The Crypto correction we all knew was coming is here. It’s not clear how deep we will go but in this post I will share info that will make you money in 2018.
In my previous blogs I urged iBC’ers to put a small percentage of your portfolio into Crypto starting back when BTC was under $1,000. Then I called out BCH, XMR and EOS as my favorite coins. Hopefully you followed that and your 2-10% investment has grown into 30-100% of your previous portfolio size even after our precipitous market decline. If not, there’s still time.
If you are wondering what happened this week go look at Twitter and see that I made some solid calls. This week wasn’t a total surprise.
BCH around it's 1.618 area. could hold here. 2400-2500 and then 1900 are support. 1200 is very strong support in a massacre. load up under 1900 IMHO. pic.twitter.com/KNF8VcVV2p
— Coinspeak (@coinspeak_io) December 21, 2017
Had you set bids at $1900 you’d be up 40% this morning.
I think we'll have a good ol' fashioned correction on BTC to 2.618 so ~$12,000. That's 40% from the top. There's a lot of new money trying to get into the market so very unpredicatable. Never been a market like this, ever. pic.twitter.com/W84GXFTaVp
— Coinspeak (@coinspeak_io) December 21, 2017
BTC hit $12,000 the next day.
With that palate cleanser complete, I will now post some facts and opinions. I will do my best to separate the two. These facts may upset people but you can verify them for your self.
Facts:
- Bitcoin Core is the dominant Cryptocurrency
- Bitcoin Core has ~250k transactions backlogged in the mempool
- Bitcoin Core mempool is nearing 300MB
- Fees are approaching $50 for a transaction to confirm in less than an hour
- At current rates it would take 50 hours to clear the BTC backlog if there were no new transactions
- Bitcoin Cash has landed a deal with BitPay and is reinvigorating the Bitcoin merchant market
- Bitcoin Cash is faster and cheaper than Bitcoin Core
Opinion:
- Unlike previous corrections Bitcoin Core may not fully recover, ever
- The transaction speed and fees are choking the BTC network
- Bitcoin Core holders believe Bitcoin Cash is evil and this will cause many Core holders to lose a lot of money
- The Bitcoin Core as Store of Value narrative will be the death of Bitcoin Core
- Bitcoin Cash will be the dominant Cryptocurrency in 2018
This all leads to my strong recommendation to buy BCH over BTC. BCH goes against the grain for the majority of Bitcoiners and that’s why it’s going to be a brilliant investment. You’ll be early. The money is coming this way. No matter how much Core fans complain on Twitter Bitcoin Cash has a better economic model and will continue to draw increasingly more investment.
Objectively review BTC vs BCH for yourself. Read the whitepapers. Look at the networks. DO NOT trust what you read on Twitter or even on this blog. Go do the work.
I have done the work and I choose Bitcoin Cash.
People ask me what they should buy and I say BCH, XMR and EOS. They are on sale now on a forward looking basis. Plan your entries according to your risk as Crypto is volatile.
If I am right and BCH takes over the targets for BTC you would have 500-1,000% gains in 2018.
If I’m wrong you’ll still likely make money. The entire crypto market will have a great 2018.
Merry Christmas.
If you enjoy the content at iBankCoin, please follow us on Twitter
Thanks for your crypto guidance all year long.
Enjoy your holiday weekend.
happy holidays fly.
this creating currency job,
is a cheery time of year.
except for old goldie, sinking, midas like, into the sea, flush with eternal glow.
speaking amongst many mill, and future millionaires. may the christmas time glow be with you — and see you out on the links with my old man swing, and a new found putting touch.
Post one more inane comment and you’re banned for life.
WTF LSD THC METH?
Admit I’m late to the party but the party isn’t over! Your posts have been spot on. Thank you.
My #1 issue is since I’m late and I’m one of the new money folks, getting on an exchange to even set a bid has been darn near impossible.
Case in point.. buying any significant amount of crypto like BCT or BCH on an exchange like Coinbase takes 8 days.. sometimes more if you didn’t have the foresight to fund your USD wallet.
Then you transfer to say an exchange (that you can’t get verified on for Tier 3) that allows you without said verification to purchase using another crypto .. BCT for XRP
Okay that works.. except as you point out.. buying on Coinbase even thru GDAX … still will eat up in network fees.
Which I guess as a one time transaction when you have no other way and you plan on holding is irrelevant.
Credit card?
Meh.. limited purchase power and 3-5% to purchase plus that network fee and maybe some miner conversion.
