The PullBack Is Over (For Now): Cryptocurrencies Gain $28 Billion & Nearly A 50% Gain In The Last 48 Hours

in bitcoin •  11 months ago

So much for the cryptocurrency correction. Two days ago when bitcoin hit nearly $1,800 and the market capitalization of all cryptocurrencies nearly touched $60 billion, I wrote in my article entitled, “Coinpocalypse”, “I am now thinking it has dropped enough to start wading back in.”

And, it appears I nailed it almost down to the minute. As soon as that article went live, the cryptocurrencies began staging a comeback. And they continue to do so as we speak.

The total market capitalization of all cryptocurrencies increased from $60 billion to currently $88 billion for a nearly 50% gain in just the last 48 hours.

Bitcoin is up over 10% in the last 24 hours while Ethereum has skyrocketed 38% and all major cryptocurrencies are heavily in the green.

Of course, in the midst of the pullback, Mike “The Health Ranger” Adams was quick to jump on the opportunity to throw up an article entitled “Health Ranger warns: Bitcoin collapse now under way… has already plunged nearly 40% from its high.”

So much for that. He is already wrong just 24 hours later. Really, stick to the vitamins.

In his most recent, totally wrong article, he calls bitcoin an “unraveling Ponzi scheme.”

If he understood the history of Charles Ponzi and how bitcoin actually functions he wouldn’t be calling it that. Bitcoin cannot be a Ponzi scheme because:

Unlike Ponzi schemes, Bitcoin will still have value and continue to function even if no new participants join the ecosystem.
The purpose of using bitcoin isn’t to recruit new market participants.
And there is no centralized entity that funnels money up to the top.

The first main point in Mike’s article he warns to remember is: “Bitcoin isn’t backed by gold.”

Yeah, no one ever said it was Mike. Thanks for the warning though.

But, you know what else isn’t backed by gold? Federal Reserve Notes, which most people call dollars. You seem to have absolutely no problem taking dollars, though, for your health products.

He goes on to say bitcoin is backed by nothing at all.

To which we’d say bitcoin is backed in part by the power/electricity needed to produce it, in addition to the math and cryptography which are the basis of its value compared to fiat paper and gold.

And, not to mention, we live in the digital age. Almost every person in the world has a smartphone and internet access now. With that phone, you can have a bitcoin account (while many still remain without bank accounts) and can transfer money anywhere in the world for nearly free, nearly instantaneously and no government or other thieves can steal it.

When fiat currencies collapse… and they will… what is more likely to become used as money by the world? Gold coins? Or bitcoin?

The answer is blatantly obvious. Bitcoin. Try sending a gold coin to someone in China for the latest cheap techno gadget and see how well that goes.

Mike goes on to say that bitcoin is nothing but a digital fiat currency. Here, again, he shows his complete lack of understanding of money.

The definition of fiat currency is, “Legal tender whose value is backed by the government that issued it.”

Bitcoin isn’t legal tender in any country I know of. And bitcoin certainly isn’t backed by a government that issued it.

So, totally wrong again Mike. Keep trying though… I can’t believe how you stick with it!

He also says bitcoin has a big problem because “one of the ‘fixes’ being discussed by the bitcoin community right now might result in lifting the limit of 21 million bitcoins, allowing potentially unlimited future Bitcoins to flood the marketplace.”

It’s unclear if Mike is talking about the potential bitcoin fork creating a second coin which will result in the expansion of the supply of the second coin. If that is what he is referencing, then he should realize that when Ethereum forked, the combined value of the two ethereum coins ended up being greater than the single ethereum coin that existed before the fork.

And, besides, why would bitcoin “flood the marketplace with potentially unlimited future bitcoins”? Most of the reason bitcoin is so valuable is because it is so limited.

Why would bitcoin commit suicide by just removing the limit? And why would anyone accept that change?

They wouldn’t. No one is even discussing this as a possibility because it is so outside the bounds of reality.

But, Mike “The Bitcoin DeRanger” Adams seems to have dreamed up a new reason for his audience to completely miss out on an evolution in money and banking that is making a lot of people a fortune.

