15 billion flowed out of the market. Altcoins slashed by almost up to 50%. Bitcoin fell. Ethereum fell. You know what this means? Shopping time! Opportunistic traders love to see a sea of red. It’s a sign to stock up on coins and hodl. Discounting talks of conspiracy, I reckon that Monday’s sea of red was due to BTC fork coming at a time when ETH is showing signs of struggle against overwhelming load. Some ICOs made disappointing show at the exchange. Early adopters cashing out. Rich groups exploiting the unregulated market. All these combined is recipe for an interesting cryptocurrency market soap opera. I’m moving the funds over to BTC for now while the price is low. I think we might see it dip a little more but in the bigger scheme of things, it's still a more profitable maneuver.
In other news, I have just witnessed a pump scam, first hand. This guy calls himself Captain Pump has 14.9k people in his chat group and growing at an alarming rate. At the end of the countdown, he reveals the secret coin for members to pump and dump. What he doesn’t tell you is that he has already pumped in before everyone did and when you start pumping in, that’s when he starts dumping. Breakout Stake (BRX) was revealed as the secret coin, and eager folks with hopes of being overnight millionaire, bought in at an inflated price only to see the value of the coin plummet over a matter of minutes. BRX listed as the biggest gainer at 729% at the time the tip came in. People bought in at $7.24 immediately saw it plunging down to $1.10. At the time of this recording, it has gone under a dollar. Much closer to the 30 cents that it was before the pump. What just happened? The tip came after the pump. If you were in the private pump group, you would have made a killing. If you were in the public group, you have just been scammed. Captain Pump makes millions every 2 days. BRX was his fourth attempt. I’m sure it won’t be the last. This public service announcement was brought to you by Eugene Tay, The Alpha Mind. Subscribe to my channel, like and share this video and help spread the word.
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People are getting burnt from dabbling blindly in cryptocurrency from the fear of missing out. Bitcoin and Ethereum both saw a slight dip. Panic all round. Chat groups are buzzing with "imminent market collapse" and "bubble bursting". Is this true? No and no. Firstly this is a regular Sunday occurrence and has been for weeks now. Sunday it falls, Monday, Tuesday it goes back up.
Also I believe the result of the vote to fork Bitcoin with SegWit2x that was released on the 21st of June had something to do with it. BIP148 is coming up next on 1st August. So we probably see another shift then as well. Price fluctuation is expected. Will Bitcoin die? No. There are way too many countries and powerful people involved now with money invested in it for it to die. That being said, this cryptocurrency fad certainly has all the attributes of a bubble build up. Now, more so than ever, it’s very important for you to do your research before investing and, I cannot emphasize this enough – do not believe all the hype about flipping huge returns over night. It can be done, but not by inexperienced traders, and especially not by blind investors betting on luck. Which segues nicely into the next topic. There are two kinds of pump groups - private and public. If you're not in the former, than you're the idiot that's gonna be losing money. How it works is very simple: Private pump groups made up of people with money buy into a coin when it's low, and then they leak news of it on public forums of an impending pump at a certain time. Everyone else who is deluded with the idea of easy money rushes to throw in their money. Rich guys dump their coins. Makes the money. Price drops. Everyone else grabs on to their balls in horror as prices plummets down 400%. There's no recovery from that. Not that soon anyway. Another example of a coin that has disappointed many people is Bancor. A report released a week ago by Cornell Professor Emin Gün Sirer put Bancor in a bad light, stating - in not very polite terms - that it’s basically flawed. Bancor managed to raise 150 million dollars in two and the half hours during the Initial Coin Offering (ICO) but nosedived shortly after getting on the exchange. Bancor released a statement to refute the article but that just got people even more pissed off. Fact is, people lost money. And this could be you. Subscribe to my channel to receive updates on cryptocurrency. Like and share this vide with everyone. A little known coin, but quickly getting an increasing fan base is Vertcoin. Vertcoin launched in 2014, spiked and then stagnate the last few years but is recently seeing a revival with its latest Segregated Witness (SegWit) upgrade in May this year. It claims to be Bitcoin alternative, which is just really saying that it's largely the same but with some key adjustments. However, the key difference here is that it will decentralize mining which is kinda huge concern for people right now. I'm personally not excited by this coin because it’s not that unique enough that other coins cannot replicate. Market forces are saying otherwise though with some even swapping from ETH mining to Vertcoin mining. I haven't decided if I want to invest in this coin yet. Just not feeling it. It's just a tiny bit over a dollar now, so you are up to it, maybe you might want to park a little here just in case the value shoots up as some people in the forums have predicted. "This should be a 10 dollar coin," someone quoted.
