The PullBack Is Over (For Now): Cryptocurrencies Gain $28 Billion & Nearly A 50% Gain In The Last 48 Hours

in #bitcoin7 years ago

So much for the cryptocurrency correction. Two days ago when bitcoin hit nearly $1,800 and the market capitalization of all cryptocurrencies nearly touched $60 billion, I wrote in my article entitled, “Coinpocalypse”, “I am now thinking it has dropped enough to start wading back in.”

And, it appears I nailed it almost down to the minute. As soon as that article went live, the cryptocurrencies began staging a comeback. And they continue to do so as we speak.

The total market capitalization of all cryptocurrencies increased from $60 billion to currently $88 billion for a nearly 50% gain in just the last 48 hours.

Bitcoin is up over 10% in the last 24 hours while Ethereum has skyrocketed 38% and all major cryptocurrencies are heavily in the green.

Of course, in the midst of the pullback, Mike “The Health Ranger” Adams was quick to jump on the opportunity to throw up an article entitled “Health Ranger warns: Bitcoin collapse now under way… has already plunged nearly 40% from its high.”

So much for that. He is already wrong just 24 hours later. Really, stick to the vitamins.

In his most recent, totally wrong article, he calls bitcoin an “unraveling Ponzi scheme.”

If he understood the history of Charles Ponzi and how bitcoin actually functions he wouldn’t be calling it that. Bitcoin cannot be a Ponzi scheme because:

Unlike Ponzi schemes, Bitcoin will still have value and continue to function even if no new participants join the ecosystem.
The purpose of using bitcoin isn’t to recruit new market participants.
And there is no centralized entity that funnels money up to the top.

The first main point in Mike’s article he warns to remember is: “Bitcoin isn’t backed by gold.”

Yeah, no one ever said it was Mike. Thanks for the warning though.

But, you know what else isn’t backed by gold? Federal Reserve Notes, which most people call dollars. You seem to have absolutely no problem taking dollars, though, for your health products.

He goes on to say bitcoin is backed by nothing at all.

To which we’d say bitcoin is backed in part by the power/electricity needed to produce it, in addition to the math and cryptography which are the basis of its value compared to fiat paper and gold.

And, not to mention, we live in the digital age. Almost every person in the world has a smartphone and internet access now. With that phone, you can have a bitcoin account (while many still remain without bank accounts) and can transfer money anywhere in the world for nearly free, nearly instantaneously and no government or other thieves can steal it.

When fiat currencies collapse… and they will… what is more likely to become used as money by the world? Gold coins? Or bitcoin?

The answer is blatantly obvious. Bitcoin. Try sending a gold coin to someone in China for the latest cheap techno gadget and see how well that goes.

Mike goes on to say that bitcoin is nothing but a digital fiat currency. Here, again, he shows his complete lack of understanding of money.

The definition of fiat currency is, “Legal tender whose value is backed by the government that issued it.”

Bitcoin isn’t legal tender in any country I know of. And bitcoin certainly isn’t backed by a government that issued it.

So, totally wrong again Mike. Keep trying though… I can’t believe how you stick with it!

He also says bitcoin has a big problem because “one of the ‘fixes’ being discussed by the bitcoin community right now might result in lifting the limit of 21 million bitcoins, allowing potentially unlimited future Bitcoins to flood the marketplace.”

It’s unclear if Mike is talking about the potential bitcoin fork creating a second coin which will result in the expansion of the supply of the second coin. If that is what he is referencing, then he should realize that when Ethereum forked, the combined value of the two ethereum coins ended up being greater than the single ethereum coin that existed before the fork.

And, besides, why would bitcoin “flood the marketplace with potentially unlimited future bitcoins”? Most of the reason bitcoin is so valuable is because it is so limited.

Why would bitcoin commit suicide by just removing the limit? And why would anyone accept that change?

They wouldn’t. No one is even discussing this as a possibility because it is so outside the bounds of reality.

But, Mike “The Bitcoin DeRanger” Adams seems to have dreamed up a new reason for his audience to completely miss out on an evolution in money and banking that is making a lot of people a fortune.

In any case, with cryptocurrencies haven risen nearly 50% since Mike declared them dead, they probably will have a pullback in the coming days.

Take that opportunity to load up and subscribe to The Dollar Vigilante newsletter HERE. We’ll be discussing where cryptocurrencies go from here and where the best buy and sell areas are located.

And, if you subscribe now you’ll get access to my most recent cryptocurrency pick which I think could be the next Ethereum. We recommended Ethereum at $2 in 2016 and made a 20,000% gain since. And I expect this new cryptocurrency could perform even better.

So, yeah, if you want information and analysis on cryptocurrency investing and speculation, you can stick with The Dollar Vigilante which has been covering bitcoin since it was $3 in 2011… or go with the vitamin guy who knows nothing about money, finance or economics.

You can add him to the 140 others who have declared bitcoin dead to date.

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It's strange that Mike Adams says all of these weird things about Bitcoin because I've watched his videos about the federal reserve and the unbacked fiat monetary system. He knows we live in a debt/slave society. It seems odd that, considering what he knows, he doesn't embrace Bitcoin.

We truly live in an illusion and I think some of these people, like Mike Adams, are stepping stones to higher levels of consciousness for people who are waking up. Most people can't even wrap their heads around Bitcoin. Most people haven't even heard of it. Mike would lose a lot of his audience, I think, if he started promoting Bitcoin. It might be too much for the newly awakened to comprehend. That said, why does he bother to mention it at all?