In any case, with cryptocurrencies haven risen nearly 50% since Mike declared them dead, they probably will have a pullback in the coming days.

Take that opportunity to load up and subscribe to The Dollar Vigilante newsletter HERE. We’ll be discussing where cryptocurrencies go from here and where the best buy and sell areas are located.

And, if you subscribe now you’ll get access to my most recent cryptocurrency pick which I think could be the next Ethereum. We recommended Ethereum at $2 in 2016 and made a 20,000% gain since. And I expect this new cryptocurrency could perform even better.

So, yeah, if you want information and analysis on cryptocurrency investing and speculation, you can stick with The Dollar Vigilante which has been covering bitcoin since it was $3 in 2011… or go with the vitamin guy who knows nothing about money, finance or economics.

You can add him to the 140 others who have declared bitcoin dead to date.

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It's strange that Mike Adams says all of these weird things about Bitcoin because I've watched his videos about the federal reserve and the unbacked fiat monetary system. He knows we live in a debt/slave society. It seems odd that, considering what he knows, he doesn't embrace Bitcoin.

We truly live in an illusion and I think some of these people, like Mike Adams, are stepping stones to higher levels of consciousness for people who are waking up. Most people can't even wrap their heads around Bitcoin. Most people haven't even heard of it. Mike would lose a lot of his audience, I think, if he started promoting Bitcoin. It might be too much for the newly awakened to comprehend. That said, why does he bother to mention it at all?

Just my opinion, but it seems like a lot people wake up first to the fact that their government is a fraud, then they learn the medical system is a fraud, then they learn the food supply is toxified on purpose, then they learn they're slaves.... on and on. Mike is great for waking people up to the fact that the medical system is a fraud and that the food supply is toxic. Once that sinks in and as we search for more truth we're led from people like Mike to people who have even a higher level of consciousness. Each person is playing their role perfectly for those who seek them out in their awakening process.

I used to think Dr. Mercola was it. Well, now I see he was very helpful along the path in my journey and where I was when I discovered him; however, I have no more to learn from him, so I moved on to learning from people like Dr. Morse who clearly has a better grasp on how the body, mind and soul must work in harmony for there to be health. So, Mercola like Adams were necessary stepping stones for me.

Your financial advice, Jeff, has always been spot on regarding my experience. And to now see you talk about health and spirituality makes you the total package! The very best to you and your family, including your dogs, always.

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I think you nailed it @weq. Most people are still unawares, but an awakening is happening.

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It does seem like an awakening is happening. I just wish it would all hurry up! :)

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It is like telling a kid about taxes if that kid is not ready to get it. We all want people to understand BTC and Steemit and Ubuntu and Copy Left and Open Source and responsibility. Sometimes, we lose friendships and audience when we try to help maybe too much. I've tried to tell people things when they were not read for it. People have called me crazy and they walk away. We sometimes gamble and hope that some will get BTC or whatever that we want them to get........

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I know exactly what you mean. I think it's good to plant seeds, but everytime I try to push an issue with someone who just doesn't get it, I only end up making myself mad. I do my best not to push issues. Every once in awhile I mess up, though. It's like I want the world to change now, even though I am fully aware that change comes from within.

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Well the money is in learning how it all works, getting in on the ground floor, and positioning yourself to do that high mental work for them in the future...for a premium fee of course.

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A lot of people do not know what Bitcoin or crypto money is. And most people think of it as a Pozi scheme because they are being introduced to crypto money by MLM.

There are many MLM crypto money schemes going around and people think that Bitcoin is one such thing.

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I understand the confusion. We live in a world of confusion. Fortunately, I was led to people like Jeff Berwick.

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Great comment Weq.

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Thank you for your nice reply.

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Weq, Yes, it seems odd Mike doesn't embrace a potential solution to the debt fiat system such as cryptos. I am also dismayed at the precious metal folks that will not embrace it like Chris Duane. Is not diversification of assets wise? Why not have 1. cryptos as a % for as long as there is an internet connection, 2. precious metals if the grid goes down, 3. valuable property to hone food growing and other physical survival skills, 4. and a simple meditation practice to prepare us for the ultimate journey? The big picture is not that difficult to see imo and that's why I've been really inspired by posts and people such as yourself - I can finally connect to a growing movement bigger than myself instead of feeling isolated for the last ten years (got off facebook 6 years ago).

