Cryptocurrencies Make A Spectacular Comeback Despite Being Declared "Too Good To Be True"

in bitcoin •  last year

Cryptocurrencies have yet again risen from the dead. Hallelujah!

I really shouldn’t be praising God for this though… this literally happens every few months almost like clockwork.

But, over the past two days since the most recent crypto-bloodbath, bitcoin and the altcoins have seen a major resurgence.

Bitcoin has risen $130 in the last 7 hours

And with Bitcoin Cash rising significantly, Bitcoin and Bitcoin Cash are yet again well above $5,000 and near all-time highs.

Other cryptos have also skyrocketed, like steem which has risen over 10% in the past two days

The total market capitalization of all cryptos has also risen roughly 16% from its lows on September 5th to just over $159 billion now.

But, as always, the momentary drop in prices was viewed as an opportunity to bash bitcoin and all the “I told ya so’s” came out of the woodwork… and have been silent again since the rebound.

One example being that of John Lohr’s, a writer for seekingalpha.com

They have been speculation vehicles that have drawn in people hypnotized by the out of this world run up in prices: $270 to $4700 in 8 months. Too good to be true. Sheep lured by the “Don’t miss out on this” psychology have bought, and bought and bought…

Every few days there is a new, but similar claim made about bitcoin. Luckily for your viewing pleasure they are all compiled on https://99bitcoins.com/bitcoinobituaries/ for you.

If this website isn’t proof that bitcoin is immortal, then we don’t know what is. It has been resurrected from the grave over 156 times!

And, I hate to keep embarrassing Peter Schill… ahem… Schiff publicly, but he actually does it all on its own. All I need to do is just point at it.

Just before the most recent massive rebound, Schiff posted this, effectively questioning if cryptocurrencies had just died.

No, this is not the beginning of the end, Peter. There is no “end”. The only possible end is if the globalist elites turn off the power and the internet worldwide. And if that happens then we hope people listened to my speech from 2013, “Bitcoin, Bullion & Bullets” and have a sufficient amount of the latter two.

Cryptocurrencies are an evolution in money and banking. They aren’t going away. People like Peter Schiff are the equivalent of buggy whip salesmen trying to talk down these new fangled, horseless carriages that Henry Ford is scamming people with.

Sure, the cryptocurrency space, in general, could very well be in a bubble. I’ve said as much in the last month and advised TDV subscribers (subscribe here to get access to all my analysis and recommendations) to lighten up and even move some profits into gold and silver. I’m actually doing that myself.

But, bitcoin is the least “bubbly” of the cryptocurrencies, in my opinion. It has had tremendous growth in demand in the last year and its price is rising commensurately.

Can the cryptocurrencies drop substantially… likely during a massive 2008 style liquidity event? Yes, absolutely. We’ve told subscribers to prepare for just that. But will they go away like the “beanie babies” that Peter Schiff says they are?

Hell no.

I am currently writing this from 35,000 feet on my way to Philadelphia to serenade Janet Yellen on the steps of the Federal Reserve with my love song, “Bitcoin All The Way Up.”

But in the next few days I’ll do a response to people like Chris Duane and CIA asset, Jim Rickards, who have also been working to try to stop cryptocurrencies from spreading and destroying the central banking system.

They won’t stop it. They can’t stop it. And I’ll tell you why in the next few days.

Oh, and both Peter Schiff and I will be at the Nexus conference in Aspen, Colorado from September 21-23.

And I hereby publicly challenge Peter Schiff to a debate on bitcoin.

Let’s see if he accepts the challenge.

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Peter does not know what he is talking about... the potential for Bitcoins to grow more in value is there and it just needs time. It was $1 in 2011 and now $4K in 2017, if thats not successful in Bitcoins, then I dunno what it is :P

I made a post about many people freaking out when the crypto market plummets, here are my thoughts on it, you may find it useful: https://steemit.com/cryptocurrency/@denoxblogger/cryptocurrencies-dropping-heavily-in-price-worry-no-hold-them-bitcoins-and-litecoins

peter schiff is a clown

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no, I've never seen him as a clown.

I think NEO has bottomed ! Check out my piece on it https://steemit.com/neo/@tornadojoe/why-i-stopped-myself-from-dumping-neo

Blockchain is going to revolutionise lots of industries, but picking winners is notoriously difficult.

