.
But Monero acts like an insurance policy just in case.
Bitcoin users could simply switch to using the more private
Monero until the regulatory climate changes.
And with or without a ban, Monero will continue to grow.
The bigger bitcoin gets, the bigger Monero gets because
there will always be demand for a fully private cryptocur-
rency – with or without the blessing of the government.
Just like the cash in your wallet is anonymous, the world
needs a form of digital money that is anonymous. A
handful of DEXs like OpenLedger.io and Waves DEX also
support Monero, which should give it the liquidity it needs
to thrive.
ACTION TO TAKE
If you haven't already,
buy Monero (XMR) up to $120
UPDRAFT Score: 98
Complexity Rating: 3
Exchanges: KuCoin, Kraken (excludes
WA and NY)
Wallets: Exodus, Ledger
6 | Stansberry Research November 2019
NO. 5: MAKER (MKR)
Stablecoins are one of the reasons the crypto market has
grown so rapidly. By maintaining a stable value, they
allow users to send money anywhere in the world without
worrying about the volatility of something like bitcoin.
The most famous stablecoin is Tether (USDT), which is
pegged to the price of the U.S. dollar. That means one
USDT should always be worth approximately $1.
This is possible because the companies behind Tether
claim to hold $1 in assets for every USDT they issue.
There's just one problem... No one knows for sure that
Tether holds all the dollars it says it does.
Maker has solved this trust problem. Using smart
contracts and the Ethereum network, anyone in the world
can verify that Maker's stablecoin, DAI, is actually backed
by collateral... but not U.S. dollars. Until this week, that
collateral was Ethereum.
On November 18, Maker launched Multi-Collateral
DAI. Over the next few days, exchanges and wallets that
support DAI will make behind-the-scenes changes so they
can accept the new DAI.
Any DAI that you currently hold will be renamed SAI
(for Single Asset Dai). Going forward, anything called
DAI will be backed by multiple collateral types. Learn
more here.
Multi-collateral DAI mitigates one of the biggest concerns
about DAI: fears that a collapse in the price of Ethereum
could lead DAI to lose its peg to the value of one dollar.
Maker is committed to expanding DAI's collateral types,
and DAI could one day be backed by hundreds of different
tokens, and even assets like real estate, gold, and fiat
currencies.
We'll keep a close eye on the release of multi-collateral
DAI. If successful, confidence in DAI could surge and
help it overtake USDT as the world's most popular
stablecoin. That's good for Maker holders, as a small
portion of the interest Maker earns on outstanding DAI
is "burnt" or destroyed.
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ACTION TO TAKE
If you haven't already,
buy Maker (MKR) up to $630
UPDRAFT Score: 94
Complexity Rating: 2
Exchanges: Exodus, KuCoin, Crypto.
com (excludes NY), KyberSwap
Wallets: Exodus, MyEtherWallet,
Crypto.com
NO. 6: DIGIBYTE (DGB)
DigiByte's goal is to give everyone on the planet the ability
to use it for banking, exchanging value between one
another, and for transactions.
And it's well on its way to its goal. So far, it's available in
over 100 countries and on top exchanges, including Bittrex
and KuCoin. Through Wirex, holders can even transfer
their DigiByte to debit cards for spending at supported
outlets.
There are also several wallet options available to DigiByte
holders.
DigiByte is also mineable by a variety of equipment,
including home computers. Its MultiShield cryptographic
mining algorithms help prevent the mining centralization
we've seen in single algorithm blockchains.
DGB can be mined through several mining pools,
including DigiHash – the official pool sponsored by the
nonprofit DigiByte foundation.
