Daily Crypto Nooooooz

[indiamikezulu]

Brief today:

firstly, a nice text, by Craig Veness, posted over on the GRS Telegram channel:

'A quick word for those who bought a little or a lot of GRS above the current rate: for goodness sake, don't just dump it immediately and try to recoup perceived losses - unless you really need that money back right now!

Instead, take a moment to catch your breath. Zoom out and look at the charts over the last 3 or 4 weeks. Note the highs and lows where there has been volume. If you still want to sell that GRS you're holding, try to be patient. Pick a price a shade below those peaky higher points and list some of your GRS for sale there. Pick another price a few percent lower and list some more there. All you need do next is wait for the next upswing.

The price will go up again - it always does - and it'll go down again after that. This is the normal way of the market. It's kind of like breathing; in, then out. In, then out. It may be slowly inching downward if the coin is dying, or inching slowly upward if the coin is growing. Look at GRS over many months and decide for yourself if you think the numbers reflect the enthusiasm of we core supporters.

Hold it, sell it off, trade with it. Your call. Please just try to be patient, whatever your trading strategy. The next price hike is NOT a rocket to the moon, just as the next price drop is NOT the end of the world for GRS. When I read complaints and worry here, I see the obvious signs of uninformed trading. Don't worry, this can be fixed – you CAN do better on any exchange. I've been there, I remember how out of control it felt to just buy or sell based on the candles from the last few minutes, not even really knowing what a candle even really was!

(A quick side note on Candles: they show market movement. Red is downward, green is upward. Each candle represents the block of time you're viewing – if 15 Minute, then they're 15-minute candles; if 4 Day, each candle summarises the movement in 4-day blocks. The bottom of the green is where the market opened and the top is where it closed. For red candles, the top is the opening price for that time period and the bottom is the closing price. The little lines ('wicks', 'tails', etc.) are price movement in that time period that were above or below the opening and closing price range for that time period. Got it? Good.)

Buying and selling on emotion and hype is like gambling. You may win big, but more likely you'll lose whatever you started with. Instead, buying and selling according to your strategy will be vastly more rewarding, though usually slower (but slower is GOOD). What does 'strategy' look like? Some simple examples - keep in mind this is not advice, just examples:
- Buy low and hodl (Hold On for Dear Life) - this is the long-term acquirers of a coin, looking to its long-term growth - getting very best price isn't so important here;
- buy low, sell high - the short and mid-term traders who have a few favourite coin pairs they trade between, plus maybe having a few more exotic (read: risky) pairs for when conditions seem right for a quicker profit - practice makes perfect here;
- move from Coin A to Coin B on their respective highs and lows - maybe you hold a lot of LTC but like GRS. You wouldn't sell your LTC at present because LTC is weak against BTC. GRS is not moving fast so you'd be patient and set some sells at acceptable prices for those peaks. As you get back into BTC, you'd then set some buys on GRS at acceptable prices and hey, presto - you have moved from coin A to coin B and you didn't take a stinging loss. Congratulations!

Whatever your strategy, patience is a virtue and consistency is king. Know your pairs, their key price points, typical movement/chart behaviour of whatever coin/s you like over short and long term, then watch and wait. Like crossing a busy road, you'll find your gaps. Be ready to move when you do!

(The above is not intended to constitute trading or investment advice. I write in response to the many stressed folks who've posted here in the past week or so, panicking about plummeting prices and their awful timing. I hope this helps!)'

Secondly, Livecoin Support has not only responded to my Are-You-There? email, but took the time to post in our Bitcointalk ANN thread. Never seen an exchange do such a thing. Most professional!

[indiamikezulu]

'They are going to use the technology of Bittrex, likely rebranding their platform for Korean users, which means there will be 200 cryptocurrencies and assets available.'

https://www.cryptoninjas.net/2017/09/25/koreas-kakao-launching-new-crypto-exchange-upbit-partnership-bittrex/

Okay, Exchange-Report Guy will fumble about with this: if Upbit is somehow 'mirroring' Bittrex, will GRS be on it? I've put a post up on the Reddit South-Korean crypto geeks forum. Watch this space.

[indiamikezulu]

Everything is relative!

Take a moment to think back to the shouting matches about cryptos in 2013 (when IndiaMikeZulu was started). Cryptos were much much much less familiar to potential investors, and the global economy seeeeeemed to be recovering from the 2009 crisis.

' . . . the bank committed fraud, breached its fiduciary duty and broke a fee agreement . . . '
http://www.zerohedge.com/news/2017-09-27/jpmorgan-ordered-pay-over-4-billion-widow-and-family


But today? Those who are paying attention see that clowns like Dimon (JPMorgan, above) and Modi of India and the careerists running U.S. pension schemes and the Eurozone could almost be on our side – tee hee: secret agents for the cause of cryptographic currencies!


