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

Playtime is OVER

Sorry Crypto Kiddies, it’s time to grow up.

Pumping coins on the latest meme was good times while it lasted. Trust me, I enjoy a good meme.

Everyone makes money in a bull market and 2017 was a grand bubble. On large timeframes, we’ve been dead cat bouncing ever since.

Here’s the future of “alt coins”.

It looks like fundamentals are catching up to the market.

What are the fundamentals of BTC?

  • 1MB blocks
  • 7 transactions per second max
  • “store of value”
  • depends on sidechains to scale

What are the fundaments of BSV?

  • 2GB blocks
  • 1,000 transactions per second
  • Peer to Peer Electronic Cash / Global Ledger
  • Competitive network, scale or die, no third parties needed

Applications built on BSV:

yours.org – blogging
Audiob.app – music
twetch.app – social media
streamanity.com – streaming video
moneybutton.com (and Paymail) – payments
Handcash POP – point of sale

Applications built on BTC:

?????? – no kidding. I can’t name one. BTC’s only use case is speculation as far as I can tell.

Price:
BTC ~$10,150
BSV ~$150

70:1 ratio. I see a grand opportunity here for BSV. Remember, I said buy BSV at $130 and below in Buy The Blood.

And then we have the topic that has distracted the market for years. Who is Satoshi Nakamoto? The truth is coming out. Bitcoin was not designed for dark markets or money laundering. Bitcoin is designed to be legal and poised to be THE world currency.

Craig Wright on Cheddar today. CNBC by 2020. Speaking at United Nations within 5 years.

Crypto Twitter has been playing the game of attacking Craig Wright for years. Play foolish games get foolish prizes.

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Stocks get Clowned

This was easy to see coming.

The great QE experiment nears it’s end. Stock your bunkers and hug your transgender children America, we are in for a rough landing as we fall from the top.

Zerohedge’rs are in the streets lighting live bulls on fire.

Trump is on Fox and Friends bashing Fed Chairs while tweeting from a gold toilet bowl.

Idiocracy was not a comedy. It’s a documentary made by time travelers.

It’s ok. A suitcase of Bud is still $18 and the fish are biting.

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Priced out of California

Cost of living in California is spiraling upwards at a dizzying pace. I left in November of 2018 because even though I make Bitcoin sized returns California still seems insanely unaffordable. Sure, San Diego has perfect weather but housing and rents have doubled within a few years. This is not sustainable. I see a huge correction coming to “America’s Finest City”.

For rentals, how about $3,075/month for less than 600SF sound? Sounds ridiculous to me. This is near the median for 1 bedrooms in the Little Italy neighborhood. Don’t worry, if you have your heart set on paying $8,000 for a 1 bedroom Little Italy has you covered.

 

This neighborhood is mostly young professionals. “Excuse me sir, but what are you doing at 28 to afford a $5,000 apartment?” Sure, many people make lots of money but is everyone making the required $200k plus to be rolling in a neighborhood with those rents paying $14 for avocado toast snacks and $12 cocktails on the daily? I doubt it. I smell daddy’s money or insane credit card debt.

The only way the math works out is that everyone is going broke, fast. But their Instagram is lit AF.

To be clear, I *could* afford to live in California but at $3k for <600SF why would I? Add in that a burger, beer and fries is over $20 and it was time to move. I was eating my retirement one $20 burger at at time. Maybe it’s because I still have my midwestern roots and no matter how much I make I refuse to blow obscene amounts of money on a studio with a peak ocean view. Or, maybe I can just do basic math.

But wait, there’s more. As a trader, California is creeping up on the Fed for their share of your tax dollars. You think short term capital gains from the Fed are bad? Wait till you have a great year and with Fed and CA capital gains you are paying over 50% of profit in taxes. That’s right, you keep less than 50% of your profit. But hey, you get to take 100% of the risk so it evens out? That’s an example of the new California math.

I realize NY or SF may have more ridiculous rents. Great, if you live there I’m surprised you are smart enough to read.

I sold my home shortly after the last bubble. I may be a buyer during the next crash. It’s going to be a doozy.

 

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Road To Winship

This is Gentlemen.

Fitting I start this post with a crypto saying. Crypto has been entertaining. The memes are memorable. The drama never ending.

Say goodbye to all that shit. Crypto fun and games are over.

BSV is up 30% in six days since I posted Buy The Blood and Crypto is a Ponzi.

Congress is sick of the money laundering and shadow coins. They are going to lay down the law, literally.

This means your portfolio of alt coins are dead. This was not hard to see. I have been calling it since the epic bull run of 2017.

