[26 July 2017] Cryptocurrency News: Never a dull day in the CryptoCurrency Universe. Just when you thought the Bitcoin drama was over and price was going up…. We now hear that Bitmain, one of the biggest player in Bitcoin mining has turned around from his initial support of BIP91 and has now claimed that he and other old guards are going ahead with a hard fork, effectively producing their own set of Bitcoin offshoot called Bitcoin Cash. While it may seem like Bitmain is the big bad guy who doesn’t want to play nice with the rest of the community, the story that I read and understood was that the latest SegWit proposition goes against the road map that Bitcoin founder Satoshi Nakamoto has laid down. A hardfork to Bitcoin Cash, I feel is the only way to move forward with Bitcoin’s original plans because a compromise is just not favourable to either side.
And as I suspected, some people who are savvy with the blockchain technology has said that the demand for a fork has more to do with politics than tech restrictions. I tried to understand what they mean but the numbers were giving me a headache. In a nutshell, Bitcoin Cash is Nakamoto’s original plan – decentralized electronic cash for the internet. Bitcoin Core, or just Bitcoin for short, favours a more centralized way of transaction similar to our current financial system with the banks. For the common users, you guys probably won’t care much about how things work as long as it’s fast and cheap. The future is yet to be seen on this one, but at least we now know that Nakamoto’s original plan is going to live on and in time to come, we can see which way is indeed better. However, the one beautiful thing about this fork is that if any of you guys currently hold Bitcoins to your name, you will effectively have doubled your money. When a fork happens, your coins are duplicated. You don’t have to do anything. After August 1st, you would have both the existing Bitcoin (BTC) and Bitcoin Cash (BCC) for free. It’s safe and would not rollback causing you to lose your Bitcoin. All this drama and what you really need to know is that for the average Bitcoin holders, it’s a good thing. Personally, I feel this sort of brazen, almost scam-like manoeuvre, should be deemed illegal. How anyone can let this happen surprises me, though I guess I should have come to realise that when it comes to printing money, the world has the uncanny ability to turn a blind eye. The amazing world of money and cryptocurrency. My name is Eugene Tay, The Alpha Mind. Please subscribe to my channel, like and share this video. Don’t get left behind. If you’re interested in the history of this conflict, there’s an article here that makes for a quite a good read to help you make sense of how the origin of this disagreement. If you would like to support me, you may also send BTC and ETH to these addresses: Send BTC 39otZdtEjPDNVJ5wTk4oyHzfZjXxsGWXqj Send ETH 0x6ee765ca3112be7d9f43482bb28b2acbe6f07e2a
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This is fresh right out of the oven. Popular cryptocurrency exchange Bittrex has halted all transactions on BTC until BIP91 goes through. This is in anticipation of the mass selling of BTC than many pundits have predicted in the coming week. Now it also seems like my plan to go in for BTC at the 11th hour hoping for a incredibly low price might be foiled. I'm just going to have to get my Bitcoin from other exchanges.
In other news, the digital soap opera seems to have come to a nice ending as miners and users hold hands and come to an agreement on the direction to take, ending an impasse that has ran for way too long. Moving forward, we will be looking at a short runway of ups and ups, with fresh investors coming on board in the next wave looking for a pot of gold at the end of the cryptocurrency rainbow. This, I believe is the beginning of the final lap before the bubble finally goes boom, in 2019. If you just got onboard the crypto train, hold on tight, this is gonna be one hellava ride. This is your captain Eugene Tay, The Alpha Mind signing out. You know the drill, subscribe, like and share. Don't get left behind. I personally believe that cryptocurrency is the future and, like it or not, it's going to be the biggest talking point for the next three years; but don't just take my word for it - I caught up with Bob Ang, one of Singapore's pioneer in cryptocurrency trading, when Bitcoin was just worth barely a hundred dollars. It's not inconceivable for Bitcoin to hit 5,000 USD per BTC by the end of 2017 or mid 2018. If you have heard about cryptocurrency but haven't yet got behind the wheels, it's time you subscribe to my channel and get your regular dose of crypto news. Don't get left behind. The cryptocurrency hype and bubble isn't a new thing for me. I've seen it through the dot com bubble during the time I was a student and hopeful of my future. The bubble burst just as I graduated and I found myself holding an expensive certificate for an industry that people were getting out of. As a network engineer majoring in programming, I found my hourly rate was $2.20. I remember telling the interviewer that 7-11 paid more and he nodded emphatically. Your grandpa would probably remember the 1929 Wall Street Crash if he was still around. That was the beginning of a 12 year long depression. The signs were similar: excessive speculation, followed by a mini crash as investors started to sell stocks at a rapid pace, exposing the market's shaky foundation. Confidence dipped. People panic. Boom. Every toppled over like a house of cards. I'm willing to bet my left ball that cryptocurrency is headed the same way. The early movers, the risk takers, the visionaries, will be the one to make their new fortune. Wealth changes hands. When it comes to money and the financial market, I place greater emphasis on understanding social behaviour than I am of reading candlesticks. One book I highly recommend every newbie cryptocurrency trader to read is Ralph Nelson Elliott's book titled Nature's Law: The Secret of the Universe. The Elliott Wave Principle talks about 5 wave characteristics that reflects the psychology of the market. If you want to forecast how the future will look, just study what history has thought us. A fellow cryptocurrency trader, Roger Bryan, believes that we are in the second wave and it's marked by the following characteristics:
