Okay we are almost to my Jan 2nd mark, and I thought I should share the information from an article. I think he made a good analysis, and everyone should consider reading it. I'm going to share my opinion, and what I think could happen soon.
http://jamescrypto.com/the-christmas-crypto-correction-what-really-happened/
First there is the Tether printing, and pumping of Bitcoin. I have been watching this happen for some time now, and I expect there is something coming in this regards.
First there was the major correction, and some of the back story from the article I think is helpful.
"At this point, Bitfinex started printing Tethers at a rate they had never printed them before. Over $150 million in one week. Normally this would lead to a huge jump in Bitcoin prices as it had done in the past. But this time was different, the price barely moved $1K, which in Bitcoin terms is just normal daily movement. So the week leading up to the correction, Bitfinex printed another $200 million in Tethers. This should have surely pushed the price above $20K which was their goal all along. But there was huge resistance at $20K and nothing would push the price past it. The manipulators realized Bitcoin was not going to pass $20K in the near future, so they started to coming up with a plan for the big whales to cash out some profits they had accumulated since they had been artificially pumping the BTC price since it was $6K."
We must also look internally within our own crypto ranks.
To make matters worse we have collusion, and I suspect a few exchanges are also involved. I think that by shedding light onto this event we might get some de-centralized exchanges up and running.
"Charlie Lee is an insider and has always traded and made moves based on his inside connections. Charlie knew the whales were planning to cash out their profits from this year soon, so he decided to do the same, but under the guise of some phony altruistic reason. When a whale like Charile sells, you should too. On the way to the moon, all the honest guys get left here on Earth. But Charlie also knew something else was coming…..Bitcoin Cash."
I personally don't trust this person, and think he is just an opportunist looking to cash in on the markets. He does not care about any consequences, and does not seem to care about the underlying nature behind cryptocurrency.
Now we come to the bitcoin cash debacle on Coinbase, and how the pricing was crazy, and I even saw the price above 8K myself, and thought something fishy was happening.
"The Bitcoin cash robot that ruined Christmas. Then came Coinbase, which announced early that they would be selling and trading Bitcoin Cash. With the whales behind Bitcoin stalled out, the boys behind Bitcoin Cash decided to have a little pump of their own. They had their trading bot all set up to pump the price to the moon, but the best laid plans of mice and bots often goes awry, as it did on the launch of Bitcoin Cash. Within one minute of launch, orders were pouring in for Bitcoin Cash for $9K. Obviously, no human would be flooding the books with orders 3X above the current market value only a minute after release. This was clearly a bot meant to boost the price, however it went out of control since it was not programmed to handle an empty order book and exposed itself. This is why Coinbase shut down BCH trading for the day. They knew a bot on their exchange had been exposed and they needed to shut everything down and remove the evidence, which they did."
I don't really know what really happen here in this regard but think that this may be as good as a explanation I have seen so far. What this tells me is that these whales are not going to stop but are only waiting for the next opportunity to strike.
"The big cash out. With the Bitcoin whales unable to boost Bitcoin past $20K and the out of control bot that failed to pump Bitcoin cash, it was now the peak, things would go no higher as the whales had run out of tricks. So the plan was to start selling. And yes, it was the whales selling. No retail investors can even get $1K out of their little accounts without running into huge issues with verification and other issues. So no, this was the giant whales slowly selling off their positions and taking the profits they had built up over the year."
The correction was great and deep even into Alt-coins, and no matter what some of us think is happening we have to conclude that there might be a group of whales looking to leave us holding the bag.
"The price needed to hit a real support level that made sense on the charts. So as the price was falling, orders for as many as 1K bitcoins started showing up on Bitfinex. At that time, that was a $12 million order."
So what does this mean for us now?
I for one am positioned for a very large pump, and I will be taking more off the table next time prices hit all time highs. I'm planning on buying more ICO's and tokens with these up-coming profits. Creating a partition between myself, and these Bitcoin whales. By concentrating on what I consider up and coming technology, concepts, and ideas.
ERC20 tokens will be an area of concentration with tokens like ETHLend and Sether. Buy geting into these very early we can stay ahead of the whales, and take profits for other crypto real-estate. This does not mean we are 100% protected but you could take things a step closer and add some market shorts as insurance if you felt you needed too.
My friend Randy @hilarski just made a great post, and I think you should check it out. He makes some 2018 predictions. Knowledge is power. https://steemit.com/bitcoin/@hilarski/my-2018-bitcoin-and-cryptocurrency-market-cap-predictions
My Random Thought Generator Has Shut Down.
Until Next Time!
Well if the whales are playing games or not I am HODL . Have seen it go up and down but in the end it seems to always go higher.
It is depressing when you think of it as there are major holders or "banks" in crypto because it is not being spread out enough or adopted fast enough.
I have to wonder if we can truly call Bitcoin a currency when the vast majority of the outstanding coins are own by a small percentage of the addresses in use.
https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
The coins must circulate to make them useful as a currency.
For no it's not, and there are much better options. But I look at BTC as the gold of Crypto.
Honestly it's okay because we can move around these whales due to the ever increasing options, and new technology coming out.
The longer bitcoin stays at $13,000 to $14,000 the more this trading range gets reinforced. Investors only would buy at $18,000 when they thought the price would go up to $50,000.
So true, and with the whales going to pump it like crazy with buy orders, price spoofing, and tether printing I getting ready for a crazy ride starting Jan 2nd 2018 :-) Happy New Year!
what is tether printing?
Creating new USDT out of thin air, and then injecting it into the market pushing BTC up.
thats gross
Thanks for your Upvote!
Interesting. Everybody talk about Ethlend these days.
It's an interesting project and still low enough to buy people can earn as well.
