Dumpcry's Diary is your new weekly dose of contentment.
Bitcoin Crash
It is fine. We all collectively lost 30% of our wealth in less than 48h (January 15-16). If you invested before November 2017 it must have been a bit tense but you did ok at the end. If you invested after, you most likely lost some money. It's fine, just relax and continue to chase opportunities, 2018 is going to be a great year.
Ripple landing and the on top business advisors
XRP token is a controverted one mainly for the fact that its supply is largely owned and controlled by Ripple (at least 55%) and the banking system. When this 100B max supply parasitic climbed from 0.25$ to 3$ late December, many of us hated newbies for the fact that they were highly rewarded for having just given more money to that suspicious conglomerate.
When XRP reached 2.20$, a dude named Todd from the US business channel CNBC, published (January 2) a step by step tutorial on their website on how to buy XRP by going on Coinbase, buying Ethereum OTC, then going on Bitsane and market buying Ripple with ETH. When the price reached the sky (3$) and started to swing around 2.5$, the same CNBC representative published (January 8) a step by step tutorial on Twitter. Now it is a video that explains again how to buy some Ethereum OTC on Coinbase and how to transfer it on, this time, Binance to market buy XRP.
What a good advice when Ripple just miraculously surpassed Ethereum's market cap. What happens next looks way better with a picture of the XRP/USD chart.
https://twitter.com/Hipster_Trader/status/953330177857261569
- Hipster_Trader
Thank you, business channel. It's ok though, we all make mistakes. The price couldn't be higher but maybe for once you just fucked with the timings.
Unless...
NO WAY REALLY TELL ME HOW TO DO THIS PLEASE
This CNBC article (also here) by Emmie (December 8) explains how Bitcoin is easy to get but also how speculative this asset is! It links to the actual step by step guide wrote by Todd earlier last year so you can buy Bitcoin OTC around 19 000$ on Coinbase. No, it doesn't explain how to actually use an exchange with trades and all, but rather asks you to smash the fucking buy button in a very didactic way.
And don't forget this precious advice from the December 8 article
Bitconneeeeeeeeeeeect
During the Bitcoin crash, Bitconnect announced some very cool new features on their platform: the inability to lend money and trade on the exchange. It would be less unfortunate if Bitconnect wasn't an entity partly dedicated to the lending and exchange of money. And of course, it would also be less cool if Bitconnect wasn't a ponzi-scam-whatever which is basically a bank, except that you lend to the bank haha, it includes a referral system based on how much you lend and many other things.Most of you know the trending part: things were going smoothly for their BCC token when, following the crash of Bitcoin on January 15-16, Bitconnect published an article on January 16 to announce that they will cease all lending activities and that they will close their exchange. Now they will "operate for wallet service, news and educational purposes". No wonder what happened instantly after that super news.
BCC token went from 250$ to 30$, leading to the implosion of the biggest crypto black hole of the crypto space. Trevon James, the biggest Youtube shiller of Bitconnect, decided to start a live stream. Noone knows exactly why, but it certainly wasn't the best moment of his life when thousands of viewers started to insult and threaten him. At the same time, the Bitconnect Reddit channel was filled with absurd stories and a few trolls.
But Bitconnect is farsighted
Many missed the fact that, 15 days earlier (January 1st), Bitconnect published a Happy New Year article containing the link to their very new project, BitconnectX ICO. YES. AN ICO.
The deal was to exchange Bitcoin, Litecoin and BCC (their token) against their brand new BitconnectX token. When I registered to see the rates this week (January 17), it appeared that 1 token was equal to 50$. They were also buying BCC at the rate of 1 BCC = 150$, which is a sort of an in-between the old and the new price (it is the BCC price post-crash, the BCC price pre-crash may have been higher). So let's do the maths.
49 000 000 * 50 = 2.45 Billion dollars ICO
With that wonderful idea, they could have collected many BTC and ETH out of thin air while subtracting the BCC of ruined people. So the ruined people wouldn't be ruined anymore because they would have the new BCCX coin instead /s. Note that if 1 BCC = 150$ and 1 BCCX = 50$, that means they will get max 16.3 Million BCC tokens back. This is perfect because the circulating supply of BCC is less than 10 M lol.Unfortunately, this magnificent joke didn't please the Texas State Securities Board which ordered Bitconnect to cancel its crowdsale just a few days after the release of the Happy New Year letter (January 4).
What a time to be alive.
Conclusion: Various facts
- The Wepower ICO is asking 35 Million USD but they aren't able to see the difference between token supply and market cap.
- Matrix ICO sold out in about 5 minutes after some unknown whales rushed the smart contract before all the whitelisted people. And they had no personal cap, leading to 250 000 000 MAN tokens being delivered to only 200 people for 13227.5 ETH (~ 15 M $USD). Let's see how this brilliant project is going to evolve over time.
- It's official, John McAfee is against all kind of viruses.
- It was actually a very successful week for ICOs. Investors aren't sleeping. Gems Telegram group is populated with almost 48 000 members, Devery closed a 10 000 ETH funding in 17 seconds, Mobius did very well and so did BCDiploma despite a slightly slow start.
- Bitcoin is a dragon.
See you next Sunday.