If you have inside information, please drop me a comment and let me know what I’m missing out. And in other news, Onecoin is rocked by yet another scandal. Just what's up with Onecoin? Onecoin if you haven’t heard about it yet, is led by Bulgarian Ruja Ignatova. Its main business is selling educational courses to teach you how to trade. Ruja seems like all kind of awesomeness and her PR campaign even showed her on the cover of Forbes but that and like many other news has been uncovered to be fake. On 16 June Ministry of Planning and Investment of Vietnam issued a statement that the license Onecoin said it’s been issued by the Vietnamese Government is a fake. More fake news! And in one other news not exactly related to cryptocurrency but was something I covered in my 15th Jun update on Potcoin, Denise Rodman and North Korea. The released American student Otto Warmbier who was in coma has died. North Korea is utterly surprised by this. They are calling it a mystery. My name is Eugene Tay. If you found my videos useful, please subscribe to this channel. Like and share the video with all your friends. Don’t get left behind. The coin that everybody was talking about just a few days ago, Antshares has disappointed a lot of people who came in late into the game. They see the price rising, the jump in, and then the price went down and remained stagnant. Clearly they haven’t seen my video update on not going in to Antshares just yet Antshares just had their conference yesterday and they are going to rebrand themselves to Neo. If anything at all, we should see some nice spike closer to August. I will give you more updates on when to go in when the time is right.
In other news, poor investors and fans of Kickstarter can head over to ICObazaar and try your luck at backing new coins like you would on inventions on crowdsourcing sites. Today’s video is short and sweet. See you guys for another round of updates. My name is Eugene Tay, The Alpha Mind. Please subscribe to my channel, like and share this video with your friends. Friends don’t let friends get left behind. What’s up in the world of cryptocurrency and altcoins? The market had the greatest shock on Ethereum this morning when some clown sold off his ETHs for a mere 10 cents causing the market to drop from 360 to 14 dollars in a very short span of time, and then shot up again in 45 seconds, but by then anyone with a stop order or margin trading got royally fucked in the ass. People lost money, and some people gained a lot of money. What just happened? Did someone make a mistake? Keyed in the wrong amount? 10 freaking cents? No way.
The news is all over the place but what actually happened is still hazy. I poked my head into various forums to get the chatter and piece together what I think actually happened. This was no mistake. It’s market manipulation at its finest. If this was your normal FOREX market, the regulators will be all over this incident. But alas, this cryptocurrency universe and it’s still a wild west out there. Like I said it before, this place is not for the faint hearted or those without insiders’ info. So here’s what’s I think happened. It had to be done on two accounts. Someone set the Ask Price (which is the selling price to 10 cents) and once that appears on the exchange, the Bidder (that’s the buyer) clicks on it and makes a purchase before anyone else could react. The ETH value plummets to a new low, and then the person bought in at the new price of 14 dollars and makes the profit when the price goes back up to 300 dollars. In simplified explanation: I sell you at 10 dollar when the price is 11 dollars, price dropped to 9 dollars because of ripple effect, I buy it back at 9 dollars and I made 1 dollar losing no shares. Cool eh? Experts estimate the person to have made 30 million from this trade. In other news, ICO (Initial Coin Offering) are the go-to coins for small investors hoping to turn a big profit. They are higher risks but also provide better margins IF they make it to the open market. I got an insider tip off a few days back and bought into Gilgam.es ICO yesterday. That’s my recommendation if you’re willing to taste a little risk. Not many people know about this so hop on it before the price goes up. You can head over to this website in the link below. It’s a bit of a hassle to purchase it right now with the ETH blockchain traffic jam and all. https://ico.gilgam.es/ico. "The country keeps investing in the latest technological innovations and truly has the potential to become fintech center of the world. The IRAS (Inland Revenue Authority of Singapore) is one of the first regulatory bodies in the world to determine how digital currencies should be taxed." Turn me sideways and call me suzy. Singapore's idea of being the Fintech centre of the world is in knowing how to tax their citizens?! Well effing done. It's this sort of money grubbing bullshit that spurs the invention of cryptocurrency. I understand the need to cash in on this, but seriously, Singapore. Keep it on the low. At least look like you're backing up innovation for the greater good. Let's see what we can find with a quick look on the internet.
