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

Bitcoin to Supermoon

Since I posted about Bitcoin in August at $575 it has moved to $750 and is currently resting at ~$710.

Bitcoin is in a $20 trading range the past 48 hours. Ain’t nobody got time for that.

Bitcoin is going to move soon and it could be big. Bitcoin doesn’t give a shit about China Yuan devaluation, the price of Oil, lying politicians with illegal email Servers or even pussy grabbing Orange Swans.

Bitcoin thinks little of these things.

To prove my point I provide the infallible balloon animal chart.

download

It’s that simple. See you at $1,000.

For the more traditional TA purist, Bitcoin has formed a huge cup and handle long term. I expect a move further north soon.

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Meanwhile in Cryptocurrency…

Bitcoin has breached $690. Needham is out with a research paper with lots of pretty charts setting a target of $848. Here’s a one month chart of Bitcoin vs Gold.

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But the real news of the day is the launch of a new Cryptocurrency called Zcash. Zcash has nailed the hype machine. They are releasing the first 100 coins today. Zcash insiders are positioned to cash in large as the unwashed masses fight over those 100 coins. The first few coins started trading moments ago.

Here is a live feed of the developers during launch (screenshot below). Notice it looks like it’s a set from Silicon Valley. You cannot make this shit up.

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There are now over 700 Cryptocurrencies in the world, or just over double the number of officially recognized fiat currencies. This is fucking stupid and unsustainable. They will consolidate.

Bitcoin is still the King. All hail the King.

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10 reasons Trump will win

Elections are like Baseball. It only gets interesting when the playoffs start.

Here’s why Trump will win:

1) Russia. What the fuck are we doing? The voters are tired of the US being the world’s policeman. Trump may be a nut but he’s a nut focused inwardly on our problems vs ginning up some drama with Putin. Focusing inward is the best domestic and foreign policy by any POTUS or candidate in the past 30 years. Make America Great Again (except with less racism involved).

2) The Fed. Trump has called them out. He may crash western finance as we know it once in office but it was going to happen anyway. At least he’d be a POTUS dealing with reality vs fiction.

3) Trump is what he is. He’s a xenophobic billionaire womanizer. Who fucking cares. We all have flaws. He’s owned most of his crap and it’s only made him more relatable. It makes him trustworthy by comparison that his cards are on the table.

4) Polls showed Brexit would fail because it was impolite dinner conversation but when in the privacy of a voting booth people pulled the lever that was anti-establishment. I think we’ll see a lot of that in November and it’s not measured in pre election polls.

5) Trump will get more of the woman and minority vote than people are predicting. People are more willing to take the bad with the good than is estimated.

6) “Anything but this” syndrome. The public are so fed up they’ll take a sharp stick in the eye to avoid continuing to get reamed up the ass. The issues may not matter to them, they just want “different”. On some level they know they are voting for a revolution. Consider he’s the least worst candidate.

7) He’s a billionaire and yet he can still get more connected to Middle America than HRC, even if he’s tweeting ad hominem attacks from this gold toilet bowl at 3AM. You may not like what he’s saying but you can get why he’s saying it.

8) He’s survived more attacks than any candidate ever. He’s the fucking honey badger of POTUS election cycles.

9) Trump didn’t cheat Bernie Sanders out of his shot to be the nominee.

10) He’s an American success story. He may have had a leg up and acted like a dick but he’s a billionaire and that draws people in. It says nothing about him being suited for political office but a successful outsider appeals more than an ineffective career politician.

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Bitcoin vs The World

Bitcoin is up 3% on a day the Sterling and other currencies scramble to avoid the gravitational pull of the blackhole of their central bank policies and deals made with the devil (extra EU). The Dollar is the least worst place to be in fiat so it rises in comparison. How much longer will that last?

Tomorrow the SEC either approves or denies the Winklevoss Bitcoin ETF. As pointed out in this article a Bitcoin ETF could be a major boost to Bitcoin price.

Having meandered between $300 and $400 for the previous 15 years, gold prices started to take off in 2004. Within two years of the launch of GLD, gold had hit $600. Within four years, it was over $900.

…….

So a Bitcoin ETF should mimic the price-doubling impact of GLD and SLV.

In fact, the first Bitcoin ETF might pack even more of a punch than its precious metals counterparts.

That’s because a lot of potential Bitcoin investors have been sitting on the sidelines.

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$TWLO Gartley?

