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

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

Comments »

Bitcoin Time Traveler

I used my time machine today to research what positions will be most valuable to the iBC community in 2018.

I returned to find a BCH explosion over $3,000 for a 100% rally in just under 3 days and a casual 1,000% since mid October. That’s good. Know what’s better? When you’re 98% in that asset. I’m not playing piker position sizing for risk management. Nope, I’m “irresponsibly allocated.”

I’m juggling live tigers on a tightrope over a shark tank.

And here’s what’s wrong with that. Crypto will ruin you. A triple digit gain over a 30 day timeframe isn’t worth getting out of bed! Make it 24 hours or less and I’ll muster a moderate amount of interest. This isn’t to brag. It’s a warning. Trading Crypto will hollow out your soul. You’ll be devoid of feeling. Weekly swings of 50% in your entire portfolio have a tendency to destroy your adrenal glands. Your body stops producing cortisol. Some coin you are 90% in on drops a -$1,000 HOURLY candle and you don’t even pause eating your sandwich. So, be careful what you wish for. Trading crypto has immense upside but no one tells you about the dark side. You will never be the same.

It’s late here now and despite the winship I see devils all around. When things are this good there is only one direction they can go. It takes discipline and focus to put that natural self preservation instinct aside and pursue the most obscene gains possible.

Risk management. That’s cute, now pass the heroin.

 

 

 

 

Comments »

One Crypto Stock To Rule Them All

M G T I. Up another 30% today.

I called MGTI hitting $10 when it was around $3, possibly lower.

All my brokerage accounts are fully loaded in MGTI. I got shook out of one account but I corrected that error.

Yes MGTI is up 300% in a short time. Not worried. I am upping my target to $20 in early 2018. Don’t bitch if you buy today and experience a correction. You gotta call your own entries. I can only throw out names. It will be interesting to see what hits $20 first: EOS (the coin) or MGTI

Why MGTI? John McAfee is insane and I like that. Beside that they are building a North American based Bitcoin mining operation. No matter what coin wins they WILL make money. This is like buying a shovel company during a gold rush. This is a better thesis than the scam companies jumping on the Crypto train. MGTI is a legit crypto company.

Is that an oxymoron? “Legit crypto company”.

I recommend starting bags on all the anonymous coins. Governments are going to tax the shit out of crypto so anonymity is going to be BIG in 2018. AEON, XVG, XMR.

Second tier: ZEC (but really fuck that coin), KMD.

There are a few others but I won’t mention them due to possibly be scammy.

Here’s your mission if you choose to accept it. Start small bags in all these coins and then just sit on them. Sometime in 2018 they should explode. That may seem like obvious investing advice but in Crypto that has proven to be a stupidly rewarding strategy.

Your target is 10x or more. Don’t settle for less.

Comments »

Crypto Is Dead, Long Live Crypto

Crypto is dead. Everything you knew, gone. The major players of yesterday, irrelevant. The rules of the game, destroyed. Up is down. Down is up.

Here is a final look at the previous lords of Crypto: the Neckbeards. They were gentle guardians of the fertile Crypto plains during the Paleolithic period. They roamed the crypto exchanges as doe eyed benign beings of innocence. Rarely leaving their basement, they devolved into human cavefish. Left to their limited options for social interaction they engaged in the the great Troll Wars of 2017 on Twitter and Reddit. The neckbeards ceased to adapt. They are now functionally extinct.

The new Lords of Crypto are … the long tail of society. Your Grandmother and her Florida retirement community armed with Ameritrade accounts, the Uber driver, the barista, and the millenial shitheel next door are the new lords of crypto. Surprised? Did you think I was going to say Wall Street?

The crypto genie is out of the bottle. Wall St is attempting to get it’s hooks in via CBOE, CME, GBTC and other traditional finance instruments but society finally has a way to overturn the status quo. As the meme goes, “THIS IS GENTLEMEN.”

Allow me to preemptively say fuck you to the inevitable trolling I’ll get in the comments. I had GBTC in the iBC Stock of the Year contest. How did your shitty call go? You wanna fuck with me now. Bring it. I’ll fuck you up in 2018 too.

But we cool, if you’re cool. I’d rather help you make a shit ton of money than have to hear your critiques of my crypto game. All I have to say  is….”Scoreboard”. If that irks you, hate the game don’t hate the playa. You can still get your 20x on in 2018. I invite you to come along on the journey.

Where was I? Ah yes, making shitty analogies: if dotcoms were a coal fired train then the crypto universe is a custom built 220mph bullet train. What I’m saying is…. Everything is accelerated. Days are minutes. Weeks are days. Gains are obscene. Losses will be catastrophic. Rising from the ashes will be a new world ordered on Crypto.

