What up you hoes I'm back with another TLDR of the news that'll inform your moves. If you listened to my last one you'd be sitting gay, fuzzy, and warm right now with puts. So I haven't lost you fucks money...yet.
The Daily Autist
First off, someone finally penetrated themself to repay a debt on WSB. If you wanna hear a chopstick go in someone's ass, here you go. He also has Corona which I find hilarious but shouldn't From Glass Jar to Chopstick. Other countries are joining USA and Italy by shutting down as well. Futures are down globally, and the markets that have opened are all down 5-7%. The fear from Corona is not that the world will end, but that there is no timetable for a return to normalcy. Those fears appear to be continuing and intensifying. Stocks stagger as more nations self-isolate against virus Crypto falling overnight. While it had a healthy weekend, it has had a big drop going into Monday. I’m using BTC for reference but most major crypto within 2% of the loss. BTC Price Chart on Trading View People too retarded to realize their strats are also gambling, despite only some subs being willing to own it, are now gonna get high on spreads. Anything that creates more retarded calls in the market is a win for me, but a good number of people gonna nuke their accounts even worse than we do with the guise of investing wisely. Cheat sheet for Vertical spreads : options International Airlines are now on their way to shutting down. USA airlines have been hit particularly hard with their stock buyback addictions, but international companies going to start having their passenger flights grind to a halt as well. Cargo shipping is not nearly as profitable as shipping breathing cargo. https://www.reuters.com/article/us-health-coronavirus-airlines/domestic-travel-airline-hubs-the-latest-hit-as-coronavirus-curbs-tighten-idUSKBN21917G “Banks are safe,” shouts the fed as if 2008 did not happen. Banks showing unless everything is running absolutely perfect they couldn’t handle their own dicks on a lonely evening let alone a major financial institution. So while Uncle Sam won’t let it go tits up, their value and confidence should fall, meaning puts on banks still get em while hot. https://www.foxbusiness.com/markets/us-banks-are-safe-for-your-money The person who ideologically deserved to get Corona the most; got Corona. So there is some good news. He also used the congressional workout facilities the day he was getting tested so he is indeed a full retard. https://www.foxnews.com/politics/sen-rand-paul-tests-positive-for-coronavirus Oh and Thursday everything will be fucked once the unemployment numbers come out. All the fudging in the world(barring Trump not releasing the numbers which has been floated) will not hide the immediate 10% job losses with it being as high as 20 within another month. The google trends for unemployment benefits spiked so much last week it had to have an asterisk on the trend for abnormal data Friday night until Saturday morning. Everyone I know with a brick and mortar job has been put on leave or told the business will not make it and is essentially waiting on government stimulus decisions before fully firing. https://www.cnbc.com/2020/03/20/the-upcoming-job-losses-will-be-unlike-anything-the-us-has-ever-seen.html My NostraLosses prediction? The breaker's gonna trip at the open. The stimulus will hopefully get passed at 1200EST, carrying the natural run-up after the fall to as high as 240 possibly, 235 likely. I expect a fuckin rollercoaster of dips and climbs intraday before climbing at end of day again to be around 235. If the stimulus doesn't get passed all bets are off and we're clear to keep falling to 215 before next major historical support until stimulus passes. TLDR: Futures and open International markets are all down. Other countries getting fugged by Corona economically via supply chain and buyer disruption. The US Senate is getting fugged by Corona medically via Ron Paul's idiot son. Unemployment on track for Great Depression (fuck your recession) numbers. Long term puts, short term calls for this stimulus confidence pump. Please advise if you like this shit as it will influence my future autistic creations. < CAN WE GET SOME GOD DAMN FLAIR, WSB feels like a normie retail trader version of itself, let's build this up> Edit: SPY fell to 218 then up to 238 in 14 minutes. Fed must follow the premarket because announcing unlimited QE is exactly why we have a Fed in the first place, to not do incredibly stupid shit to save face politically. They've been trying to devalue the dollar rather than solve the problem for weeks and this is some king retard level devaluation. Won't even work as the rest of world is going to shit and hoarding USD as fast as the Fed can print it.