My suggestion would be to get into a portfolios of crypto, this is now relatively easy (with wallet like exodus (my favourite) and Jaxx), creates an interesting "dividend-like effect" and hedges the idiosyncratic risk of ending up on the wrong horse...

Cryptocurriences are the next big thing after internet💪💪💪

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Not only Cryptocurrencies, the Web 3.0 will come with all forces. Smart-contracts, privacy related cryptocurrencies, stable cryptocurrencies, could help people so much. The future is bright.

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Web 3.0

Genius.. that's exactly what it is.

4.0 is VR websites :P

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Yeah, I don`t think they will be called websites anymore. Rather Webplaces or something similar :)

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Cryptocurrencies and blockchain technology in general are the way of the future. I see how platforms like Steem, Dtube and Opus will take over industry leaders since they are ad free, uncensored, and pay much better than any other alternative.

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Wow, I didn`t heard about opus. Sounds like a ujo music competitor. What I really like about steemit is that you always create a better version of steemit.com like busy.org. I cannot wait for a steemit twitter clone.

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I totally agree, It's hard to stop cryptocurrency now

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And all the tech they bring with them. I can't claim to understand much of it, but it sounds exciting as hell.

used to up and down.

good news

Ready for the next spike up? :P

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It looks like the spike up did already happend, I am preparing for the next dip.

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good luck ;)

awesome

Oh when will we win Peter over?!

All things too good to be true, are exactly that until its too late and its VERY TRUE and then people miss the boat. No one ever got rich or secure in a "solid bet".

Like nowadays every drop is followed by more powerful spike some day it might reverse and every spike might be followed by more powerful drop...

Keep us in suspense Jeff, you genius.

I love the dips...time to buy$$$.

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I really need to learn to get some money out of crypto before the crash happens. Most of the time I cannot even buy because I am all into crypto :P

I don't understand why they can show the image of the huge bubble, and return to normal and call it a "crash". I'm pretty sure "crash" just implies that it was going along happily maybe slowly upwards then suddenly lost a ton of value for no reason. But this doesn't pay attention to the fact that most of this "value" was also gained in about the same amount of time as it took the "crash" to occur.

The recent crypto-bloodbath, as you called it, had not only to do with the regulations in China, but also with some famous American blonde princess.

Read what I mean here:

How Paris Hilton nearly destroyed the cryptocurrency market!

P.S.: Of course this post is 100% serious!

P.S.2.0.: I don't think BTC is way bubbly. Like you hinted at, many ICOs may be way overvalued. However BTC grew relatively small in comparison!

The story repeats every time a new entrant joins the market. Some see it as an opportunity, adapt and develop a new offer. Others just try to keep things as they are and start talking badly about it when they start to see there is no way they can stop it.
Luckely, progress does not stop just because of the later ones.

Oh come on Peter! lol I hope crptos never drop substantially. Enjoy your flight!

Cryptocurrency has come to stay like you rightly said @dollarvigilante but what baffles me is the high rate of ignorance that emanate from our elite. It makes me to wounded if some people cannot simply go to any search engine on their laptop and make a research on it? Am surprise honestly speaking.

Cryptocurriences are the next step to . change the world

I really shouldn’t be praising God for this though…

You should! nothing is granted.

I think most people saw this coming as it has happened lots before.

I hope everybody bought the dip a few days ago :D

Thank you China LOL!!
See you all on the MOON :)
Keep Calm and HODL!

bitcoin some time make me confused and also some people have prolame same to me , @dollarvigilante thanks for share us on this and please voted me @abdikadir

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Just sent this to my friend.. been telling him a while lol..

Dont think btc can be briddled down in anyway. But its good to see it alive and roaring to go.

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it is probably because China banned all ICO´s in China. Did you hear about it in the past days ?

Like any new technology bitcoin has it's ups and downs because of speculation but it offers so much value as a decentralized currency and payment system that nothing will stop it's popularity. The block chain will be adopted on a mass scale!