You’ve gotta be on an exchange that can be directly funded with USD
I do know when I tried to Wire from TD they flat out said.. we do not wire money to a 3rd party that is listed as a digital exchange. So they would not wire money to Coinbase.
You can do a withdraw to your bank.. then from the bank send to Coinbase. That’s 10 days.
The new money that’s trying to get into this market is huge. And it’s painful. 2018 should be really interesting and 2019 to 2020.. should be insane.
Happy Holidays!
try localbitcoins and/or P2P to get in faster
Use bitFlyer. https://bitflyer.jp/login?backurl=%2fen-us%2fex%2fHome
They now operate in the US. I signed up and sent them some bitcoin in less than an hr.
Coinbase, is a screwoff organization. I used them months ago but no longer.
They have made mistake after mistake – idiots, at least as far as execution.
Do they take USD deposits?
Heard some rumbling about core upping the block size since segwit adoption has been slow . Weird politics and support systems on both sides with former friends and enemies crossing lines. Does the made in China aspect of bitcoin cash bother you with centralized players taking control?
The way Coinbase support has come about for bitcoin cash about WITHOUT allowing segwit support for bitcoin and considering who is behind Coinbase is rather interesting. DCG seemed against Bitcoin Cash because they wanted to control Lightning network. But after the segwit2x snub and inability to fully control core there seems to be a shift to be friendly with bitcoin cash. This would play into your outlook if powerful players have changed sides.
Well done, enigma, on your calls this past year. I don’t entirely agree on bitcoin cash but with mining support (maybe even more more stealthy waiting in support than we realize) for bitcoin cash, shifting corporate support and some friends in the media it just got real interesting. I suspect wall street is enjoying this shit show hoping it implodes. So many problems and animosity but the crypto honey badger moves along. We are desperate for a new monetary system. Crypto is an anti-government/new monetary system play which I believe is a mega trend for years to come despite Satoshi Lite selling all his coins (for fiat??). 2018 is going to be fun.
https://www.bing.com/videos/search?q=norah+jones+come+away+with+me&&view=detail&mid=718F421916A1F20091EC718F421916A1F20091EC&FORM=VRDGAR
You have obviously shown skill in market timing for this particular asset, which begs the question, why stick to crypto?
Can’t see how picking chart levels has anything to do with your underlying belief in the technology. So, why not trade other markets with similar risk/return profiles, like OTM options?
Maybe you already are.
I mostly trade on TA. I love charts. I happen to have spent a lot of time diving into Crypto so it’s an area I can talk about fundamentals. In crypto my long plays are based on fundamentals.
I day traded stocks during dot com days. I have my own rags to riches to rags story there.
I sometimes mess around in forex. I have a few systems that work relatively well for forex now but I did get my ass kicked for a while. I like the challenge of pure TA though. If I could I would devote my time to mastering forex for the challenge of it. I don’t do much of it now because it consumes my attention and distracts me from other higher value activities.
I find stocks boring now.
@coinspeak – what are your thoughts on ADA?
Haven’t researched it. It did the new coin pump recently. Serious question, why does it interest you?
I believe it’s referred to as the Japanese Ethereum.
Great stuff coinspeak, as always. Your video rocked (no homo)
Coinspeak, is there a reason for non-interest in Ethereum? Any red flags on req?
Yes I’m interested in the answer to this also.
Great work as always coinspeak!
Ethereum was never designed to be money. It’s a “world computer”.
After the ETH DAO split I never trusted ETH again. I missed it’s run this year. Lesson is never write off a coin as a vehicle to make money no matter my personal opinion.
I saw it breaking out at $360 but didn’t buy and didn’t cover it. Then it was hobbled by crypto kitties.
NEO and EOS are coming after ETH. From what I understand EOS will give ETH a lot of trouble. Rather than buy ETH at ~$600 I prefer to buy EOS at ~$6.
EOS is highly speculative. It’s not even out of it’s testnet phase yet, but the programmers have good track record and supposedly building this coin as the ETH killer. Dan Larimer is the lead dev on EOS and he’s had previous success with BTS and STEEM.
While BCH, XMR and EOS could be best moneymakers, if one manages to cash out in time, XVG will be the best value … practicality, usability, versatility, reliability, durability, functionality, … that’s where my eyes drift
@sarc good lookout on XVG. Looks like McAfee agrees with you, although btc going to one million smackaroos…
https://globalcoinreport.com/john-mcafees-comment-verge-xvg-leads-massive-price-surge/
I think your forecast is correct. Bitcoin will not see 20,000 again.
Thanks for all the crypto info you post. Much appreciated.
first target is touching under 7000