Daily Crypto Nooooooz

[indiamikezulu]

https://www.reddit.com/r/BitcoinAUS/

This thread shows just how much energy is being spent at present dealing with obstacles put in place by the Government and the banks -- in Australia.

How are things going in your country?

[Happy New Year, everyone!!!!!!!!]

[indiamikezulu]

Update on Australian Banks Banning Transfers to Crypto Exchanges

'NAB' is one of the 'Big Four' Australian banks. It has just put in place a total ban. A second, Westpac, will soon put in place a total ban.

[indiamikezulu]

'The rise in the value of bitcoin could be adding 0.3% to Japanese GDP growth . . . '

https://www.businessinsider.com.au/bitcoin-could-be-adding-03-to-japanese-gdp-2017-12?r=UK&IR=T

[indiamikezulu]

'Spain's jobless rate is at its lowest level since 2009 . . . ' Wow! That's great!

Now look here: https://www.statista.com/statistics/266228/youth-unemployment-rate-in-eu-countries/

Maybe the Spanish youth unemployment rate was 40% last year; but now, it's only 38.7%.                                                                   
[ https://www.statista.com/statistics/266228/youth-unemployment-rate-in-eu-countries/ ]

The 'Eurozone powerhouse' is showing 'sustained economic strength.' [ http://www.telegraph.co.uk/business/2018/01/03/german-unemployment-falls-record-low-eurozone-powers-ahead/ ]

Without a doubt, part of the crypto craze is . . . craziness; but the world economy is being held up by funny money. Some people are beginning to understand that. Capital will continue to flow to cryptos.

[Woo hoo! January 1st marked ten years of me studying the GFC seven days a week.]

[indiamikezulu]

The Australia (Reddit) crypto scene is full of newcomers trying to get into cryptos -- that is, from fiat to cryptos -- and they are posting about all sorts of difficulties.


'Coinbase announced Thursday afternoon that, for now, it would not be adding any new cryptocurrencies to either its flagship platform'                 

https://www.coindesk.com/no-new-crypto-coinbase-squashes-exchange-listing-rumors/

Now consider the drama that us GRS folks have had with Bittrex. And Kraken's trading-exchange has been so overloaded of late that the company admitted its exchange is dysfunctional.

And Poloniex? It was truly struggling even months ago, before they shut the troll box.

So, for Coinbase to choose not to add XRP shows that Coinbase must be close to its limits; and I'm suggesting that the whole global network of crypto exchanges is both overloaded and struggling to upgrade Verifications, which they are doing clumsily.

And if something sparks a bear market, people will be running for the exits.

Conclusion: From a security perspective, this is a time to be very very careful not to have too much coin on any one exchange.

[indiamikezulu]

And today's entrant in the Really-Really-Bad-Ideas Competition is:

https://cointelegraph.com/news/digital-currencies-are-too-volatile-is-there-a-way-to-fix-that

[indiamikezulu]

https://news.bitcoin.com/maduro-issue-petros-venezuelas-oil-backed-cryptocurrency/

I assume that this will all go horribly wrong; but it represents one of the first of a phenomenon, campers -- the e-fiats. So let's watch it and others closely.

[indiamikezulu]

'Stock, bond, derivatives, commodity and other trades must all be reported to a repository, giving regulators a trove of data to track trades and try to spot bubbles early after failing to see the last crisis coming.

When the rules go live on Wednesday, fund managers and others must for the first time fill in a transaction report with up to 65 bits of data within 15 minutes of a trade – or risk being fined.'

https://www.theguardian.com/business/2018/jan/02/eu-bankers-work-around-the-clock-ahead-of-launch-of-mifid-ii-reforms

Several thoughts here: first, this is complete twaddle. Utter nonsense. Half the bureaucrats are pretending they're concerned to prevent the next bubble. The other half is busy keeping the bubbles happening. It's like watching one guy dig a hole as another guy fills it in.

But for cryptos?

IMHO we will see plenty of craziness. I reckon the coins at the top of markets will not do so well as 'simpler' coins further down the charts. Why? Well, readers know I rarely name coins; but this time, yes:

cryptos like Ripple and Tron just aren't 'solid' -- at least until they start delivering on their many many promises.

And meanwhile, all the craziness in the legacy financial markets will keep pushing people to investigate cryptos.

[indiamikezulu]

https://cointelegraph.com/news/harvard-professors-predict-bitcoin-collapse-due-to-government-regulation

'Nevertheless, he believes that central governments will eventually drive the technology out of existence.'

Hit the history books, readers; and report back to me about the percentage of nations that have experienced armed revolutions in the last hundred years.