@dollarvigilante
we are in a crazy period.
everyone is very excited
@geemo-from-paris

Todo se va a normalizar pronto

how will we win peter schiff

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We wont, he's a schill

Good info

People with weak hands made this happen. It's no surprise that the markets made a quick recovery. Many noobs just don't realize how volatile this world can be. And for the rest of us, this just results in everything being "on sale". ;)

I actually kind of respect Peter Schiff, so I'm really disappointed with him sharing that article. He's probably just pissed he didn't get in on Crypto himself. Come on, Pete. JOIN THE DAHK SIDE!! We have cookies!

you trust site

absolute observation. keep observing in order to get good rewards.

Nothing can stop us "Bitcoin All The Way Up"
Cryptos will always make comebacks as you said.
Some folks who are negative cannot just except that cryptos will continue soaring.

If a person makes an opinion on anything(even if wrong),they stick to that opinion until the end,even if there are facts on the table to disapprove the opinion.

It is human nature to stick to your original opinion no matter the facts at hand.
It takes a brave person to change their opinion on a particular subject!
So the naysayers of cryptos will always be there.

I'm new to crypto, but not new to Peter Shiff. Normally he is on the money. I'm finding a lot of the now "old timers" are seemingly stuck. They complain about fiat on one hand, then they complain about cryptos on the other. I do find it odd when the libertarian types don't support crypto currencies - that would be one of the best ways to combat the shortcomings of the fiat they complain so much about. Great Post. Sharing this for sure. 👍🏾

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Old men don't want to change.. its just the way it is.

The big companies are run by old men.

The music industry is a good example.. they spent millions trying to stop online piracy.

If they were still young and willing to learn and adapt.. they would have jumped into online media distribution immediately.

But as always.. the grey beards just try to hang on to what they have. Always have, always will.

Great information there @dollarvigilante. I think bitcoin and other cryptocurrency will continue to rise eventually. We'll just have to be ready for it :)

nice post

Wonderful Post

nice article

On weekly chart I see BIG correction is comming

Thank You Jeff!! I have been trying to expose Peter Schiff for the Con Man he is the past 2+ years. Appreciate your team taking the links I provided and using his 2011 words against him. This guy literally wrote a book called "Crash Proof" in like 2006 then proceeded to lose his clients more than people invested in US Equities in 2008-09. Yet he claims to be right. Rather than shorting housing and retailers as he mentioned he put his clients into Gold and Foreign stocks which got crushed. Yet claims to be right! Its sad nobody has publicly called him out on this. Hope you or your team read this Jeff.

The further peter schiff keeps on going with his non sense about cryptos the less serious people will take him in the future about anything.

Very good idea bro.best of luck.go ahead.

It is very difficult to adopt something that is new. I enjoy reading people's post that are against crypto because I like rooting for the reason behind why they think the way they do. Normally they are selling a book relating to the bubble they are in. When you are telling people that crypto and blockchain are here to stay, they do hear you and understand but it is all about adoption. Just my opinion.

I thought this would include some comments on the recent rise in gold. This one persistent, not in saw form. Modest but persistent. Other than the Bitcoin, Bullion and Bullets punch-line, I mean. The punch-line is great, I can grant you that.

If you want Schiff to debate you, you should stop insulting him. I think he is honest and bright. He is wrong in this one, all right. But he has been, and is , right in other ones.

Good post. Voted. Resteemed. Please do vote my content if you like and if its worth a vote. Thank you.

What is your answer to the possibilities governments around the world declare bitcoin and other independent currencies illegal and implement their own global one-world-digital currency? I hear this more and more that it could be happening. Then all cryptos would be worth nothing? Any insights on this?

Nicely written, comprehensive post too. We can see this is a pattern quite often, induced chaos, panic panic, people selling massively, theories emerging, analysts with glorious speeches. Then calm, peace, buy, price back up, new theories. Dynamics of a brave new world :)

Hi Jeff Berwick @dollarvigilante..nice song all the way up..God Bless You Men, very nice video in youtube easy to understand how you talk about Bitcoin,..do you know and have meet this guy?

Andreas M. Antonopoulos ?

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"I really shouldn’t be praising God for this though… this literally happens every few months almost like clockwork." That and the fact god is just pretend and Cryptocurrencies are real.

Bitcoin rules! :-)

Peter Schiff wants to see crypto fail so badly. When will he wake up?

