The assault against dollar alternatives is now hitting a fever pitch.
If you have been following my work as of late, you know that I have been talking a lot lately about the in our faces attack against "dollar alternatives," despite the fact that the US dollar itself continues to lose value.
While most of us are acutely aware of the war against hard assets like gold and silver as dollar alternatives, this battle has now bled off to cryptocurrency's as well.
I suppose the real question when it comes to the selloff with regard to cryptocurrency is this, Who is selling?
I firmly believe that the price action that we are witnessing against dollar alternatives is being perpetrated on these markets by the Wall Street banks, and central banks, who have vested interests in keeping the people in central bank issued debt instruments.
I personally look at the attack on cryptocurrency's in the same manner in which I look at the war against hard asset dollar alternatives, as buying opportunities.
I say let them continue to play their games against these dollar alternatives- because for those of us who understand clearly that we must be diversifying away from debt instruments, like the US dollar for which the federal reserve itself has promised to kill in order to create inflation, their manipulation creates major opportunity.
Gregory Mannarino
I think it's just people who invested at much lower prices taking profits followed by people selling now that it's become clear we're in a bear market, which of course is also putting off buyers
exactly... people with no knowledge get scared and follow the market causing this spiral down...
It could be. But it was suspicious very aggressive. Consider also the timing, the bitcoin "civil war", the latest multi million hacks (?!) on ethereum etc.
i consider this my second chance as i missed the first crypto rally
They won't be able to keep it up! Bitcoin will rebound nicely within a few days! Mark my word!
looking good right now!
https://www.xbt.eu
I don't think BTC will rebound substantially until mid August when the dust settles.
If BIP91 locks in, practically the dust has settled...
yes, I agree
I think a lot of the down side also has to do with the August 1st Bitcoin plan to implement Segregated Witness and then followed by a block size increase to 2MB three months later. There seems to be some worry that the bitcoin blockchain might split. I swapped my bitcoin for litcoin. It seems to be holding up better than bitcoin.
there is a better alternative for hedging.... HERO (with bitshares specs) https://coinmarketcap.com/assets/sovereign-hero/
I really think on days with uncertainty it is a must to keep a percentage on HERO, bitUSD and bitGOLD, all protected by min 2X collateral on a decentralized exchange (bitshares) with the max security possible right now.
This is exactly the way I see it. They're simply trying to eliminate all other alternatives and herd all the sheep into one place, the Stock Market. Once they have us all in the pen, they can sheer us all.
Couldn't agree more Greg. Just keep increasing our own central bank's balance sheets with hard assets and let them keep playing their games.
Hi Greg, I also believe that the price action we're seeing regarding the U.S. dollar alternatives is manipulation orchestrated by the Big Banks, Wall Street, and possibly by the Federal Reserve too. It's definitely a buying opportunity for us stackers of Gold, Silver, and Crypto. If anyone is interested you can check on Coinbase for up to date pricing of some cryptos and APMEX or SDbullion for prices of metals. Thanks Greg and keep up the GREAT job brother!!
Where is it that I can Buy,Sell, Trade?
To get started you need to purchase Bitcoin from sites like Coinmama, BitPanda, Cryptopay etc etc. Assess them for fees and work out your best option. Depending on the buying process, you may need to have an address to send your Bitcoin to in which case you should already have opened a trading account with an Exchange such as Poloniex (the biggest) Kraken, Bittrex and many more. These are centralised exchanges. Or, if you want a more secure, safer trading platform that is decentralised, try OpenLedger aka BitShares. Good luck.
Hodl! 8-12 buy day. Christmas in Aug. Fek these bankers. They cant control the future. Or can they? They can deffinetly steer it. Diversity to be safe though. Thanks G
Agreed. It's an assault on alternative dollar and controlled assets, and a great buying opportunity to get into the crypto markets.
Pillar ICO on now. Dont miss it people. Simple to get into with a wallet from myetherwallaet.com and a deposit from an exchange like coinbase.com account.
Keep up the great work Greg.
Let it crash! I think it's healthy. A lot of these cryptocurrencies went parabolic. They need to come back down.