November 2019 Crypto Capital | 7
DigiByte is designed to seamlessly integrate three separate
technology layers. Think about a computer with an
operating system like Windows or iOS. The operating
system uses various files and programs as a middle layer,
which then power the top layer, which might be a web
browser, media player, or other program.
The first layer of the DigiByte blockchain is the core
protocol layer. This is the computer code (the program) that
runs DigiByte and serves as the infrastructure of the whole
system.
Next is the digital asset and public ledger layer. The code
that makes up this layer provides the security for everything
that happens on the DigiByte network.
The code that runs on top of all of this is the applications
layer. Applications ("apps") that run on DigiByte can carry
out tasks like communicating between users, transferring
coins and assets, and virtually anything else an app
developer wants to use the network for.
But one of the biggest strengths of DigiByte is its security.
DigiByte developed MultiShield, which protects the
DigiByte blockchain from several types of malicious
attacks.
And with 15-second block times, DGB has the fastest block
speed of any public UTXO blockchain available. (UTXO is
the "unspent transactions" tracking system that DGB and
bitcoin have in common.)
DigiByte runs 1,066 transactions per second ("TPS").
That's 150 times faster than bitcoin, though it still lags
behind mainstream payment methods like Visa (2,000
TPS). However, DigiByte expects to reach 2,000 TPS next
year, and to be up as high as 280,000 TPS by 2035.
The decentralized nature of the project also means that
anyone can develop for the DigiByte network. The
community is active, with several dedicated groups for
network communication on the Telegram social media
site. The official channel has over 9,300 members and the
developer group has more than 1,300 members.
Beyond that, there is a DigiByte Awareness Team that aims
"to promote the DigiByte blockchain through education,
outreach, and marketing campaigns." I talked to the team
about its roadmap for the upcoming year, and the people
I heard from focused on the three things that could push
DigiByte prices up as much as 10 times in 2020.
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The first is DigiAssets, a simple way for anyone to launch
their own assets on the DigiByte blockchain... from real
estate parcels to new token offerings.
Second, they plan to expand Digi-ID. It's a simple,
blockchain-based way to log into websites without a
username and password.
Third, they will aggressively expand their proof-of-
authenticity capabilities. This is a way to verify that online
documents haven't been altered.
So DigiByte is expanding the boundaries of what's possible
with the blockchain. It's the best of bitcoin, Ethereum,
and EOS in one token. It transfers money in virtually
an instant. It has low-cost transactions (one-thousandth
of a penny). Developers can build apps on it. And while At the same time, MCO has seen an influx of new users
many cryptos require specialized mining equipment, it's and investors who, as we predicted, continue to hold a
still mineable, even from home. I believe it could be our greater number of MCO tokens in the Crypto.com app.
portfolio's top performer in 2020. The company doesn't share its internal numbers, but you
can easily see the steady flow of tokens moving away from
exchanges and into individual wallets in the chart below.
ACTION TO TAKE
If you haven't already, buy DigiByte
(DGB) up to $0.03
UPDRAFT Score: 93
Complexity Rating: 2
Exchanges: ShapeShift, Voyager
(excludes NY), Uphold (excludes NY),
Abra (excludes NY), Bittrex (excludes
NY), KuCoin
Wallets: Exodus, Coinomi, Ledger,
Trezor, KeepKey, or the native wallet