'"When it becomes serious, you have to lie.'
http://www.telegraph.co.uk/news/worldnews/europe/eu/10967168/Jean-Claude-Junckers-most-outrageous-political-quotations.html


Cryptos – certainly the 'old-school POWs' favoured by folks here – are looking safer and more reliable by the month.

[jackielove4u]

'They are going to use the technology of Bittrex, likely rebranding their platform for Korean users, which means there will be 200 cryptocurrencies and assets available.'

https://www.cryptoninjas.net/2017/09/25/koreas-kakao-launching-new-crypto-exchange-upbit-partnership-bittrex/

Okay, Exchange-Report Guy will fumble about with this: if Upbit is somehow 'mirroring' Bittrex, will GRS be on it? I've put a post up on the Reddit South-Korean crypto geeks forum. Watch this space.

The goal is for all tokens on Bittrex to be tradable unless there is a regulatory problem in Korea with it

Thanks for this, Jackie. I will fumble along with this project, to see if we can find any further info.

[indiamikezulu]

'The volcanic events unfolding by the day in Catalonia threaten the EU project within its core. They pose a direct threat to the integrity of monetary union.'

http://www.telegraph.co.uk/business/2017/09/28/spain-threatens-break-euro-unless-catalonia-comes-heel/

I can only keep apologizing, readers: perhaps you don't understand why 'politics' keeps turning up in a Krypto Nooz thread.

Check this: 'However, discussion in the crypto-sphere has been heavily concentrated on the lesser influences on prices -- the proliferation of altcoins and technology, the outcome of The FINCEN Meeting -- rather than at the likely primary mid-term driver of prices: the deterioration of the global economy.'

https://www.reddit.com/r/CryptoMarkets/comments/242i41/crypto_prices_and_the_global_financial_crisis/

That's me, over three years ago.

So, whether you are pro- or anti- Catalonian independence, my point is that – as always in human society, at the deepest levels – it's all political.

[indiamikezulu]

'Now there were so many foot soldiers crowding into the chat that it was impossible to know who was who.'

https://bitcointalk.org/index.php?topic=896480.0


'I am just a trader.'

GRS Telegram channel


I think our attitudes to trading have changed since 2013 (when the altcoin thang really kicked off):

at that time, there was much less capital in the crypto markets – check this chart (when IMZ started):  https://coinmarketcap.com/historical/20130519/ Note that although Devcoin market cap was under a million bucks, its trading-volume for the day was over four billion.

At that time, we used the term 'bell jar' to describe the crazy 'hydraulic' manner in which capital – trading-volumes – shifted: Bitcoin up; all alts down. Or vice versa. The scarce capital in the bell jar just slammed to and fro.

At that time, 'dev wallets' and 'bounty wallets' were the holding tanks for scam-trading. (Although we didn't use the term 'ICO,' these cryptos were really the 'first wave' of the ICO thang. We're now in the third. The second was the one that ended with the DAO hack.) These wallets, we were learning on the run, were enabling the crazy pump-n-dumps that were crippling coins all around us. Check the first months of this chart: https://coinmarketcap.com/currencies/feathercoin/ Feathercoin was essentially dead by January, 2015, and sorta got re-launched later. But we stood with our mouths open at the time, watching what you can see in the chart.

And we were devving on Yacoin in the first months: https://coinmarketcap.com/currencies/yacoin/

That is, at that time, 'traders' had a pretty bad rep. You'll notice if you check that 'outside' writers rarely know how many cryptos have been launched. They think it's the eight hundred or so indexed on Coinmarketcap. But it's now about [EDIT]5000. Spend a rainy Sunday afternoon here: https://bitcointalk.org/index.php?topic=588413.0  And the vast majority of those careered briefly across the crypto heavens, then disappeared back into the darkness.

Presently, though, although Planet Krypto remains the wild wild west west, we are much more knowledgeable about what is going on, there is a free-er flow of capital, there is much much more of that capital.

And this means that traders are now providing what amounts to . . . ahem . . . a l m o s t  a service. We have theorized this at great length (especially during a period on which I devved on a coin that was oriented to low trading-volume). If you want to attract merchants, you must, one way or another, facilitate volume (because low volume incurs both poor 'cash-out rates' for those merchants, and wild volatility, which doesn't help either . . . ). So, a member could just sit and lunatically provide wash trades. A group could provide a semi-pegged 'merchant's rate' for a crypto. (IndiaMikeZulu has trialled this.) You have the reality of benevolent traders: long-timer community members.

