Story - The Market Correction
https://onchainfx.com/
Somehow Ripple managed to survive. Looking at the charts it did fall but has a huge range today.
I bought Bitcoin when it hit $12,500 because it bounced off the 50 EMA on the daily.
EOS fell very hard but recovered very quickly.
This is mainly why I recommend the cost averaging strategy by getting EOS tokens directly from the token sale app. It enforces discipline.
I also bought some IOTA today because I don’t have any so figured today was a good day to buy some.
I’m not very happy that what I said on the show yesterday about having half your Bitcoin on an exchange in the event of a crash, turned out to be a good idea.
I’m particularly unhappy about that because I’ve since been contacted by people who said after they watched that episode, they took action and began withdrawing Bitcoin from their private wallets.
But what do you think happened? 15:59
Their transactions got stuck in the mempool and remained unconfirmed as the prices began to crash across the board.
On one hand you could say this is positive because it saves people from panic selling. By the time the transactions confirm and the money shows up on the exchange, the prices will have recovered.
However in terms of taking advantages of trading opportunities, if you take some money off the table at the very start of the dip, the idea is to buy back in at the bottom.
That’s not what I did, I just bought the Bitcoin dip at $12,500 with some spare fiat currency I keep on the sidelines for days like this.
And yes I had that fiat currency on an exchange already.
I’ve said this before and I’ll say it again, the Bitcoin price isn’t a true reflection of the market consensus because not everyone is able to participate.
If you have an intention to make a trade, but can’t because your Bitcoin is stuck in the pool of unconfirmed transactions, that leaves out a whole bunch of market participants.
This is why I’m going to be watching the launch and the early days of http://www.coinex.com/ with great curiosity.
Will using Bitcoin Cash as the base currency be an attractive proposition for traders?
Maybe, but most traders probably keep their funds on the exchange anyway and therefore won’t be affected by the transaction backlog. So that would mean it only applies to amateaur investors.
At the end of the day though this market correction is perfectly normal and was expected.
We know when there is a massive rally there is going to be an appropriately sized correction. It’s just a question of when.
Despite the certainty of the cycle of boom and bust it still catches us off guard.
And in that situation, the only thing that will really save you is the degree of mental resilience that you possess.
And that my dear viewers, is why I’m such an advocate of meditation. I’d seriously encourage you to start doing it, if only to prevent you from taking actions that will lose you money.
That’s a good as a reason as any.
For those of you who are interested I’ll put a link to the meditation program that I use in the video description.
You can download a free e-book that describes the science of how it all works so you’ll see there is nothing mystical about it whatsoever.
Story - Official WikiLeaks CryptoKitties 10:54
That’s enough talk about crashing prices so let’s to lighten the mood by talking about this.
https://wikileaks.shop/pages/cryptokitties
What a great way for WikiLeaks to raise money while giving something of value in return.
Not only that they are promoting the use of cryptography and blockchain technology because it aligns with what they stand for.
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