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bookworm

Total crypto market cap $400b and conspiracies(?)

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In recent months, we have witnessed incredible exuberance with Bitcoin up to $15k and almost 65% market share of the entire crypto market.

https://coinmarketcap.com/

Ripple's XRP is now at an unbelievable 2% market share as selloffs continue for the buy in of the speculative BTC with little or no value.  Bitcoin futures will begin shortly so little wonder that the major consortiums eye for as high a price as possible before setting a starting price or for possible sell off.  

As well, many more Bitcoin forks (Bitcoin GOD, Super Bitcoin, Bitcoin Platinum, Bitcoin Uranium, Bitcoin Cash Plus, and Bitcoin Silver and more forks - see attached link) will simply grease BTC holders as easy money is created out of thin air just like Bernanke's helicopter drops.  Strangely, I am starting to fully agree with JPM banker, Jamie Dimon 'fraud call'' should this Bitcoin cartel continue to fork and spinoff more Bitcoin related coins like Dash, Litecoin, Bitcoin Gold, Bitcoin Cash, etc.

https://ethereumworldnews.com/forks-galore-crypto-christmas/

You see, these Bitcoin enthusiast may continue with their shenanigans to profit their own cartel and those who are on to their game until it finally blows up in their faces once govies step in.

Hypothetically, what if Bitcoin was engineered to fork and spin off new coins to keep prices trending higher.  What if this continues for the next 5-10 years as the consortium controls BTC with small time miners no longer able to decentrally mine using their own pc which would only mean that bigger operations in China can only mine.  

Eventually, these same people have converted initial fiat into a Bitcoin that has now mushroomed to a surreal level to be converted back to other cryptos for eventual conversion back to fiat withdrawals.  Hmmm, this placement, layering and consolidation sniffs sign of fraud or ponzi as $1000 can eventually become $1 million dollars out of thin air.

While I have small exposure in BTC and quite content with the recent price rallies, another side of me is telling me that something is not right or ethical  Perhaps, we have irrational exurberance and excessive demand but limited supply alike global equities and property markets in the recent decade.  Or perhaps, it is alright to simply follow what the central banks, bankers and masses desire until it pops with real people hurt.

Hence, I will take my small fortune in BTC/Dash and bet on those cryptos with true utility like XRP and ETH.  These cryptos look more ethical and I would love to be able to tell my grandkids that a small fortune was made on these cryptos  with true utility but not Bitcoin or Dash that smells rotten to the core due to some criminality or conspiracy.

On a positive note, new money in cryptos will eventually flow from Bitcoin into altcoins following blow up or launch of futures ... on a negative side, both XRP and ETH will be affected in the short term ...

 

Edited by bookworm

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2 hours ago, bookworm said:

 ... on a negative side, both XRP and ETH will be affected in the short term ...

 

See thread under General Discussion 'What is Ripple actively doing to further XRP pairings against other cryptos?' for an unchaining from BTC...

Edited by Bbbbbbb

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5 hours ago, bookworm said:

Perhaps, it is better not to decouple from BTC until after all of the forks?

Unfortunately XRP doesn't go up with BTC, only down with it.

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13 hours ago, bookworm said:

as $1000 can eventually become $1 million dollars out of thin air.

Just for reference...to the people reading here who may not realize.

Money is not being created from nothing. It is being taken by those who aren’t paying attention.

The only thing that matters is fiat. That’s why we value bitcoin in dollars in the first place. My point is that for any of these people to actually become rich they have to take real money from real people. When it crashes, real people will be at a loss and the ones at the top here manufacturing all of this will walk away with what was once other people’s money. 

Do not confuse this with printing money. This is theft. 

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@HodlezerperYes and no.  As markets rise, everyone on the gravy train reap the appreciating values alike property and equity plays since the financial tsunami.  The issue only occurs when the train stops as the final buyers (usually the shoe shiner or average Joe) in are the ones left holding the bag with the (dead) cat.  

When Bitcoin futures are traded, I wouldn't be surprised to see long dated futures at earth shattering levels like 30-50k.  This is simply due to the concentrated holders and IIs testing price discovery as the new products are being launched.  So long as the prices continue to climb, everyone is happy (except for possibly the shorter who sold but did not buy back or close their positions by buying back at lower prices).  Should Bitcoin prices tank, the last buyers are left holding the bag that has tarnished in value. 

On a side note, our US govies are known for raising the debt ceilings and annual unbalanced spendings in the trillions in the red.  Surely, this is theft of the next few generations as the current generation is living beyond their ability at the expense of our kids/grandkids.  Is printing money any different from manipulating Bitcoin by forks etc?  If bankers are jumping on the bandwagon for Bitcoin, watch out as the bankers/traders have conjured up their own means to create intangible hypothesize bank profits leading to even higher bank equity prices (JPM, BoA, GS, etc).  Watch out if this is the next game in town as real trading losses may be masked and offset by new massive crypto profits from higher price discovery ... 

As a controller on the trading floors of numerous big banks, I can see (not pizza) but free drinks for staff weekly as the many unaccomplished traders are breaking record budgets and profitability weekly or monthly by doing nothing spectacular but simply jumping on the bandwagon as long as others are queuing up (hmmm, ponzi but how about equity/property prices?).  Of course, there will come a time to exit as with equity and property plays that remains to be seen on what last trick our bankers have up their sleeve ...

For XRP with a true utility, this is definitely a LT hold but banker's interest may be replaced by quick gains in trashy Bitcoin that appears to be the only game in town now until our dear regulators jump in.

Edited by bookworm

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30 minutes ago, bookworm said:

The issue only occurs when the train stops as the final buyers (usually the shoe shiner or average Joe) in are the ones left holding the bag with the (dead) cat.

Admittedly my previous comments were quite negative and more or less pointed to what you mention in the above. Strictly in my opinion, (while I'm not super jazzed on printing a metric f*ckton of cash), I see more value in printing money than value in BTC. So, I went full ponzi and declared it theft. lol. But that's based purely on BTC and it having virtually no use. At least if we're buying toxic securities the value is in the economy being able to continue and people being able to do the things humans do this day and age. Put simply, BTC doesn't do anything except vacuum up money from people who don't seem to have any idea wtf they're doing. (again, totally arguable and I'm consciously over-generalizing, but you get my point).

 

34 minutes ago, bookworm said:

Is printing money any different from manipulating Bitcoin by forks etc?

At the moment I think it is different. Like I said above, at the very least, printing money through QE had some conceivable positive effect. BTC literally does NOTHING. lol. 

Anyway, points well taken, to be sure. I was just being narrow and obtuse to make a point that there's a difference between value creation and a ponzi-scheme, which I currently identify BTC as. Though, I'd be interested in your thoughts on that...

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Bloomberg reports Bitcoin whales of about 1000 users at 40% of market  ... hmmm, just about control or corner the market ... look out for turbulent week once futures begin ...

BOTTOM LINE - It’s not necessarily illegal for big holders of some cryptocurrencies to discuss trading with one another. That puts small buyers at a disadvantage.

https://www.bloomberg.com/news/articles/2017-12-08/the-bitcoin-whales-1-000-people-who-own-40-percent-of-the-market

Edited by bookworm

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