Estonia Estonia well known as the birthplace of Skype, it now hosts a number of Bitcoin ATMs and Bitcoin startups. Estonia is well positioned to be a place where a cryptocurrency users can certainly feel welcome. Denmark The Danish Central Bank declared Bitcoin not a currency, stating that it will not regulate its use in the country. Denmark is home to a number of Bitcoin startups and exchanges. South Korea South Korea is quickly embracing Bitcoin both as an investment and means of exchange. Since there are no laws in the country regulating Bitcoin use, a number of related startups have sprung up as a result. People can also buy Bitcoins from 7-Eleven stores. Finland The Finnish Central Board of Taxes (CBT) regulator has classified Bitcoin as a financial service, exempting it and Bitcoin purchases from VAT. The country has a significant amount of Bitcoin ATMs given its sparse population. Australia While Australia’s major banks have been rather hostile towards Bitcoin, the country recently moved to remove double taxation* on Bitcoin, which came as good news to the local community and businesses; particularly after some Bitcoin startups chose to leave the country, in light of unfavorable taxation and reported bank account freezes. * Double taxation is a taxation principle referring to income taxes paid twice on the same source of earned income. It can occur when income is taxed at both the corporate level and personal level. Double taxation also occurs in international trade when the same income is taxed in two different countries. Singapore, The Fintech Giant While most nations around the world have little on the books for or against the use of Bitcoin and other cryptocurrencies – Singapore is one of the countries that has been at the forefront of the cryptocurrency regulations. The country keeps investing in the latest technological innovations and truly has the potential to become fintech center of the world. The IRAS (Inland Revenue Authority of Singapore) is one of the first regulatory bodies in the world to determine how digital currencies should be taxed. That is your pride and joy, Singapore? Calling yourself the center of fintech innovation by being the first to tax digital currency? Come, I clap for you. Have you freaking learned nothing? Crytocurrency was designed to by pass your money grubbing policies so that ideas and small business can flourish. I understand the need to dip you fingers into the money pot, but you really need to do it with a little more finesse. Fire your PR person. Hire me. I woke up to a barrage of messages with more updates than I can pack under a 3 -minutes video and definitely with more coin recommendations than I have money to invest in. As always, I only share my speculation on coins where I have money in it. That way, I’ve got my money where my mouth is and if I give you bad advice, you know I’m going to go down with you. But of course I hope not. So far my information source has been very accurate. Here’s an interesting news to wake up to this morning. Bitcoin to be made officially legal in India. Now we may see the tug of war going on between Bitcoin and Litecoin as prices go up faster than a teenage boy’s erection in a girls’ dorm room.
Viacoin was a recommendation that came in last evening while I was pre-recording content for the How-To Guide to Start Playing in Cryptocurrency and I thought I would include Viacoin in this morning’s update but Viacoin went up from 1.29 to 2.43 while I was asleep. Viacoin claims to be 25 times faster than Bitcoin and touts itself the future of currency. From what I’ve read about it, Viacoin’s answer to Blockchain scalability issue is Treechain. The chief developer Peter Todd is a veteran in the scene and has been on various Cryptocurrency projects since the beginning. He has a very strong following and I see Viacoin has a huge potential to grow from 2 dollar to 10 or even more within three months. If you are new to cryptocurrency and all these sound Greek to you, please go check out my Beginner’s Guide to Cryptocurrency where you can learn more about Blockchain and the brief history of Bitcoin and how it got its value. [20 JUN 2017] Cryptocurrency & Altcoins Update: Chinese Money Rules Litecoin and Antshares20/6/2017 This time last week I talked about putting your money into Litecoin. I know some of you personally have made money taking my advice. You’re welcome. But this is not the news I want to talk about today. Remember in last week’s video, I also mentioned that 10 billon went out of the market and that it had to go somewhere? I speculated that it was Chinese money and I predicted it would go to Litecoin, which I was spot on. And you have probably seen that AntsShare is on the quick rise to 9 dollars from 1.50 a week ago. If all these numbers doesn’t make any sense to you, let me put it in simple English. If you had put 10,000 in a week ago, you could cash out today for 60,000. Yes, the Crytocurrency market is that crazy. I decided to snoop around and guess what I found? Chinese founder. That’s where some of the 10billion dollars are going into I bet. Like I always say, it’s important read up on the founder and the story behind the coin. Don’t just invest blindly. But for those of you who had missed out, and thinking about going in now. I’m going to say just hold on a minute. I hear that there’ll be a round a dumping very shortly if it hasn’t already begun.
