Monday report on the general market.
Who shot bitcoin? If you have been hiding under a rock then you may have missed that bitcoin seems to have taken a bullet or something. But just like bullet tooth Tony it refuses to stay down and is fighting its way back up as I type!
Bitcoin just like Tony refuses to stay down, like an open protocol, who can kill an open Protocol? There seem to be no silver bullets to stop the machine of bitcoin!
This weekend saw some crazy things happen! I mean The entire crypto market crashed, the
entire market, well Bitcoin went down all so the other cryptos went down with it. So low it reached a stage when even in the inner circle we all quiet. I saw a bead of sweat roll down steady Eddy’s forehead, This man flips millions of pounds a day and he was shaking we all have been.
So what the fuck happened this time?
This is all because of a coin rail hack and because of CFTC probe. Even with the things that have been going on with EOS, probably not the big factor, but it would have added to the FUD.
Lets take a look at coinmarketcap, looking at the overall markets you can see we are down probably like 40ish billion dollars since Friday. That was one expensive weekend!
Bitcoin is on the rise above 39% but Take a look at the sale prices people! how everything
is on sale again!
- Bitcoins $6,827 can you remember the last time it was so cheap?
- Etherium $527 same really cheap Ether
- Ripple $0.59 lol still overpriced
- Bitcoin Cash $950 again overpriced
- EOS $11.49 A huge crash altho as writing is making a really fast recovery now. The problems with the voting on launch haven't helped them in a falling market as well. Really cheap!!!
- litecoin$100 dollar mark
- Cardano $0.17!
- Stellar $0.25!
- Neo $45!!!
I Can’t believe it, I mean if you are following Neo that’s is cheap!
believe that is hard to believe (I have stopped here to open leveraged positions on buy and by the time I finish lets see is we are in profits ;) I think we will be.
The point is this is the time to be buying if you have been sitting on the fence with a coin. Today and tomorrow are the times to buy, better than black Friday. Who knows how long things will stay down here before they start going back up.
Let’s have a look at what has actually happened over the weekend to make all the screens flash red?
In case you were like sleeping, or your internet has been down. Maybe been camping in the woods and missed it all. Right I and a lot of other believe the markets are being heavily manipulated and yes, some people even say the markets are rigged to a degree.
I mean in 24 hours what went down to pull BTC down like a thousand Dollars? Well there are a few reasons
- Coin Rail, they have only gone and got hacked.
- CFTC probe into a price manipulation did price manipulation caused this market to crash or was it the probe that caused this to
Crash? The good old question of the chicken and the egg
- Ethereum clients got hacked!!
- EOS let the people vote!
- Bitcoin Cash, double spending
So let’s look at the charts, Bitcoin was rising for a while broke out of this ascending channel to go heavy on the downside broke through the $7000, it found support at the $6,500 level and you can see now as I type we are starting to climb back up. We are finding a lot of support in this area. Maybe resistance between $6500 and $7000 a lot of selling going on! Don’t do it HODL
If it breaks through $6500 the next area will be around the next will be at $5800 where we
found some support and resistance previously. Now into the news is “free fall Bitcoin tumbles to three months low amid coin rail saga” so losing almost a thousand dollars in less than 24 hours this was a shock. Yesterday when I took a look at everything and I said holy shit prices are dropping, well was it because of coin rail hack or price manipulation or interrogation of price manipulation?
Yesterday there was talk about coin rail South Korean exchange being hacked but given this relatively small size of the platform compared to giants like Binanace, okay exchanging and coinbase. it is unlikely that such an event should trigger a massive coin sell-off. so that leaves me to think was this just some type of price manipulation.
So if someone new this news and sold off a huge amount knowing it would dip and buyback making a huge gain? Well the US Department of Justice and the CFTC the (Commodity Futures Trading Commission) are collaborating to investigate suspected Bitcoin price manipulation activities. We all know that this stuff happens in cryptocurrencies, remember insider trading at coinbase? All the pump and dump schemes, Bitconnect!! All three types of price manipulation, Ponzi scheme, scams etc.
