This is how a prejudice comes true! Sunday morning….. OK, not a real carnage – but a lot of dumping.
Only yesterday we published about this! But still – we are no gurosaur yet…
People that follow us know we have a Sunday thing in our heads at cryptmove.com. That means that we stay awake mostly when Sunday actually arrives. Bitcoin took the 11,000 again and that is great. We do not have a lot of it, but we like BTC as the standard of crypto. I know many people feel that way. Fully irrational we changed positions into USDT, just not to find the red screen when we wake up at Sunday. We figured: slaughter ahead, so prepare for battle. USDT while sleeping and than buy at a bargain. Nothing to justify this strategy, but we just do not trust Sundays.
By the way: So many youtubers that declare BTC ended and will be replaced. So far they are wrong. Look at the trade volumes! BTC is number one by a big margin. Guess a lot of people started loving it. At cryptmove we do too. Still hope it will be the real gold standard of the crypto market.
We do some twitter at times and understand the term #shitcoin. There are many of those, but some offer a fantastic ride. It’s crazy, but true and a lot of fun the same time. Remember that before we talked about Eli the computerguy? He is great! He also has his view on bitcoin (a view we do not share completely, but we also know we did not file a patent for our views being right all the time…). Watch the vid and see what he has to say. While your at it: he can teach you a lot. You should watch some videos he made about networking protocols and related stuff: he has a gift to explain things clearly. Even programming and coding. He is one of the most useful and productive people on youtube I know.
Another Exchange? Yes. This time the newcomer is WCX and their promise is to let you trade cheaper than with the competitors.
We signed up of course and want to give it a try. If they manage, it makes some sense. 1.5% – 0.5% is mostly what you pay for trades. That could be less of course. We will follow WCX and see if it lives up to it’s promises. The team behind it is very experienced. So we are looking forward to try it out.
Maybe just coincidence, but look at the time stamp. Like some invisible power gave a command to dump everything at 14:00 pm. We see this pattern every time. We call it the dumping moments. What triggers it is unclear to us. 4 coins take a nosedive simultaneously. Who knows can tell…
Another phenomenon indeed might be quants. They trade amounts over 10,000 (you can see that well by following how big orders are). When they buy, they will sell for as little as 0.8% (keeping 0.25% after transaction fees are off). 80 USD per transaction. That is a good pay for a couple of hours activity, of which 99% is just automated on limit and/or stop limit. Guess they are not really bots – they just behave like it. Let’s say that the 10.000 allows for 5 transactions per 24 hours. That is a comfortable 400$ for very little effort. Most trade smaller amounts and are tempted to go for real rides, having percentages of 5% or more per transaction. That happens, but happens less than the opportunity of taking 0.8%. The chance you get stuck into a position is huge if you set your margins too high. Even with small money, you should be happy to go up and down. Just think about the percentages, not about what you want.
Big sellers (whales and/or conspirators) can really scr*w up for you. Nothing to do about it. No technical analysis will help you there. We once talked to a guy that you might consider a whale. He said he masked his buying. Meaning: buying small amount in sequence, calculating carefully what the value is and when he reaches his 0.8% he dumps all in one shot. If you’re not out you have to park and wait for the next ride. Binance is small enough for manipulative trading. A lot of the BNB defined pairs have very small turnovers in 24 hours and are within reach for small groups of people to play pump and dump games. Since they make relatively a lot of money with a very small margin, that’s successful.
You can never prove that without seeing who is doing the buying an selling. So officially we say only that this is a risk and have no proof it happens like that. Logical explanations are not evidence. The volume is important. While BTC reaches about half a billion per day, there are coins that do less than 15,000 USD per 24 hours. That means: the total market here can be bought by just one person or a small group of persons. Trading is only about making money, and so they do.
Crush the Street made an interesting post about gov and BTC. They ask the question: are banks/gov the secret buyers when others leave the marketplace in panic with losses. We wrote about this possibility in February!
A lot happened that pointed in that direction. Our theory was that they are buying trough proxies. When the establishment commands it’s politicians on the stage to warn against BTC, than they do so because some plan is in place. They say it is to protect investors. Well: they never ever cared about the fate of investors. Au contraire! They talked the pré-2008 bubbles up and gave the culprits all political and MSM protection they needed. The first government that actually is committed to protect citizens from financial sharks still has to be created. We firmly believe the deliberately created panic was just an ordinary move to buy in the cheapo way.