Lessons learned - Crypto and Divorce - In January I was a millionaire thanks to BTC, then my wife divorces me and now I have $30,000 AMA
Crossreferencing u/nanoissuperior He wrote earlier today: https://www.reddit.com/CryptoCurrency/comments/a3n6uw/in_january_i_was_a_millionaire_thanks_to_nano_now/ Title: In January I was a millionaire thanks to Nano, now I have $25,000 AMA I was replying to his post, but my reply ended up being a bit too large as a reply and steered off-topic, albeit an interesting one. So I decided to make it its own post, because there may be a good lessons to be learned and hoping some will come forward with good information to be shared. I hope it can help anyone on this sub avoid the costly mistakes that I made. Here it goes: FLAIR: LEGAL (not in the list) ---- u/nanoissuperior are you who I think you are? I won't give out any further identifying clues, but I happen to know someone in the exact same position that could have written that exact same headline. If you read the first paragraph, you'll know if you know me. The person I know bought Nano really early, based on a tip from a friend. I got in much later. By the time he told me it had already spiked to the $5 range, when I ended up buying. I then sold in the $20's so it was a good buy nonetheless. We were former colleagues at a large, large software company somewhere in the PNW, I left the company to venture out on my own and try to launch some projects I had in mind and relocated overseas for a few years. We lost contact with each other during my time away, but we connected again during the market runup and started exchanging coin information on a daily basis during the big bull run of late 2017. That was a crazy time.... the market trend was a few degrees short of vertical for pretty much all coins! Hey, guess what? Now that I think about it, I could have written that same headline myself! In January 2018 I was a Millionaire too! Not with Nano, but thanks to purchasing a good chunk of Bitcoin in 2011 at $1.20 each. I ended up a single digit millionaire with what I had left in Bitcoin around January of 2018. And, just like you, today, from all that wealth, I have about $30.000 left, with little to show for. Can we call that even? Although my disaster was not caused entirely by market fluctuation; Mine is a more complex story and I am going to mention it, because hopefully, it could serve as a lesson to be learned for any crypto holder out there, so they don't make the make mistake I made: Don't trust anyone. Always be skeptical and watch out for your own interests. Anyhow, here it goes: After 5 years overseas, I had enough and wanted to come back to the States. My wife stated her preference to stay abroad, but eventually, she conceded albeit reluctantly. We chose a small town in CO to settle, and landed in November of 2017. We had plans to settle down and considered purchasing a home with my/our new fortune, based on the market price during that period. At the same time, I was also hesitant about the inherent tax payments due caused by such large liquidation. I was trying to have to pay taxes as far away as possible. So, I decided to wait till New Year's Eve and started liquidating my crypto on January 1st, 2018 right after midnight. This way, I would have 16 months (till April, 2019) to pay any capital gains taxes, and I was confident at the time that the market would give me that for free, especially at the pace that it was going. I have been an early adopter and have since then acquired the high levels of verification and trading limits per week, with many exchanges, but for a large sum like this, I needed several separate transactions, over the course of several weeks, especially wanting to do it with a US-based exchange that was linked to a US bank accounts, to avoid overseas wire transfers, meaning more fees. (Yes, I did look at all OTC options, but for reasons not relevant to the story, I couldn't make it happen, so I had to use the traditional Exchange channels for asset liquidation). My wife and I, initially had some fundamental disagreements on the gross amount to be spent and the type of property we should be purchasing. I wanted a smaller place, with a denser, younger community, where there'd be kids our son's age for him to play. She insisted that we should go big; we had been traveling for so many years, and we had not been able to call any of our past residences our home. It was time to settle and nest; She convinced me that we should own a property of our own that we would be proud of living in for years. One that we could own outright and would not easily outgrow. We ended up splurging and purchased in cash two luxury cars for ourselves and set our sights on a large dream house in the city's Golf & Country Club, free and clear, for us and our two kids. I don't even play golf, nor do I even like it, but, if it makes her happy and it is within the safe margins of making it happen, I figured, why not? My concerns were largely financial and the numbers were adding up. It was a bit tight against my personal safe margins, but, at the same time, I was imagining to never have to make, or even have to think about, a car or home mortgage payment ever again! Bitcoin is on a roll and there is no sign of it stopping. Fine. Let's do it, before I change my mind. Now, I admit I was extremely lucky with choosing the time of when to sell the assets. I had no clue the market would take a dive in February, and so it seemed to many that I had timed the market perfectly, selling most of my coins in the first two weeks of January of 2018. Many called me a genius for selling at the very top, as if I had some sort of wisdom to know when it would drop; the truth is much less flattering; it was nothing but dumb luck, based on me wanting to pay taxes in 2018 and defer to 2019. Awesome, well done! Yeah? well, slow down, son, not so fast. So, I gather the 7-digit lumpsum in January 2018 and we write a check for the full amount at closing in February on the property of her dreams. A property that could easily be showcased on a luxury Real Estate magazine cover. Also, remember we had just moved back to the United States with just a few suitcases each from overseas. We had no furniture, kitchenware, curtains, TV's, bed sheets, winter clothing and so many other essential things that one usually purchases over time, but which we now had to purchase all at once. Not a problem, Bitcoin