Because the CFTC commissioner says Bitcoin and crypto are not going away, they're here to stay! Because they'll become a part of the economic practices of any country, anywhere. because of this, we're seeing more regulation come in now, to stop this sort of thing from happening. Will Roger Ver go to jail??? Probably not!
I’m sure he will get his! further news with the drop in price, yesterday in all my chats even steady Eddy was talking about the drop in price and possibly selling. The fear gets to the best of us the bigger the purse the more the pain when FUD come knocking.
It’s not over so Binance CEO says “Bitcoin price correction in 2018 is similar to 2014 it occurs every year” so the current crypto momentum is anything but positive that's true. To new users, it seems that this is the beginning of the end and a bubble waiting to burst!
I get it nobody wants to get caught out with there pants down on the back side of a burst bubble. Veterans know all too well this is just a blip on the radar. Dips and Peaks occur quite regularly in the Bitcoin world after all. Binance CEO CZ took the time to remind users as to how volatility isn't much to be concerned about.
I don't know when that last one was but lots of volatility in Bitcoin that's why you can make a lot of money that's why right now it seems like you're losing a lot of money. But looking over the long term I'm not scared, so as CZ goes on or as someone goes on further to say “judging by historical evidence Bitcoin will be just fine in the long run and it is a long run.” You have to consider that all of the bitcoins won't even be mined until 2140 all of us are going to be long dead by then, so I think the price is still going to go up.
In other news from CZ and Binance
Binance is planning to launch euro/crypto pairs, he told the news the exchange will offer euro/crypto pairs later this year from its base in Malta. This comes after a lot of discussion about Fiat trading pairs, this one specifically euro/crypto starting pairs I do want to point out here this is crazy, finances burgeoning profits recording 150 million in the first quarter of this year and profits!!! So it is no surprise they are launching new ventures. That's six hundred million profit in a year!! They are making huge profits and you have to pay to go on there exchange as being on it gets any coin a nice bump.
To help with the slamming $20 million of the ethereum stolen after hackers exploit insecure ethereum clients. Ouch, now this is something security research at Chinese cybersecurity company 360 netlab have noticed what appears to be a massive theft of ether worth over 20 million at the time of writing, basically there's this client called a Geth client running ethereum node on a network, similar to the way that an internet browser gives chrome access to the Internet. This isn’t new it was highlighted 3 years ago by ethereum who knew this was a security vulnerability.
Basically, it allows people who have the geth client unblocked, any ethereum that they're storing on their is susceptible to for anyone to take. So it was pointed out in March that someone was taking small amounts like 3 or 4 ethereum, very small amounts. So they made quick money by scanning port 8545 looking for geth clients and sealing there crypto. Lucky that Geth by default only listens on local 8545, so so far they got 4 ether in their account so some free money. Months later they now have twenty million dollars in their account, they've just been sitting there doing that over and over again accumulated a boatload of money makes you think maybe I should learn how to do this and just start doing that?
EOS!!!!
My baby if you have been following me you will know I support EOS and have been with them since $0.50. There has been loads going on in the news, So much press coverage with the main net launch. But it looks like the community isn't too happy about the main net launch based on the price it has dropped. Almost 30% from $15 down to just over $11, the big problem was EOS holders got locked out of performing the one job they have to do, voting. So even though EOS main net is launched it's not actually live until 15% percent of the people have voted. This voting has caused all sorts of problems from people not wanting to vote as you have to use your private keys to register to vote! Even my eyebrow was raised. People are saying I'm confused now - It seems like playing saw use your private keys online or risk Eos being useless with no main net! I don't even trust my well protected personal computer and they're offering online voting tools! This will be resolved so I guess it’s back to the wild west to enter some private keys.
Dan Larimer was not surprised by all this, he said one of the first things he learned from bitshares is that the vast majority of stakeholders don't participate in voting, and it's expected this vote could take two weeks to a month.
Definitely the Eos community is down right now, which is not good, people don't like it and apparently, Vitalik was right!
He was talking about if there is not enough incentive for people to vote then they won’t value there own votes enough to give up security for there tokens, we're seeing the consequences of that firsthand, nobody is voting so how long to get to 15%? Nobody knows it's like at 2% right now.
