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

Key Level for Bitcoin Cash

$1,560 is a key level for Bitcoin Cash. This level has served as important support and resistance. Once broken we could see a violent upswing.

In the words of the immortal Jesse Livermore:

Prices are never too high to begin buying or too low to begin selling.

This technical level for price is a natural place to pause. There is the May 15 hardfork three weeks away and many other projects in motion that are bringing the value prop of BCH into sharper focus: Money Button, MemoBCH SDK and others. Yes, these look like immature products. They are. It’s still *early* in Crypto. Have some foresight and fortitude for once in your life and stop chasing shiny objects.

All it takes to be Warren Buffet in Crypto is to hold for more than 180 days.

Zooming out on Crypto understand this is a once in a lifetime opportunity. Yes, you may groan at that kind of hyperbolic language but it fits here. Don’t let your cynicism ruin the opportunity. You plebs bought the TSLA dream and think you are geniuses for worshipping at Church of Elon but meanwhile you are missing out on the actual future of money because “you got it all figured out”. Don’t do that. Be humble. Consider the possibilities.

Tim Draper says Bitcoin will be bigger than TSLA and others combined:

Crypto is in an S curve adoption curve over a 10+ year timeframe. We are entering the vertical ascent. Yes, there will booms and busts along the climb. Don’t count it dead and don’t (necessarily) wait for the best entry point.

And regarding what coins to buy I have been clear in my opinions and reasons. One thing that has shifted for me is that it may no longer be the best strategy to buy an index of the top 20 coins and wait. This strategy was a monster the past 2-3 years but I think the market is smarter. The cream will rise to the top. Comparing to dot com days, don’t buy Xcite when you can be buying Google.

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Best time to buy Crypto

Crypto is back and so am I. If you didn’t buy the dip you still can.

Bitcoin Cash has run 110%+ recently and is gearing up for a May 15th hardfork to enable new functionality in the form of opcodes. In layman’s terms, opcodes enable BCH to do anything any alt coin can do now. It’s Boolean logic. IF….THEN type logic. This means your favorite alt coin just got obsoleted.

“Bitcoin is Turing complete. This means Bitcoin can perform any function related to a payment you can do with a high level programming language.” -Satoshi’s Vision Conference, Tokyo 2018

PROGRAMMABLE MONEY. Plus more. And not that ETH crypto kitties BS. We’re talking about contracts built on a network that can scale.

Also, there is a lot talk about privacy on the BCH chain. Oblivious transfers and threshold signatures. This tech can make BCH private, anonymous and easier to protect. Transfer anonymously, recreate private keys, change every address with every block. This makes BCH anonymous and safe. Public blockchain transactions are optional.

So, can BCH eat every alt coin for lunch? Is privacy and anonymity months away? What would that do for it’s utility and value? Watch this talk from 2017. Google everything you don’t understand. This is THE roadmap laid out for the world to see.  (be warned, Craig Wright’s delivery is direct. Listen to the message and set aside your thoughts on the delivery):

What’s the risk? Well, the hard fork could fail. Craig Wright could be full of shit. The hype may be just hype. Shooting straight, there will probably be a mix of all of the above. And it won’t matter.

While BCH has done all of the above BTC has bet the farm on Lightning Network to scale Bitcoin. Being as objective as possible all I can say is LOL. Lightning Network has so many risks it’s more of a new set of difficult problems rather than a scaling solution. The Bitcoin Civil War is not worth rehashing here but all I’ll say is the coin that is poised to capitalize on BTC’s failure to scale is BCH.

I think we’re on the verge of grand larceny for BCH holders. We are going to rob alt coin holders then kick them down an open manhole. I find no other alternative acceptable than to be 100% at risk. All chips on the table, poised for greatness or heartache.

With the exception of a 10% holding of EOS I am all in on BCH. I sold my Monero in the past 48 hours (I have a bull market target on XMR of $600 yet it did not live up to my personal risk/reward ratio).

Also, Kanye is back on Twitter. Follow him immediately.

 

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Merry Cryptmas from John McAfee

John McAfee of “I will eat my own dick”, selling AntiVirus empire to INTC for $7B and marrying prostitutes 30 years his junior fame is handing out presents this week.

John highlighted BURST coin on Dec 22.

Here’s the 175% return on BURST in the 23 hours following his tweet.

 

John also tweeted about Digibyte (DGB). It rose 70% in one hour.

But then…..John mentioned Reddcoin (RDD) which I have never heard of….

and this is what happened to the chart.

How does a 1H 63,000% return sound? Would you like to 63x your money in one hour? Someone did. BTW, I have no idea if John’s RDD social media claims are true and, frankly, don’t care enough to verify it. If someone does please report back.

This all seems illegal right? Totally not. Crypto is not regulated (to my knowledge) in this area and John is just mentioning coins.

What does it mean for you? Well, you could buy a bag of shitcoins and hope John calls your number. It’s risky but buying a big bag of shitcoins and holding months at a time has proven to be very profitable in the past. Your risk is your coins don’t get called and the recent alt coin run up is retraced quickly.