And there are folks who 'just trade,' and that is okay: the more volume, the better. It must ultimately be much more so 'the right sort' of volume; but for a few more years yet, this day-trading at least puts us beyond the insanely volatile markets of the early phase of altcoins.

[indiamikezulu]

'Last week, Mises Institute President Jeff Deist took a pro-secessionist, decentralist position in regards to the current secession movement in Catalonia.'

Note the term 'decentralist.' It's a novel application of the term, a fusing of crypto ideas and libertarian political ideas. Surprise surprise!!

http://www.zerohedge.com/news/2017-09-30/historys-about-be-written-catalans-occupy-schools-blockade-roads-amid-policegovernme

[indiamikezulu]

One: https://www.reddit.com/r/CryptoCurrency/comments/73kmwq/bitcoin_november_hard_fork_all_the_info_about/

Two: great chat last night with my offsider: how will GRS's price behave in coming months (and isn't it amazing that players on Telegram seem uninterested in actually researching this stuff!!)
We identified the normal swing of prices between tech updates, the who-really-knows-at-this-point? of the Upbit opening, the November Btc HF, and if any positive news about exchanges in China will be forthcoming. So, stop by, and give us your thoughts!

[indiamikezulu]

'Describing the European short-haul market as a "bloodbath," Marc Meyohas, founder of Greybull Capital, blamed a perfect storm of sterling's weakness, terrorism in the Middle East and Brexit for the airline's demise, the biggest in British aviation history.'

http://www.telegraph.co.uk/business/2017/10/02/monarchs-owner-counts-250m-cost-collapse/

What these guys should be saying is:

'Actually, it's not some 'perfect storm.' It's just reality. You see, everyone in my industry – and the Government and the banks – believes bizarre twaddle like 'Economic expansion can just go on and on!!' and 'The 2009 GFC is over!' and 'More Europe is good!' [and 'Terrorism is inexplicable!'] But now the vultures are coming home to roost. Reality is kicking in.'

What's my point here? This 'brutal arrival of reality' will just keep pushing crypto prices up.

[jackielove4u]

FYI: I removed the fogify topic link just now.
Its taken offline a while back by us.

Sorry, Jackie. I thought Fogify was a nooo one! [Not the Slovenian-based GRS 'mixer']

[indiamikezulu]

Morning, campers. We are going to 'work up' a list of GRS-relevant events:

Background: the 'swing' between tech updates: next one on Christmas Day


Within days? Still chasing info, but Upbit (with GRS on board?) may open after the Korean holidays: 9th or 10th of this month?
N. Korea missile launches? Gotta have some affect on crypto prices in general. Check this list: http://edition.cnn.com/2017/05/29/asia/north-korea-missile-tests/index.html

Wow! They been firin' them off regularly. Seems reasonable to expect more.

Catalonia: expected to make some announcement within days.



November: Bitcoin HF: If folks think 'being in Bitcoin' at the time of the split will be profitable – GRS down. If vice versa then vice versa.

So should I sell my alt coins for btc before the fork and buy them again after?
[–]RamBamTyfus 1 point 2 days ago
No. The old blockchain will probably be worthless shortly after the fork. This fork is meant to replace the old one.
[–]JohnnyK10 1 point 2 days ago
Okay, gotcha thanks. This isn't similar to the BCH split?
[–]xModulus 0 points 2 days ago
Nope.'

https://www.reddit.com/r/CryptoCurrency/comments/73kmwq/bitcoin_november_hard_fork_all_the_info_about/


China? https://news.bitcoin.com/virtual-currencies-expected-to-regulated-in-china-on-october-1st/

[indiamikezulu]

http://www.zerohedge.com/news/2017-10-04/de-dollarization-disintermediation-russian-mobile-phone-operator-issues-first-blockc

BAM!! We have been prophesying this (and 'e-fiats') for years.

What happens next? Well, campers, look up the term 'co-opt.' Back in 2013, we had endless arguments with mainstreamers about how 'money' can't be electronic. Except . . . most of it already was: government fiat was/is significantly 'electronic' – there are far more 'dollars' in existence than there are bank notes.

And all this time, governments have been frantically printing money – 'QE.' But folks are getting wise to these shenanigans.

Next: two things:

One: governments will launch some rubbish 'parallel' government blockchain coin: https://cointelegraph.com/news/dubai-will-issue-first-ever-state-cryptocurrency

Which will give them a whole new instrument to QE the living daylights out of (and they can do other stuff: like freeze/confiscate/tax these currencies without you being able to do anything about it because – unlike real cryptos – governments will control it all. (POWR token is on a 'permissioned ledger – same thing)

And annoyingly: they'll call these nasties 'cryptos.'

