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Everything posted by TrendFollower

  1. It may be worth keeping an eye on how the price of Bitcoin and Gold are behaving at the same time. It seems that at this moment in time when Bitcoin is going upwards, Gold is going downwards. Especially over the last month.
  2. When I see vertical price action like this then I get the feeling and it is only a gut feeling that we are seeing a monumental short squeeze at the moment hence why the Bitcoin chart is looking vertical. I think this is one of the many factors in play for the price behaviour for Bitcoin.
  3. @andysinclair & @PandaFace, This article really puts an emphasis on the 'digital identity' which is going to be the future and Microsoft are having a real go at building the infrastructure for this. Microsoft’s Blockchain Obsession, Including ID Push, Is Good for Bitcoin https://www.ccn.com/microsoft-blockchain-id-good-bitcoin These things can take a very long time. Bitcoin is only around 10 years old.
  4. @PandaFace, Bitcoin has always moved on news both upwards and downwards. When positive news is released by the online media it causes a frenzy in Bitcoin's price behaviour. I have witnessed this many times over the years I have been following Cryptocurrencies. However, there are times when Bitcoin just moves for no apparent reason. Sometimes there is no driver but it moves or the reason is not both obvious nor available via the online media. Like I said to Andy Sinclair when I get a chance I will post some of the more technical information on this subject area which you may or may not find of interest. Why don't you offer your thoughts when it comes to causality of price for Bitcoin. What do you think?
  5. @PandaFace, Value can be defined in different ways by different people. So let me explain. Bitcoin has a current value of around $7800 at the time of writing this post. That is fact. It is what the market values Bitcoin at this moment in time. Let us not worry about whether we think it is worth that value or not right now as that is a very long and complicated discussion. So value can be defined in monetary terms for Bitcoin. I would argue that Bitcoin has value in terms of importance to the Cryptocurrency asset class and to the underlying technology underpinning it, Blockchain. Bitcoin on the Blockchain could have a useful value to a particular organisation based on its needs. It could be a supply chain company or an insurance auditing company. Bitcoin and digital currencies could be beneficial in terms of lowering transaction costs going forwards into the future. It could create borderless and frictionless monetary transactions. The potential of this in the future can be valued today. So sort of like a start up company. It can have a valuation on projected worth and earnings potential in the future. Bitcoin is no different. The market is valuing its worth today on future potential. It may not be correct, it may be obscene but you should see some of the start up business opportunities that are presented to me and their valuations. They could be deemed even more ridiculous. Bitcoin has a value in terms of USD as we know how many USD we need for one Bitcoin or vice versa. So thank you @PandaFace for your contribution to this thread. It is very much appreciated. Also a big thank you to @andysinclair for allowing this discussion to be conducted which can only benefit the IG Community regardless of whether my arguments are right or wrong.
  6. @andysinclair, Another big company and brand getting involved in this space as the article below explains. Why would all these big companies be looking at integrating this asset class into their business models? Are Microsoft, Starbucks and Samsung all stupid and would you argue that you know more than these companies? Budget Samsung Galaxy Phones Champion ‘Blockchain Wallet’ in Major Crypto Adoption Boost https://www.ccn.com/samsung-galaxy-budget-crypto-wallet-adoption-boost Right now we are seeing the infrastructure being developed for these businesses to try and integrate this technology. Many will join in the future and it will be slow but when it happens those who did not make the effort to understand the technology by reading quality material from quality books will regret it. In my experience 'Bias and Ego' are the biggest destroyers of serious wealth creation in terms of trading and investing by refusing to embrace new concepts and appreciate new revolutionary visions. If I am wrong then I will happily hold my hands up and admit I was wrong and you were right. I have no problem with that what so ever. I just hope if I am wrong then I am wise enough to short Bitcoin down to zero and profit handsomely from such a opportunity.