John also mentioned XVG recently and Verge went parabolic. Verge was mentioned in comments here a couple weeks ago. Shame on me for not looking more closely.

I have an idea of what coins John may mention next but I haven’t made any moves yet. What coins do you see as good candidates?

Here’s some Holiday Cheer from It’s a Wonderful Life. Scene seems appropriate to this post.

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The Million Dollar Crypto Post

The Crypto correction we all knew was coming is here. It’s not clear how deep we will go but in this post I will share info that will make you money in 2018.

In my previous blogs I urged iBC’ers to put a small percentage of your portfolio into Crypto starting back when BTC was under $1,000. Then I called out BCH, XMR and EOS as my favorite coins. Hopefully you followed that and your 2-10% investment has grown into 30-100% of your previous portfolio size even after our precipitous market decline. If not, there’s still time.

If you are wondering what happened this week go look at Twitter and see that I made some solid calls. This week wasn’t a total surprise.

Had you set bids at $1900 you’d be up 40% this morning.

BTC hit $12,000 the next day.

With that palate cleanser complete, I will now post some facts and opinions. I will do my best to separate the two. These facts may upset people but you can verify them for your self.

Facts:

  • Bitcoin Core is the dominant Cryptocurrency
  • Bitcoin Core has ~250k transactions backlogged in the mempool
  • Bitcoin Core mempool is nearing 300MB
  • Fees are approaching $50 for a transaction to confirm in less than an hour
  • At current rates it would take 50 hours to clear the BTC backlog if there were no new transactions
  • Bitcoin Cash has landed a deal with BitPay and is reinvigorating the Bitcoin merchant market
  • Bitcoin Cash is faster and cheaper than Bitcoin Core

Opinion:

  • Unlike previous corrections Bitcoin Core may not fully recover, ever
  • The transaction speed and fees are choking the BTC network
  • Bitcoin Core holders believe Bitcoin Cash is evil and this will cause many Core holders to lose a lot of money
  • The Bitcoin Core as Store of Value narrative will be the death of Bitcoin Core
  • Bitcoin Cash will be the dominant Cryptocurrency in 2018

This all leads to my strong recommendation to buy BCH over BTC. BCH goes against the grain for the majority of Bitcoiners and that’s why it’s going to be a brilliant investment. You’ll be early. The money is coming this way. No matter how much Core fans complain on Twitter Bitcoin Cash has a better economic model and will continue to draw increasingly more investment.

Objectively review BTC vs BCH for yourself. Read the whitepapers. Look at the networks. DO NOT trust what you read on Twitter or even on this blog. Go do the work.

I have done the work and I choose Bitcoin Cash.

People ask me what they should buy and I say BCH, XMR and EOS. They are on sale now on a forward looking basis. Plan your entries according to your risk as Crypto is volatile.

If I am right and BCH takes over the targets for BTC you would have 500-1,000% gains in 2018.

If I’m wrong you’ll still likely make money. The entire crypto market will have a great 2018.

Merry Christmas.

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In Crypto, Tis But A Flesh Wound

You thought I was kidding when I said I am dead inside. I am a black hole. Throw catastrophic losses that would have most traders set themselves on fire and I don’t even blink. No emotion.

Experiencing a 60% drawdown within 36 hours frays your nervous system. This isn’t my first rodeo so I watch in amusement while newbies assume the fetal position on busy highways.

There is no shortcut to get here. You must burn in the fires of Crypto. A lot of Crypto Tuition got paid out tonight. Hopefully you paid attention. If you panic sold the bottom, thank you. Please drive through.

Bitcoin Cash chart, a tidy .786 fib correction. It’s bounced 40% off the lows IN THE PAST HOUR.

Riding out these swings is like riding a bicycle. I can tell you what it’s like but until you ride a bike you don’t get to experience what I’m telling you about. Now, you get to experience a crypto style correction. We do this shit right, like we invented it. If Crypto had a VIX it would be pegged at 1,000,000 right now.

It’s late and I’m tired so I’m going to do what any sane person does who is down 50% since yesterday. I’m going to bed and I will sleep like a baby.

I hope you picked up some BCH, XMR or EOS on this dip. They all got hammered. Congrats on your baptism.

 

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Crypto Correction

You took some profit right? You had a trading plan. You executed it flawlessly. Your fibs were drawn with care and your stops optimized for textbook 4:1 Risk/Reward ratios. Good.

If not, enjoy this feeling. Nothing has you more alive than a swift 20% market wide correction. Your portfolio decimated, your plans for next year’s vacation wiped out. It may not be pleasant but you will survive, stronger for the experience.

Pain will be of the Hellraiser variety but stay the course. Don’t indulge in the pain because  this is when you need to go to work. You make money when you buy in Crypto and buying opportunities are coming. The moves in Crypto are violent. Crypto markets are mass psychology in fast forward motion. Be a student of it but don’t let it run you.