Third wave theory will display the following characteristics:
Fourth wave theory starts with mass adoption and normality to the markets. Regulations get slapped down to prevent fraud and scams. Everyone gets a chance to invest in coins like you do in equities today. No more overnight Lambos. The trends listed above aren't meant to discourage you. This should in fact motivate you to get in the game while there's still very strong opportunity to make some money. If you educate yourself instead of blindly following trends, you can save yourself a lot of heartache. For anyone over the age of 30 this might be the biggest investment trend opportunity you'll see in your lifetime. Previously I spoke about Pump & Dump scam. This has evolved into a Pump & Hold scam. The cryptocurrency universe is insane and even when you thought you have all the answers, it has a way of not going as planned. You can do all the research like what I have been doing but speculation and stupidity is still going to rule the day. The era of non-governance is about to end soon if you believe what I wrote in my previous article with regards to Elliott Waves Principle. Someone tipped me off on Chaincoin a couple of weeks back and that its about to moon. Doing my read up on the coin, I found absolutely nothing about it that was worth the hype. There was this big deal about Masternode going around and I must admit that it is a brilliant concept, but why Chaincoin and not Dash? In fact they are exactly on the same platform but Dash community seems to be more active than Chaincoin. Maybe…just maybe, it might be the poor man’s version of Dash? But I wasn’t buying it. Chaincoin mooned, my friend doubled his investment, I was bumped for not putting some money in. Told my friend to cash out while he had the chance because I was dead certain it’s going to collapse, but he said the forums and experts said to hold and create a buy wall. Now that made even lesser sense. The crypto world has been making money off pump and dump. My first thought was if you’re going to be holding, I’m going to cash out and make my profit and buy in again when the price dips. And that’s exactly how it turned out. Those who cashed out early made it, those came later to the party got burnt. Next day I got a beep on my phone for a tip off for the next coin - Syndicate. It’s all the rage on YouTube and forums.
That just pisses me off. Talking about coin speculation is a definite way to get hits but when all these speculations are not backed by any sound research, it’s just gonna be disastrous for the community as a whole. I’ve a rubric for deciding if a coin is worth investing it. - Does it have a strong community backing the coin? - Does it provide any real world value or solution? - Is it all concept or have they produced something to show for? - Are there any other coins that can do the same thing or similar? - Do YOU believe in what it does? The last point is important to me. There are so many coins out there. I placed money on a few of them myself and I’m happy doing so because I like what the coin is about. I may not get a Lamborghini out of it, but I’m happy to support something I believe in. I’m usually skeptical when there’s too much hype over a coin when it was previously unheard of. Read, research, participate. The best way to not get scammed is to be knee deep in the community of the coin you’re buying in. That way even if the whales are playing the pump and dump game, you’re not going to be affected by the hype. Not all these coins that get pumped are bad. It’s the hype followed by the quick disappointment that give these coins a bad rep. Help to spread the word. The slower we can stave off noobs from getting burnt, and from whales from gaming the system, we can hopefully push for a bit more time for the rest of us to make money before the G men come up with policies to protect us from ourselves. As always, please subscribe to my channel and share this video with your friends. Can we still make money through mining? What is the future of mining going to be? Is it better to own a rig or just get a cloud mining contract? This is a must-watch 10 minute video for anyone thinking about getting into mining. If you're confused, like me, after reading the negative comments on the forums, the best way to get your questions answered is to go talk to someone who is solely mining to earn his coins and not through trading, or watch my videos as I do it for you. I'm going to get me a rig and see for myself if all this is true. I also managed to get me a deal with Mark for any Alpha Mind/CryptoCentral fans who want to get in on the mining action. Leave a comment or PM me for information about buying a rig. As always, please subscribe to my channel to get your regular crypto news and updates. This is an update for my previous post on the impending Bitcoin Fork and what you should know. Many of you have heard of the fork by now and how it’s affecting the market. People I spoke to expect that there will be little action in the cryptocurrency market till Bitcoin stabilizes. So 1st August is a very big deal. The User Activated Soft Fork, BIP 148 will take place then whether the miners support it or not. If there is indeed a split between miners and users, and as of now, that is certainly the case, we will be seeing two types of Bitcoin token. Bitcoin 148 for those going with the upgrade and Bitcoin Legacy for those following the current chain.