Bitcoin has risen $130 in the last 7 hours

Jeff, invite Peter on to your show to debate the issue. I think he means well just doesn't get it. Would make a GREAT debate. Just assure him you will be civil and nice and would probably get lot's of views.
SchiffGold
152 Madison Ave, Suite 1003
New York, NY 10016
1-888-465-3160
212-481-0310
info@schiffgold.com
https://schiffgold.com/contact/

Great post Jeff, I look forward to your interview with Max Keiser.

Good post. I would love to see you debate Schiff on Bitcoin!

I love your articles. I am debating whether to invest in Bitcoin cash or Bitconnect right now. What is a good app other than coinbase to start investing in the above two or any other?

The Switch is about to be Flipped
for the Reset and Transfer of Wealth...
Learn more...
@pocketechange

... $7.77 ... ... 1 Vote ... ... Reply

Bitcoin has a unique trend that has become very evident. While it rises and falls like other assets sometimes by large amounts, it has followed a clear path that over time both the highs and lows keep on rising, leading to a continued price increase. Many people (read non-crypto people) take note of how Bitcoin has harsh falls and use this to argue against its usefulness as value. Each time they do that though I point out how the gains outpace the losses in every occurrence so far. The media is quite biased against the cryptocurrency cause and for that reason I am very glad to have Jeff and many other creators here spreading the truth about the crypto-space. Keep up the good work and good luck against Peter Schiff.

This is a very good piece @dollarvigilante. The best is still in store for cryptocurrency

They say that in every downward turn in the market. People will miss out in the end if they don't take advantage of these low prices.

Great post and thanks for sharing

I see so many contradicting articles about crypto on "mainstream" sites. I'm a firm believer in the economy, but some hold on to the old system. Time will tell...

Good information.go ahead bro.

I hope you are buying in on those dips ;)

Your right its like clock work.. just watch for a big news announcement, or if SOMETHING happens in China haha..

Although.. just a guess here - half of these "investors" are 15 years old.

Easily manipulated.. when compared to seasoned traders.

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Plus, sometimes good news are being overlooked and rumours take over, or chaotic news, this is pretty nice https://cointelegraph.com/news/welcome-to-canada-bitcoin-regulators-approve-first-bitcoin-fund-manager

Personally.. i would prefer to see a full contact bare knuckle boxing match to decide the winner.

But hey that's just me :P

Congratulations @dollarvigilante!
Your post was mentioned in the hit parade in the following category:

  • Upvotes - Ranked 6 with 513 upvotes

The internal exchange between the entire virtual currency and RMBs in Bitcoin, the Ethernet area as the representative of the whole term is closed, but not to regulate the virtual currency itself, there is no prohibition of virtual currency one OTC.

