BITCOIN PRICE ALERT! BITCOIN BREAKS THROUGH RESISTANCE, TOPS $4,700!
Better late then never, in our Aug, 18th news round up we predicted bitcoin would see resistance at $4,600 and hit $4,800 by Monday (8/24), well we were off by a bit, sue me...
All bets are off now folks, $5,000 is the next stop if we can close above $4,600 today, we predict $5,000 by Friday, it all depends on how much profit taking we're gonna see today.
I want to take a moment to discuss the ICO/altcoin market and whats going on with all these ICO - altcoin scams.
Buyer beware is the name of this game.
I've been speaking to people on a daily basis all asking the same thing. What about this coin or that ICO token, do you think xyzcoin will go up, how about that move made by abc token up 400% this month etc etc.
Yes Ripple, Litecoin, Monero and a few others have taken off as of late and everyone who missed Bitcoin and the rest are scrambling around desperate to find the next moonshot.
The huge number of ICOs that have launched or are about to are hungry for your money. All that's happening is that you're giving massive amounts of money for them to pocket, for what? A bunch of bs papers and another crappy token. Does anyone need $300 Million to modify the Bitcoin or the Ether code just to make another coin? Look at GNO, SNT, BAS, SNC, all Scams, the EOS token is worthless even before the end of the crowdsale.
Simply said stay away from these teams of scammers, their company is in Seychelles, their videos are fake, everything is fake, there is no traceability. It is modern day robbery at its best, and don't believe their videos, they are staged.
All you have to do is to pay. $3000 here, $4000 there, with a $20,000 budget you can make another ICO about anything, and get promoted everywhere, with an actor posing as you, in a big office and many people you don't know pretending to be busy.
All these Russian scammers are killing the ICO/altcoins, real investors with real money are not that stupid, they are out of the game, hence the volume is awful. They are not going to invest in scams, and with fake videos, fake offices and fake actors and neither should you.
The people who are trying to get rich with ICO's overnight are the ones that will lose their money.
Do your research, invest in real business models that can make real money, check that the people are real, have an office and are really working on something innovative.
To be safe stick to Bitcoins, other coins we feel have a future are, Litecoin (LTC), Ripple (XRP), Ethereum (ETH), (although it may lose some ground when the SEC begins retroactive prosecutions and fines of the ICOs using Ether's platform).
For those of you that do not know, Bitcoin is the diamond of the digital currency world. It has more actual utility then all the other coins combined. It can be used to make peer to peer payments without an intermediary (i.e. a bank). It has quickly become gold 2.0, safe haven hedge against inflation, store of wealth and traditional investors and hedge funds are piling on.
Bitcoins have no central backer and rely on a decentralized network of record keepers that work off of the same ledger of transactions (called the "blockchain"). The idea of bitcoin's blockchain is to record all transactions and share this information with the Bitcoin network without having to rely on one entity to verify or control the currency.
The best thing about Bitcoin is that there is a fixed supply of Bitcoins that can ever be "mined."
Currently, there are over 16 million Bitcoins in existence (with a market cap of about $40 billion), but the theoretical limit for total number of Bitcoins is 21 million, which we are predicted to reach by 2140.
This matters to you as an investor, because a cryptocurrency, like Bitcoin, may one day replace the U.S. dollar as the reserve currency of the world. I think this is unlikely to happen soon, but if we get closer to this possibility, the value of Bitcoin will soar. This is the fundamental relationship behind all currency valuations, belief. As more people believe in Bitcoin as a legitimate currency, the value goes up, and as less people believe in it, the value will go down.
To start with some context, Bitcoin has been on a wild ride upward this year:
While this may look enticing, you have to realize that getting to this point was not easy.
To make this feel more real, imagine owning Bitcoin in late 2010 and watching the value of it drop by over 50% on more than 4 occasions. Though this would have been difficult to endure, you would have been rewarded handsomely had you held on.