Don’t get complacent. We’ll run farther and longer than you think possible. We’ll crash so hard your unborn kids will feel it. Then we’ll take over the world.

Everyone fears Wall St will take over but it won’t. Crypto is worldwide. It can’t be sliced into tranches of shitty debt and CDO’d to death. Wall St can short it, but they will get run over by Grandma’s knitting club talking about blockchain and HODL in the long run. The long tail wins. A million Grandmas with Ameritrade accounts are greater than Lloyd Blankfein.

Play the long game. Don’t chase price. Read Fly’s book. Troll me at your own risk.

On the markets, BCH is up 20% today and forming a nice bull flag. I posted charts on my Twitter.

I’ll post something with meaningful content later. Maybe.

Comments »

Are Tethers Bitcoin’s Cryptonite?

Tethers are a Cryptocurrency that are designed to be pegged to the USD. They are created out of thin air (sound familiar to USD) and mostly used on the Bitfinex exchange. Issuing a currency pegged to the USD from nothing is a very dangerous game. From the Tether website:

Tether converts cash into digital currency, to anchor or tether the value to the price of national currencies like the US dollar, the Euro, and the Yen.

On certain exchanges you can’t sell for USD. You can only sell for Tehters which are ticker USDT. Since Tethers are supposedly pegged to USD the assumption is Tethers are as good and safe as dollars. Surprise, they very likely are not!

There is a dedicated twitter account that has been warning about the influence of Tethers on Bitcoin price for months. Bitfinex has started legal proceedings against this individual. I’m not clear what they are charging him with but he’s a thorn in their side. This person has been closely tracking the correlation to when new Tethers are issued to moves in Bitcoin price.

Today there is an article about a subtle change in a popular Bitfinex employee Twitter profile.

A pseudo-anonymous individual going by the nickname of Bitfinexed noticed that a symbol used to indicate that someone has been silenced by simply no longer showing the symbol (warrant canary) was today no longer showing for Ellis.

This symbol is often used to say, while not saying, that something has happened, gaining prominence after it came to light NSA uses gag orders.

While this proves nothing it’s an interesting development in a story that’s been ongoing. This individual has not tweeted since his the canary disappeared from his Twitter profile.

Is there merit in the structural problems of Tethers? Keep in mind that Bitfinex was hacked earlier this year. Were Tethers used to keep them afloat and have they further abused them? No one knows yet.

This is a potentially explosive story if it’s true. Also remember that CBOE opens trading on Bitcoin this week AND Bitcoin has another difficulty adjustment in <3 days. The out of control fees will be going higher.

I remain irresponsibly allocated in Bitcoin Cash (see below for main reason). I have a small position in EOS and will rebuild a position in XMR when an opportunity arises. I am braced for mass fuckery and can survive a zombie apocalypse style dip in Crypto. Can you?

 

Comments »

Litecoin flexing, Bitcoin stalling

Litecoin is up almost 300% in four days. Why?

Some say Litecoin is undervalued vs Bitcoin. Litecoin is a Bitcoin fork that will often integrate new features before Bitcoin. It is joked that Litecoin is Bitcoin’s testbed. Maybe the run is because Charlie Lee, the founder of Litecoin, was on CNBC. Or some people see Litecoin as silver to Bitcoin’s gold.

While Litecoin is comparatively cheap and fast vs Bitcoin (especially when transaction volume on Bitcoin is high) the biggest factor in my opinion is Litecoin is one of the three coins listed on Coinbase (BTC, ETH, LTC). Coinbase is the largest exchange in the US. With that limited exposure it’s natural the lowest priced asset catches a bid, especially in this frothy environment. Coinbase was adding 100,000 new users a day in November. This new money can buy one of the three coins they list: Bitcoin, Ethereum and Litecoin. They are buying to be in the market, they are not buying based on an astute evaluation of the nuanced differences between Coinbase’s offerings.

Given those choices many pass on Bitcoin due to price. Ethereum has been in the news with network problems and is over $400. Litecoin looked cheap at $60 last week.

This youtuber sold his house to buy Litecoin when it was ~$4. Congrats to this guy.

In the meantime Bitcoin has stalled around $17,000. Bitcoin is carrying the biggest market cap, is on the news daily, is listed on the CME and it’s weekly chart is vertical.

If Bitcoin falters expect the market to follow. Crypto has had extreme gains in Q4, even by Crypto standards. When the pundits talk Crypto non stop you know the price action is unsustainable.