I believe 2018 and beyond will only see more of this. As Bitcoin has hit EVERYONE'S radar, including our governments, its going to be influenced on a larger scale. Pay attention, it will either make or break your crypto portfolio. I'm hoping I'm paying attention to the signs when they are presented.
good post
Thanks @spartanken I really glad you understand what I'm getting at. I sometimes have a hard time explaining it.
Great perspective; thank you.
As Clif High says, we are about to experience one of the few great transfers of wealth in the history of the planet. It seems to me that so far, since circa 2009 (birth of Bitcoin) only about 5% of wealth has flowed into the crypto universe. There is so much more $$ yet to come. Governments and Reserve banks will try to blow this all up. But alas..... it is too late!
To all here on Steemit, I say:- get involved and hang on for the ride!
For the neophytes and indeed the skeptics, Mike Maloney (gold Silver) has produced an excellent utube placing this revolution into context:
see
Happy 2018 people it is going to be sooo exciting.
It's going to be an epic ride for sure. It's best to plan now how you will plan your life as the changes will be fast, and the government will also lay out their plans as well.
Resteemed, thank you for the insight John!
Thanks Randy I think we will have a very good 2018 :-)
My dear friend, I spoke to you on Facebook and you did not want the name Hamada Mohamed
People are bombarding my facebook account wanting upvotes and friend requests. Honestly it's allot to handle and I can only vote so many times per day. I did find your request and accepted, but please don't bombard with messenger requests. On another note I'm impressed that people figured out who I was before I began posting here under my personal account.
Have you looked at Fun Fair token? It's at 10 cents and up 85% in the last day.
Yes but I should look back into it again @mikej
Great post @johngentry!
While this post is primarily about BTC, I am relatively new at the investing world; and, could only ponder what the best move would be if the recent SBD began to drop, leaving Steemians with a huge decline in earnings.
I’ve bought a few other alt coins as an experiment to watch them for the next few months, as a learning measure of ebbs and flows in trading.
I’ve also been researching various exchanges.
Bittrex has received rave reviews; but, since becoming a member (~a week ago), I have yet to be able to deposit any STEEM, due to an error message, which seems to be quite common among users.
This reminded me of a ‘red-flag’ warning, that the recent gains were all inflationary; and, might be about to tank.
The inability to access an otherwise popular exchange may have something to do with ‘whales,’ in the background, preventing buys of other coins.
Of course, this could be just conspiratorial; but, I couldn’t help but notice that openledger.io was down all day yesterday, declining any buys/trades of specifically mentioned STEEM.
Thanks for this insightful post!
Best regards for 2018!
Peace.
So several exchanges have been having issues signing up new people. I have come to the conclusion that the exchanges never expected or prepared for this kind of people influx. Just the sheer amount of users on the CBOE crashed the website. Coinbase, and Bittrex have also reported issues in that regard.
Now for your SBD question in theory 1 SBD = 1 USD however due to the nature of open market, and SBD being a listed crypto anyone can buy, speculate or buy up access supply. Since the Korean market has seen allot of this I would look at what could happen from that perspective.
STEEM is under valued in my opinion, and really still needs to be discovered. I don't see SMT getting the attention needed, and unless a real marketing campaign is created STEEM will have issues getting above $4 USD.
This unexpected influx sounds like good news for crypto.
It’s good to know there’s a viable reason for the error message.
Yes, I’ve heard that there was a huge buy in the Korean market as a safeguard against the potential military conflicts brewing.
Whew…$4? is very underwhelming; and, I have to agree with you that SMT will be of little effect for minnows/planktons. And, the number of whales benefiting from the SMT is also questionable.
It shall be an interesting 2018.
Thanks for sharing your thoughts!
Peace.
This post was great, caught us up on the direction of things and why. Good to see your position on where you think things are going. Do you think BCH and LTC will follow the pump of BTC?
I think so because in my opinion everything on Coinbase will go up!
Happy New Year! @turksays
thanks @johngentry for sharing useful postings.
your post is very interesting.
but I want to ask you, how do you think about the development of 2018 bitcoin price in the future?
I just want to survey some people
I see the Motherload!! of all pumps coming. May have already began, and that's why I say take your profits from these institutional pumps and buy into ICO's ERC Tokens because BTC will be at 20K again soon.
Very nice..
Thanks for sharing this with us happy new year
Happy New Year! @cristitaylor
Thank you dear @johngentry i follow you and hope you will do same thank you and hope this yesr may bring alot of happiness for you and your family
Tx for shearing with us,@upvoted and @resteemed
Your welcome @shajjad
Thanks for offering your insight into the nature of this market. We have to remember always that, as retail investors, our motives will often clash with those who are playing at a different level. Still we benefit immensely more in this dynamic space compared to old, traditional markets where we only stand to get fleeced.
Just create a portfolio than has crypto they don't move into yet along with solid technology. Assume they will do the same always and manipulate the markets.
A random thought generator, huh? Signs of a wandering mind. The mind must wander to write.
Yes I am a multi-subject thinker, and all things move within a circle with how I can get around GOV fiat. Writing is fun but can be difficult sometimes when you hope to educate people.
Good post. If Tether crashes, the new reputable price stable coin may benefit: https://medium.com/cryptolinks/maker-for-dummies-a-plain-english-explanation-of-the-dai-stablecoin-e4481d79b90
I just read the paper but not in-depth yet, and it does warrant a deeper read. If they are currently able to provide stability of a 1-1 ratio buy not artificially adding crypto liquidity to the market then yes they could be a competitor.
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Definitely market manipulation carried on with BTC, last month started around US$ 11k December, past couple of days holding between 12k and 13k is healthy, much better than the crazy ride up under 20k.
Some interesting new developments in other crypto, being here on Steemit reading about new coins and researching, yes there are a variety of options to chose from, 2018 is going to be interesting.
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