iBankCoin
CAPS LOCK IS CRUISE CONTROL FOR AWESOME
Joined May 7, 2012
78 Blog Posts

CALM YOUR TITS, BITCOIN IS FINE

Hurricane Irma has nothing on the Fudnado surrounding Bitcoin.

Let’s recap what happened this week. But first, some context:

Let’s start with: China bans ICOs. Good! ICOs are complete crap. ICOs are designed to separate fools and their money. ICOs were raising millions of dollars in hours based on very short whitepapers. There is a website where you could create your own fake whitepaper to go with your make believe Crypto project and get rich overnight. Market digested and discarded China banning ICOs within 24 hours.

Next: Bitcoin hit $5,000 for first time. Then it retraced to ~$4,000. Then back to $4,700. Now trading at $4,300. Nothing like 15-20% swings in your portfolio every 12-24 hours to keep you alert and engaged in the market!

Yours truly warned about the correction when BTC was at $4,800. Unlike most of the crypto perma bulls I believe we have another correction coming. Sideways action is healthy for the charts now.

What else….oh yeah….Paris Hilton tweeted about Crypto. What that picture has to do with Crypto I have no idea other than to remind you she is Paris Hilton?

There were rumors China was “banning Bitcoin”. This has happened before. This recycled news even has it’s own South Park meme. (BTW, Crypto has the dankest memes)

China banning Bitcoin news was discredited, then confirmed, then discredited. I honestly don’t know what’s true at this point and don’t really care. This could be fake news?

China has banned Google and Justin Bieber. Doesn’t seem to affect them too much. I think Bitcoin will be fine.

Now we have renewed rumors about www.poloniex.com being close to collapsing or being seized by the government. If you have any funds on Poloniex I recommend you get your crypto/fiat out of Poloniex ASAP.

My current allocation is 80% Bitcoin Cash and 20% Monero. I believe Bitcoin Cash has more upside than Bitcoin and that privacy will be the theme of Crypto in 2018.

If you enjoy the content at iBankCoin, please follow us on Twitter

13 comments

  1. pedro

    love your work, keep it up

    • 1
    • 0
    • 0 Deem this to be "Fake News"
  2. Metalleg

    No love for NEO?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • CoinSpeak

      NEO is positioned as the Chinese Ethereum. That makes it the best or worst coin depending on how that statement lands with you.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
  3. tonka

    I’m glad I’m on the same page about ICO’s as someone in the know. I can’t think how they are anything other than a way around accredited investor status.

    Any thoughts on Bitcoin related equities other than $MGTI? Things got a little silly there for a while. If it had Bitcoin in it’s name it went parabolic.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • Metalleg

      $MGTI isn’t done going up. When BTC gets moving again, $MGTI will follow suit.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
    • CoinSpeak

      $GBTC is a scam. $MGTI is building a mining farm. Profits should rise exponentially with crypto. Note I said crypto and not Bitcoin. There will be a war of Bitcoin vs Bitcoin Cash.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
  4. mushroomz

    I like $BTC $LTC $OMG

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • CoinSpeak

      LTC has segwit. Again, worst or best tech depending on point of view. I think it’s crap.

      I have not been watching the alts as closely as I used to so don’t have an opinion on OMG. So many parallels to the dot com mania. I’m focusing on the coins I think I will survive long term. OMG hasn’t earned that spot from me yet.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
      • sarcrilege

        You said it man, dot com mania. Blockchain is a technological marvel w/ a lot of potential uses, however, not until ppl start discarding fiat and keep their savings in crypto tokens, i.e. BTC, it will never function as a validated currency.

        • 0
        • 0
        • 0 Deem this to be "Fake News"
        • PoloMojo

          Have you checked fiatleak.com lately? I haven’t even bothered for the last six weeks or so, it crashes my browser every time because there’s so much fiat flowing into BTC.

          • 0
          • 0
          • 0 Deem this to be "Fake News"
      • PoloMojo

        Thanks for the warning about Poloniex, i had no idea. Have to conduct further research here.

        • 0
        • 0
        • 0 Deem this to be "Fake News"
  5. PoloMojo

    You need to go post a link to this article on Zerohedge. The doomers over there get off on any piece of FUD surrounding bitcoin. No joke, an article saying “bitcoin crashes” gets 200,000 views, while one saying “bitcoin new all-time highs” gets maybe 20,000. They believe anything Tyler Durden posts over there, no one investigates beyond that.

    • 0
    • 0
    • 0 Deem this to be "Fake News"