There is a Giant Meteor Headed for Crypto. BSV is the ark.

NC Congressman Patrick McHenry: 

“The world that Satoshi Nakamoto, author of the bitcoin white paper, envisioned is an unstoppable force. We should not attempt to deter this innovation … those who have tried have already failed.”

BSV is the only coin that follows the Whitepaper. BSV is “set in stone” and obeys current laws. BSV is honest money. BSV is the unstoppable force McHenry references above. The rest of Crypto will go to zero.

The virus is spreading. The Road to Winship begins in earnest now.

 

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Worst Case

100 BSV = $13,500
When 1 BSV = $13,500
Your $13,500 will be worth $1,350,000

Worst case you lose $13,500.

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Mnuchin talks Crypto

Treasury Secretary Mnuchin talked about Crypto today:

Remember how I have been saying BSV is honest money? BSV fits within the law. Most of Crypto is a pipedream for anarchists who didn’t have good fathers.

BTC is relying on a non existent Lightning Network which runs afoul of KYC and AML. BTC can’t scale and now it will soon be illegal.

For me, Mnuchin’s comments were bullish for BSV.

BSV scales ON-CHAIN, legally.

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Buy The Blood

BSV is trading at ~$130. This looks like strong support on charts. BSV has fallen 50% from recent highs while BTC has fallen 25%.

I have been pounding out blogs talking about the fundamentals of BSV. Fundamentals is about what to buy. BSV is the only crypto anyone should buy because Crypto is a Ponzi.

Technical analysis is about when to buy.

At $130 BSV is a buy.

I expect $130 to offer price support. If 130 breaks we’ll have psychological support at $100 and, worst case IMHO, $50. BSV could fall another 50% or more. Long term, this doesn’t matter. BTFD now and continue all the way down. If you can’t stomach that don’t do it. Wait till trend reverses and follow the herd. As a confirmed crypto degenerate I am only telling you what I’m doing.

BTC is trading 70:1 to BSV. If you own BTC and are not hedging your holding at this ratio there’s no reason for you read my posts. You have made your decisions. You’re no longer processing information. You’re a HODLer. I have no time for that.

This is my call: BSV is a 10x from here within 12 months.

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Crypto is a Ponzi

Simply put, time is limited for Crypto. I expect another bear swoon maybe as soon as this Summer. The counter to this is Bitfinex and Tether will pump BTC in one last glorious exit pump, dumping at a peak on retail noobs conditioned to HODL. This will be the last hurrah.

Regardless of timing, there will be a massive cleansing of Crypto.

I called this BTC ponzi pump as it happened:

I wasn’t the only one:

This tweet was near the current BTC top:

This call on BSV paid off well if you took it at $57. Within weeks it hit $240+ and is now sitting around $160.

So how does this end? All the shitcoins, including BTC, with their broken economic models, experimental blockchains and “second layer” solutions will fail. This may take a year or more but it will happen.

Only one coin will survive.

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The Bitcoin Economy Part 1

Technology has transformed the human experience over the past 150 years. Medicine can now prevent and treat many previously incurable diseases. We can traverse the planet in hours instead of years. One farmer can feed a small town. Cars did not exist when my Great Grandmother was born.

Technology moves fast.

One area that we have not transformed is breaking our reliance on centrally managed fiat currencies. Our boom bust cycle that has existed since money was invented continues to this day. Every fiat currency in history has failed.

As the saying goes, “On a long enough timeline….”

We are now entering a new phase. Similar to how advances in medicine, transportation and technology altered our day to day life we are about to see a shift in how we value information and exchange goods.

Information is the new money.

Money has these characteristics:

The characteristics of money are durabilityportability, divisibility, uniformity, limited supply, and acceptability.

When comparing the USD (the world’s reserve currency) to Bitcoin the USD is inferior in all areas except for acceptability (at this time). The world just hasn’t caught on yet. When it does, Bitcoin will beat the USD there too.

We are on the verge of a new era, distinct from every currency of the past.

No currency in history has been backed by Proof of Work. This makes Bitcoin the most reliable, resilient and fair money mankind has produced.

Very simply, Proof of Work creates honest money. We know for the next 100+ years how Bitcoin, via POW, will be issued and secured. This process is set in stone.

Proof of Work is fundamentally different than Fiat. Proof of Work is competitive. Miners are rewarded for securing the Bitcoin network. No work, no reward. Every Bitcoin is a product of Proof of Work providing cryptographic proof of it’s validity.

