Something HUGE Just Happened To Bitcoin, and No One Even Noticed . By Gregory Mannarino

in #bitcoin4 years ago

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There is a very interesting dynamic going on underneath everybody's noses, and very few people are even noticing.

Yesterday, under heavy volume the stock market plunged, with the Dow Jones industrial average falling over 370 points along with the dollar. However, Bitcoin surged higher.

With this tells me, is Bitcoin is now seen as a "safe haven asset." Let that sink in...
This is huge in my view, tremendous actually.

This chart below, is a one month history of Bitcoin, notice anything?1.png

It is in a screaming uptrend, a trend which I believe beyond any shadow of any doubt is going to continue.

So what's the takeaway here?

The smart money is diversifying away from the dollar and into cryptocurrency,
Moreover, and this is absolutely HUGE, Bitcoin is now seen as a "safe haven" asset.

Gregory Mannarinome steem.png

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It was also one of the worst days I've ever experienced in actually trying to do transactions in bitcoin. I had one transfer that took at least 22 hours.

imagine 2042: it´ll look like this
BTC2042lol.jpg

Yep. I was looking at that chart yesterday when it had been like 18 hours and I still didn't have my money.

Makes me wonder if one of the Altcoins will eventually surpass Bitcoin because of this.

Totally agree with this line of thinking. Bitcoin was the first crypto with worldwide acceptance if you will, but I truly think STEEMIT and STEEM is prepared to take over as time passes. Keep posting and earning that STEEM and SD because I think we are headed towards a good chunk of profits here at STEEMIT.

I have this same thought as well, I am a newbie to Steemit and this type of workings and when I saw this blockage for transactions I thought Steemit based on the charts was far superior.

I think Pocket Change is the over-looked hard asset and safe haven... More in my Blogs... @pocketechange

Do you mind sharing whether or not you included a transaction fee in that transfer? I tried to clear out an old wallet, with very little in it (.003BTC), so I used the minimum transaction fee, and the mining network has not picked it up in 2 weeks. I fear that I may have orphan'd those units. Right now it is not that much, but a year from now that 3mBTC might be worth hundreds of dollars.

In the future, I recommend to anyone wanting to do the same as I did, to just extract the Private key out of the wallet you wish to close and import it into the new wallet that you wish to have the funds in. It looks like my sending this small amount to an online exchange is not going to work out.

Yeah instead of using exchanges I typically just transfer them into a wallet because once it is in the blockchain it's done so you can encrypt your password and make your backup wallet file and be good to go.

Yeah if bitpay says to send say 0.002 bitcoins and bittrex fee was 0.001 bitcoins then I'd send 0.003 bitcoins.

I can tell you that I thought bittrex fee was still 0.0002 like it used to be so I sent some transactions of with only a 0.0002 fee added and they eventually showed up on my bitpay they just took longer.

I've spoken to Poloniex before through their help department to see what happened to funds. They've usually responded as there shouldn't be anything hanging out there for 2 weeks like that.

Since im new i want to introduce myself.
I make weekly calls on silver every sunday. Please check out my blog, follow and comment with critisism, discuss my view etc. I hope you check it out since im new on this platform. I got here on recommendation of the great Gregory Mannarino.
If you follow me i always follow back.
Cheers

I had also bought some thru QuickBT and it took almost 12 hrs for it to be confirmed in the blockchain, i figured it was a huge volume of transactions happening, makes sense based on this article.

How do you yhink that it is seen as a safe asset? Not that i disagree, but what are the markers ?

Hey Greg, First love your work. Never ever change my friend!

I noticed... I been watching and waiting for this as I made the call a couple days ago. See here...
https://steemit.com/bitcoin/@starsteem/bitcoin-just-shot-up-usd80-to-usd1-822-in-the-last-2-hours-usd2-100-next-just-my-thoughts

Upvoted and Resteemed!!!