The regulators decided to close the exchange of virtual currency in China, which includes the exchange between all "OKcoin", "Fire currency net" and "Bitcoin China" and another virtual currency with legal tender presented. Figure / Vision China
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[Financial New Network] (reporter Peng Kin Kin-Uu Yujian) regulators decided to close in the Chinese virtual currency exchange, which includes among all the "OKcoin", "Foreign exchange currency" and "Bitcoin China" and other virtual currencies with a legitimate payment By means of the stock exchange, new financial reporters are approaching the Internet of financial rectification risks, the work of the group's leading office (hereinafter referred to as the lead group), which confirmed this news, and learned that the permit is currently deployed to the field.
September 8, the third party trading platform, the network of cross-country issued a statement in accordance with the spirit and requirements of September 8 in Beijing financial conference work on September 5, from the day 17.30 to suspend trading in all currencies.
This is still a regulatory action after the People's Bank and the other seven ministries, together after September 4, jointly notice (further notice). The above statement by ICO (initial coin placement, initial public sale of coins) as an "illegal financial activity" and ordering since the announcement, ICO ban on new projects, projects to limit the stock of repayment. All ICO tokens trading platform must clean the deal.
The purpose of the regulation is not limited to now more than 60 ICO tokens trading platform, we will not participate in a number of trading platform home ICO virtual currencies are included in the purification volume critical to the completion time.
"In other words, the future can not have a so-called trading platform between virtual currency and legal tender in China." The closer to the leading group said: "Thus, there are no so-called markers, virtual currency, and there may be twenty or two problems between the PQM can not be sold. "
Regulatory research of virtual currencies of trading platforms did not suddenly strike, but at the beginning of the research was at the beginning of the year. Currently, the management team has made this decision and careful measures.
The central seven ministries in the announcement jointly issued on September 4, the signal was issued for this: The third announcement "Strengthening Financial Trading Manager token trading platform," noted that since the notification, any so-called financial transaction markers platform should not engage in legal tender and lexemes, in the "virtual currency" traffic exchange among themselves, can not be sold or used as a central counterparty of trade tokens or "virtual currency" should not provide For information about the prices of intermediaries as a token or a "virtual currency" and other services.
It should be noted that this decision to close the trading platform between the virtual currency with legal tender, which only prohibits the floor to trade virtual currency in China, and does not prohibit all virtual currencies with legal tender in the territory of China's trade. "In order to close the exchange Bitcoin no. For Bitcoin »the leading group that stressed the previous closure, suppression and Bitcoin-related activities related does not affect the development of the block chain technology.
In accordance with the position close to the leading group of sources, in terms of risk prevention, so that virtual currency and legal tender from the sex trade activities from China, the main market risks, financial risks and social risks at three levels.
The distorting effect of the secondary market
Since 2013, regulators have felt a great risk for the distorting effects of the secondary virtual currency market. At that time, Bitcoin volume transactions in China, and more than ninety percent of world trade volume, and Bitcoin pushed a record high of 8,000 yuan. PLAY INDIVIDUAL

yes you are absolutely right dear, cryptocurrncy brought a great change in human being.

"And I hereby publicly challenge Peter Schiff to a debate on bitcoin."

YAAAAAAAAAAAAAAS!!

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Max Keiser said he was suppose to debate him on his last Show. I love Jeff but Max being a Comedian and as sharpe as he is. WIll destroy him.

Doom and Gloom has been selling since the British were coming and before that Jesus was coming with Satan right behind him.

Being we weren't the strongest animal in he jungle and we didn't have the sharpest claws, we had to outsmart our natural enemies and prepare to protect our caves and hairy cave-ladies.

Paranoia kept the species alive and forced us to prepare for the worst. It was associated with survival and became a normal human instinct.

Issue is: many bogus prophets, fortune-tellers, folks connected to god and bad writers took advantage of it and used it to hustle the ignorant masses. "Get inline and believe me, but you better give me money and I can show you how to survive and get closer to the kingdom, where you'll be forgiven for jerking off to fat-girl porn. It's that or burn in hell with a little red devil chasing you with a pitchfork."

I live inside a fish and my name is Jonah. It's not easy living inside of a fish but I do it for the Cryptoheads.

Peace
Love
Truth
Massive amounts of upvotes to you all! 'cept Peter.

Awesome post!!! I honestly don't think Bitcoin is going anywhere... The blockchain is amazing code....

Great post
Thanks!!!

Cryptocurrencies are the next big technological revolution because they will change how we interact with eachother in monetary form. For example little to no fees for transferring money internationally, say from Brazil to China. Cryptocurrency's “push” mechanism means that credit card fraud is no longer a thing. No need to pay fees to third parties when purchasing a house for example. The benefits go on. That is incredible. However in your song you jokingly mock Obama and even rap about avoiding paying taxes which enforces the stereotype the average Joe has, which is that cryptocurrencies are purely for criminal use. I understand it's supposed to be a parody but even so this is sending the wrong message to those interested but not yet involved. On the whole though, brilliant post and I enjoyed the video :D

I would love to hear/watch your debate with Schiff on Bitcoin.

I think the announcement and rumors from China as well as the coming regulation in Russia are just speed bumps for Bitcoin and crypto-currencies. While the initial drivers of freedom and anarchy and lack of faith in government and central banks is still strong this will drive Bitcoin ... and FOMO (fear of missing out felt by governments) as well as just plain greed and fear will also continue to stoke cryptos growth.

https://steemit.com/bitcoin/@wanderingmind/over-blown-market-reaction-on-bitcoin-news-from-russia-and-china

Cryptos have shown a good resilience, good to see the market all green :)