NO. 7 CRYPTO.COM (MCO)

MCO is the token that powers the valuable financial

services offered on the Crypto.com app – like its Visa-
powered debit card that rewards users with crypto and its
crypto borrowing and lending platform.
It has been rising since I recommended it in October, and
it shows no sign of stopping. That's why we're increasing
our buy-up-to price on MCO tokens to $5.
As predicted in the October issue, MCO expanded its
flagship crypto-backed Visa card to include most of Europe.
Plus, it has launched an audacious marketing plan with the
tagline of "Time for Plan B."
Crypto.com has seen such an influx of depositors seeking
interest on its crypto that it has had to lower some of the
interest rates it offers. This may be frustrating to investors
who want a high yield, but a few-percent drop in interest
rates has coincided with a 39% rise in the token price
since we recommended it.
The growth trend will continue as Crypto.com adds
new markets like the Asia/Pacific region and offers more
services. This will all put upwards pressure on the token
price.

8 | Stansberry Research November 2019

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ACTION TO TAKE
If you haven't already, buy MCO
(MCO) up to $5
UPDRAFT Score: 88
Complexity Rating: 2
Exchanges: Crypto.com (excludes
NY), Enjin, KyberSwap, ShapeShift
Wallets: Crypto.com, Enjin,
MyEtherWallet, Exodus
NO. 8: ENJIN COIN (ENJ)
ENJ aims to revolutionize the video gaming industry by
enabling the creation of unique digital items that can be
traded and even used in different games.
Enjin has a mobile wallet for Android and iOS phones,
which stores tokens and your private keys locally. The
wallet has also integrated multiple DEXs, including Crypto
Capital favorite KyberSwap, to give users as many options
for liquidity as possible.
Enjin has also built its own ad-free block explorer, EnjinX,
which allows users to track and verify transactions. And it
recently released the Enjin Marketplace, which allows users
to buy and sell items linked to the Ethereum blockchain,
including unique items found in video games that link to
the Enjin system. For example, you can buy a Frost Dragon
for the collectible trading card game Ether Legends.
In other words, Enjin has built a system that caters to
gamers and investors. It's so robust that Enjin calls it a
"multiverse."
November 2019 Crypto Capital | 9
Over the next few months, several major games will launch
on mobile and desktop computers with ENJ integrated into
the gameplay. Here's a list of the upcoming games and their
expected launch windows:
■■ AlterVerse: 17 games are under development on the
AlterVerse platform starting with Disruption, Q4 2019
(PC)
■■ Age of Rust: Q4 2019 (PC)
■■ Space Misfits: Q4 2019 (PC)
■■ CryptoFights: Q4 2019 (Android)
■■ Kingdom Karnage: Q4 2019 (WebGL, PC, Android &
iOS)
■■ Nestables: Q4 2019 (WebGL, PC, Android & iOS)
■■ Spirit Clash: Q4 2019 (PC, Android & iOS)
■■ War of Crypta: Q4 2019 (Android & iOS)
■■ A Turret's Life: Q1 2020 (PC)
As Enjin's multiverse of games starts to grow faster, so will
demand for the ENJ token. We've successfully traded in
and out of ENJ (capturing a double in two months earlier
this year). Prices are down again, and this looks like a
perfect entry point for its next bull run.
ACTION TO TAKE
If you haven't already,
buy Enjin Coin (ENJ) up to $0.25
UPDRAFT Score: 90
Complexity Rating: 2
Exchanges: KuCoin, Enjin, Crypto.com
(excludes NY), KyberSwap
Wallets: Enjin, MyEtherWallet,
Crypto.com
NO. 9: KYBER NETWORK (KNC)
Kyber Network is part of the solution to the crypto "Dark
Age." Remember, the Dark Age is the trend of centralized
exchanges cutting U.S. residents off from access to small
cryptos. Kyber is solving the liquidity problem this created
by having the world's deepest and most liquid pool of assets
for DEXs. DEXs don't hold their customers' funds. They're
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more like a meeting place for two traders to swap cryptos
directly. That means just about any crypto in the world is
fair game for trading.
The concept is gathering steam. Kyber now provides
liquidity to more than 70 different decentralized
applications, including its own, KyberSwap. As it adds
more trading venues, it's growing its userbase. It even
hit a new record for unique addresses (a rough proxy for
users) in October at 5,701. (This is probably significantly
understated, as some of Kyber's partners use a single address
for all their customers.)
Trading volumes are also in an uptrend, as shown in the
chart below.
NO. 10 DIGIXDAO (DGD)
Digix is a two-token system for tokenizing gold and other
assets. As we explained in the September 2018 issue, Digix
Gold Token (DGX) represents ownership of 1 gram of
99.99% pure gold.
And DigixDAO (DGD), which made our top 10 list,
is the governance token for DigixDAO, a decentralized
autonomous organization ("DAO") in charge of tokenizing
gold (and eventually other assets).
DGD has perfected a system called "Proof of Provenance"
(PoP), which runs on the Ethereum network. The DGD
system definitively proves that for every DGX token sold,
there is exactly 1 gram of gold backing the token.
You can easily see Proof of Provenance at work here. DGD
lists the location, serial number, and assayer (the process
to measure the purity of gold) information for all the gold
it holds. DGD even posts images of the gold's provenance
documents for you to inspect.