had dropped slightly but still well above $15k, I believe, at the time. And, earlier, in January, I had diligently taken this expense into account and effortlessly set aside a small fortune for equipping such a large house with everything we would ever need, brand new. It seemed we were protagonists of one of the Home Makeover Shows. Finally, after working day and night, prepping the house non-stop for days and when every piece of furniture had finally arrived, been unpacked and carried to its corresponding room, it seemed most of the essentials were in place and the hard work was done. I longed for pouring myself a Scotch and to finally sit down and enjoy the fruits of my labor. I head downstairs to the dedicated walk-in, cigar-humidor / wine / Scotch cellar in the basement and grab the better bottle of Whisky of the few bottles of Scotch that I had bought earlier in the week. On my way up, I remember feeling a sense of calm, combined with a glow of excitement and this undescribable profound inner peace, all at once. This was such a rare, natural, non-drug induced high that I had never experienced. It felt so good! This sense of accomplishment of achieving that one thing I had been chasing and longing for my entire life. I had expected I would be chasing this goal for the next 15-20 years, and yet, here it was. No, where I was, was even better than expected! A place where not even my parents, who still have to make their monthly mortgage payments. I had done it! With a smile from ear to ear, I take a deep breath of relief and while looking around the property, I think to myself: "It's perfect, everything is in place and I can finally call this our home. We are so lucky and we are going to live a great life. A life that few can only dream of. So many concerns will be lifted and become redundant. Everything will be better. I'll start a fire in one of our two fireplaces and I am going to begin enjoying my semi-retired life with the first sip of my drink. That will be the official start of our new life". I head over to the kitchen to get a glass and some ice cubes, while I struggle to find which one is the freezer among the many drawers in the kitchen. It was then when I notice a handwritten note placed front and center on the kitchen counter. It is from my wife and read: "There is no easy way to say this, so I am just going to say it..... I want to legally divorce [ ...]". It continued saying that she had taken our son, and had unequivocally decided to leave me. She had already filed the paperwork for divorce and that I should expect to be served in the morning. My bliss had lasted less than 5 minutes and in less than two seconds, it turned dark, somber and I saw it all crumbling down in front of me. Like a long-awaited rocket launch, years in preparation, which then unexpectedly explodes on the launch pad during the countdown. My stomach, heart and everything in my body just sank and melted into one ball of poison in my core. I felt like throwing up. I was completely blindsided; she had played the game all along, not giving me the slightest hint of what was being concocted in the background. She had already engaged with her lawyers weeks beforehand. Her mother was already in town from another state to help out with I don't know what. I had been gaslighted and was threatened by her that I needed to see a psychiatrist due to a change in my temper that I had supposedly developed - my temper was awesome: with BTC at that price? Everything was perfect! But I obeyed and went anyhow (this would later fit her story that she had to leave with the child because she feared for her safety due to my supposed temper for which I was under treatment, therefore, I must have this temper problem, see?). Also, the purchase of the overpriced home also seemed clearly premeditated: Price was the main driver of the decision making; not location, demographics, taxes, etc. It was the wrong neighborhood for us (people much older than us, retired, golfers and no kids the same age as our son to play with). Our house happened to also be the most expensive in the neighborhood. I can see it all so clearly now. See, your crypto coins on the blockchain, are not within the US court's jurisdiction (or, at least, it's quite debatable - a gray area - ask me for the seed and I can tell you that I may have the seed, or that I may not have the seed, I may have the wrong seed, I may have forgotten it, I may have lost it - you can't prove I did not forget, or lost it, etc). However, once it is in FIAT in a bank, or invested in a property, the courts can rule on the asset(s), freeze, disburse or order a sale of the property, etc. It's done all the time. Also, the coins were technically mine, and by definition private property (not to be divided during the divorce) as they were acquired before the marriage. I could not prove its origins (I bought many of them via direct messaging members on Bitcointalk.org and mining rather than exchanges, so no records, receipts or nothing to prove otherwise: the big exchanges like BitStamp and Coinbase didn't start operations till 2013, if I m not mistaken. Instead, I would talk to one of the forum members offering coins we'd agree on a price, I'd send a check to wherever the individual seller instructed me to (Russia, Bulgaria, Japan, UK. etc) and the coins would be deposited to whatever address I provided. Yes, it was quite crude at the time. However, once I converted my coins to cash and used that cash to buy a property for the benefit of the family, it became common property and thus she then had rights to a portion of it when divided between the two parties should a divorce occur - which ended up being almost 3/4 of all assets. I was robbed in broad daylight. By the one person, I trusted with my life. The one you should trust with your life. Your life partner. And while I was in complete denial, trying to bargain, I waited too long to obtain good legal representation. When I finally ended up getting a lawyer, I was quite distraught and I clearly did not do the proper research and this resulted in a less than stellar performance and detrimental to me at many key steps in the process. I had to switch legal representation right before mediation and I can't blame my new lawyer either, as (s)he did not have the required time to catch up on all the details, (s)he did his/her best, but I was ultimately strongarmed into conceding my