Is Bitcoin the Next Big Thing?

[dog]

Lol I was just going to post DeadCoins here.

This site was quite eye-opening. It has chronicled the death of over 800 different ICO and other cryptocoins
https://deadcoins.com/

Basically it seems to be playing the role of the F’dCompany of crypto, if anyone else remembers that DotCom company crash tracker with nostalgia...

 

[signature]

I have enjoyed reading this thread and I guess time to add my penny worth comment.

My knowledge of Crypto currencies is very little, my approach to this is to look at it from the technology path. Most technology pioneers have either fade away or re-born into something else.

TV, Radio, Computers, Mobile phones, telephones, search engines, word processing, I could go on here. All these were game changer, but the early pioneers are all gone. My 12-year-old pick my old Nokia communicator, thinks the touch screen is not working.

This is me looking at my crystal ball, glaring into the future of Cryptos.

I think Bitcoin, Litecoin, Ethereum, Bitcoin Cash and many of these early cryptos will be gone, may be one of these will survive but I think they are really going to be behind the new ones that have seen the shortfalls and built their cryptos to be better, faster and cheaper to transact etc.

If I have to invest, I think I will go for the likes of Stellar or Ripple or INS, my reason been cost of transaction is cheaper, some big multi-national companies are behind them and these are still below $1 at the moment. I invest in Stellar and I bought it at $.25, its about $0.20 at the moment and that a loss of 20%. I bought Stellar because when companies like IBM, Deloitte are investing in it, no arm in me having a little stake too. Also its easier for $0.25 to reach $2.50 than for $5000 to reach $50,000.


Trading cryptos:

Trading Cryptos (I am new to trading as well) is probably the best way to go, you don’t own it, you make money (or lose money) as prices fluctuate and if you are a technical trader you will notice that all the Cryptos moves almost identical(I typically look at 4hour and day charts) and at the moment, they have been breaking support levels and 10 days ago, they reach another support which is yet to be broken.

Let’s take Bitcoin as an example, the last time it reaches this level (5800) was in January and it went back up to 11000, now its back at the same level. I still think the pressure is down if it does not break the 400MA (6600 resistance) around this level this time around (which we did not have in January when we had a 200MA and it closed above it hence the bounce). If it breaks the 400MA, I would expect it to get to the 200MA at 9800 which is a critical resistance.

If it did not break the 6600 resistance, then the 5800 support level might not hold and the next stopping point is 4500 and the very strong support of 3300. These two levels are very critical, if it bounce from these two levels, Bitcoin could probably get to 10,000 as the psychology here is, its now affordable for loads more people and buyers will come in 1000s. It only took 2 months for Bitcoin to reach $18k from here.

I think its best to trade Bitcoin and Ethereum and buy to hold many of the new smaller light-weight cryptos with some heavy backers.

To conclude, I think Crypto is a good thing, they are not design to be investment products, they were design as a means of payment and when this becomes mainstream, this is when they will stop been highly volatile.

FIAT currency days are numbered, and I expect countries to come up with their own Cryptos and try to fight for some control.

Exciting time ahead guys.

 

[JMI]

I can't see any reason for crypto to exist, unless you plan to launder money, there's no business case for it, visa can do it all and is a lot more efficient.