That's encouraging for KNC holders since every transaction

that happens on the network generates fees. The majority
of those fees are used to buy and burn (or destroy) KNC
tokens. To date, nearly 2.8 million KNC have been
destroyed. As the network scales, that number should grow
and put upward pressure on KNC prices.

ACTION TO TAKE
If you haven't already, buy Kyber
Network (KNC) up to $0.30
UPDRAFT Score: 93
The DGD token gets its value from two sources. Over time,
Complexity Rating: 2
as more gold and (eventually) other assets, are tokenized,
Exchanges: KyberSwap, Enjin,
DGD will collect fees for managing the system of asset
Binance.com (non-U.S. residents)
tokenization. As of press time, it has tokenized around $6
Wallets: Enjin, MyEtherWallet, Exodus
million of assets.
(desktop)
You can see in the chart below that there's a clear pattern
of growth. However, DGD won't hit its goal of having $50
million of gold tokenized this year.

10 | Stansberry Research November 2019

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AN UPDATE ON VIBERATE (VIB)

When we first recommended Viberate in April 2019, we

To accelerate adoption in 2020, the DAO recently voted to
approve spending 20,000 ETH to build a global exchange
on-and-off ramp to make it easier for corporations and
individuals to buy, sell, store, and use DGX gold-backed
tokens. To give an idea of the scale DGD is aiming to
achieve, the DAO is investing nearly $4 million of its
money on the project while the system currently only has
around $6 million in total tokenized assets. The goal is to
have the project fully operational in the first half of 2020.
But as I've mentioned in my weekly updates, the more
immediate value DGD token investors can look forward
to is that DigixDAO still owns 360,000 ETH tokens
(currently worth $68 million), which it has held since 2016.
Since there are only 2 million DGD tokens (and there
can never be more than 2 million), that means DGD is
currently backed by ETH worth $34 per DGD token... and
it's trading for around $12! With the yet-to-be-realized value
generated by a great team of entrepreneurs and a steadily
growing asset tokenization business, that makes DGD a
strong buy at these prices.
said we expected to hold it through October. Viberate runs
the largest live music database and connects music fans,
bands, and venues.
I recently met with the team, and I have every confidence it
can keep the organization moving in the right direction.
But it's time for us to shift our strategy on the token.
You see, VIB is up over 50% in the past few weeks. We
want to let it run if it keeps heading higher... but we also
want to limit our downside if the rally fizzles out.
So we're going to implement a mental 35% trailing stop loss
on VIB from the purchase price. We'll be watching VIB
closely at Crypto Capital and will send out an alert if we hit
our stop and it's time to sell.
Now, because this is a small-cap, speculative, highly illiquid
token, don't expect to get out at exactly 35% below the
peak, which would be $0.024 per token at today's prices.
Liquidity will be a problem if we stop out of VIB and sell
all at once. So be patient.
We're still optimistic that VIB can continue its rally. But if
it turns against us, be prepared to sell.
ACTION TO TAKE
Implement a 35% trailing stop loss
on Viberate (VIB).

ACTION TO TAKE
If you haven't already, buy DigixDAO
(DGD) up to $22.50
UPDRAFT Score: 97
Complexity Rating: 2
Exchanges: Enjin, ShapeShift,
Uniswap, Binance.com (non-U.S.
residents)
Wallets: Enjin, MyEtherWallet, Exodus
(no mobile wallets)

November 2019 Crypto Capital | 11

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READER MAILBAG

Every month, we answer reader questions. If you have any mean you trade into that token using USD... you may
questions for us, please e-mail us at crt@stansberryresearch.
have bought that token with pesos, Litecoin, Monero, or
com. Just remember, we can't offer personal advice.
something else. But the most common trading pair in the
Q: In the portfolio, all the symbols are paired with industry is bitcoin. Most traders consider it the "reserve
USD. However, I can't trade most of the tokens against currency" for trading. That's why a lot of crypto traders just
the dollar. Why is that? – D.H. look at the value of their portfolio in bitcoin, and it's why
A: We list prices in the portfolio in USD since that's an we advocate that bitcoin should always be the single largest
easy way to gauge their value. But it doesn't necessarily holding in your crypto portfolio.