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Thank you for such a great reply. I've been away for awhile. I agree with you 100%. We need to "cover all our bases." I'll be glad to see the banksters and the debt/slavery system go away.

I know that isolated feeling! I think it's what enables us to grow. It's like we are led away from the madness in the world so that we can think clearly, wake up and become "the change we wish to see." It seems difficult at first, but now I am so thankful for being led down a different path than almost everyone else I know. I've definitely become the observer, watching the world play out like a movie.

I got off Facebook about 4 years ago. So much narcissism going on there. Everyone is trying to paint a picture the perfect life they wish they had. I don't care about what people are eating and drinking and what new things they bought... I can't waste my time with that nonsense.

Outstanding

Thanks for sharing!

U know i actually understand juat a little of whats going on regaurding the market becaus eif you notice candle for btc for the month, 24 hrs, and hrly you will pick up something else rather than an actual crash. Each one of us should take the time out to learn how to interpret candle sticks. Something big will be happenint next month for all currencies and i have a post that spoke about all of that rolling in @johnlue. Thanks for this post. This is really a post with depth i really want to learn your style of posting. Thanks again for the

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What really did it for me was when I finally put down the money to try out the altcoins and all of the various exchanges and 3rd party apps involved with them. This is a complex machine and it doesn't become obvious just how ground-breaking it is until you've tried it for yourself against the old way of doing things. The fact that I can just install a plugin and make transactions on Ether Delta without ever opening any sort of profile or dealing with any spread really startled me. The fee never touched $1 usd. It would have been between $5 - 10 USD at any other "reputable" financial institution.

We put in a bottom, but not sure if we will retest it before August 1. I was buying close to the bottom and will buy again if we restest recent lows...

once again great post,
however,
ive seen some thoughts on reddit that Chinese mining pools may be signally segwit to raise prices, sell their btc, only to stop signaling to cause a crash and buy in more.
i'm interested because my dad and friend want to buy in and if btc is going to split I'm thinking it might be best for them to buy a little bit now/soon and i want them to do well in the short term, the long term feels like a given

do you have any thoughts on this?

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You could always average in. Buy some now and take a chance by holding off on investing the rest.

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at this point lol, smh haha, they should've bought in last week at 1800, damn haha

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It could always pull back again. Though I'm doubting it.

I'm still not sure about it. I will wait the summer before I entering the market.

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If you enter it's not so much for the short term speculation game, but the long term potential. Got to be a believer in the power of crypto to bring death to fiat curency and change the world.

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This ^ . up-voted.

Wow excellent post brother! Here is my vote. By the way if you vote for my comment I would appreciate it a lot !! I wish you much success

What's your honest feeling on Steem and the Steemit platform? Do you think it will have staying power?

oh yead, bear is going to sleep

That is how it is on the internet, loads of information, most of it wrond or missleading. We just need to know how to smell bulls*%t from afar and separate the useful stuff. As for Bitcoin i think we will be seeing a lot more raises in price in the future.

The huge news is the Ethereum Enterprise Alliance has grown to 150 Members. New companies such as Mastercard, Cisco Systems, Scotiabank, Loyyal Corporation and QIWI Blockchain Technologies, among 29 other firms have all joined the Ethereum Alliance. Check out my article https://steemit.com/ethereum/@alexanderbaima/ethereum-some-big-news-time-to-buy-now

I knew it wouldn't last long. Wish I was able to buy more before it was over.

get ready for another drop!

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Should be one next week

saddle up the palomino

And now Goldman Sach's is saying Bitcoin will hit $3k if not $3,700 after some additional "correction."

It's been such a see-saw back and forth over the last month that I wouldn't be surprised if it goes down again. After Aug. 1st comes around, it's game on.

Buckle up!

Good news!

COMEBACK IS REAL!