There is a very simple reason for this. First get a big stake in the limited amounts of BTC. Second to develop parallel initiatives. Big chance they will come with some ECB or other very official coin. The Chavez way! Before that they will try to get the BTC rate as high as possible. Than, by then in a whale position, they will dump it into oblivion, in a fast crash evaporating the capital from the very people they lured into investing in BTC because in their way they adopt it…. For us it is a very likely scenario. The big question is how all will be timed. One thing is for sure: if MSM all of a sudden is allowed to say anything positive about BTC, than some positions are taken already.
The ECB is maybe the most dangerous bank on earth, managing the EURO hoax. What the Euro did was more effective than any taxation would have been. It disowned people that had savings. It destroyed the small individual wealth, just grabbed it. It bought massively into worthless government debts and so, despite treaties forbidding exactly that, turned the EU into a transfer union. All well planned and executed. When they start playing BTC (and we believe trough proxies they already do) we are in for a lot of turmoil.
The first one that proposes a meeting is the traitor!
Free to: The Godfather. Watch the scene, especially around minute 3:25
So ECB stepping up to crypto with a proposition to talk and supported to do that by some crypto guru proposing that should not just ring an alarm bell but a whole carillon concert!
For no specific reason we were never into Ripple. We sat down an checked it a bit on Binance. We asked our technical analysis department to make a report. Here we go:
Well, that explains it all. We just rippled our eyebrows and decided to take a decision when we actually have a faint idea where Ripple is going. We asked the lady of the screen also what she would do. She had a good idea, but it did not change our decision! Deciding is the thing you do when you took a decision. The only thing we decided so far is that we do not take any decision based on the lady of the screen. She does not have a good disclaimer. People that do not disclaim what they say are dangerous!
Meanwhile we stay glued to the screens today, since like every week this year Saturday will be followed by Sunday. We believe that is a conspiracy. We think that people who made the calenders did that intentionally. We stay alert. Will there be a Sunday crypto massacre this week? Will we see a wave of despair flooding upon us before we can call it a Monday? Is there a point in time we can say:
Sunday you say mate? Sorry chap, just didn’t notice that. Just was rippling of a little today.
But there is a deeper truth & pattern in all of this. We have an explanation why our technical analysis department is extremely successful. You have to see the bigger coincidences and sequences. We put some money on the bet that space travel to Pluto will take place before space travel to Mars. Admit: to spoon the NASA coin a little. We are cleversaurs!
Remember – when things go wrong, despite our technical analysis, we have our tools to take the fall out and keep working on for better times & days. We keep our stiff upper lip. We calmly explain, when we drive our Maserati, that we only sold the Lamborghini because we had a slight ache in the back because of the seats and anyway we got too many speeding tickets driving it. We stay focused, whatever ripples!
There is a lot of talk about rewarding content. We embrace that – we like to be paid to produce content. We appreciate a lot that people think about how to do that. We did not find a good solution yet. It looks like at the end of the day advertising is the only way for content producers to have some crumbs left. Google of course makes billions from advertising and gives some peanuts of it to the people that make content (most of all on youtube). Eli the computer guy has fantastic monologues about that. You should google him and watch his vids. The early ones are great tutorials, the later ones are more “societal” (if that is a word at all). I owe him a lot (and never paid him a dime to be honest – but I have hoards of “friends” with windows problems I solved for free while the money was going to Microsoft for the licenses and the support that did never actually work…).
We joined Commodity Ad Network, that is a fair deal for content providers (and a good solution for advertisers at the same time). But again: advertising.
The effect of the reality that only having numbers pays is that content providers are tempted to play the numbers and neglect the content. A nice girl blogging about hairspray gets more views than a heavy weight IT developer explaining the difference between PostgreSQL and MySQL. In our view that is not very satisfactory. With all good intentions BAT and STEEM will have the same effect. We became very aware of that in our crypto studies. All these self proclaimed gurus… Some very decent and without having bad intentions – but some very slick and knowing they are looking for views-against-BS. That in the end is the business model.
Is the only way for content to get paid to be popular? To have likes, hits and followers? Should you buy a silly cat and make funny video’s about it and forget about all the rest?
People that made STEEM and BAT do not think about it like that. They are sincere in their intentions. But how will it work out? How we prevent that content will be defined as and produced as a result of a popularity contest? We do not have an answer to this question. We just look at the devastating consequences it has already.
