January 29, 2018.
As we all know by now, Bitconnect was a Scam. Not just a little scam but a HUGE scam. Most people who were pushing it, knew it was a Ponzi scheme but they didn't care as long as they got a slice of the pie. Unfortunately, even here in Steemitland there were plenty of shills, some well known, willing to push this crap to try and lure another sucker in. So to try and combat this self serving greed that runs rampant in some, I have decided to add a new section to the morning report I like to call...
A Word to the Wise
Every day in A Word to the Wise, I will feature a cryptocurrency that is a scam. There have been a number of Bitconnect clone scams popping up lately, and today's feature is one of them. Please welcome Bitstrades to today's crypto scam spotlight.
Bitstrades features many of the same questionable practices as Bitconnect such as a coin traded only on their private exchange, a generous shill, I mean promoter compensation plan, lack of information, no whitepaper, underdeveloped website and my favorite, anonymous developers. Well, at least they have their own logo.
If anyone tries to talk you into putting money into Bitstrades, RUN.
The Report
After ending last week on an up note and starting out the new week pushing higher, the cryptocurrency market has started off Monday morning by giving up most of it's gains. Currently the coins in red outnumber the gainers this morning by a 4 to 1 margin. Hold on to your hat's boys, it's going to be a bumpy ride.
After managing to briefly climb over $12,000 last night, Bitcoin has fallen steadily and is currently at $11,357 down about 3% from yesterday morning, but still up about $800 from this time last week. Having spent all of last week above the $10,000 support level, Bitcoin should be able to move higher this week absent any unfortunate news or Tulip Bulbs.
After having a great rally in the later part of last week, Steem continues to hold on to most of it's gains. Currently it is at $5.98, down about 5% from yesterday morning, but still up almost 50% from this time last week.
SBD is having a little rougher morning. Currently SBD is trading at $6.80 down almost 6% in the last 24 hours, but still up about 3% from it's start last week.
Later today, we will see if the large increase in the supply of liquid Steem from last week is showing any signs yet of repeating itself as we close in on the 7 day mark for another potential major power down by some whales.
Please note: I am not an investment professional. The information I present here is only my opinion. Sadly, even Steemit is plagued by scammers, con artists and shills. Don't let them steal your hard earned money. Do your own research and don't be fooled by the hype and sparkle. If it looks too good to be true, it probably is.
Until next time...
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