I am not calling a top (yet). I don’t think you can, but this price action raises a flag to me. Is Bitcoin accumulating for the next push or in distribution for a sell off? I have charted predictions from 17k to 48k in this current move. We’re in unknown territory. We are in the early stages of a tremendous shift but there will be violent swings.

Here’s what I do know. A coin on Coinbase has a big leg up in Crypto. In the near future (possibly by Jan 1st) Coinbase is adding more coins to its offering. I expect rapid price appreciation for these coins. One of those coins will Bitcoin Cash. Along with opening trading Coinbase will be granting access to Bitcoin Cash to any user who had Bitcoin on Coinbase during the fork on August 1st. Many may sell, but I think there will be more buyers than sellers. Get ahead of that event if you can.

 

Comments »

Everyone is a Bitcoin Expert

Bitcoin breaks $15,000 and everyone is an expert. It’s amazing how that happens. I wonder where all these experts were when I recommended it last Summer. I look forward to you all sharing your wealth of information and insights based on the CNBC article you just read.

Moments ago I received a call from a friend saying he was introduced to a Crypto opportunity where he makes money whether the price goes up or down! Well that sounds amazing. I am deleting my blog and twitter asap and sending him all my money to manage.

So, here’s the list of posts you can read before I delete everything. Limited time only. The experts are here. I’ll just let them take me the rest of the way.

Sept 8 2016 Bitcoin vs Gold  (BTC was $630 when this was posted)

Sept 19 2016 Man sells house for Litecoin (LTC was $4 then, it hit $200 today)

Nov 7 2016 Calling the $1,000 roll when Bitcoin passed $750

Dec 6 2016 – Final Warning to buy under $1000

I think you get the idea.

Fly has hinted at a Crypto Bootcamp. What do you guys think? Tell Fly if you want this or if you’re content to coast on the what Brian Kelley and Jim Cramer tell you. I’m just a guy who’s been publicly calling the shot for over a year, what the fuck do I know?

 

Comments »

Bitcoin is a dumpster fire

You’ve got to be fucking kidding me. I posted this yesterday.

We topped at $19,700. Life is cruel. Bon Apetit I guess.

We are experiencing an “accelerated buying opportunity”. Haha no, we’re not. We may be in for a $10,000 candle. We’re currently forming a $5k doji on the HOURLY. Insane.

Luckily as a veteran of the crypto wars I am 100% dead inside. $5,000 hourly candles? Fucking bring it. DO YOUR BEST. I have stared into the void. I am fearless.

I also own ZERO Bitcoin right now so this is pure entertainment for me.

 

Comments »

Bitcoin: Party, Parabola, Paradigm shift or Ponzi?

The Bitcoin party won’t stop. Crypto traders are doing virtual keg stands on Twitter waving their dicks around showing pictures of new houses they bought with Magic Internet Money.

Yes, we’re all getting rich and you’re not.

Bitcoin is over $16,000 this morning. I’ll say what you’re thinking: “that’s retarded”. However, as Warren Buffett said, “the market can stay retarded longer than you stay solvent”. Do not try to call a top on this. Ask me how I know.

So, is Bitcoin a Parabola, Paradigm shift or Ponzi?

If you said all of the above you are correct!

Parabola is easy to prove. Here’s the weekly chart. It’s top kek.

 

Is Bitcoin a Paradigm Shift? Turn on CNBC and watch the pontificators pontificate about Bitcoin endlessly. But that means little. Watch this video I made from April 2017.

The video shows the adoption rate of new technologies. Crypto is in the early stages of S Curve adoption. Cryptocurrency is PROGRAMMABLE money. Yes, this leads to hilarious CATastrophes like CryptoKitties wrecking the Ethereum network but it also opens the door to some Star Trek shit in the near future. Bitcoin is an incredibly deep rabbit hole. If you get anything from my blogs just get that Crypto is bigger than the Internet and comparatively we’re still in AOL days. You will bend the knee or have your dick guillotined.

Is Bitcoin a Ponzi? At this point, yes. Bitcoin has printed a $5,000 Weekly candle. It’s Thursday. Like any good ponzi it’s hard to say how high it will go. Crypto needed an enema. This will be a colon cleanse of epic proportions. When it happens you want to be ready.

Oh, and Sunday night CME opens futures. I suspect that will be disastrous. However, the Street may decide to build the ponzi to fleece their clients before pricking the bubble.

My top picks are BCH, XMR and EOS. I tweeted trades on XMR and EOS that returned great gains past couple weeks. Follow me here: https://twitter.com/coinspeak_io

 

Comments »

Bitcoin to the Moon

On the move today so I am going to share some videos.

I was on the local news yesterday.

Older vid I did on Bitcoin entering parabolic phase.

For your entertainment:

Comments »