soon-to-be-ex-wife to let her return to the house, in exchange to obtain 50% of my son's custody, with serious and strict clauses I had to abide by. So, I had to move out, find a hole in the wall in a student apartment, pay my rent and pay our kids pre-school, while she lives grandiose, without monthly payments in the country club, till the house sells, which will likely be in the spring of next year. Nice! Due to my delay, legal mishandling and somehow every other element in her favor, she inexplicably ended up with around 3/4 of the worth of all assets, free and clear, no taxes due. Mind you, she has never financially contributed, nor made a single $ during our entire marriage. She has never worked and had $0 in her pocket when we married. She didn't even have a checking account, well in her thirties. She is no dummy; she is street smart, knows how to manipulate people, get her way with flirting and charm, while I am more intellectual and book smart. and She beat me hands-down. She is walking away with a sum of, not quite 7 figures, but close. With what I am left with from the sale of the house, I am responsible to pay for all the capital gains taxes from the liquidation to the IRS, which are due in April 2019. I don't expect there to be more left over than the estimated $30k mentioned above. Hate the market all you want, I made peace with the market and am keeping busy at hating my ex for a while for putting me in the same situation. She tripped me 1 yard before the finish line and pushed me in the prickly bushes, to cross it by herself. Go figure. When I am done hating her, I'll get back to rebuilding my life again from scratch. I am not worried, I have done it before. Just pissed, I was so close and that I was so naive to not see it coming. Sorry, I am not meaning to hijack the thread, just wanted you to know that others may have lost more than just "free" money; money we didn't really have to work for. We were the lucky ones. It is what I keep telling myself to stop me from jumping off a bridge. PS - Woah: Sorry for the wall of text; I was just going to write the first paragraph and ended up venting about my current situation. I know, I should take this issue to /depressed, /exes or /whereisthenearestbridgeIcanjumpfrom. Hopefully, this can be a lesson to those holding crypto and some can learn what NOT to do. I learned the hard way and was left with nothing. Don't be a nice guy. Don't trust anyone with your crypto. Anyhow, I am sure either our vigilant subreddit bot, or one of the mods will remove my post for not adhering to rule, and if not, I am sure that you fine people will downvote me to hell. Go ahead. Take away from me the little Karma I left too! Thanks! I learned many lessons, but here are some key ones [IANAL - any crypto-educated AL opinion appreciated here, thanks] : - Understand the concept of private property - property you acquire before getting married. INAL - this depends on the state legislation, but it is hard to prove with crypto, especially if you obtained your crypto through foreign exchanges, outside of legal jurisdictions, the petitioner might not understand or willing to invest in obtaining subpoenas and requests to businesses operating overseas, as this may result costly. - Get a lawyer who understands, or is willing to understand crypto, its benefits of being somewhat unreachable and how that can work for you. Don't let them shortchange you with: "well, let's just convert the rest to cash, because that I understand" type of reasoning. - If you do go to mediation, the above applies as well. This arbitrator or mediator needs to be one that understands the intrinsic details of crypto - for example, during the ATH, I bought 6 digits worth in $USD of Stellar. I used the very first version of the software, supporting Stellar on my hardware device, and put it all in a cold storage wallet somewhere around January. I routinely checked on my coins on the blockchain and they are there. A few months later, I try to access my account and the device returns a different public address, which contains 0 funds. I am still trying to debug this issue with the manufacturer, but the fact is that I was accused of hiding these coins or negligence and was demanded that I paid half of what was lost. or not lost, out of my pocket for money that I didn't have access either. I tried to explain it in the simplest terms, there are risks involved with using first come software. There is no 1800 number, mo tech support. no CEO, no, you can't call the BBB and complain, etc and no one seemed to be able to understand, nor willing to either. It became a huge roadblock for which I had to concede, not cash, but a concession, I was not wanting to concede. The petitioner leaned on the fact that I was either wilfully cheating or stupid enough to lose the coins and managed to create enough doubt in my character and integrity and there was nothing rational I could explain that she, or anyone else in the room would understand. Perhaps mutually contracting a seasoned crypto expert that can offer a neutral view and give his/her opinion might be worth considering. Andreas, where were you when I needed you? :) - Other examples were some coins I had bought in 2012 and gifted to some of her family's kids. I was holding these, till they would turn 16 for them to pay themselves their college, or so I told them. These coins were demanded back by the petitioner. Ok, I suggested that I would send them, but with a CHECKLOCKTIMEVERIFY value with a block height of let's say,10 years from now, out of fear that she would spend the coins and the kids would never know (they are toddlers). No one understood what I was talking about, I was made out the crazy one, I gave up, sent her the coins, unlocked and, just as I expected, within 20 minutes of receiving them, she spent $1200 worth of it (for a flight, I think). If you are the only one speaking your language, no one is willing to listen or make an effort to understand you. - It appears my coins were private property, which means, that I acquired them before the marriage and in case of divorce, if I have not moved them or used them for the common good of the marriage, then they remain mine. However, I liquidated them and cash ended up in my checking account to be used to buy groceries, cars and eventually a house, and it is then that they became common property. Only once they landed in my checking account on which she is