BLOOMBERG GALAXY CRYPTO INDEX (BGCI)

The crypto markets exploded higher on October 25, as you the entire crypto industry, and we believe it will lead to
can see in the BGCI chart below. much higher crypto prices in 2020 as it drives awareness of
the sector.
That's when China's president, Xi Jinping, announced that
China intends to dominate the blockchain industry.
"[We must] clarify the main direction, increase investment,
focus on a number of key core technologies, and accelerate
the development of blockchain technology and industrial
innovation," he said in prepared remarks.
China's central bank is working on a digital renminbi that's
expected to launch next year. It's unclear whether or not it
will run on a blockchain, but China will use blockchain in
other areas, including education, employment, and supply-
chain industries.
This is the first inning of what we believe will be a global
race for blockchain supremacy. That's good for bitcoin and

We welcome comments or suggestions at feedback@stansberryresearch.com. This address is for feedback only, and you will not receive a reply. To speak with customer service, e-mail info@stansberrycustomerservice.com or call 888-261-2693 (U.S.)
or 443-839-0986 (international) Monday-Friday, 9 a.m.-5 p.m. Eastern time. Please note: The law prohibits us from giving personalized financial advice.
© 2019 Stansberry Research. All rights reserved. Any reproduction, copying, or redistribution, in whole or in part, is prohibited without written permission from Stansberry Research, 1125 N. Charles Street, Baltimore, MD 21201 or www.stansberryresearch.com.
Stansberry Research forbids its writers from having a financial interest in any security they recommend. All employees of Stansberry Research (and affiliated companies) must wait 24 hours after a recommendation is published online or 72 hours after a direct
mail publication is sent before acting on that recommendation. Stansberry Research doesn't recommend or endorse any brokers, dealers, or advisors. Any brokers mentioned constitute a partial list of available brokers and is for your information only.
This work is based on SEC filings, current events, interviews, corporate press releases, and what we've learned as financial journalists. It may contain errors, and you shouldn't make any financial decision based solely on what you read here. It's your money and
your responsibility.

12 | Stansberry Research November 2019

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Model Portfolio
Prices as of November 18, 2019

Complexity Reference Current UPDRAFT

Crypto Ticker Buy Date Return Exchange Wallet Action
Rating Price Price Score
Bittrex (excludes NY),
Basic Attention Token* BAT 3 11/30/18 $0.17 $0.25 48% Binance.us (excludes NY), MyEtherWallet, Exodus Buy up to $0.35 93
IDCM
Binance.us (excludes 13
states), Exodus, KuCoin,
Exodus, Trust Wallet,
Binance Coin BNB 2 9/17/19 $20.24 $20.25 0% Crypto.com App (excludes Buy up to $30 92
Crypto.com App, Coinomi
NY), Bilaxy, Coinomi (only on
Changelly)
Coinbase, Crypto.com
Exodus, Ledger, Trezor,
(excludes NY), Binance.US
Bitcoin BTC 1 11/27/18 $3758.36 $8461.78 125% KeepKey, or Blockchain. Buy up to $15,000 100
(excludes 13 states), Binance.
com
com (non-U.S. residents)
Binance.us (excludes 13 MyEtherWallet or other
Chainlink* LINK 2 12/31/18 $0.30 $3.04 917% Buy up to $0.60 95
states), Coinbase Pro, Bilaxy ERC20 wallets
Crypto.com (excludes NY), Crypto.com, Enjin,
Crypto.com MCO 2 10/7/19 $3.04 $4.23 39% Buy up to $5 88
Enjin, KyberSwap, ShapeShift MyEtherWallet, Exodus
Bittrex (excludes NY), Kraken
Dash DASH 3 11/30/18 $96.29 $68.01 -29% (excludes NY and WA), Exodus, Jaxx, Trezor HOLD 88
Coinbase Pro
LATOKEN, HitBTC, Bancor VeChainThor mobile
DECENT.Bet* DBET 2 12/31/18 $0.017 $0.005 -73% Buy up to $0.08 85
Network, YoBit wallet, DBET wallet
ShapeShift, Voyager
(excludes NY), Uphold Exodus, Coinomi, Ledger,
DigiByte DGB 2 12/31/18 $0.01 $0.01 -36% (excludes NY), Abra Trezor, KeepKey, or the Buy up to $0.03 93
(excludes NY), Bittrex native wallet
(excludes NY), KuCoin
Enjin, ShapeShift, Uniswap, Enjin, MyEtherWallet,
DigixDAO DGD 2 3/1/19 $15.48 $11.88 -23% Binance.com (non-U.S. Exodus (no mobile Buy up to $22.50 97
residents) wallets)
Digix Gold DGX 2 9/19/18 $40.34 $45.94 14% Hotbit, KyberSwap MyEtherWallet, Exodus Buy up to $50 97