Good news
In better news maybe? The Bitcoin lightning network seems to be working allowing transactions at a cost of 1c each being reported :) virtually no other altcoin can compete at these costs! Some good news for the Lightning networking for Bitcoin, bad news for Bitcoin cash!
Bitcoin cash has had a lot of double spending going on! 30 Bitcoin cash and to be honest there is a shitload more double spends that are being publicly stated. Is this is due to bit133 or is it something else responsible for the zeroconf problems?
So take a look here we see double spending Bitcoin cash, So literally able to spend your money twice. This is further proving that bitcoin cash it is not as secure as Bitcoin.
Iota teams up with Volkswagen shelf new proof of concept at Cebit 2018. basically, the concept demonstrates the use of tangle technology to deliver over-the-air software up debates to connected vehicles as part of Iota’s bid to drive an autonomous machine economy and which devices can communicate and transact with one another.
Well Blockchain (https://www.joinwell.io/) utilized for relief efforts in Puerto Rico's, last year got hit by a hurricane just the edge of it. Puerto Rico got smashed by the hurricane and basically devastated the place.
well there's a health care blockchain project that's partnering with the Relief Foundation of
Puerto Rico to help fill the need for providing health care to an area that's still in a hardship following Hurricane Maria. basically what they're doing providing hardware clinicians and telehealth platforms to provide healthcare access. Looking deeper into it, basically, this one is an ICO not yet in the public sale yet and the pre-sale right now. But what they're doing aims to be the Airbnb of healthcare. Because there's a lot of underserved areas where there are no Physicians as opposed to other places where there are tons of physicians they can use telehealth and the blockchain to help bring health care to other places in the world. Cool concept I have seen implemented by nonblockchain companies such as Babylon Health.
Ledger has Switcheo support, switcheo has confirmed in a weekly update that Neo Ledger application is now available on ledger manager upgrading to the new ledger app will allow users of the switcheo exchange to trade directly from their ledger nano s upon the release of its UI upgrade, so you also need to ensure that you've upgraded your ledger firmware to virgin 1.4.2. This again is showing that NEO is going to be huge with all the dapps!!
The SEC of Thailand, announced the above on Friday after approving the measures in a June 7th meeting. Part of the new measures include allowing seven cryptocurrencies to be used for ICOs as well as for trading pairs in the country.
These 7 cryptocurrencies are the fan favorites of:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Ripple (XRP)
- Stellar (XLM)
Thailand did kind of crackdown on some cryptos well now they're saying these ones are cool. Great news :)
This sounds familiar remember this?
Flashback 1988: “Get Ready For A World Currency by 2018″
This this is article came out right before Bitcoin crashed mm-hmm, but you know I still think Bitcoin should break out soon. Bitcoin we generally suspect up also the seventy eight point six support line of the Fibonacci retracement they were thinking was gonna go up instead it crashed down significantly. Will pull up even higher, who knows?
but I'm not concerned with the short-term stuff I feel like I still think Bitcoin may go up especially with this article. Bitcoin may replace US dollars as main international currency says top merger advisor. So if you let your mind wander a little bit, I think he was taking psychedelics, to the extent where we have unilateral foreign policy and unilateral trade policy. We're sort of temping the world to find an alternative to the US dollar.
Probably the greatest demonstration of soft powers is the fact that US has the reserve currency of the world. You go anywhere in the world you can pay in US dollars.
But he goes on to say “while Bitcoin remains a front-runner to replace the dollar as the world's new international currency. The first and foremost cryptocurrency also holds a crown for the top form of flight capital and you say what's flight capital.
So that’s my Monday round up of the shit show that happened over the weekend! I tried to find some good news as well to cheer you up. Stop looking at your blockfolio and everything will be okay soon.
How did the leverage positions go with bitcoin I put on when starting this post you ask? Well just shy of 4 hours later writing this post while trying to no look at the flashing screens...
Very Nice :P Good luck out there people! I hope you enjoyed the read, let me know what you thought below
