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

The Million Dollar Crypto Post

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.

Had you set bids at $1900 you’d be up 40% this morning.

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.

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In Crypto, Tis But A Flesh Wound

You thought I was kidding when I said I am dead inside. I am a black hole. Throw catastrophic losses that would have most traders set themselves on fire and I don’t even blink. No emotion.

Experiencing a 60% drawdown within 36 hours frays your nervous system. This isn’t my first rodeo so I watch in amusement while newbies assume the fetal position on busy highways.

There is no shortcut to get here. You must burn in the fires of Crypto. A lot of Crypto Tuition got paid out tonight. Hopefully you paid attention. If you panic sold the bottom, thank you. Please drive through.

Bitcoin Cash chart, a tidy .786 fib correction. It’s bounced 40% off the lows IN THE PAST HOUR.

Riding out these swings is like riding a bicycle. I can tell you what it’s like but until you ride a bike you don’t get to experience what I’m telling you about. Now, you get to experience a crypto style correction. We do this shit right, like we invented it. If Crypto had a VIX it would be pegged at 1,000,000 right now.

It’s late and I’m tired so I’m going to do what any sane person does who is down 50% since yesterday. I’m going to bed and I will sleep like a baby.

I hope you picked up some BCH, XMR or EOS on this dip. They all got hammered. Congrats on your baptism.

 

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Crypto Correction

You took some profit right? You had a trading plan. You executed it flawlessly. Your fibs were drawn with care and your stops optimized for textbook 4:1 Risk/Reward ratios. Good.

If not, enjoy this feeling. Nothing has you more alive than a swift 20% market wide correction. Your portfolio decimated, your plans for next year’s vacation wiped out. It may not be pleasant but you will survive, stronger for the experience.

Pain will be of the Hellraiser variety but stay the course. Don’t indulge in the pain because  this is when you need to go to work. You make money when you buy in Crypto and buying opportunities are coming. The moves in Crypto are violent. Crypto markets are mass psychology in fast forward motion. Be a student of it but don’t let it run you.

Your lighthouse in this storm is this: you are playing the long game. This is the early innings in a multi decade shift in how financial transactions happen worldwide. This is bigger than the Internet. Do not lose sight of this fact. This dip will be a blip on the chart months from now. Don’t chump out for a 20% daily drawdown.

We will look at our favorite coins and we will find that sweetest support. We’ll bid that support and we will be victorious.

We are the heroes in this movie. In the first act you meet the hero. In the second act the hero is in jeopardy. In the third act the hero kills everyone. This is the second act. Soon we will be beheading market participants and drinking from their skulls.

I’ve have not traded any coins since late October. I am irresponsibly allocated in BCH with a very small position in EOS. BCH is my long term monster play in crypto. EOS is my potential moonshot and I will rebuy XMR as my anonymous coin angle, possibly soon.

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My Worst Crypto Video Ever

I made this video last night with zero prep. It rambles. I think out loud. It’s all over the place. It’s simply awful and you shouldn’t watch it.

And I’m sharing it because given today’s action there were several good calls, especially XMR. I maintain XMR price target of $1,000 in 2018 (still own zero at the moment).

The gist is, I showed how a bunch of charts were overextended and we were headed for a correction.

I’m working on what I think is next. I posted a few preliminary thoughts on Twitter this morning.

Given this is my current music you can get an idea of what may be on the horizon.

 

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Monero, The Little Pony That Could

If Bitcoin is the Honey Badger then Monero is the Pony Badger. (Monero’s lead dev goes by the name FluffyPony)

If you’ve been following me I mention XMR often. I have no position now. In fact, I sold it at $85. Today Monero is a few dollars away from $500. You’d think this would be me right now:

But I’m not. When I sold XMR at $85 I bought BCH at $380.

You can see how this much winning can get old.

XMR is THE anonymous crypto. $ZEC is not anonymous by default and their initial launch was kinda shady. XMR has scheduled hardforks, a system for funding improvements and so far has proven to be reliable and unbreakable. Makes it a unique and valuable coin.

I don’t give specific trades because this blog is purely entertainment and not financial advice. AND, looking at a chart $360 has a decent chance of getting a fill on flash pullback.