  7. Still no joy for a US listed Bitcoin ETF but it does not seem to be making much difference to the price action for Bitcoin. Imagine how the price will react when one does finally get approved! SEC Again Delays Decision on Bitwise Bitcoin ETF Approval https://www.coindesk.com/sec-again-delays-decision-on-bitwise-bitcoin-etf-approval There is always the Bitcoin Investment Trust which is available to invest by UK investors using UK broker platforms. There is also the XBT Provider One products (based in Sweden) but available on certain UK broker platforms which I personally invest in. They are an Exchange Traded Product (ETP) and very similar (not the same) as an Bitcoin ETF.
  8. @andysinclair, Bitcoin has outperformed Gold since its inception over 10 years ago. If you had invested say $1000 in both at the same time then your return in Bitcoin would be monumental compared to Gold in the very same time period. So I ask the question, which has performed better as a store of value in that same time period? Bitcoin has died many times, it has been resurrected many times and it is still here and alive. The media can be very dangerous and little knowledge by the media is also very dangerous. I accept the progression is slow but that is to be expected as to change the mindset of the world's population is no mean feat. Driverless cars will also face the same scepticism and negativity. Yes, Tesla, have incurred deaths in their driverless testing but when you actually look at the data and results then the evidence suggests that there are less deaths on driverless (albeit testing results) than real drivers on the road based on similar numbers. Have a look at some of the articles below: Bitcoins for Frappuccino: Will Starbucks’ Crypto Endeavours Pave the Way for Mainstream Adoption? https://cointelegraph.com/news/bitcoins-for-frappuccino-will-starbucks-crypto-endeavours-pave-the-way-for-mainstream-adoption Starbucks is a large brand and institution around the globe. Also just look at the Grayscale Investment Trust for Bitcoin. This only allows High Net Worth (HNW) individuals to invest. They must also invest a minimum of $50,000 and the volume has increased no end recently. Have a look at this article. They do not come much bigger than Microsoft. Microsoft Looking To Build Decentralized Identity Network On Top Of Bitcoin Blockchain https://www.forbes.com/sites/darrynpollock/2019/05/14/microsoft-looking-to-build-decentralized-identity-network-on-top-of-bitcoin-blockchain/#1da99b011de5 The articles above do not necessarily mean that Bitcoin will succeed. I think it has already done one of its main jobs which is to create a new asset class in Cryptocurrencies and create mainstream awareness. This was a mammoth task and Bitcoin has succeeded not in just one country in the world but several countries and continents across the globe. This is no mean feat. Now Bitcoin could fail and it could go to zero. But who cares. One must not get emotionally attached to any asset they invest or trade in. Trade the opportunity either long or short and try and profit from this opportunity. One can apply the same technicals (signals and indicators) to Bitcoin's charts as you can with any other assets. If one thinks it is going to zero then do not stay on the sidelines. When that downward trend is confirmed, short Bitcoin and profit. Searching on the internet will not provide you with all the answers. If only it were that simple to understand Bitcoin and Blockchain by searching the internet. There are some very good books which I highly recommend which will really open your mind to Cryptocurrencies, Blockchain and particularly Bitcoin. I really recommend the following books for those who want to get their head around this asset class and appreciate and understand it better rather than relying on the bias online media articles. Digital Gold - The Untold Story of Bitcoin by Nathaniel Popper The Business Blockchain by William Mougayar The Book of Satoshi - The Collected Writings of Bitcoin Creator Satoshi Nakamoto by Phil Champagne Blockchain Revolution by Don Tapscott and Alex Tapscott Cryptoassets - The Innovative Investor's Guide to Bitcoin and Beyond by Chris Burniske & Jack Tatar Blockchain - Blueprint for a New Economy by Melanie Swan I personally have all of the above books and I have read them. They are all excellent books in their own way. Once you read these books you may come to a different view but I strongly recommend these books to anyone who is interested in Cryptocurrencies, Bitcoin, Blockchain, Tokenomics, etc. These books will really open your mind.