Enjin, Exodus, Metamask,

Enigma ENG 2 6/19/19 $0.57 $0.29 -49% Hotbit, KyberSwap Buy up to $0.75 90
MyEtherWallet, Ledger
KuCoin, Enjin, Crypto.com Enjin, MyEtherWallet,
Enjin* ENJ 2 12/19/18 $0.04 $0.06 74% Buy up to $0.25 90
(excludes NY), KyberSwap Crypto.com

EOS* EOS 2 10/18/17 $0.52 $3.35 544% Coinbase, Hotbit, Bilaxy Exodus, Jaxx, Trezor Buy up to $6 96

Coinbase, Crypto.com
(excludes NY), Binance.US
Exodus, MyEtherWallet,
Ethereum* ETH 1 12/7/18 $90.74 $181.12 100% (excludes 13 states), Binance. Buy up to $250 100
KeepKey, Crypto.com
com (non-U.S. residents),
KuCoin
Download from Flo.cash
FLO FLO 2 12/31/18 $0.05 $0.03 -44% Bittrex, Coinswitch.co Buy up to $0.11 90
website
KyberSwap, Enjin, Binance. Enjin, MyEtherWallet,
Kyber Network KNC 2 8/20/19 $0.16 $0.17 6% Buy up to $0.30 93
com (non-U.S. residents) Exodus (desktop)
Airswap, Bittrex (excluding Enjin, Exodus, Metamask,
Maecenas ART 2 5/15/19 $0.07 $0.03 -53% Buy up to $0.15 85
NY) MyEtherWallet, Ledger
KyberSwap, KuCoin, Exodus, Exodus, MyEtherWallet,
Maker MKR 2 1/16/19 $441.33 $663.94 50% Buy up to $630 94
Crypto.com (excludes NY) Crypto.com
KuCoin, Kraken (excludes WA
Monero XMR 3 12/7/18 $46.07 $61.97 35% Exodus, Ledger Buy up to $120 98
and NY)
Enjin, MyEtherWallet,
Pundi X NPXS 2 2/20/19 $0.00069 $0.00018 -75% Hotbit, KuCoin Buy up to $0.001 90
Metamask, XWallet

Continued on next page

November 2019 Crypto Capital | 13

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Complexity Reference Current UPDRAFT
Crypto Ticker Buy Date Return Exchange Wallet Action
Rating Price Price Score
Bancor Network, Coinswitch. Enjin, Exodus, Metamask,
Viberate VIB 2 4/17/19 $0.04 $0.03 -10% Buy up to $0.06 88
co, Enjin, Exodus MyEtherWallet, Ledger
Leave on KuCoin
VideoCoin VID 2 9/4/19 $0.15 $0.21 38% KuCoin Buy up to $0.22 85
exchange
MEW is MyEtherWallet
*Sold 1/2 of BAT on May 7, 2019 for a 105% gain | Sold 1/3 of DBET on January 15, 2019 for a 200% gain | Sold 1/2 of ENJ on February 28, 2019 for a 168% gain | Sold 1/14 of EOS on May
31, 2019 for a 1,400% gain | Sold 1/3 of ETH on May 16, 2019 for a 170% gain | Sold 1/3 of LINK on May 14, 2019 for a 170% gain and June 13, 2019 for a 469% gain | Sold 1/2 of RVN on
March 6, 2019 for a 100% gain

14 | Stansberry Research November 2019