Just my opinion, but it seems like a lot people wake up first to the fact that their government is a fraud, then they learn the medical system is a fraud, then they learn the food supply is toxified on purpose, then they learn they're slaves.... on and on. Mike is great for waking people up to the fact that the medical system is a fraud and that the food supply is toxic. Once that sinks in and as we search for more truth we're led from people like Mike to people who have even a higher level of consciousness. Each person is playing their role perfectly for those who seek them out in their awakening process.

I used to think Dr. Mercola was it. Well, now I see he was very helpful along the path in my journey and where I was when I discovered him; however, I have no more to learn from him, so I moved on to learning from people like Dr. Morse who clearly has a better grasp on how the body, mind and soul must work in harmony for there to be health. So, Mercola like Adams were necessary stepping stones for me.

Your financial advice, Jeff, has always been spot on regarding my experience. And to now see you talk about health and spirituality makes you the total package! The very best to you and your family, including your dogs, always.

It is like telling a kid about taxes if that kid is not ready to get it. We all want people to understand BTC and Steemit and Ubuntu and Copy Left and Open Source and responsibility. Sometimes, we lose friendships and audience when we try to help maybe too much. I've tried to tell people things when they were not read for it. People have called me crazy and they walk away. We sometimes gamble and hope that some will get BTC or whatever that we want them to get........

I know exactly what you mean. I think it's good to plant seeds, but everytime I try to push an issue with someone who just doesn't get it, I only end up making myself mad. I do my best not to push issues. Every once in awhile I mess up, though. It's like I want the world to change now, even though I am fully aware that change comes from within.

Well the money is in learning how it all works, getting in on the ground floor, and positioning yourself to do that high mental work for them in the future...for a premium fee of course.

A lot of people do not know what Bitcoin or crypto money is. And most people think of it as a Pozi scheme because they are being introduced to crypto money by MLM.

There are many MLM crypto money schemes going around and people think that Bitcoin is one such thing.

I understand the confusion. We live in a world of confusion. Fortunately, I was led to people like Jeff Berwick.

I think you nailed it @weq. Most people are still unawares, but an awakening is happening.

It does seem like an awakening is happening. I just wish it would all hurry up! :)

Thank you for your nice reply.

Weq, Yes, it seems odd Mike doesn't embrace a potential solution to the debt fiat system such as cryptos. I am also dismayed at the precious metal folks that will not embrace it like Chris Duane. Is not diversification of assets wise? Why not have 1. cryptos as a % for as long as there is an internet connection, 2. precious metals if the grid goes down, 3. valuable property to hone food growing and other physical survival skills, 4. and a simple meditation practice to prepare us for the ultimate journey? The big picture is not that difficult to see imo and that's why I've been really inspired by posts and people such as yourself - I can finally connect to a growing movement bigger than myself instead of feeling isolated for the last ten years (got off facebook 6 years ago).

Thank you for such a great reply. I've been away for awhile. I agree with you 100%. We need to "cover all our bases." I'll be glad to see the banksters and the debt/slavery system go away.

I know that isolated feeling! I think it's what enables us to grow. It's like we are led away from the madness in the world so that we can think clearly, wake up and become "the change we wish to see." It seems difficult at first, but now I am so thankful for being led down a different path than almost everyone else I know. I've definitely become the observer, watching the world play out like a movie.

I got off Facebook about 4 years ago. So much narcissism going on there. Everyone is trying to paint a picture the perfect life they wish they had. I don't care about what people are eating and drinking and what new things they bought... I can't waste my time with that nonsense.

Outstanding

Thanks for sharing!

U know i actually understand juat a little of whats going on regaurding the market becaus eif you notice candle for btc for the month, 24 hrs, and hrly you will pick up something else rather than an actual crash. Each one of us should take the time out to learn how to interpret candle sticks. Something big will be happenint next month for all currencies and i have a post that spoke about all of that rolling in @johnlue. Thanks for this post. This is really a post with depth i really want to learn your style of posting. Thanks again for the

What really did it for me was when I finally put down the money to try out the altcoins and all of the various exchanges and 3rd party apps involved with them. This is a complex machine and it doesn't become obvious just how ground-breaking it is until you've tried it for yourself against the old way of doing things. The fact that I can just install a plugin and make transactions on Ether Delta without ever opening any sort of profile or dealing with any spread really startled me. The fee never touched $1 usd. It would have been between $5 - 10 USD at any other "reputable" financial institution.

We put in a bottom, but not sure if we will retest it before August 1. I was buying close to the bottom and will buy again if we restest recent lows...

once again great post,
however,
ive seen some thoughts on reddit that Chinese mining pools may be signally segwit to raise prices, sell their btc, only to stop signaling to cause a crash and buy in more.
i'm interested because my dad and friend want to buy in and if btc is going to split I'm thinking it might be best for them to buy a little bit now/soon and i want them to do well in the short term, the long term feels like a given

do you have any thoughts on this?

You could always average in. Buy some now and take a chance by holding off on investing the rest.

at this point lol, smh haha, they should've bought in last week at 1800, damn haha

It could always pull back again. Though I'm doubting it.

I'm still not sure about it. I will wait the summer before I entering the market.

If you enter it's not so much for the short term speculation game, but the long term potential. Got to be a believer in the power of crypto to bring death to fiat curency and change the world.

This ^ . up-voted.

Wow excellent post brother! Here is my vote. By the way if you vote for my comment I would appreciate it a lot !! I wish you much success

What's your honest feeling on Steem and the Steemit platform? Do you think it will have staying power?

oh yead, bear is going to sleep