named on. It appears that had I taken proper legal precautions with documentation, or a company/trust, where that money would have gone, instead of my checking accounts, elsewhere, I would have still been able to be the legal proprietor of the resulting cash. I can't quite remember the details, but it as something that was explained to me afterward, and I honestly think I just tuned it out, because it made me sick to know I could have held on to my wealth. Perhaps a lawyer can chime in? Again, much of the lack of information and every misstep taken was because of dealing with people that are accustomed to traditional assets and will not deviate from it. Crypto is different and is treated differently. It is so important to know the strengths and weaknesses when going into litigation about something that people don't understand. - Some more I can think of, but this post is getting way out of hand in size. Feel free to comment/suggest your own and I'll add more to the comments. Credits to: u/nanoissuperior Thanks for your post, it inspired me to write this one. Anyone, any karma you feels needs to go his way, for providing the source of inspiration, please give to O-OP. TL;DR: Wife, having contributed $0 during entire marriage, waited until I cashed out all my crypto at the top of the bull market in January 2018, for a nice seven-figure amount, and then immediately divorced me for the money. Edit: added TL;DR
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Remember how you had to bring a lot of textbooks to school? Studying geography, English, physics, chemistry is also a kind of risk diversification. None of us in first grade knew who we would be after school. Therefore, just in case, we studied anything. In trading, it’s all the same - the more cryptocurrencies there are in the portfolio, the better prepared a trader is. A crypto portfolio that contains various cryptocurrencies helps a trader not to be afraid of high volatility on the market which can jump due to simple criticism of the company in addition to a failed partnership or bankruptcy. A trader can lose everything if his portfolio has just one coin. Experts advise collecting two portfolios at once - for the long-term and for the short-term strategy. In the long term it is better to trade promising and reliable cryptocurrencies, in the short term it is better to trade coins with a capitalization of $ 10-50 million. It is better to invest more in friendship with nerds and only occasionally use cheat sheets than the other way around. The minimum amount of cryptocurrencies in trader’s portfolio is cryptocurrencies from 5 different categories:
market leaders — Bitcoin, Ethereum;
stable coins — Tether, TrueUSD;
dividend tokens — Nexo, STE;
exchange and utility tokens — ROBO, Binance Coin;
very promising, but high-risk coins — EOS, TRON.
Next, let’s discuss how to choose coins.
How to choose coins?
Remember five criteria. Project’s sustainability. Try to know more info about the company that issued the token or coin. What user problem does it solve? What product does the company offer? Will it be in demand on the market? Capitalization. Estimate cryptocurrency trading volumes and quotes. Are traders ready to invest in it, how much have they already invested in it? The greater the trading volume is, the higher the interest in the coin is. The higher the total capitalization is, the less volatility and possible profit this coin has. Maximum emission. The real demand for a coin should be higher than its maximum emission but not the other way around. Crypto community. Pay attention to the transparency of the project and the community grown up around the product. Follow the project’s social networks, see how often the news comes out, what the subscribers promise. Check the support service - how active it is and whether it responds at all. Newsfeed. Analyze the news about the company - what media writes about the project, how often it is mentioned in the news. In about the same way, pupils choose a partner at the desk - look at his grades, neatness, listen to what teachers and other classmates say about him. If no one is sitting with Natasha (maybe it is better to use some English name, say Jane), even if she is pretty, maybe you shouldn’t sit with her in math?
How to allocate risks?
It’s not enough to choose coins - it’s important to understand what ratio to put in the portfolio. The rule is simple - the less risk, the greater the volume; the more risks, the less volume. Many people invest up to 90% of their capital in Bitcoin, while the rest of funds is invested in projects that can work but so far too risky to invest a lot of money in. If a trader collects a portfolio with minimal risk he distributes the investment the following way:
80% — in market leaders and stable coins;
15% — in coins with high liquidity and an average rate;
5% — in cheap but promising cryptocurrencies.
If a portfolio has high risks:
60% — in stable cryptocurrencies;
25% — popular altcoins with a stable rate and growth prospects;
15% — underestimated assets, coins only issued after the ICO and IEO.
A portfolio with minimal risks can bring less profit but it is more reliable - you can go into the long-term trading with it with already set stop loss in the terminal. The Optimus robot in the CryptoRobotics terminal is your best nerd friend who will do the homework for you and help you with the test.
What strategy to take?
What’s your plan - to earn immediately or trade in long-term? If you want to take profits during the day there should be more altcoins in your portfolio and trade should go with short stop-losses. This is a painstaking daily work but there are chances to get super profits. This is how to prepare for one test and get A mark. A long-term strategy is a full-fledged investment in reliable and powerful cryptocurrencies that can withstand all fluctuations on the market. You begin to sit for one hour at school textbooks starting from the day one and you sit for 11 years and only after that you get a gold medal. There is one more thing that unites traders and school children - this is the constant, continuous training that helps you to achieve maximum results. But pupils do not have convenient, beautiful and multifunctional tools that would help to increase knowledge in a couple of clicks. And straight-A traders use CryptoRobotics. Good luck and profits!
Are we underestimating the crypto market's potential?