Long cryptos :)

Hours ago, bought LTC from BTC on Bittrex. Patterns can be anticipated. Some of this might be like gambling. Thanks for the article.

Great post about how someone that has somewhat of a following "misleading" his flock. I've also seen your videos on line, and I think you're pointing others in the right direction. Keep up the great work! (I'm now following you here)

A post with million learning. You are so awesome! Bitcoin at $3000 <3

As of now it seems to be recovering, people who abandoned the ship early are now sad.

Hoping this time it will it another all time high price.

I do not know who this Mike is but he seems to know little about bitcoin and thinks he knows much.

Today's rally was nice but be careful cause it might just be a bull trap. People are saying it might dip again either on Thursday or this weekend like it has the past 2 weekends.

Wow this is great

I think it is time to look at the post-blockchain cryptocurrencies like Iota, that does not really on the blockchain technology. Instead it uses tangle, witch results and zero fees, instant transactions and solves the problem of scalability and power concentration in the hand of big miners that plagues bitcoin.

Mike Adams is either a lunkhead, or has gone to the darkside .... The heart of all fiat money systems in the history of the world, that we know of, has always depended on the ability of the currency to be counterfeited, or in the instance of governments, to be printed in excess of the declared amount and value of stuff, like gold or silver, which back(ed) it.

At the end of the day, it does not matter what our money is backed by. It only matters that it cannot be counterfeited. Every single currency in the history of the world, that we know of, has suffered that weakness, except Cryptocurrency. Even precious metals, not by direct counterfeiting, usually, but by creating more money than there is gold/silver to back it up with. Colonial Script was based only on the domestic output of the Colonies, and it worked well, until the Brits got wise and started counterfeiting by the bale full. That is the true significance of blockchain and cryptos.

This weekend was a perfect time to buy from a long-term perspective and add to Bitcoin holdings. From a traders perspective there still is some technical damage to work through from the late March to June move in BTC.

This attacking Mike Adams angle is getting old. You may disagree with what he says but this is starting to stink. I starting reading your fantastic work around the shemitah. It would be great if you got back into the cycles of where we are going and less personal attacks on value creators such as Mike Adams.

It ain't over yet. We may have bottomed, maybe not, but it ain't over yet. We haven't broken into bullish territory yet.

Crazy market recovery today.

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A recovery for only those who believe this is the bottom. Me, I'm not so sure.

@dollarvigilante I'd be a bit cautious.

The Daily Bitcoin chart is still telling me that anything under 2,400 doesn't mean we're out of the woods just yet.

I like a V-Reversal as much as anyone, but I need more confirmation than one leg up. I may get that in 24 hours, who knows. Just think its going to wind in a bit.

Its a staggering amount of money being moved around right now! But in a few years it will look like chump change lol

Bitcoin is the future of cashless economy many governments are proposing.

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So how to they extort it from us. If they can track how much we're buying and claw it back for the greater good.

Maybe I can get into the plus on the next leg up.

All I know is that Mike is WRONG.
And I'm glad he's wrong. I forgot his name and I don't like him.

Woo woo! good news for money!

Thank you for your valuable advice. You're doing a good job.

Thank you!

I was hoping it'd go lower. Was hoping to buy at lower prices. Better luck next time! I like the price action, volatility is good, especially if you want to trade it.

What coin is he recommending?

Hahaha you are a gifted writer, you always make me laugh out loud! 💕

Upvoted and also resteemed :)

Feels AWESOME!

Shouldn't speak so soon!

Wow looks prety exciting. Crypto-currency is my new best friend. Upvoted!

Awesome...! Following the chart I would guess the 2300$ will be the hardest sealing to break... after that looks to me btc will be back on it's old track...
But I could be wrong ofc...

Mike Adams mentions how people will have trouble selling bitcoins when the price is dropping, causing a mass crash panic...

Yeah, ok... so when bitcoin drops low enough, let me know and I'll buy yours from you. Thanks. Love it. :)

How can they missed it out that bitcoin is the future, there's no stopping bitcoin

I like the things Mike says about health and food and his research on this topic. Really strange why he hates Bitcoin for some reason. He should embrace it and letting people buy his products with Bitcoin!!