Starsteem out

Silver has been viewed as a "safe haven" asset for several years now with the expectation of the US dollar dump and collapse. As Greg has pointed out again and again, there is no legitimate price discovery for the asset. Whenever that happens then our perseverance for silver purchases will be realized.

Safe haven or not.....simple supply and demand will dictate silver......Keep stacking and the manipulation will evengually catch up to the big banks.

Manipulation can only go on until it can't.
Keep stacking.

The DXY is a huge HEAD AND SHOULDERS formation with projection to about 95 according to my pattern rules.

Since im new i want to introduce myself.
I make weekly calls on silver every sunday. Please check out my blog, follow and comment with critisism, discuss my view etc. I hope you check it out since im new on this platform. I got here on recommendation of the great Gregory Mannarino.
If you follow me i always follow back.
Cheers

for sure, but not yet.

My exact thought also... Come on silver.

Been waiting for many years, i will start stacking bitcoin and steem

I'm optimistic that we'll see Bitcoin at $10,000 or more by year's end. I don't know if you follow Clif High, but everything his data has shown regarding Bitcoin has materialized.

But his data on silver is not so

Not yet. But, it will be.

BTC surged today, it didn't do much yesterday. I've been watching cryptocurrency as an asset class to see if money is retreating there. BTC and the other crypto started going up today, with the US market. Although the rest of the world's markets continued to decline today, so maybe its money from outside the US which is retreating into cryptocurrency.

As much as I love cryptos, they still are competition to gold and silver and could theoreticaly be more attractive to the millenials (and even the zombified sheeples). The fact that they aren't manipulated and could be used on smart phones could mean they would steal a fraction of people's investment when seeking safety that would traditionaly go towards precious metals.

Let em sweat for crypto......ill keep sweating for tangibles. Hehehehheehehhehe

People are adopting it.. who needs approval of a private central bankster and government to tell us what we can accept as currency?!?!?
mon on fire.jpeg

I wonder if bitcoin is seen as the future of money? It is global it is digital and it is now safe. A step toward their one world currency. We all need some to diversify. Thanks Greg.

Great post as usual, I'm in bitcoin for the long hall. I just wish i got into in when it was at $100.

Astute observation Greg. I believe it's only a matter of time before money starts flooding into the metals also. It's interesting how it's moving to bitcoin/crypto ahead of the metals though. Would love to hear your take on that.

Brittex is the best platform that I have found . You can transfer all into bitcoin . Then I transfer Bitcoins to Coinbase. In coin base you can deposit into your bank account.

Have you done any research on Ethereum? This seems to be on a huge run up as well. There are predictions that Ethereum could be bigger than Bitcoin.

Keep your eyes on the "Consensus Blockchain Conference" This weekend Ethereum will be the main highlight good chance to make a profit check out the guest list here.

https://www.wealthdaily.com/articles/ethereum-is-about-to-boom/8674

Bitcoin is like Coke and precious metals are like rum. Seperately they are good stores of value. However, when combined together, they will be unstoppable in the upcoming, economic crash.

Plan B is on if what u say sticks Greg.....lmfao. I had more faith on people i guess i was wrong.....they deserve whats coming to them. In fact we all do ;)! Time to become pigssss...lol

Jokes aside.....this can be fun to play the waves but i would be wary to believe this is an asset. This can simply be a move for the masses to jump in amd alleviate some of the pressure on bullion buying. It is purely my logic speaking here. This said lets keep an eye on all this;).

Well I am hoping this is correct as I am starting to make some moves towards crypto currency's. Thanks your the Man! DR

Me too, only small at this point but building as i can. Im not missing out this time!
Good luck!

I hear ya. I have missed out on too much and it's time for digesting some reality and being at the front of the line. Thanks and I have added you to my "following"

Yeah, me too. Its easy to think you might not have enough money to make it worthwhile, but a few hundred bucks of bitcion in 2011......omg, that would be now worth 170,000! If I've done the math right lol! Just imagine, there must be some very happy people out there now.
Following you too 😊

Yes indeed. We are on the edge of something big here and currently it only cost some time and a bit of effort.