Keep in mind we are building the most elaborate financial sandcastles. One strong wave will wipe the beach clean except for the strongest coins. These are epic times. Winning is easy. Just protect your house from the inevitable wipeout.

Post wipeout and expectations reset we’ll change the world.

 

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Charlie Lee, LTC Founder, Sells Everything

Charlie Lee AKA @SatoshiLite, the founder of Litecoin, is in the news today saying he has sold all of his LTC due to potential conflicts of interest. In typical Crypto nerd fashion he wrote a Reddit post about it. Reddit is garbage but here’s the link and a screenshot from last week where Mr Lee said he does not like to talk about price.

I’m sure the timing of this has nothing to do with the fact LTC has gone from under $4 to over $300 in the past NINE MONTHS. That would be speculating right?

LTC is down 10% on the day. Do you see anyone writing letters to the SEC about it?

Charlie is a smart guy. He gets abused frequently and has mostly been above the fray of personal insults. LTC is also very closely tied to BTC. They are the “Gold and Silver” of Crypto.

I don’t begrudge Charlie his success. I admire he’s always been very transparent. I cover this because I believe it’s noteworthy in the crypto space.

If the CEO of your favorite company sold all his stock what would you think?

 

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Bitcoin Butthurt ATH

Bitcoin Cash was listed on Coinbase yesterday and the price enjoyed a violent move upwards. This was all telegraphed and predictable. There are a lot of retail investors looking for crypto exposure and Coinbase is a primary onramp for fiat. So, Christmas came early as I expected BCH to be listed closer to January 1st. Epic winship for anyone who followed me into BCH. Congrats.

And the result is the Bitcoin Core community has reached a new ATH in Butthurt. It’s amazing. To say Crypto Twitter is Bitter is the understatement of the year. I wrote about the division in Bitcoin in previous posts but if you’re new to Crypto Bitcoin Core has been in control of the development and direction of Bitcoin for ~2 years. When Bitcoin Core decided to change the Bitcoin protocol in fundamental ways in August 2017 a group of people created Bitcoin Cash to keep Bitcoin as Bitcoin. Now Bitcoin Cash is enjoying success as a healthy network capable of faster transactions and lower fees than Bitcoin Core and it’s being reflected in a rapid price/value appreciation. This is a great site for visual representation of the performance of the two networks.

The result of yesterday’s Coinbase release is those who adhere to Bitcoin Core are exceptionally salty about Bitcoin Cash’s success. Here’s a few samplings:

Several people also posted screenshots of their online filing to the SEC complaining about Coinbase listing Bitcoin Cash. BTC, the honey badger of crypto, has become an echo chamber of righteousness in which the horeshit above is nurtured and encouraged.

SAD!

Bitcoin Core’s network is getting slower and more expensive every day. The Bitcoin Cash community is moving forward with plans for increased user and merchant adoption. 2018 will be a great year.

Here’s a video for the BCH haters:

Your Vag = BTC
My Vag = BCH

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Bitcoin Time Traveler

I used my time machine today to research what positions will be most valuable to the iBC community in 2018.

I returned to find a BCH explosion over $3,000 for a 100% rally in just under 3 days and a casual 1,000% since mid October. That’s good. Know what’s better? When you’re 98% in that asset. I’m not playing piker position sizing for risk management. Nope, I’m “irresponsibly allocated.”

I’m juggling live tigers on a tightrope over a shark tank.

And here’s what’s wrong with that. Crypto will ruin you. A triple digit gain over a 30 day timeframe isn’t worth getting out of bed! Make it 24 hours or less and I’ll muster a moderate amount of interest. This isn’t to brag. It’s a warning. Trading Crypto will hollow out your soul. You’ll be devoid of feeling. Weekly swings of 50% in your entire portfolio have a tendency to destroy your adrenal glands. Your body stops producing cortisol. Some coin you are 90% in on drops a -$1,000 HOURLY candle and you don’t even pause eating your sandwich. So, be careful what you wish for. Trading crypto has immense upside but no one tells you about the dark side. You will never be the same.

It’s late here now and despite the winship I see devils all around. When things are this good there is only one direction they can go. It takes discipline and focus to put that natural self preservation instinct aside and pursue the most obscene gains possible.

