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RE: BITCOIN (BTC) Update: A reason or an event shall arrive to justify the forecast: China!
Hi @haejin, thank you for this update, is there any chance you can take a look at: HempCoin (THC) please.
I'm not so much interested in what price it may go up or down (although some of your followers may), but would like your TA on why this coin held up against BTC over the past few days, like many other coins, they seem to shoot up when BTC dives down.
Many thanks :)
P.s. just to add one more point, for us newbies trying to build up some dry powder before the ultimate BTC low, coins like the one mentioned above went from 200 to 700ish and like many others entering the market, it can make a nice profit ready for BTC lows. Any tips on entering on these coins over then next few days would be most helpful.
I also have the same interest. I haven't done much research so this is bit of guesswork: It's a small coin related to pot. The legalizing is going on over the states and many pot related coins have been gaining steam. The pot hype could have kept the coin high. The buyers aren't probably interested in blockchain in any way. They just want to get into the drug hype. There is also the celebrity promoted https://paragoncoin.com and that could have an effect on existing pot related coins.
New theory......."Ohh crap mannnnnn, all our crypto just took a dive mannnn" "Uhh, do we still have some bud?" "Ohhh right, no worries bro!"
Paragon decided their own market value, before they finished crowdsale....and it keeps falling. And I don't mean they set a value based on interested or already invested people. They just said, it's worth a dollar. Essentially it would have be backed up by a dollar for that to be true at all times...and it's already not. This also lends to what I have responded to just below this....they aren't worried about comparing it to bitcoin, because they trade in fiat. These tokens provide a layer of security for a high risk business with too much liquidity at the store counter.
I will tell you why those coins are holding on. I have been saying this for a while now, and I'm in the middle of a huge write up on LAToken again because I truly think there's a reason a coin like THC and Cannabis Coin and Paragon soon will hold their own (not completely) in the face of these times. There are many types of coins, but most of them are completely useless. This does not take away from their value that we have assigned to them, but they have no use besides trading or some strange way someone tried to work the token offering into their business just to raise capital with no responsibility to the investor. If you read the website for Useless Ethereum Token, you will see that most coins, although profitable to traders, are utterly and completely useless outside of that. The marijuana trade has a need, and that need is to keep cash holdings at a minimum, as they hold more than banks on most days....very risky. These coins actually provide a real world use, along with the market value.
When something has real use, it doesn't sway with the winds of change, it is only solidified and made better. Purchasing those token is much, much more like actually buying a product (in this case they are used to buy marijuana), so essentially, as long as people have this cash on hand issue, and people smoke weed, the coins value will not be determined by pairing with bitcoin. Rather, it will be determined by the dollar (US in this example) because that industry has basically set prices that have been established over a long period of time against the dollar, so those coins represent the dollar pairing rather than the bitcoin pairing....even if they can only be traded in bitcoin. This will also be the case of LAToken. REAL assets that back up your token purchase. Not an idea for a future phone service, ad firm, or just like Useless Ethereum Token, an idea for nothing at all. That guy told everyone EXACTLY what the purpose of that token was, and it was nothing. He claims to be the only honest ICO ever (kinda funny), and told people DO NOT buy this, it is worthless and useless. I believe his crowdsale made close to 200k - https://uetoken.com/
@scarlet7 DO NOT buy this, it is worthless and useless! and they still went into this! Unbelievable!
Thanks for the reply, yeah I was thinking... what the hell are these coin's used for and came to the conclusion that it's a kind of Pump and Dump.
I'll be honest, I'm sure a few of us wouldn't mind taking a bit of profit on one of these! :)
I know I wouldn't, but the problem is while they are paired with btc, you're still losing. I had a coin I was flipping for 10-20% profit two nights ago, by the end of the bitcoin drop, I hadn't made a dime, almost dead even. But if you get those tokens and can take them out and get some weed at a dispensary, the more the better, and who cares if it trades back to bitcoin lower.
Hey @sanj, compare ARK to BTC for a good example. Would love to know when good time to transfer some coins is, or even if it is a good idea at all. In my very amateurish insight, if I look at the 7 day chart for ARK I can see a upside down H&S but this is a pure guess really.
THC dropped quite drastically today, but I am very interested in this coin and it's connection to the Hemp industry, not just a pot related coin like some of the others appear to be.
Hi @keen1, thanks for the reply, yep was looking at ARK the past few days, I guess like many others new to this on low budgets ($500 ish) would love to be able to increase this to jump on the BTC lows.
Cheeky maybe, but I'm convinced it's possible but at the same time I'm convinced it's very risky lol!
I'm so new to TA, and I see what you're saying, I myself guess and sometimes I'm right, but I'll be honest, it was just a guess and that type of TA only leads to disaster! Just hoping @haejin can find the time to point us in the right direction. I know he's not in the market of buying just yet, but I and I guess many others would like to buy and make a profit ready for the BTC lows.
I know some of @haejin's followers are newbies like myself, and wouldn't it be great if all of the followers especially new ones got a chance to ride the lows to great highs!
I'm pretty sure Haejin's beer tips jar will be overflowing! I for one shall be tipping him big time!