Sometimes, the big bull run of DecembeJanuary feels like an unrealistic peak we may struggle to see again. After all, relative to prices only 10-12 months prior to that, where you could pick up a bitcoin for less than $1000, the gains seemed astronomical. It finally seemed as though crypto had entered the mainstream as the global marketcap peaked at around $830 billion. Now, of course, such highs seem so far away. But then it got me thinking of the broader picture. That huge high in crypto, that feeling of the world fomo'ing in, only created a global crypto marketcap around the same value as one company, Amazon, with a marketcap of $824bn at the time of writing. And now, the total marketcap value of Bitcoin, around $110bn, is worth less than one man: Jeff Bezos. To put it another way, even at its peak, all of crypto was worth just 3.5% of the S&P 500, which in itself is a very small percentage of the global company stock asset class. It made me realise just how much of a drop in the ocean cryptocurrency has always been, even at its peak, particularly for a brand new asset class. We've been a part of something that appeared to be taking over the world with its hype, yet it barely scratched the surface of the global economy. It's been without regulation, without proper custodianship and without an asset-backed ETF. Banks have been cautious about it, and a huge amount of high value trades have remained OTC. Even now, the amount of people on earth who own crypto is tiny, not to mention the the lack of serious investment from major institutions, fund managers and so on. When you take a step back and look, you realise just how infantile the crypto asset class has been in pretty much every way. The actual amount of fiat that has entered the market, in the grand scheme of things, is laughably small. Yes, the total crypto market volume touched the daily volume of the NYSE a few times, but we're comparing volume that was overwhelmingly crypto-to-crypto over 24 hours, to the pure fiat volume of 6.5 hours on one of dozens of stock exchanges worldwide. And that was at the very peak. Meanwhile, forex daily volume amounts to the trillions. I used to laugh at people who post that "Wall Street Cheat Sheet" bubble chart and point an arrow to the "hope" bump prior to the bubble to claim that this is what the Dec/Jan crypto bubble was. But I'm starting to wonder if they're right. There's still so much holding cryptocurrency back as a valid asset class, and I don't even think we're close yet to having the foundations in place for it to be taken seriously. This isn't intended to be hopium. Cryptocurrency might die off or reach ATHs like we've never seen before. I don't know. All I do know is that in every aspect, from regulations, to institutional frameworks, to financial instruments, to adoption, to fiat volume, the progress in these areas relative to more established asset classes is less than 1%. Let's get the bare basics in first and then we'll see what cryptocurrency can do.
Ahoy mates! Today I'm sharing with you my weekly update on bitcoin. This time we dive in to depths of kraken where no pirate has gone before and some dare to opposite the monster itself! So prepare! When the whole market is full of pessimism and people are looking at the same bearish targets this indicates only one thing to me what one of the legendary investor said: The market is showing a strong bearish sentiment and what usually happens during that is the people are stuck with bearish thinking or are only seeing bearish patterns. This is also the time when people are not finding it as attractive an investment. This article is mainly focused on what whales don't want you to see and also we will be focusing on the larger picture so it's easier to understand where Bitcoin is heading next. The Market Psychology Let's begin with the market psychology. Emotions are strong especially in the crypto sphere and people are not afraid of showing them. This is good for us so that we can analyze this kind of behavior and see how it correlates with the price action. This is the time when it's nearly impossible to scroll through twitter feed, enter in to a discord chat, or check news without being exposed to the overwhelming amount of depressing information about cryptocurrencies. But even if the world of cryptocurrencies would not collapse anytime soon, then this kind of information can make you feel like it. Information like this is valuable to us. Why? When you look at the images down below they reflect how emotions are correlated with the price movement and when it is compared to Bitcoin Chart, you can start noticing similarities with the emotions people are having right now and where the price is now. Bitcoin Chart for Comparison on Daily Timeframe Wall Street Cheat Sheet As you compare these charts you may start seeing that we are getting close to the part where the financial risk is minimal and upside potential is maximal. Let's continue with the article and next stop is... The Wyckoff Method This is based on Richard Wyckoff's powerful theory which provides guidelines for determining events happening in the trading range. The events can be found in the famous schematic which exposes it fully. Accumulation Schematic #1: Wyckoff events and Phases You can find more information about The Wyckoff Method at here and read more about 'How to Trade a Selling Climax with Cryptocurrency?'