Chartfags get in here and identify this pattern for me?
Is that chart gonna make me feel better about myself in the near term? Is this the end, the proverbial head and shoulders top, for the cryptofaggots?
For the day, the market cap for all of the 787 currencies listed is down around $15 billion, or 15%.
If this is like any other top that I’ve ever seen, expect a very small bounce followed by a cruel and long-lasting decline into the pits of hell.
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Didn’t Gartman go long?
didn’t you say it was a top at $100 because of “muh aircraft carriers”?
Most of the Altcoins are feeders to BTC as BTC is almost impossible to for ordinary folks mine anymore. That is one reason why BTC is holding up in relative terms. Etherium has perhaps the most applications rolling out over the next few months in the gaming/gambling/banking/credit card sectors – it is a programmable currency. Ripple is an interpayents/transaction coin for an international network of independent banks and is not mineable. I can’t fiigure out where Litecoin fits into all this – maybe just a pure feeder to BTC. There are others that are designed to maintain parity with the dollar or be exchangeable with gold etc. Almost all these products are C/C++/Golang based.
For BTC it is not possible to buy mining equipment that can produce anything worthwhile anymore. The Chinese have taken over this hardware market and they are custom building their own miners – later introducing them to the market when they are past useful productive capacity – but at very expensive prices. So China is behind this later stages boom in BTC I believe. At current BTC exchange there is still another $10 billion or so to be mined.
Howerer there are far more advanced technologies under development in this sector that could completely overturn the market in 2 or 3 years time. These offer different, more efficient algorithms, are built with more secure technologies and are targeted at addressing many of the flaws that exist in the BTC design – not just in terms of technical issues but also governance and regulation.
This is a fantastically complex and very rapidly emerging new field that is going to make some people very wealthy – but I doubt that Bernie and Jane Sanders are into it.
https://www.youtube.com/watch?v=XbZ8zDpX2Mg
Unfortunately there isn’t a way to short this market, AFAIK.
$GBTC trades at a 73% premium to “Bitcoin value per share. That is one vehicle. Trade is a paltry 50k per day though. JCG
Large problem here is that “cryptofaggots” think in fiat currency. They want to buy low and then sell high in fiat….it’s pure gambling and speculations for the majority of active users.
https://www.youtube.com/watch?v=XbZ8zDpX2Mg
Note nasdaq is taking the hit with fake coin ponzi.
Hypernolic up moves have mirror image down moves.
Don’t buy bitcoin it’s about to crash!!
https://www.youtube.com/watch?v=XbZ8zDpX2Mg
…and don’t buy stocks cuz they’re gonna craaaash!!!!
Bill Gates, among others, talking about bitcoin:
https://youtu.be/k0HmrSfJwhU
Btw has anyone been paying attention to how long the Fly has been calling for the death of bitcoin? Google the archives if you doubt the persistence of his wrongness.
BTC has scalability issues – never expected to be so successful.
Accordingly a soft fork is coming July 21, possibly a hard fork August 1 with new blocksize to be in place by November. This is critical if BTC is to remain preeminent.
Cashing out going on in a relatively immature and illiquid market. Lots of volatility coming this summer and fall.