Risk management. That’s cute, now pass the heroin.

 

 

 

 

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One Crypto Stock To Rule Them All

M G T I. Up another 30% today.

I called MGTI hitting $10 when it was around $3, possibly lower.

All my brokerage accounts are fully loaded in MGTI. I got shook out of one account but I corrected that error.

Yes MGTI is up 300% in a short time. Not worried. I am upping my target to $20 in early 2018. Don’t bitch if you buy today and experience a correction. You gotta call your own entries. I can only throw out names. It will be interesting to see what hits $20 first: EOS (the coin) or MGTI

Why MGTI? John McAfee is insane and I like that. Beside that they are building a North American based Bitcoin mining operation. No matter what coin wins they WILL make money. This is like buying a shovel company during a gold rush. This is a better thesis than the scam companies jumping on the Crypto train. MGTI is a legit crypto company.

Is that an oxymoron? “Legit crypto company”.

I recommend starting bags on all the anonymous coins. Governments are going to tax the shit out of crypto so anonymity is going to be BIG in 2018. AEON, XVG, XMR.

Second tier: ZEC (but really fuck that coin), KMD.

There are a few others but I won’t mention them due to possibly be scammy.

Here’s your mission if you choose to accept it. Start small bags in all these coins and then just sit on them. Sometime in 2018 they should explode. That may seem like obvious investing advice but in Crypto that has proven to be a stupidly rewarding strategy.

Your target is 10x or more. Don’t settle for less.

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Crypto Is Dead, Long Live Crypto

Crypto is dead. Everything you knew, gone. The major players of yesterday, irrelevant. The rules of the game, destroyed. Up is down. Down is up.

Here is a final look at the previous lords of Crypto: the Neckbeards. They were gentle guardians of the fertile Crypto plains during the Paleolithic period. They roamed the crypto exchanges as doe eyed benign beings of innocence. Rarely leaving their basement, they devolved into human cavefish. Left to their limited options for social interaction they engaged in the the great Troll Wars of 2017 on Twitter and Reddit. The neckbeards ceased to adapt. They are now functionally extinct.

The new Lords of Crypto are … the long tail of society. Your Grandmother and her Florida retirement community armed with Ameritrade accounts, the Uber driver, the barista, and the millenial shitheel next door are the new lords of crypto. Surprised? Did you think I was going to say Wall Street?

The crypto genie is out of the bottle. Wall St is attempting to get it’s hooks in via CBOE, CME, GBTC and other traditional finance instruments but society finally has a way to overturn the status quo. As the meme goes, “THIS IS GENTLEMEN.”

Allow me to preemptively say fuck you to the inevitable trolling I’ll get in the comments. I had GBTC in the iBC Stock of the Year contest. How did your shitty call go? You wanna fuck with me now. Bring it. I’ll fuck you up in 2018 too.

But we cool, if you’re cool. I’d rather help you make a shit ton of money than have to hear your critiques of my crypto game. All I have to say  is….”Scoreboard”. If that irks you, hate the game don’t hate the playa. You can still get your 20x on in 2018. I invite you to come along on the journey.

Where was I? Ah yes, making shitty analogies: if dotcoms were a coal fired train then the crypto universe is a custom built 220mph bullet train. What I’m saying is…. Everything is accelerated. Days are minutes. Weeks are days. Gains are obscene. Losses will be catastrophic. Rising from the ashes will be a new world ordered on Crypto.

Don’t get complacent. We’ll run farther and longer than you think possible. We’ll crash so hard your unborn kids will feel it. Then we’ll take over the world.

Everyone fears Wall St will take over but it won’t. Crypto is worldwide. It can’t be sliced into tranches of shitty debt and CDO’d to death. Wall St can short it, but they will get run over by Grandma’s knitting club talking about blockchain and HODL in the long run. The long tail wins. A million Grandmas with Ameritrade accounts are greater than Lloyd Blankfein.

Play the long game. Don’t chase price. Read Fly’s book. Troll me at your own risk.

On the markets, BCH is up 20% today and forming a nice bull flag. I posted charts on my Twitter.

I’ll post something with meaningful content later. Maybe.

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