Two: they'll do exactly the same thing with Super Rubbish Guvvy Debt. That is, it's already much harder for governments to sell piles of their 'old-fashioned' debt – rubbish like this: https://www.bloomberg.com/news/articles/2017-09-12/austria-offering-europe-s-first-benchmark-sized-century-bonds

So they'll just switch to never-gonna-be-repaid 'blockchain' debt.

How will it affect real cryptos? There will confusion for several years over 'real' cryptos (and the 1.0 and 2.0 cryptos thang!!) and rubbish guvvy 'cryptos.' And with 'real rubbish' debt and 'block chain rubbish' debt. By this time, cryptos like GRS (and UNO and XJO) will be seven or eight years old – really well established.

Go, us!

[indiamikezulu]

https://www.ethnews.com/venezuelan-central-bank-explores-crypto-in-quest-to-strengthen-economy

As kids, we used to build little dirt dams across the rainwater flowing down the dirt gutters in our country town. The water would break the dam. The water would find a new path. Requiring a new dam. We'd build little channels to make the water go where we wanted. The water would overflow the channel. Etc. etc.

Let's note a couple of categories:

One: the unbelievable incompetence of Government acting as a facilitator of adoption – I swear to God, Modi of India is either a complete idiot or a secret crypto HODLer zillionaire. Disgruntled folks will find a way to cryptos. (Venezuela!)

Two: intelligent 'middle-of-the-road' model: Singapore!

Three: slow, arrogant, ignorant, dishonest: Australia (which still thinks Bitcoin is issued by a company . . . ); New York. 'Those who make peaceful revolution impossible will make violent revolution inevitable.' John F. Kennedy

Four: making cryptos illegal. Here's a big hint: Ecuador, Bolivia, Bangladesh . . . [ Greetings to any crypto geeks in these nations! ]

Five: choosing the anar-cap approach: free rein – has this happened anywhere?

['In December 2014 the Reserve Bank of South Africa . . . declared that virtual currency had 'no legal status or regulatory framework'.' https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory#Northern_Africa ]

Six: co-option – Dubai's Guvvy Coin

Seven: folks who come to 'cryptos' first via a Guvvy Coin, then realise G.C. is rubbish, then HODL GRS or a really hard-core 'commodity' instrument like Unobtanium.



What's my point here?

It's the interactions between these models. Japan is a fine example. After Mt. Gox, they were all not about cryptos. Then, BAM! All about cryptos!!

Venezuela: would Venezuelans be paying attention to cryptos if they weren't also rummaging for food in garbage cans?

China: immense investment in mining equipment. But cryptos slapped down. Then again. But that failed: folks snuck off to Localbitcoins. ('Cobra effect')

Eurozone: the EU is doomed (most political models that publicly beat old ladies with truncheons are . . . ). Kennedy – quotation above – is relative to us as 'a category': political catharsis is an established reality; but what about 'economic catharsis'? How many EU folk really believe what Juncker is saying? So, when the Euro fragments, will already-watching-out-of-the-corner-of-their-eye Europeans pour into cryptos?

["Goodbye, Euro; hello, GRS"]

[indiamikezulu]

Simple Update this morning:

It's Saturday the 7th here.

Early next week – 9th or 10th – is Happy Politics Day in North Korea. Good time to launch a missile.

Early next week – 10th – Catalonia may secede.

Still reading this one right now: https://www.cryptocoinsnews.com/china-will-likely-resume-cryptocurrency-trading-by-licensing-bitcoin-exchanges/

This one has caught me off guard: https://bravenewcoin.com/news/bitcoin-gold-a-friendly-dividend-fork-or-bitcoins-disaster-recovery-plan/

[indiamikezulu]

GRS should be a nation.


A 'nation' can be land – 'geographical.' It can be large or small – I spend yesterday studying micronations (Wa ha ha!). Some are geographical in one place. Some are 'distributed' geographical.

Estonia is a physical nation that offers 'e-Residency.'

Non-geographical cultural nations have been recognized for ages. Planet Krypto. Queer Nation. Trainspotter Nation. Romany ('gypsies'). International Workers of The World are a 'nation.'

GRS should be a nation. With a core of PGP-linked members (who somehow derive benefit from their hard work in the community. Just like the real world. Why is this such a hard idea of crypto geeks to understand?)

It will have a dev team, centralised exchanges, p2p exchanges, and merchants. It will own and manage land and enterprises. It will provide employment as OPSEC consultants. It will own and store bullion and sums of other cryptos. Citizens will attend physical meetups. They will be eligible for discounts for both electronic and physical goods (trade unions already do this).