BTC is right now at 1862 USD, Gold all time High is near......

That is an interesting observation. All the more reason to hold Bitcoin!

I should have listened to Cliff High and Bix Weir. Great reporting Greg.

Bitcoin and Safe Haven - Yes. People, Ya gotta be in it to win it - Buy & Hold BTC.

Metal and cryptocurrency. That is what i belive the future will look like, metals will be used for safty for the collapse and untill cryptocurrency is the new monetary system. Thanks Greg for all that you do.

Is that spelled properly? Is it Bittrex?

In my opinion Bitcoin will fail. Can you trust a currency that is reliant on vulnerable technology?? With the creation of a number of new competing cryptocurrencies being developed and eventually diluting the market. If a cyber attack occurred would your Bitcoin be safe. Would you intrust thousands of dollars to the system? How long before Government infiltrate this technology and causes it to fail? Why would Government do that? Because central banks will not tolerate a currency that they do not have complete control over, thats why. If they cause a failure in the system, then people will lose confidence in them, unless of course the federal government comes to the rescue and offers to insure the currency FDICA baby. Look what they did to Precious metals. The feds found a way to manipulate it and fix it. The banks simply print and sell enough paper contracts to dilute the market. Some say that there are up to 200 hundred paper contracts per ounce of gold. The silver and gold markets are easily moved by the simple push of a computer key. They must regulate it in order to keep the value of the dollar intact. The same is true with cryto. If they let the market run, paper currencies would diminish in value. Is it possible that the cryptocurrency was ordained by the central banks as a trail to see if people would buy into this type of monetary system? But for now enjoy the wealth it has created, just don't think they will let the party continue.

Wow, so much ignorance of the way blockchains work. And I do not mean that as a slam, but your statements acknowledge none of the safeguards that are built into the system. It is already bigger and more powerful than ANY other dedicated network on the planet, and the decentralized arrangement makes it practically invulnerable to theft. It has been calculated that at least 80% of the network would have to agree to "hack the system" and nowhere near that amount will ever happen, because we ALL have a vested interest in it working properly! BUT, (and this is a big BUTT) it is believed that the US govt. seized the Silk Road btc holdings, and all they can do with it is use chunks of it to try and affect prices, by selling at strategic times.
Counter to that, there has been a lot of positive input by governments around the world, in fact, JAPAN has recognized BTC nationwide, hoping it will bolster their economy! PLUS, the 2020 Olympics are in Japan, so there is an expected uptick from that alone. Projections are for steady increases over the next 3 years, and this is a big part of that.

Now I'm not trying to start a flame war, and I'd like to see you come back with some concrete ways that governments (or central banks, whatever you wish) can do to disrupt crypto currencies. I know they can pass laws against it, but not even China is doing that, in fact, quite the opposite. I have read that they are encouraging crypto currency usage...

As far as your manipulation of Silver and Gold, I fully agree. But the blockchain is beyond the control of governments. It is also speculated that an "E-Dollar" may be rolled out soon, using blockchain technology. IMO, that would be the best way of "controlling" cryptos, giving a "better alternative" for people to invest in. I would likely get into that one as well, at least for some early gains, it could really pay off if one invest early and gets out at the proper time. At least partially out. Might want to keep some for daily use...

Ignorance? These are words of Konstantinos Karagiannis
CTO, Security Consulting, Americas, BT.
But is it safe?
My RSA 2017 talk, “Hacking Blockchain”, includes a fair amount of time explaining historic and current attacks faced by all implementations of the technology. A lot of these attacks are old school, focusing on supporting technology and not on the blockchain itself.