Then it’s a race to see which protocol gains more traction. The good news is that each Bitcoin would effectively be copied to both chains, so the casual holder don’t have to worry about what goes into the sausage. Your Bitcoin is safe….. BUT… There’s a big BUT here. It’s safe only if you actually have direct access to your Bitcoin. That means you either have it stashed away in your e-wallet where you have the private key access to it or it’s in your hardware wallet in your possession. If your BTC is used to purchase other altcoins or held by a service provider that isn’t upgrading to BIP148, your Bitcoin is effectively in the legacy chain. A few things can happen following August 1st. Scenario A – BIP148 soft fork gains majority of the votes, goes hard fork, killing off the legacy chain value and the Bitcoins attached to it. Scenario B – BIP 148 don’t get the majority of the votes and reverts to legacy chain, thus killing off all the Bitcoins that were transacted on the upgraded chain. Scenario C – BTC doesn’t get to fork for some reason, and BTC continues to languish in its every increasing scalability issue and another coin, probably like LTC, surpasses it. The reason why BTC is so sluggish now is that people are not transacting in BTC because you may send or receive either BTC 148 or BTC legacy. And imagine the coin that you are holding becomes worthless tomorrow. So people are waiting to see what happens. If you have some time on your hands and feeling nerdy, you can read more on the SegWit soap opera here, here, here. For the fourth weekend in a row, you’ll be hearing me say – don’t panic; and for the fourth week in a row, you will see that come next week many of you will be kicking yourself in the butt saying – why didn’t I buy this coin when it’s down. Jangan Tension. In case you haven’t already noticed, the market takes a bloody shower once a week. It’s volatile but predictable. My baby Litecoin has been doing me proud. I recommend that coin a month ago and I’m going to say it again – go buy Litecoin. Today, I want to talk about the market for next week. Many people are holding out on Bitcoin because of the impending fork. Naysayers on forums are forecasting doomsday level catastrophe for Bitcoin, and to them I want to ask – where do you get that analysis from? From where I’m looking at, Bitcoin is gaining more recognition in the mainstream market today as the next best thing to stored value since they found gold. The limited supply, the decentralize nature of cryptocurrency, makes Bitcoin even more valuable in times of financial market uncertainty. Right now, only a tiny fraction of the world’s population have their hands on Bitcoin, and if all signs are showing that crypto is going mainstream, then Bitcoin is going to only go up in value with experts saying that it might hit 5k by the end of this year, and 55k per Bitcoin by 2022.
The rich folks are already throwing money into Bitcoin so that’s a no-brainer right there, but what about the average Joes who can’t afford to buy even one Bitcoin, even when the prices are down? That’s when I say – get on Litecoin. I don’t’ foresee Litecoin ever surpassing Bitcoin in the near future, but it does provide lots of growth opportunities for people with smaller pockets. After all, it’s better to make some money than none at all. The worst thing you could do for yourself is not act on any of my advice. I foresee the market to be sluggish the weeks leading up to 1st August, which is a good time to get in if you have some spare cash lying around. I would say do yourself a favour and stay away from dodgy coins and instead put your on coins with some solid foundation. One particular coin I want to talk about is Ark. They have done some remarkable work and has also recently announced a collaboration with Ledger hardware wallet making it one of the few coins to be natively supported by Ledger along side more well known names like Bitcoin, Ethereum, Litecoin, Zcash, Dash, Ripple and Stratis. I wish you guys the best in your trading and mining. Hit the subscribe button now, to get your regular dose of crypto updates. My name is Eugene Tay, the Alpha Mind, signing out. 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. 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. |
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