  9. KR1 generating “significant revenues” from investment in ‘proof-of-stake’ Cosmos Network https://www.proactiveinvestors.co.uk/companies/news/220197/kr1-generating-significant-revenues-from-investment-in-proof-of-stake-cosmos-network-220197.html For anyone who is interested in this company, it trades on the NEX Exchange. It is not available to trade on IG. It is a far more illiquid market so investors and traders alike must be fully aware of this.
  10. Though the long term trend in Gold is still in tact, shorter term, I fear there could be further downside until the upward move resumes. I want to highlight this by showing a chart with a trend line / resistance below. I now want to show the chart showing the longer term trend still in tact. Trump agreeing to meet the Chinese President in June has just put the brakes on Gold really breaking out to the upside. I think Gold will remain range bound to bearish until June. I think Gold is a more trickier trade than one may imagine. I can see some suggesting going long but I am not so sure this is the right time. I think $1300 needs to stick and Gold needs to stay above it for any long trade to be initiated and I do not mean just a few hours but Gold needs to day above $1300 for a good few days if not longer.
  11. @andysinclair, You may well be right but I would argue that if the market lets Bitcoin reach $20k, $50k or even $100k then large organisations and the big players supporting Bitcoin will find a way to make it work. They will improve it, adapt it and make demand for it. When I get a chance and more time, I will post a more technical post on Cryptocurrencies and Blockchain and copy you in with some of my more technical thoughts and see what you think. Did you see the recent Microsoft announcement? I posted the link on one of the threads but you may have missed it. They are going to use Bitcoin on the Blockchain. What do you think of that announcement? Another recent article I shared was for Starbucks using Blockchain for their coffee supply chains. I accept that Bitcoin and Blockchain are different and that Blockchain is the technology underpinning Bitcoin but I have shared as much as I have had time about recent developments on other threads maybe not this one. I agree that speculation is likely to be a big part of the current price action we are seeing. I do not doubt that. The real question from a trading perspective is that can you make money going long Bitcoin? The evidence clearly points to a yes. Just look at the hard data from Bitcoin’s origination to now. You could also make money shorting Bitcoin as it will encounter large drops. Bubbles can create the best and most profitable trading opportunities. Even if you were right and Bitcoin hit $1m and then died. Surely a trader would want to take advantage of such price action as it could be life changing? One could argue that the US stock market is a large bubble and the valuations of the participants are in bubble territory but that does not mean that the US markets cannot continue to go upwards from here over many months and years. I believing in trading the opportunity and price action. In terms of Bitcoin, I shall post a more technical view in the coming weeks and copy you in to see what you think.
  12. @fgrgfhfhf, It may be a good idea to articulate why one should consider buying Gold at the price you suggest. One could argue that Gold is still in a bearish downward phase. If you look at the ‘daily’ chart then you will see why I state this.
  13. @fgrgfhfhf, I am not sure what advice you are asking for or what advice you are giving?
  14. I do wonder what these very people will think when Bitcoin hits $10k and then goes above and beyond. Yes, there will be large corrections and pullbacks along the way but what will these people think? It is amusing that when the prices are increasing the negativity around Bitcoin and Cryptocurrencies stops but appears when prices are declining! I was posting about Bitcoin and Cryptocurrencies during the declining prices and I am posting when the prices are increasing. The 'negative' in relation to this asset class only seem to share their thoughts during declining prices as they may fear looking a bit silly if they do so when the prices are appreciating the way they are. What will they come up with next? Tulip Mania part 2, part 3, part 4! How many times has Bitcoin died? How many times has it resurrected? How many bubbles has Bitcoin experienced? I always have stated that traders must embrace any potential bubbles as they represent a fantastic trading opportunity to profit.