Wow, Greg. Not a single negative comment about bitcoin in 12 hours since you posted this...besides mine of course. "Looks like" everyone is still on the same side of the trade. You "know" what that means...I hope. :-)
This post has been ranked within the top 50 most undervalued posts in the second half of Jul 15. We estimate that this post is undervalued by $13.74 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Jul 15 - Part II. You can also read about some of our methodology, data analysis and technical details in our initial post.
If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.
I am completely out of BTC and in alts while this btc mess is ongoing
I hope they can keep suppressing it all for a little longer. I am enjoying the deflation in real assets
Cryptocurrencies are a TARGET of TPTB. Sooner or later, the servers that control crptos are gonna be hacked, and every investor will lose everything. TPTB know when the time is right, they must Destroy cryptos.
Have I been nailing bitcoin (and as a result all cryptos) or what, Greg? :-) Btw, did you stop by and see my new blog dedicated to the poster boy for the bitcoin bubble? He did in fact make history today. People are going to be "shocked!" where price ends up as a result of the current drop methinks. Of course I will be there to call the "tradable" turn higher via my exchange traded bitcoin tracker GBTC blog.
great info Greg. I think, the sell off is being done by the big investors cashing in and manipulate the price to go down and re-invest to gain profit. It is also possible that the central bankers are in to it since they have the funds to to buy and dump it to manipulate the price.
If you've missed out on selling, hold and accumulate. Put your crypto in a hard wallet over the UASF. I don't believe there will be a split, but if there is, you may end up with two of every bitcoin. We'll know more after July 21 segwit 2x info.
It may be central banks, but it could also be any institution or individual with a few billion dollars. The cryptocurrency market cap is so tiny at just $70 billion ( that's less than 1/10 of Apple's market cap) that the price action of entire thing is relatively easy to manipulate for someone who understands price action and has the financial resources. However, unlike Gold and Silver which have the paper derivatives that allow them to be manipulated for years on end, cryptocurrencies can bounce back quicker
thank you for good posting
It is helpful to me.
Thanks for the update. Thank god they can't manipulate this market like gold and silver. Once the carnage stops, the price will hit the moon in a short time, just as it did earlier this year.
Some of the 'wealthy' holders of steem are selling. You can observe their action on steemdown.com. I do not think there is a way to short steem tokens. I believe in the long run, this liquidation will stop.
Yes!!!$$$
Thanks Greg, I agree.. I think they are trying to scare everyone out before the next move higher. I think similar to the metals market as well
smart people are accumulation low
Someone, recently, predicted the fall in Crypto prices, due to new ICO sales coming up, soon. ICOs want payment in Cryptos, Bitcoin, Ethereum, Litecoin etc... Are "dollar alternatives" or cryptos, collateral damage or are they under direct attack? Anyway, I like physical silver.
It's got nothing to do with that and it also has "zero" to do with the coming hard/soft fork. Those issues were known 3 weeks ago when bitcoin was trading up close to $3000 and 90% of the people at this site were saying >>> "Bitcoin to $5000 before the end of the year, baby!"
Gregory , cryptos are being swinged by dumb money imo, a lot of people bought into the get rich quick and if big entities started the sell off , dumb money will also follow it. Until a price reversal it is good to stay away for short term. But the long term investors are having a fun time loading up their portfolios with discount prices :D
You may have a valid point, but 1 market correction is a healthy normal condition of any market. At a certain point investors start to take profit, traders start to panic, and the commodity goes on sale until confidence is gained. 2 peoples confidence in ETH and BTC the top two coins in crypto are starting to falter. With the possibility of BTC hard- fork and the ETH ICO congestion, why would the market go up with these uncertainties? Finally, the dollar has been reaching all time highs are far as it's strength hasn't it? Seems like a reasonable thing for it to decline at some point?
Still, is it mysterious as to why all 700 cryptos go on sale at the same time?
Because the top 2 cryptos don't have enough leadership to make a decision it's mysterious why that would effect other crytpos? You must find it mysterious every time the stock market crashes then don't you?
No more stock maker crashes in a lifetime, according to the myterious hand, is that mysterious enough?