We already mentioned Crush the street. Great site, great channel on youtube also. We watched this talk and decided to post about it. It is great!
We need this kind of discussions. We need to listen well to qualified people speaking against BTC and crypto. They understand what it is – and do not like it for very good reasons. Bob Moriarty makes an argument we made on this site already: what is the (added)value of BTC. Who will miss it when it’s gone? Fundamental questions you should ask yourself. There are more qualified critical minds. We wrote on Andreas Popp and Dirk Müller before. Their question marks and doubts are legitimate and well argued. There are counter arguments and Crush the Street does a great job here by having this conversation with Moriarty. The only way to develop something is to have somebody counter argue. (I had a job as software tester once and my job was not to “debug” but to produce horrible crashes. I was good at this actually – but that is another story). Listen well to people with completely different views and opinions. They help you to improve.
Just watch this vid, it will make you think. When there is one consensus, it is that our current banking system is a den of thieves and is going to collapse. To quote Moriarty:
It’s [the banking system] going to collapse and we need a solution
He sees some “scary things ahead”. Indeed there are. We all take the financial system very serious, but deep inside we all know it is a hoax and the only reason it seems to be something steady is the brute force states and law systems put behind it. It is the number one tool of oppression. It delivers the tanks and distributes the licenses to kill. Since 2008 we also know the banks own the states (and with that the tax payers!). The bailouts of course were the end of the last illusion of the existence of a democratic society.
We took all your money, and now we gonna take a little more
That was the message defaulting banks had to their customers. If they did not comply the state would make them to, if necessary using semi military hardware. All over the US and Europe banks were bailed out with tax money. Of course there is no lesson about 2008: the bailout is a license to do the same over and over again. We are there already. We just do not know exactly what will hit us, where they slush their customers money away, then threaten to go into bankruptcy and will use the force of state again to bail them out… We only know that will happen again.
Because that is the way it is, these cheating banksters are the image of success, also for the population. The same banks that stole them blind are still leading banks, where people are having accounts. The public did not punish these banks – they cried “injustice” but remained putting their money in the hands of the same people that caused all this misery to them. Collective Stockholm Syndrome.
Of course the Bitcoin ideology (we can call it that) is a world without banksters. Moriarty says that will never happen, because the states won’t let it happen. A strong indication that he has a serious point is the wave of regulation proposals and wishes erupting since December last year and leading people in the crypto world going for that.
Nobody can see the future – first get trough 2018, since many feel that is a crucial year to determine what direction crypto will take.
Let’s finish with the best sentence out of this interview. Quoting Bob Moriarty:
in everything that government does , they screw up
We couldn’t agree more and I think that there is a very broad consensus about this among all of us that understand a little how govs actually work…
Salt is a lending platform. The idea is: keep your coins, use the cash. Of course that is attractive to many people and therefore this will be a very popular site. The SALT coin is traded on Binance against BTC and ETH. It is made very simple to deposit and see the value of your collateral. Looks really great. You can inform yourself further and join by clicking the screenshot.
It works really simple: your coins are collateral. If their value drops below the loan value, that collateral will be taken. You can prevent that from happening easily, because you will be noticed and have opportunity to deposit some more. What is absolutely great: no grabby contract- and or bankster cost involved: it just runs smoothly on smart contracts. It is based upon community. Very different from other community platforms is that you do not have to give a specific loan purpose.
It happens to many people: they have to liquidate a (crypto) position because they need cash. Salt is the solution to that. Keep your coins! Keep up the Hodl!
Of course: every loan cost money (interest). Keep that in mind. What makes SALT such a nice way to loan is that the collateral is in crypto. Read the documentation (that is really well written!) carefully, to make sure you understand what you are doing. A good idea to start with is to over collateralize loans by at least about 20% (or even 30% – rates of BTC and other digital assets still fluctuate a lot).
Of course this system only works for you when you expect value growth of your digital asset. We cannot be warning enough against borrowing unto the max. But with clear contracts in and enough overcollateralization you should do fine. On the other side: you might want to be the lender. If all goes well, you just make your interest. If things go wrong you collect the collateral. Great way to make money without a big risk. Of course the interest will be market conform and not spectacular. But it comes without effort and hassle.
One of the reasons we believe this will work well, is because it will function as a community. Many people will like to use it and incite others also to do so.