First of all, if you’ve been following this site, you know that we try to be as up front as possible. If we see a scam, we’ll point it out. We encourage you to do your own research (DYOR). We are adamant that you should not invest more than you can afford to lose. And we stress, sometimes in bold and italics, that this is all an experiment.
We took a break from blogging for a couple weeks – some of that was to be in our version of a decompression chamber of sorts. Let’s watch the action, let’s watch our baskets of eggs, and let’s ensure that we get our house in order in the background. In our absence – our last post on Bitconnect was on October 17 – we saw a couple things happen, and we’ll try to break them down for you now.
BTW, this might be as good a time as any for the only banner ad we can run on the site right now – that’s right, we’ll talk about how we, too, were scammed by Bitpetite and we’ve had to go back and scrub their ads. So here’s an AFFILIATE LINK for BITCONNECT. DYOR. Don’t invest more than you can afford to lose.
Thing 1: Bitcoin $7000
Hitting $7000 (USD) per Bitcoin seems like a really big deal, given our collective propensity to fall in love with large, round numbers.
Then, if you look back at past posts that talk about our BRED Portfolio, you’ll see that Bitcoin was at $4365 on October 1; this means that you could have brought home a 60 percent gain on your money in a shade more than a month.
That makes it a really HUGE deal.
Then, if you factor in the Bitcoin Cash (BCH) price plus consider the fact that one Bitcoin on January 1 of this year was $973, you’re actually sitting on at least a 6x return.
That is HUGH. MONGOUS.
But, in some respects, it is beside the point – the price of BTC doesn’t matter so much as the number of BTC you are able to accumulate.
You could possibly say that about dozens of coins or tokens – yes there will be some wheat and lots of chaff, but the super, blight-resistant, able to feed millions with one stalk kind of wheat that will emerge will be so valuable that the kings and queens of this new economy won’t much care the USD price.
Seriously – there’s a oft-repeated belief in the Bitcoin world that BTC is, indeed, going to $1 Million. Won’t be next year, in all likelihood (though stranger things have happened), and may not happen in the next twenty years. But it will happen.
We’ve had people ask two things: (1) is it too late to buy? and (2) is this a bubble? I’ll answer the first: no. Actually, let me be more emphatic: NO. If you’re not in the game, you’re not in the game – and because of the beauty of Bitcoin, you can drop $100 and get started and maybe trade a little or sock it away or whatever. (We recommend Coinbase, here’s an AFFILIATE LINK, and your $100 investment will get you a $10 bonus, something we’ll also get.)
But, wise sages at Metacoin HQ, is this a bubble?
Maybe it is. Maybe it isn’t. In some respects, that is not the point here – the point is that we are in accumulation mode, it’s a landgrab of sorts, and whether Bitcoin goes to $1 Million or drops to $1 might be beside the point. Here’s why:
Because of the way Bitcoin itself was set up and is structured and governed, 21,000,000 is the cap. No more will ever be issued.
While some are asking the bubble question, others – countless others – are building businesses and services and solutions that keep the Bitcoin movement alive and thriving. Bitcoin may end up being used to pay for cups of coffee, or it may end up being used to buy SUVs, or it may be replaced by an even better coin that is ubiquitous. In any event, if the price crashed today, the entire system wouldn’t immediately crash. Miners will still mine. Traders will still trade. Speculators will still speculate. If you think of Bitcoin as a country that has launched a brand new currency, maybe ask if anyone is using that currency or has the potential to use that currency. In that respect, we are just getting warmed up.
In other words…get in the game. Now.
[QUICK “SPONSOR BREAK” – If you haven’t signed up for the POW Token “Airdrop,” it’s not too late. Use this AFFILIATE LINK – POW Token Airdrop – then get ready for the next airdrop, coming next week.]
Thing 2: Bitpetite SCAM
Did we mention lately that this WHOLE THING is AN EXPERIMENT? Well it is.
As we’ve told you here a few times, we’ll put some of our own capital at risk with some of these Passive Income Platforms that we discuss. And, well, there seems to be a pretty below-average track record for these. Is it our luck? Is it the nature of the beast? Is it a combination?
The latest to go belly up is Bitpetite, and we’re annoyed – but not surprised. In fact, because of our experiments with Ambis and Control Finance and Bithaul, we have made it a habit of taking coins and tokens out at every opportunity. We encourage you to do the same.
We’re going to keep experimenting and putting our money at risk AND STRESSING THAT YOU SHOULD DO YOUR OWN RESEARCH AND PAST PERFORMANCE DOES NOT INDICATE FUTURE RESULTS.
We now have just one PIP that we’re using – Bitconnect – but we’re looking at a few more. Stay tuned.
Bitpetite is gone – and we apologize for linking to it and promoting it. As we said, it’s an experiment. These things could fizzle.
This gives us an opportunity to suggest that you spread out your risk. It’s really the only way to go – multiple baskets, multiple investments, and multiple streams of crypto income.
Thing 3: Crypto Legitimacy
Honestly, there may not have been a better piece of news than the CME group announcing that Bitcoin futures would be available by the end of the year. In fact, that alone might drive the legitimacy that the Winkelvoss brothers were waiting for when they applied to have their ETF traded.
We cannot underscore enough that, even if there’s a large pullback in the price of Bitcoin, and if Ethereum and Litecoin and Ripple and a bunch of altcoins follow…it might not matter a ton because Bitcoin, blockchains and cryptocurrencies are, indeed, here to stay.
We’ll give you one brief example: we’ve been talking about POW Token a bit, and one of the things that we’ve done on the site is “validate” users. We do this for small numbers of tokens – but we’ve also learned a ton about where these folks are coming from.
To validate folks, we have to click on their Facebook profile and find evidence that it wasn’t a Facebook profile that was just recently created to get free tokens.
And…they’re not. But that’s not the point: these folks are from everywhere. Asia. South America. Europe. The Middle East. Even a few Americans!
Whether or not POW Token will become the next world beater is not actually the question to ask: it’s whether or not cryptocurrencies have hit critical mass (they have) and whether or not there’s the potential for value to be exchanged and these things are easy to use (they are).
The takeaway? Folks, with all this…the belief is that we are just getting started. So glad you’re along for the roller coaster ride.