Whatever fiat I have to spare has mostly been going four places: physical silver, Bitcoin, Steem Power, and food for the deep pantry.
No other investments appeal to me.
We think a lot alike!!!!
I also have a bit of Ether and am thinking a little litecoin would be nice :-)
Hi Greg,
Love your work and follow you just about every day, but this is one topic I respectfully disagree with you on. Cryptocurrencies are not a good money alternative. For one, look at the volatility.. they are up and down like a toilet seat. Currencies need to be stable. People need to be able to rely on the buying power of what they own. These cryptos can change from minute to minute it seems. For now they are highly speculative assets. Not money.
Also, they have no more intrinsic value than the dollar does. People point to the scarcity or the inability to create (for example) bitcoins out of thin air like they do with the dollar, and equate that to intrinsic value.. but there is absolutely no limit on the number of alternative cryptocurrencies that could be created. Just look at how many are out there now, compared to just a couple years ago, hundreds, and the number is rising. All of them competing in the same niche market. This increasing market saturation will put increasing pressure on the price of any one crypto.
If a government actually decided to adopt a cryptocurrency as the official money, I believe they would simply set up their own through their central bank or maybe the IMF could come out with one, but it's not like they are going to come out and declare bitcoin as the new reserve currency of the world. In time it may even be outlawed as globalist governments continue to try to crack down on internet freedoms.
I don't trust this shit.
I WOULD BUY SILVER AT THIS TIME
cryptos will definitely survive and thrive i have no doubt
smart people are accumulation low
I don't see it that way.
There was a flash crash a few weeks ago when Ethereum dropped briefly to 9 cents. That was definitely the work of the Federal Reserve and the big banks.
The recent drop is just another example of people buying high and selling low. Cryptocurrencies took off in May. They're going to continue to drop on their own until they reach a new support level.
Yes we must diversify away from debt instruments.
Amen to that !
meep
I agree with what you are saying. I think the world needs and will have a new currency system one not based on just the US$. The US$ will still exist but there will be more then one way to pay for what you buy.
Thanx for the update!!!!
Is there any data or trends which identify the crypto's that will be around for the long run? There seems to be a new entry into this field almost daily. I think very few will become established.
Or is our best tactic to throw them all against the wall and see which one sticks????
I am not so convinced of cryptocurrentcy's than I am on Silver and Gold so it good you give me some hope about that.
It would still be a good idea to throw $25 at bitcoin, so that you learn how to purchase it at the exchanges. Then you will need to transfer some or all of your bitcoins to your wallet. Several different choices here, so it's good to get some experience. Then if the shit hits the fan and cryptos are the best choice, you already have some experience. This is what I have done and there is some learning to do with cryptos... I would rather learn now instead of under stress and duress... JMO
The clock is ticking! They can't continue to suppress the prices. Mark my word...
Thank you for the update
Very useful information
Totally agree with you Greg. Cryptocurrencies aren't immune to manipulation! Nothing is immune to manipulation as long as bankers can print as much fiat currency as they want!
Do you think the cryptomarket will go up after august 1? And thanks for the information again.
Yes
Yes! I think the price will skyrocket to the moon. I plan on staying in for the long term. I feel safe since I have my cryptos held in the Nano S cold storage hard wallet.
Let them play their game. We ain't gonna back off! Keep it up bro ;]
Go Lions!!!
Cryptos world have a bad times at the moment. For sure!
Greg, you rock as always!!!!
Good info Greg. Just like gold and silver lately, we should be seeing prices increase, not decrease, with the falling dollar. This market is just upside down it seems, so much manipulation and interference. I am just going to continue to buy and be thankful for the savings. Thanks @marketreport
Great analysis of the recent bloodbath Greg! Resteemed :)
Yes, anyone who knows how the FED operate knew this would happen this is their attempt to make any weak hands lose faith and come running back to the trash cash they offer. It's amazing how these people must honestly believe that we don't anything know at all and will continue letting them rob us year after year and just accepting it with open arms and closed eyes. Stand for something or fall for anything! Once again great informative video @marketreport upvoted and as always resteemed