iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
17,084 Blog Posts

Bitcoin Shatters Ceiling, Races to New Highs; ICOs Ignored

I’d posit this run in Bitcoin is inherently bearish for the overall health of the crypto world. It’s as if big sellers have decided to cash in their chips in the fraudulent ICO market, clearing back to BTC. How else do you explain a 10% rise in BTC, zero gains in ETH and a decline in all of the biggest capped ICOs?

I’ll tell you why. The ICOs are about to be destroyed, simple. If you don’t accept this analysis, go ahead and buy some Dogecoin or RARE PEPE CASH and hold for the long term.

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9 comments

  1. snaketron

    they will follow

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  2. momsen92

    I just don’t get crypto, but I’m not as smart as McAfee and neither is Dimon. Long MGTI

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    • bob smith

      Don’t sell yourself short. McAfee isn’t very bright. Frog isn’t as smart as McAffee either but that ain’t saying much. McAfee is a greedy deluded idiot. Follow him into the abyss and you’ll lose all your money like he will.

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      • metalleg

        This appears to be a reaction to the Bitcoin Cash fork. With the forthcoming Bitcoin Gold fork, people are turning in their alt coins for BTC and holding until they get their BTC Gold. There is absolutely no selling pressure on BTC because you have to hold your BTC to get the Gold so there’s only one way for BTC to go…UP.

        Funds are moving from alts to BTC and the higher BTC goes, the FOMO is drawing a greater amount from the alts.

        BTC will continue to go higher…it has to…until the fork is complete and people are certain to get their BTC Gold. Alt coins will be jacked up as BTC falls although I expect the alts to begin heading higher before BTC falls.

        I’ve been buying some alts the past few days because the % gains on the alts when they turn will be much greater than that of BTC In the next few weeks.

        Anyway, that’s my theory and I’m sticking to it.

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        • sarcrilege

          Maybe. But the long term trend that is emerging is wholesale dilution; not only BTC will be forked endlessly (Cash, Gold, then platinum, copper, nickel, whatever) but further forking of forked tokens will get this going exponentially. Furthermore, what is preventing Sarcrilege or anybody else having his own (one or many) coins outthere? Nothing. Infinite possibilities. Finite phyzz.

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  3. tonka

    $MGTI is trading like the miners did when gold and silver went parabolic in 2011/2012. You end up needing exponentially higher prices in the underlying just to pick the miners up off the floor.

    Limited upside, with all the downside. What could go wrong.

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    • firehorsecaper

      Check out HIVE.V on Canada’s “venture” exchange. C$500mm mkt cap already. Reconstituted from a junior mining listing. Strong backers. Running with scissors.

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  4. sarcrilege

    Nothing is missed. The counterweight to these virtual digits called coins/tokens is the actual phyzz that will soon be needed to anchor the inherently infinite supply of this abortion. And I dont want to hear about BTC having a hard limit. Bullshit. If you can fork the fucker once, you can fork it infinite times. Or create infinite number of other cryptos to dilute the entire crypto market. Get phyzz.

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  5. soupbone

    The Eiffel tower chart pattern is not a good long run companion. However probably something important can reside in the residue like tech bubble.

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