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

Bitcoin, the Reserve (Crypto) Currency

BitMEX is out with an article on Bitcoin as a Reserve Currency for Cryptocurrency traders.

The holy grail for many users is a cryptocurrency that has a growing market cap, and falling price volatility. A large market cap helps improve liquidity and reduce transactions costs. Falling volatility means that Bitcoin can retain its value for longer periods of time. That helps facilitate its adoption in online commerce and as an asset used as a savings vehicle.

Bitcoin’s march towards reserve status is not welcomed by all. Many speculators, who account for a significant portion of trading volumes, prefer very volatile cryptocurrencies. Short-term trades with high leverage can yield stupendous returns. As Bitcoin’s volatility falls, it becomes boring and speculators search for the next hot altcoin.

The Cryptocurrency market is becoming a three horse race with: Bitcoin, Ethereum and Monero. Traders trade in and out of Ethereum and Monero using Bitcoin. Bitcoin has become the reserve currency in this market.

Bitcoin illustrates that for any coin to be successful, speculators must be attracted first by high volatility. The coin may be illiquid, but that is exactly what produces the wild price swings that keeps traders captivated. Volatility is the best form of advertising. A coin that is not volatile has either died, or is on the path towards reserve status like Bitcoin.

Calling Bitcoin stable is a bit of a stretch, but in comparison to other Cryptocurrency markets Bitcoin is the sanest choice in an insane world. As volatility decreases Bitcoin’s attractiveness as a store of value increases. This could be a feedback loop to drive price up over time.

All Eyez on Bitcoin:

 

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Your typical Bitcoiner

This enterprising YouTuber is technically selling his house for Litecoin (rather than Bitcoin), but there are so many great things about this clip I had to share it.

Whether they choose Bitcoin or a shitcoin, there are people putting their money down on Cryptocurrency. For every pick up driving, no seatbelt wearing and possibly open container law breaking Duck Dynasty reject there are guys like Vinny Lingham and Andreas Antonopoulos who are all in regarding cryptocurrencies.

What I respect about this clip is “he’s willing to lose all of it”. He has big brass balls in those Kirkland Signature jeans. Shine on you Crazy Diamond.

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Mr Robot nails it on Bitcoin

A potential conversation that banks may be having about Bitcoin is depicted on Mr Robot.

They even hit on Bitcoin weakness (transaction limits).

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Arcade City WTF

Arcade City, the decentralized ride sharing service that will compete with Uber and run on Bitcoin, is available on the Apple App Store.

I downloaded the app and logged in. The message I got was below:

Arcadians in San Diego need a combined 1307402 karma to reach City Level 1 and unlock ridesharing functionality.

Current city Karma: 68 out of 1,307,402.

How much fucking karma do we need for you to include commas in large numbers? What I get from this message is that more people need to sign up for the service to be used in San Diego.

I give props to Arcade City for what they are attempting to do. I take props away for doing it so poorly.

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An $AAPL a day will make you gay

$AAPL broke ascending triple top triangle yesterday. (triangles are also gay)

I don’t believe this will stick. It’s iPhone hype. Still, noting a pattern on $AAPL is worth documenting. Let’s see how it plays out. What do you think?

The great thing about TA is it only deals with charts and doesn’t give a shit about my opinion, that was just extra sauce at no charge.

sharpchartv05-1

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$ILMN – feeling lucky?

Here’s an interesting chart on $ILMN. A close above $176 is a quadruple top break. A close above 178 breaks resistance going back to January.

Do you feel lucky looking at this chart? Well, do ya?

sharpchartv05

And here’s another look with different timeframe:

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Bitcoin gets punked

Bitcoin hits resistance at $630 and shits the bed back to $600 in less than an hour.

Possible cause? Who the fuck knows. You have to love the volatility of Cryptocurrencies. Was it Hillary passing out at World Trade? Did some Chinese news hit?

Cryptocurrency makes Chinese Burritos look like old man 401k stocks.

Industry change (fintech) isn’t always pretty or smooth.

Happy Sunday.

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You won’t see this on CNBC

Here’s an interview with Riccardo Spagni AKA FluffyPony who is a core developer of the cryptocurrency Monero.

One of the interviewers spends the first couple minutes using a sharpie to draw a tie on his shirtless body.

In the first five minutes they joke about FluffyPony’s involvement in Monero as him playing the “long con” and his planned “exit scam”.

You can not make this shit up.

Then they get down to business and speak about Monero, programming, merchants etc.

Cryptocurrencies are here to stay and these are the early and important movers and shakers. Welcome to a whole new world.

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Britain to Mastercard: Bugger off

The Brits are suing Mastercard for $18 Billion citing high fees as an “invisible tax”.

The lawsuit comes after the European Union’s antitrust regulator found in 2014 Mastercard’s fees to store owners to process international payments within the EU were excessive.

Law firm Quinn Emanuel said the lawsuit was the largest damages claim in British history and would be brought under a law meaning consumers would automatically be claimants unless they opt out.

Any person living in Britain who used a credit card, cash or checks and was over 16 years old in the period covered by the lawsuit will automatically be part of the claim.

The reality is the only group that stands to make money from this lawsuit are the lawyers but it does send a message. 3% fees to process payments are ludicrous. Banks make BILLIONS processing payments yet they aren’t satisfied as they push for a cashless society.

$MA opened off 1% and has already regained most of that loss.

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