Like I was saying. I believe the Chinese are backing their own and we should see Litecoin and AntsShare giving Bitcoin and ETH a run for their money. Also, if big coins are not for you, and you’re a new investor with only a small amount of money to play, do consider coins like Waves, and Xaurum. You’ll thank me for it. It’s like asking what is Internet back in the 90s. It’s something important and get mentioned a lot but few people know how it works. It is a secured way to transact over the internet by getting as many people as possible to witness the transaction. Blockchain is the invention of Satoshi Nakamoto. You can check out the previous video I did about this mysterious person. So, what is Blockchain? Imagine I’m buying a cup of coffee from you over the counter. I pass you money, you pass me coffee. Instead of a receipt, we get the people present around the place to whip out their phones and take a snap shot of the transaction. Typical of today’s mob, they would upload the pictures onto Instagram or Facebook.
And you know what they say; anything on the internet stays on the internet forever. This makes the transaction very secured because we have so many people bearing witness to our transaction. It makes it hard for either of us to want to cheat the other party because of all the evidence captured in all the hundreds of phones. Even if we have a friend in the crowd who decides they want to help us doctor the photo, we still wouldn’t be able to pull it off because it’s going to be the odd one out amongst the hundreds. This is effectively what makes Blockchain so secured that it has the ability to act as a currency to facilitate payment between two strangers in any part of the world. Now we come to the next part about Blockchain. How is the data stored? Remember there’s the part I mentioned about the mob posting the evidence on social media platforms like Facebook and Instagram? The posts appear by timeline right? And new posts appear on top of it or beside it, and over time as most posts come in, the older posts gets buried. That’s how Blockchain stores data. Every transaction between two people is being broadcasted to everyone in the network to bear witness. The record is stored in a ledger called a block. It is permanent and cannot be edited. Over time, the blocks just grow longer and longer and longer, forming a chain. Thus, earning its name - Blockchain. The Blockchain ledger is almost a thousand gigabytes at the time of this recording. So who are these people who are helping keep track of the ledgers? It's stored in every mining computer, every computer that has a wallet and by special sites that give Blockchain monitoring services. It’s spread around the world so if there was a chance of it being hacked, it needs to be globally orchestrated and at the same time. Not impossible, just highly improbable. The simple analogy I gave above is just a way to get quick understanding of Blockchain. Unlike the coffee buying example, your identity on Blockchain is anonymous. Every user has a public code and a private code that allows them to pay and receive. When you make a transaction, the information about your identity that is stored in ledger and viewed by everyone is the public key. It’s kinda like your credit card. The first 16 digits isn’t a secret; your CVC number (the 3 digits on the back of the card) is. That ladies and gents, is why Blockchain is used by most of the alternative coins that have emerged. It’s the main driver, the bedrock, that facilitates a trusted peer 2 peer transaction. The difference between one coin from the rest of the other thousands out there is the purpose they serve. These days you can find a coin for almost anything. In the next part of this series, we look at what Bitcoins alternatives and how you should pick which to invest in. The great cryptocurrency bubble. Will it burst? Will we see billions of dollars go up in virtual flames? While the future of cryptocurrency is uncertain, most scientist and industry experts believe that it wouldn’t. I don’t want to bore you with the engineering details of this technology, but it’s suffice to say that the only way cryptocurrency will be gone tomorrow is if the internet is wiped out.
The likelihood of that is very slim. The real threat however would come from government trying to force some form of regulation on cryptocurrency but that would be as futile as saying the authorities are trying to clam down on Peer 2 Peer piracy. So the way I see it, cryptocurrency is going to be a mainstay and continue to evolve into other innovations I’m not smart enough to fathom. Remember how email replaced snail mail, and how credit cards facilitate payments? Bitcoin and its alternatives are revolutionising the financial market. Banking institutions are forced to evolve or die. That’s the beauty of tech disruption. Now that we have covered how Bitcoin got its value and why it’s just going to keep growing and innovating, let’s take a peek under the hood (this is where it gets slightly technical) and learn about all the other bitcoins alternative that have entered the market. Learn what is Blockchain about and why it’s so damn important in the next part of this video series. As always, please show some love by subscribing to the channel, like this video, and share it with your friends. Everyone needs to hear this. Don’t get left behind. |
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