- at here. The Bottom of The Market Structure The weekly chart of bitcoin is showing fascinating piece of information that it has hit the bottom structure of the market (meets major support) and seven past candles have been grinding against the downtrend line. When a price is able to grind against a long term downtrend line like this, it tells us that it hasn't seen any significant drops during those weeks. If that were the case where it would had significant drops, the downtrend line and the price would had distance in between of them. This is a great signal of sellers (bears) losing strength and not able to push it harder. This week's candle determines direction of the market and this is an ideal zone to watch for reversal patterns. Descending Channel In this scenario I used pitchfork tool to generate a descending channel. It highlights perfectly that it meets descending support second time, retests it and if it does manage hold it could lead for an uptrend only if enough of buyers takes action in this spot. Bullish Divergence + Diamond Bottom Bullish Divergence is lead indicator for revealing tops and bottoms of the markets. This is commonly known reversal pattern and breaking above of the resistance area would be good indicator that the price is wanting to push higher. Bullish Divergence is accompanied with a Diamond Bottom which is known Reversal Pattern as well. When a price is starting to break out from the Diamond Bottom it's usually followed by expanded volume. This gives validity to breakout. What else should be seen is that it needs to break above of the neckline area and stay above of it as well. Rejection could lead to a new low and that's why it's good to have enough of confirmed signals before entering in to a trade. Conclusion As seen in this article, the cycle charts are highlighting that we are not that far away from the recovery phase and shows that the risk/reward ratio is getting really good. Keep in mind that even the whole market would be bearish, there are still things to take in to consideration and observe. Don't be fooled by the prevailing sentiment but try to come up with fresh ideas that has confirmation and then you will be few steps ahead from others. Thinking out of the box is essential when it comes to cryptocurrencies and generally speaking contrarians (The ones that haven't gone along with the herd) have been the most successful investors and traders all time. Being around people who are over biased, stuck with bearish mind set can have harmful influence towards others and it can be hard to break from that cycle. It is better to keep neutral stance and see what opportunities the market brings than trying to force setups. Here's motivational quote to the end: Please, if any question comes to your mind don’t hesitate to ask! I try my best to respond ASAP! If you need help with trading, finding information or courses let me know and I’d be more than happy to help you! DISCLAIMER: Please be aware this is not financial advice. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything. Click link for the TAs and images https://steemit.com/bitcoin/@yarthe-bullish-case-for-bitcoin-weekly-update-6-28-18
Which projects will survive? What are the criteria of prospects? How determine it? Experts defined the following:
Necessity of technology (due to safety reasons etc)
Reasonable innovativeness which bringing new possibilities to our life (like internet shopping comparing to dotcom era)
Following the principles of sustainable development (by the way, the last Nobel prize in Economics was awarded for research on the impact of climate changes on the economy)
There are also other facts as project team, its' experience, government support etc. Let's see which projects meet these criteria. PUNDI X (NPXS) Pundi X aims to bring in the next billion crypto users as it allows users to buy, sell, use cryptocurrency anywhere and anytime. This will make Pundi X the world’s largest decentralized, offline cryptocurrency network. It is decentralized, because the ecosystem and transaction records live on the blockchain. It is offline, because our entry point is via point-of-sale (pos) devices installed in physical outlets. For now more than 5000 shops, restaurants and other outlets in UK, Switzerland, Korea, Singapore, Brazil and other countries are using Pundi X paying terminals. The company already has an agreements with major countries and it plan to increase its influence on world financial system. official website https://pundix.com HOLO (HOT) Holo is a decentralized hosting platform that enables fully-functional decentralized applications to serve mainstream Internet users, and provides the massively scalable crypto-accounting infrastructure required to host and manage these applications at enormous volumes of usage. The main goal of the project to build a more human internet: one where you control your own data, you decide who you want to interact with and how, and you get recognized and rewarded for helping others do the same by sharing some of your computer’s processing power and storage. The safety in Internet will become a core issue very soon and probably Holo already have a great solution for it. official website https://holochain.org SELFKEY (KEY) SelfKey is a blockchain based self-sovereign identity system that allows individuals and companies to truly own, control and manage their digital identity, securely manage their cryptocurrency portfolio and instantly onboard onto financial, immigration and other services. The company already has agreements with banks and other fintech organizations. The area of technology implementation is huge - starting from airport security and ending with loan payments. official website https://selfkey.org All these projects are for long term holding. They are just in the beginning of its' way. The prices for now look very reasonable. Probably first big profits from it could be expected in 8-12 month. LH-crypto (LHC) One more interesting project is LHCrypto. It related to financial sector and offering multi assets trading platform (you may buy gold with BTC, trade stocks etc). It also has internal token. And this token is a very good speculative asset, which may be interesting for smart traders. LH platform already works and will open deposits with LHCoin (token of the project) soon. The ratio for it is 1 LHCoin = 1 Euro. Now you can buy it on exchanges just for 5 cents.
Profitable life hack for now
Now you can buy it cheap. When deposits in LH will be open - you may trade on it's platform with the amount equal 1 LH = 1 euro. When the up movement of the market will start you could withdraw your coins with huge profits. Let's check in numbers:
1. You buy 10 000 LHCoin x 0,05 euro = 500 euros 2. You open trading deposit on LH platform in LHCoins, which equal 10 000 LH = 10 000 euros 3. It means you spent just 500 euros and got an account with 10 000 euros in balance.
NOTE! YOU CAN WITHDRAW ONLY LHCOIN, NOT EURO. SO, CALM DOWN AND WAIT. PATIENCE IS THE KEY.
4. In fact you get an interest-free loan of 9500 euros for trading! 5. Trade on platform, increase your deposit by profitable deals and wait... for the hole market reversal and new crypto hype. 6. Then withdraw your LHCoins and sell it on exchange. Smart profit in your hands!