  15. I would urge those who are positive about Gold and negative about Bitcoin to conduct a simple piece of analysis. In around 2008 / 2009 when Bitcoin arrived if you had invested say $1,000 in both, what would they both be worth now and what percentage return (profit and loss) would you have achieved? I think you all deep down know the answer but the significance of the returns and value of investment is quite staggering. It begs the question what represents (based on evidence) the best store of value and best capital protection? This is even after several large 70% - 80% corrections throughout this period in Bitcoin! A shift in mind-set is coming and it is the younger generation who are more 'digitally enhanced' that will embrace digital currencies and Bitcoin as a store of value over Gold.
  16. At some point shortly there will be a much needed (in my personal opinion) correction / pullback. It will be quick and sharp but the decline will be large due to the large move upwards we have all witnessed. This will be an extremely healthy sign before the next big move upwards towards $10,000 materialises. I do not know if or how much more Bitcoin will go up on this specific upward rally so ensure you keep your 'long' trades open until a trend reversal as I think the opportunity to take profits and then buy back in on the dip should in theory present itself. For those looking for longer term investments in Bitcoin then they may wish to consider XBT Provider One which is available in both SEK and EUR currencies. This is more for a buy and hold strategy. This is what I personally use for my longer term Bitcoin and Ether investments.
  17. Though Ripple has fallen back from earlier this morning, this article, may explain part of the reason for the price action. I am sure there are also other factors with one of them being just general buying in line with Crypto's going up but nevertheless an interesting development. XRP Tops Cryptocurrency Price Gains After Coinbase and ETN Rollout https://cointelegraph.com/news/xrp-tops-cryptocurrency-price-gains-after-coinbase-and-etn-rollout
  18. This (in my opinion - I could be wrong) represents a very positive RNS that was released this morning. KR1 plc Revenue from Cosmos Staking Yields https://www.investegate.co.uk/kr1-plc--kr1-/prn/revenue-from-cosmos-staking-yields/20190514070000P8BE4/
  19. Those of you who have followed me on the IG Community will know my positive stance on Cryptocurrencies, Blockchain and Tokenisation over the past three years or so regardless of price action. It is quite amazing how the current price action of Cryptocurrencies can get those who were no where to be seen during the downturn all of a sudden interested. They could have shorted Bitcoin et al but they did not because they stated Bitcoin had no future. It was rubbish and it was going to zero. They argued that Bitcoin would be replaced with a superior Crypto in the future but Bitcoin itself had no future. I explained that Bitcoin would evolve, improve and adapt over time and that is exactly what is happening now. Most of you will recall that even during the 80% drop of Bitcoin (yes it was a great shorting opportunity) I still posted in relation to this asset class and was I an advocate of the asset class and believed in its fundamentals and potential. Many shared their negative bias wisdom (NBW) and now all of a sudden seem to be spending time following Cryptocurrencies. I would suggest if anyone really is interested in this asset class to read some of the fantastic books out there that can really help define your thoughts around this area. I am more than happy to share some of the books which I found both very useful and interesting.
  20. Ether seems to be staying above the psychological $200 mark. It hit $212.90. Has the rally got enough legs to really aggressively go for $241?
  21. It seems both Ripple and Stellar have finally woke up and decided to enter the race to the moon! Ripple is up over 15% and Stellar is up over 10% at around 5:30 am UK time.
  22. Are investors using Bitcoin as a hedge their exposure against traditional assets? Is it being used as a safe haven? Two to three years ago when ever there was anything in the media in relation to Trump and North Korea, the price of Bitcoin appreciated. I do wonder if the US-China Trade talks and the negative news is also enabling Bitcoin to shine?
  23. Bitcoin hit $8180.30 overnight. This is a rally of monumental proportions. The shorts are truly being squeezed! It has taken around five days for Bitcoin to move up from $6k to $8k. Very impressive price behaviour.
  24. XRP being offered in Germany by XBT Provider. https://www.ccn.com/investors-buy-litecoin-xrp-germanys-2nd-largest-stock-market