The Gartley Pattern: 70% of the time it works every time.

Buy at ~60 with tight stop maybe at 58. Sell at 64 to complete C. Buy at ~$58 with stops at $53.5 and hold for next leg up.

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Stocks – Hot Stove edition

There are certain stocks from which we learn hard lessons. If you trade then you have at least one rags to riches to rags story. Or a tragic margin call that takes a winning portfolio and kicks it down an open manhole.

But as they say, time heals all wounds. And you find yourself lured back to a certain hypnotic ticker, because this time it’s different. Except it’s not. Some stocks are a hot stove. Do NOT touch them.

$FEYE and $TWTR have caused a certain havoc on the IBC community. They are a pox upon the land. I declare them persona non grata. Fuck those stocks.

Ether them like Nas did Jay Z.

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Introduction to Bitcoin

For those of you interested in a primer on Bitcoin here are two great resources. I’ll answer any questions the best I can.

First, here is a speech (video and text transcription) by Andreas Antonopolous on Bitcoin. He wrote Mastering Bitcoin and The Internet of Money.

Andreas hits on several comparisons for Bitcoin including: the earliest writings were spreadsheets (a primitive blockchain), the next generation won’t understand 3-5 days to clear a banking transaction, the network effect, Bitcoin security (be your own bank) and also that money gets created in every social circle. Even Kindergartners. And yes, some of them eventually figure out how to take the other kid’s money.

Second is a link on Zerohedge from Raoul Pal. There are some incredible claims made in that article including Bitcoin at $1,000,000 per coin. It’s still a good read.

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Bill Gross on Bitcoin, Blockchain

Bloomberg reports Bill Gross has the following to say about Bitcoin:

New financial technologies such as bitcoin may become increasingly attractive to investors as a protection against central bank low- and negative-interest-rate policies that threaten capitalism, according to billionaire bond manager Bill Gross.

“Bitcoin and privately agreed upon blockchain technologies amongst a small set of global banks are just a few examples of attempts to stabilize the value of their current assets in future purchasing power terms,” he wrote. “Gold would be another example — historic relic that it is. In any case, the current system is beginning to be challenged.”

Billionaire bond managers are usually pretty smart guys. Most of them stick to what makes them money, traditional financial services, until they see something as inevitable in which case they get ahead of the adoption curve for profit and protection.

Let’s say there is a currency collapse. What’s going to be tradeable? Gold coins or digital tokens that are easily divisible  to .00000001 (one hundred of a millionth) and immune to counterfeit like Bitcoin? Bill is saying he sees the current system being challenged and Bitcoin is a way to hedge, if not outright profit. Bitcoin is an “example of attempts to stabilize the value of their current assets in future purchasing power terms”. In other words, your money is going to shit, says a fucking billionaire.

By the way, Gold got hammered today. Bitcoin was unchanged.

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Bitcoin ETF deadline and Auctions

The SEC deadline to approve the Winklevoss Bitcoin ETF is October 12. This has been in process for almost three years.

Why a Bitcoin ETF? This would open Bitcoin to Institutional investors and Joe Stocktrader. Tell your Uncle about Bitcoin at Thanksgiving and he could buy it Monday in his 401k.

“If a Bitcoin ETF brings additional capital to bitcoin, it would likely push the price higher and drive an increase in hashing power and funding for development – both of which would serve to further improve network security which, in turn, further enables all the use cases that make bitcoin great.”

Why not $GBTC? $GBTC is a scam. Every share represents .9 of a bitcoin which at $90/share means it’s almost 50% overpriced.

While waiting on the SEC the Winklevoss twins have been busy launching their daily auction of Bitcoins via Gemini in mid September.

Gemini tweets updates on the auction that occurs at 4PM daily.

 

Gemini has been averaging ~$1M/day in their auctions. Not too bad for a couple of Facebook rejects.

Note on ETF: It is much better to own your Bitcoin than to own an ETF based on Bitcoin, even if the ETF accurately represents Bitcoin’s price. Think of it like owning Gold vs a Gold ETF. If the ETF custodian has problems what do you really have? Nothing. However, if owning Bitcoin in your 401k is only accessible via an ETF then I would consider it.

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Everyone remain calm

When the Titanic hit the iceberg the Captain told everyone to remain calm while the wealthiest passengers were loaded onto lifeboats.

If (when) DB fails what happens next?

Bail out? Nationalization? Bankruptcy?

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