A third developer group just announced they are HARD FORKING Bitcoin on August 1st to go with 8MB block size immediately, and discarding SegWit altogether.
https://steemit.com/bitcoin/@belerophon/the-ante-has-been-raised-bitcoin-cash-announces-aug-1-hard-fork

@dollarvigilante what do you think to 1btc being worth in 10 years time?. Everyone i seem to speak to thinks it's going to be close to 1 million USD

Jeff, you should change your name from Dollar Vigilante to Crypto Rainmaker!

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Mike “The Bitcoin DeRanger” Adams should stick to Vitamin's and Health posts.

Hi

You are a giant amongst us. And you have global financial knowledge that I look up to. May I ask that you have a look at something I am gravely concerned about and spread this message if you see any merit in it. I am asking a lot. BUt I need to put this out there.

https://steemit.com/steemit/@yoda1917/enforce-the-constitution-or-you-may-as-well-kiss-your-money-goodbye-18-07-2017

Perhaps your post caused the market to rally back!! ;-) That IS how it works ;_)

I thought bitcoin was legal tender in india now, no?

It does look like that the correction is over.

New highs in August?

I'm in alt chronic heath problem groups and that is my interest. In those places, this man is pretty universally thought of as a fraud. Don't ever link to the ranger site in those groups or you will be slammed. So I never waste my time on anything he puts out.

I had no idea about the money side of it. Since he has no reason to even speak out on this topic, I'm sure big bucks or threats of some type are making him do it. This is controlled opposition at its finest and it is collapsing along with the rest of the lies. Not soon enough.

Mike Adams, like all the rest at infowars, usually take legit news stories and blow them out of proportion. So he sees an article about a 40% drop in Bitcoin and calls it a Ponzi scheme and how Bitcoin owners are duped by the illuminati. If your source is infowars or the "health" ranger, be careful of their information, it is for entertainment purposes only.

@dollarvigilante, I agree with you that it wouldn't be a bad idea to Slowly Wade back in to BTC. BUT be aware that the pullback Probably is not over. On the overall outlook I am still looking for a more defined pullback. As I look at the Charts while typing this I am seeing Strong resistance at the area from 2287 to 2360. If we can get a Daily Close Above 2384 then I would be looking for another Bull run to around lets say 5000.
I believe though we are going to have a slow to steady pullback continuing for a while longer. I would not be at all shocked to see the pullback got to the 1550 area. For that I am looking for a Daily Close Below 1898. If that happens then I would expect that next area of Support to be the 1550 Area.
But then again in a FREE Market anything is Possible. By the way I am a New Subscriber to your Newsletter and have to say am enjoying the content. Until next time Live Life, No Regrets!!!!

follow back me and keep vote my post Mr. @dollarvigilante

Cheers I enjoyed your humor !
No doubt we are going 10 time higher , the question is when ! I see the correction as 50 % retracement before the c wave heads south ! I would take profits now and put in a buy limit in the $1200 range ! Probay not imperative , but for the trader types it's all good fun squeezing profits out of this baby ! Peace and keep doing what your doing ! Humor is essential vibration ! Peace & luv !

It certainly looks like the bottom has been found.🤗

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

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i tell to the people 2 days ago buy btc and today is time to sell and ear money

bitcoin is just like casino, NO RISK NO REWARD =)

Great post.

Many people still think Bitcoin is an illusion or some kind of made up cyber space internet delusional kind of thing! For anyone using or having been involved in Bitcoin we all know the real truth. Yes, it's real and spreading quickly into the minds of many people around the world.

Those who have taken advantage of the new blockchain technology as we know it, will be prepared way more quicker than those who are refusing to accept it.
In changing times much wealth can be generated by getting on the train. '' The early bird catches the worm ''

In a sense if you look at this way .... if you're in the Bitcoin circle it's like having a ticket to a ring side seat. Soon there will be no tickets left!

So in a nut shell, thank you for the post!
Crypto all the way...no stopping when people get behind it.