Bittorrent (BTT) is the cryptocurrency you can earn using the Bittorent torrent app. Recently BTT price started mooning going up from 0.00035(ish) to a high of 0.0019. That is a gaid of 422%.
Time To Dump
But as with most moonshots, BTT has started to come back to earth, and is down to 0.00134 now, down 30% from its highs. Even if BTT is about to go mainstream, a 400% increase in just a few days is going to result in some profit taking. And that is happening right now. Will it crash all the way back to the baseline level of 0.00035? Time will tell.
Anatomy of a Pump and Dump
There are some things to watch for when investing in cryptocurrency and the biggest thing is to not get caught up into a pump and dump late in the game. It is all too common for investors to see a cryptocurrency mooning like BTT was doing and feel they are getting left behind and jump in near the end of the pump likley buying from the people actively involved in the pump.
Things to watch for to help you either stay clear of a pump and dump or profit from them.
First, if their is a sharp spike in the price that doesn't seem to match a long term growth it should be a red flag that something is up. Especially if there is a lot of "chatter" on Twitter and Reddit about unspecified "Great News Coming". Even if it isn't a pump and dump, cryptocurrencies rarely shoot straight up and stay up. They almost always tend to come back down.
The mini-spike prior to the big spike is also a clue. This increase in price may well have been caused by the Pump and Dumpers as they were building their stash. While they would like to be able to gather their positions with out alerting the public, that buying action may still trigger a bit of a spike.
Is BTT A Good Long Term Cryptocurrency?
Bittorent has been one of the leading torrent apps for years. Their attempt to create a new source of income from cryptocurrency was a good one, and I expect BTT to be one of the long term survivors. I have been building a small stash of BTT that I was happy to unload yesterday for a nice profit. If BTT comes backdown to the 0.0004 range again, I will likely buy back my stash and maybe more.
But it seemed like a pretty obvious pump and dump to me so I took my profits and am looking for the next good long term super cheap cryptocurrency to invest in.
No One Goes Broke Taking Profits
It is an old saying but it is true. If you are a trader you need to set reasonable goals for your profit (note in the cryptoworld, 100% is a reasonable goal!) and take your profits when you can. Old sayings such as buy low, sell high are as true in the cryptocurrency trading world as they are in stocks. Maybe more so as the volatility in cryptocurrencies seems much higher.
Do your own research. Find some promising cryptocurrencies that aren't enjoying the spotlight yet and take a stake.
I like to go ahead and put in a sell order right after my buy order at the profit level I'm trying to achieve and have recently started selling just enough to get my money out while leaving the rest in case the pump is the beginning of something bigger.
Good Luck to All Traders
I hope everyone is profiting from all the action taking place in the cryptocurrency world. Remember, this isn't financial advice, just my opinions and thoughts. Do your own due diligence and research. All trades have risk.
Posted Using LeoFinance Beta
JS Effect 😀 - at least the hive community will never trust I believe.
Oh wow, I didn't realize you could earn tokens with Bittorrent. I used to use it all the time. I moved to something else years ago though. That sucks. I guess I will just have to count on my other alts to moon!
Posted Using LeoFinance Beta
Yeah, I'm not sure but I think they went that way sometime last fall. I tried to get it working on my computer but I have never been able to figure out how to get it going though. My plan was to host a bunch of public domain stuff. I have no interest in getting caught up in a copyright violation situation, especially if caught profiting from it.
Posted Using LeoFinance Beta
Yeah, that could be a real red flag right there if you are getting some kind of gains from it!
Posted Using LeoFinance Beta
Oh, and it is also supposed to work with Utorrent.
Posted Using LeoFinance Beta
Hmm, I will have to go back and look at what I am running on my Linux box at home.
Posted Using LeoFinance Beta