Miron should know better. He can't comprehend – although he's supposed to be a libertarian – that a government could simply fail to do a thing. But in my lifetime, Governments have utterly failed to keep us out of stupid wars, to crush organized crime, to win the war on drugs, to win the war on terror, to police our borders, to stop the economy collapsing, or to address climate change. So having lost the trust of a generation whose greatest skill is the Net . . . they're gonna 'drive the technology out of existence'?

[indiamikezulu]

[second draft]

'I literally cannot understand how Dogecoin is still going strong . . . '

https://www.reddit.com/r/CryptoCurrencies/comments/7pouv8/which_cryptocurrencies_would_you_choose_to/

There are two things here that the Moon Lambo crowd don't understand.

One: these older – established – cryptos have really solid and talented communities. Peercoin and Namecoin come immediately to mind. So does Unobtanium.
There is less chatter on the media channels of these cryptos. Many members are lurkers. But they all know the 'deep' value of the currencies to a decimal point, and they'll buy at that price, which provides a valuable 'floor' for the currency.

GRS is a member of this club.

Two: the long-term value of a welcoming community: GRS does not lack in this respect – but there is real potential for us to shine here. Even if you have never owned a single Doge, you owe something to that community, which was the first to energetically seek to connect with the outside world.

[indiamikezulu]

Ceaușescu was a Communist Party Poobah for twenty-four years, but it took only eight days for public sentiment to change enough to literally put him in front of a firing squad. Historically, it is the case that regimes tend to go stretch, streetch . . . sttreeeeetchhh – SNAP!!
Now look here: https://www.coindesk.com/crypto-crackdown-talk-draws-ire-supporters-politicians-south-korea/

All over the world at present, Mr. GuvvyBankCorp is telling us that cryptos must be contained because of Things That Just Aren't True (like they're significantly funding terrorism),  or that choosing cryptos over stocks is a form of mental illness.
Remember what Ghandi said: 'First they ignore you; then they laugh at you; then they fight you; then you win.

Whatever social dis-satisfaction is presently being expressed through interest in cryptos will increase a thousand percent if the global stock market has a whoopsie. Watch this space!

[indiamikezulu]

https://www.reddit.com/r/CryptoMarkets/comments/7q7imt/why_need_to_stand_up_to_bittrex_please_please/

Yes yes. It's unpopular to criticise one's primary exchange, but some one needs to do it.

The situation at Bittrex hasn't gotten worse, but it hasn't got better.

[indiamikezulu]

'If you have a wallet to own Bitcoins, that company has the same obligation as a bank to know [you].'

I wonder what company that would be?

https://cointelegraph.com/news/us-treasury-secretary-addresses-anonymity-sanctions-and-digital-currencies


And: 'Mnuchin also addressed the potential that countries may use digital currencies to skirt existing financial sanctions.' ibid

https://www.bloomberg.com/news/articles/2017-09-11/north-korea-hackers-step-up-bitcoin-attacks-amid-rising-tensions


It's tempting to dismiss Mnuchin and Company as just fools. And their ignorance and shenanigans will ultimately benefit us. But it's going to be interesting!!!!

[indiamikezulu]

'Is the ECB raising rates from record lows? Nope. Has QE ended? Nope. QE continues to run at $30B Euro a month and rates remain in full panic mode. Not what one would've expected 8 years ago following a return to full employment. Stimulus programs & interventions used to be methods of crisis management now they have become permanent fixtures in global economies. Why? Because this is what it takes.'

https://northmantrader.com/2018/01/07/2018-market-outlook/

My point here is that although I have failed dismally in calling the time-frame there are only so many ways in which reality can be staved off — though I urge everyone to get a grasp of 'MMT' (what the Japanese are toying with) because it takes the moving-of-the-goal-posts business to a whole nooo level!!

Meanwhile, bear in mind, campers, a thing that is much clearer to the HODLers of Planet Krypto:

yes, an almost open-ended amount of rubbish cyrptos can and will and have been launched -- and a great deal of greedy people will lose a great deal of money on those -- but if every one who is reading here today sticks with established cryptos (I suspect POWs), and you are still reading here in 2020 or 2022, you will be doing very very well.

[indiamikezulu]

https://coinmarketcap.com/currencies/groestlcoin/

Today, readers, plain and simple:

2018 is gonna be IMHO rather like 2014: a year of 'sideways.' We're down 35% from December highs.

EDIT: Ooooh!! 50%.

Governments are swinging at us with a big stick.

Big deal!

Scrape up all the fiat you can, and buy in on the dips. Trade hard. Work with the community. Post useful content not moon lambo nonsense.

Cryptos are here to stay. Last year, we saw $-cap rise from thirty or forty Billion to over seven hundred. The next wave of capital will come. Maybe later this year. Maybe in 2019.

J u s t     w a i t.