Your lighthouse in this storm is this: you are playing the long game. This is the early innings in a multi decade shift in how financial transactions happen worldwide. This is bigger than the Internet. Do not lose sight of this fact. This dip will be a blip on the chart months from now. Don’t chump out for a 20% daily drawdown.

We will look at our favorite coins and we will find that sweetest support. We’ll bid that support and we will be victorious.

We are the heroes in this movie. In the first act you meet the hero. In the second act the hero is in jeopardy. In the third act the hero kills everyone. This is the second act. Soon we will be beheading market participants and drinking from their skulls.

I’ve have not traded any coins since late October. I am irresponsibly allocated in BCH with a very small position in EOS. BCH is my long term monster play in crypto. EOS is my potential moonshot and I will rebuy XMR as my anonymous coin angle, possibly soon.

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My Worst Crypto Video Ever

I made this video last night with zero prep. It rambles. I think out loud. It’s all over the place. It’s simply awful and you shouldn’t watch it.

And I’m sharing it because given today’s action there were several good calls, especially XMR. I maintain XMR price target of $1,000 in 2018 (still own zero at the moment).

The gist is, I showed how a bunch of charts were overextended and we were headed for a correction.

I’m working on what I think is next. I posted a few preliminary thoughts on Twitter this morning.

Given this is my current music you can get an idea of what may be on the horizon.

 

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Monero, The Little Pony That Could

If Bitcoin is the Honey Badger then Monero is the Pony Badger. (Monero’s lead dev goes by the name FluffyPony)

If you’ve been following me I mention XMR often. I have no position now. In fact, I sold it at $85. Today Monero is a few dollars away from $500. You’d think this would be me right now:

But I’m not. When I sold XMR at $85 I bought BCH at $380.

You can see how this much winning can get old.

XMR is THE anonymous crypto. $ZEC is not anonymous by default and their initial launch was kinda shady. XMR has scheduled hardforks, a system for funding improvements and so far has proven to be reliable and unbreakable. Makes it a unique and valuable coin.

I don’t give specific trades because this blog is purely entertainment and not financial advice. AND, looking at a chart $360 has a decent chance of getting a fill on flash pullback.

Keep in mind we are building the most elaborate financial sandcastles. One strong wave will wipe the beach clean except for the strongest coins. These are epic times. Winning is easy. Just protect your house from the inevitable wipeout.

Post wipeout and expectations reset we’ll change the world.

 

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Charlie Lee, LTC Founder, Sells Everything

Charlie Lee AKA @SatoshiLite, the founder of Litecoin, is in the news today saying he has sold all of his LTC due to potential conflicts of interest. In typical Crypto nerd fashion he wrote a Reddit post about it. Reddit is garbage but here’s the link and a screenshot from last week where Mr Lee said he does not like to talk about price.

I’m sure the timing of this has nothing to do with the fact LTC has gone from under $4 to over $300 in the past NINE MONTHS. That would be speculating right?

LTC is down 10% on the day. Do you see anyone writing letters to the SEC about it?

Charlie is a smart guy. He gets abused frequently and has mostly been above the fray of personal insults. LTC is also very closely tied to BTC. They are the “Gold and Silver” of Crypto.

I don’t begrudge Charlie his success. I admire he’s always been very transparent. I cover this because I believe it’s noteworthy in the crypto space.

If the CEO of your favorite company sold all his stock what would you think?

 

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Bitcoin Butthurt ATH

Bitcoin Cash was listed on Coinbase yesterday and the price enjoyed a violent move upwards. This was all telegraphed and predictable. There are a lot of retail investors looking for crypto exposure and Coinbase is a primary onramp for fiat. So, Christmas came early as I expected BCH to be listed closer to January 1st. Epic winship for anyone who followed me into BCH. Congrats.

And the result is the Bitcoin Core community has reached a new ATH in Butthurt. It’s amazing. To say Crypto Twitter is Bitter is the understatement of the year. I wrote about the division in Bitcoin in previous posts but if you’re new to Crypto Bitcoin Core has been in control of the development and direction of Bitcoin for ~2 years. When Bitcoin Core decided to change the Bitcoin protocol in fundamental ways in August 2017 a group of people created Bitcoin Cash to keep Bitcoin as Bitcoin. Now Bitcoin Cash is enjoying success as a healthy network capable of faster transactions and lower fees than Bitcoin Core and it’s being reflected in a rapid price/value appreciation. This is a great site for visual representation of the performance of the two networks.

The result of yesterday’s Coinbase release is those who adhere to Bitcoin Core are exceptionally salty about Bitcoin Cash’s success. Here’s a few samplings:

Several people also posted screenshots of their online filing to the SEC complaining about Coinbase listing Bitcoin Cash. BTC, the honey badger of crypto, has become an echo chamber of righteousness in which the horeshit above is nurtured and encouraged.

SAD!

Bitcoin Core’s network is getting slower and more expensive every day. The Bitcoin Cash community is moving forward with plans for increased user and merchant adoption. 2018 will be a great year.

Here’s a video for the BCH haters:

Your Vag = BTC
My Vag = BCH

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