Fiat money is a currency without intrinsic value that has been established as money, often by government regulation. Fiat money does not have use value, and has value only because a government maintains its value, or because parties engaging in exchange agree on its value. – Wikipedia

Stablecoins, eg Libra, are pegged to fiat. Fiat is a promise. Therefore, Libra is a promise about a promise! The world has been built on promises created by governments proclaiming their currency as means of exchange. Throughout history governments have broken their promises around Fiat. Fiat can be manipulated. It is subject to the presiding government’s challenges. Never in history has fiat survived the waxing and waning of the politicians. Example: as of the 70’s the US dollar is not backed by gold. Only more promises. Fiat is inferior to POW. Fiat, as a promise and as history has shown, is eventually broken.

POW is a fair playing field. No politician can manipulate Bitcoin. Money has always been power. In Bitcoin, information is power. This enables competition without boundaries. Even with unreliable internet anyone can compete in the Bitcoin Economy. I can sell my goods online for pennies from anywhere in a Bitcoin Economy.

The Bitcoin Economy will revolutionize information sharing and exchange of value.

Proof of Work is a breakthrough in how money is created. There is no promise, no peg to break in PoW. There is no dilution via centralized policy. Proof of Work replaces fiat with honest money. POW does not care about politics. POW is truth.

Bitcoin enables commerce at a microtransaction level. The Long Tail theory shows that microtransactions can generate a larger impact on the world economy than the Internet. Microtransactions in volume will dwarf current economic numbers.

Fiat currencies ultimately settle in USD, the king of Fiat, as USD is the world’s reserve currency. The problem is the USD is not honest money. There’s no peg to anything, only an empty promise. Bankers print with the Fed’s approval. Pegging the world’s currencies to the US Dollar is tying your lifeboat to the Titanic.

The world’s economies are living on borrowed time.

Stablecoins are lipstick on a pig (USD).We must dig deep. We can do better. This is a critical turning point for the world economy.

Bitcoin is truth.

Stablecoins perpetuate a fiat system built on a promise. Bitcoin is a NOT a promise. Stablecoins are the gateway to a new century of serfdom.

The Bitcoin Whitepaper is a masterpiece. Maybe the greatest human achievement in the past 100 years.You don’t mess with a masterpiece. If that sounds like hyperbole you haven’t seen what Bitcon enables yet.

The Bitcoin Economy exposes corruption, lies and crime. Anyone who champions against Bitcoin has a stake in hiding something. To be clear, Bitcoin does not care what you do, but if you do something illegal Bitcoin is not your friend.

We are in the very earliest stages of Bitcoin. 10 years is nothing. It’s important to begin researching Bitcoin now. I’ve been at this for years and I have startling revelations almost daily.

This will take time. Start now.

This post first appeared on Coinspeak.io

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The Twitter Killer

There is a new app powered by Bitcoin SV. It’s called Twetch. This early stage app has the potential to be a Twitter killer.

To use Twetch you must have a moneybutton.com wallet linked. Once on Twetch every action has a microtransaction fee in BSV associated. This small fee pays for putting the information on the BSV blockchain and rewards the content producer. Content producers monetizing via microtransactions is an unsolved problem on today’s Internet. BSV changes the game.

Similar to Twetch, there is Bitstagram, a Bitcoin SV powered version of Instagram. When someone likes your post on Twetch or Bitstagram you, the content provider, get paid.

For writing articles there are BSV powered sites yours.org and https://www.bitpaste.app/. Goodbye Medium and other paid blogging sites. Writers can now blog direct to the blockchain and be paid in BSV.

Now, imagine this for music. There is going to be a tidal wave of migration to BSV for artists sick of large record companies owning their music catalog. There is already a site available: https://www.audiob.app/ Sample screenshot below of a micro 3 cent transaction for a music file. You can’t do this anywhere else!

 

EDIT: Forgot to add https://streamanity.com/ as the BSV powered pay by time viewed replacement for YouTube.

These products are in early phase development. In the future I could see these platforms being customizable for content producers (and consumers). All censorship free, immutable and monetized. This a new economy, one that will dwarf the Internet explosion.

This will shift the game of social media owning your data and you being the product for advertisers, bots and phishing scams. Now you own the data and your puppy pictures pay you instead of Zuck.

There is a noticeable shift in BSV. Another development this week is a relatively unknown Crypto holder went to the Florida courtroom for the Kleiman vs Craig Wright hearing and reported about it on Twitter. At first he was anti BSV, but as he heard more he began to shift and the BTC army attacked him.

This person’s tweets are now a public litmus test for what it is like for someone with a bit of notoriety to go against the tide of BTC towards BSV.

While all of these apps are early stage they point to a very exciting future for BSV. Social media is about to be shook.

People are waking up.

This post first appeared on Coinspeak.io

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