This system were designed by strong economists and it seems very profitable both for the users and the company. We are sure that this life hack is actual only before the deposits in LHCoin will be open. After that the price will increase rapidly. It's already quite difficult to buy it on exchanges due to nobody want to sell. official website www.lh-crypto.com
“If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability.” – Henry Ford Ye boi. I was asked to provide some additional link/guides/tips for people invested in PRPS/DUBI, but i believe this post has purpose for everyone. Not a specialist or anything, but it is better than nothing. I'll provide some useful links and subreddits where you might have an easier time puzzling what you yourself require. If you got better advice in the finance/investing/crypto landscape then please do correct me or suggest your opinion. Tai Lopez was right, the first thing you need is KNOWLEDGE When we set course for the moon we have to be aware of the emotions, psychology, laws, taxes, privacy, security, history that comes from becoming wealthy from cryptocurrencies.
Emotions. How emotional you will be when you cash out and see a huge amount of money you never seen before. To act rationally, it is best to leave it for a month to sit and take time to consider what you are gonna do with it. Do not give in the urge to spend it. Be aware of the emotions if somehow you will lose all of it.
Psychology of how it works. "I don't need to work anymore cause i have a lot of Bitcoin". - an innocent statement can bring consequences.
Laws. The government is always cracking down on cryptocurrency and trying to regulate it. Be aware of the laws they try to pass.
Taxes. In most countries, crypto is taxable. It is a good time to figure out how to pay those taxes and whether or not you need to register yourself as an "individual business" and a "Stocks trader" might be enough. Remember the amount you invested, because you will have to calculate the profits and tax them when you want to cash out.
Privacy. Look at what information is disclosed about you on the web. How connected are you around social media? Have you made posts about Purpose? Be aware that in the future that might bite you back.
Security. Is your password on your metamask/ledgewallet the same on a website that can be compromise and your password leaked? Are you aware of phising sites? Are you prepared for hacking attempts?
History. Have you seen the history of cryptocurrency and what happens with FUD, FOMO, fake news, security breaches, people having all their funds on exchanges, rich Bitcoin investor hassles with their safety, phising sites, sell orders being filled because of flash crashes.
Most of the money issues we'll have are exactly the same as people who got Bitcoin in ~2010. Replace Bitcoin with Purpose in these links and it'll be the exact same. I suggest reading all posts about people having big amounts of Bitcoin and looking what to do with it, because we all will be in a similar scenario, so prepare for that. If you want to cash out, one of my simple favorite tips on calculating money, when you don't know how much you need for yourself (10 000? 20 000? 100 000?) is to think of how much you might need a month. If it is 500 USD or 1000 USD a month you can just do: 500 * 12 (months) = 6000 USD a year. 5 * 6000 = 30 000 USD for 5 years. 1000 * 12 (months) = 12 000 USD a year. 5 * 12 000 = 60 000 USD for 5 years. This is the amount of money you need for a year to maintain your monthly spending, possibly for living expenses. This helps you orientate yourself to the sums of money you need. You can add 6000 + 500 000 + 25 000 (+5% maintenance expenses) = 531 000 USD to know how much you will need if you buy a lamborghini. Perfect subreddit for people with a lot of money is /financialindependence. Links related to bitcoin.
I was inspired by this post to share my (relatively) low-risk/reward investment strategy. For what it's worth I've been doing this for a while, but there's a huge survival bias there. I'm bearish about 99% of crypto investments, including whichever favorite one you're thinking of right now. Don't trust me, or blame me when you screw up. I am not a financial adviser. Evaluating crypto investments, must all answer "true":
Does the problem it claims to solve arise because of censorship? (Why not a regular database?)
Have all prior attempts failed? (crypto or non-crypto)
Have the reasons for the prior attempt's failure been addressed, if any?
Is it devoid of centralization, even "temporary" administrative parties?
Is it 100% free and open source?
Is it free from seigniorage (pre-mines, % of inflation/sales goes towards foundation, etc)?
Can it run in an oppressive country, on an old computer, over Tor?
Can its economics handle selfish/rational actors?
Does it require a large amount of altruism to work? (Example: archival nodes)
DCA over years, only selling when you need money unexpectedly or have reached your financial goals.
Crashes and rallies change nothing. Momentum investing and technical analysis are a crock of shit. This requires human intelligence and you need to do your homework. You should be reading, reading, reading. If this was risk-free and easy everyone would do it.
Don't waste time/money on "spend and replace" because you want to promote your cause; if it can't succeed without charity then it doesn't deserve to exist. You can promote your cause with cheap words, and your holdings themselves send a message.
Don't buy until you've already got your own wallet properly backed up and encrypted. Do a couple practice delete and restores. Get a Trezor and install Linux on the computer you use for trading. Open orders on exchanges are not a part of this strategy - not your keys, not your coins!
This post by Gavin Andresen is mandatory reading for anyone new to altcoin investments. If you don't have time to do your homework, then you're investing in too many different cryptocurrencies. You can lose a LOT of money by being greedy!
Business opportunities are like buses, there's always another one coming.
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