Consider attacks against credentials used at an online cryptocurrency exchange. Such exchanges act as hot wallets, or storage of funds available for transacting online at any time. Traditional authentication hacking of these sites can lead to illegal transactions. Some attacks are even more creative, such as the ability to force a cold or offline wallet to become hot and therefore a target for fraudulent transactions.

The major issue I cover, though, is the inherent flaw on page one of Satoshi’s paper. That elegant if pesky line about “computationally impractical to reverse” transactions. You see, the crypto behind cryptocurrency is actually public key. We are likely less than three years away from this being completely hackable by a quantum computer.

Facing reality.
Fantasy? Hardly. Labs around the world have already proven that quantum computers can run Shor’s Algorithm and almost instantly find the private key of a public key pair even 4,096 bits long. Because of how public key works in most blockchain implementations, including Bitcoin, this would mean any time a transaction occurs, a quantum computer has everything it needs to obtain a user’s private key. Spend a single cryptocoin, and any entity with a quantum computer can download that currency’s blockchain, see your transaction, and in a few moments spend the rest of your funds.

The threat seems even worse if you consider blockchains designed to prove ownership of land or other critical identity-related transactions. A private key attack here can lead to an irreversible type of identity theft, at least within that blockchain ecosystem.

The NSA has already warned against the use of non-quantum-safe encryption. Its’ time to realise we may be rushing towards putting everything on a digital house of cards rather than an unbreakable chain. Let’s fix blockchain’s inherent flaws now, before it’s too late.

If you want to see our Blockchain demo in person, why not visit Innovation 2017, our technology and innovation exhibition taking place in June.

Looks like a breakout, i agree with your post. Thanks for the heads up, i feel a little more richer now!

Yes. Bitcoin is seen as safe haven asset. This is a good news.
New money is entering into bitcoin and altcoins.

Greg, you got me going in Steem It, thanks so much.

Check out my first article...
The Secret Advantage of holding Silver Eagles
https://steemit.com/silver/@onepagepunch/the-secret-advantage-of-holding-silver-eagles

I will start trading off this! Basically trading unmanipulated gold!

Could it not be manipulated too? It was close to having it's own ETF by the 'winkle/twinke or whatever the hell they're called' brothers...

The people are tired of rigged markets. It quiet took some time but at least they are ready for something new; slowly recognizing that Bitcoin as the leader of a free monetary system is able to drop their leashes on to a future without enslavement! Bitcoin is in the house! Bitcoin is here to stay! Great work Gregg!

Y tú qué opinas que sea mejor, hacer trading O solamente conservarlas

Its crazy to think that people have more faith in a currency you cant touch than the american dollar. Maybe on day I will sell my silver for a currency not invented yet.

This trend will only continue into the future when the debttsunami will hit Europe the following years.

Just purchased my first BTC a few weeks back. Also Litecoin :) So put a few hundred in it for funsies. Nothing big, will keep for a long time.

That's my thoughts also. I've dipped my toes into crypto. I plan to make a small purchase each month but wait for dips to make bigger plays.

I agree with you, Gregory. Aren't we lucky we have cryptos and we don't have to return to barter... Interesting to see how the tension is growing between the controlled global fiat system and the trying to break away free market... Wonder who's gonna stand last...

Do I believe it's wise to disagree with you (note respect) but and there's always a but .. looking at the massive up and downs with bitcoin I have a lack of trust in it .... that just my opinion.

Looks like a cup and handle pattern, very bullish!

Bought some more yesterday after reading about Mrs. Watanabe, and bought some more today from FOMO

Yes the uptrend with Bitcoin has been amazing!

I think bitcoin will be the way people store value and some of the newer coins will be a smaller, speedier way that the average person transacts

Interesting observation; however, a single occurrence is not enough to put it in the established fact category. I'll keep watching it though.

HUGE amounts of money is seeking a safe heaven, and normally would that have been gold & silver .. But since MSM the last 4-5 years has mocked precious metal as a joke to be a safe heaven .. This with good help of giants such as Buffet, Gates and Charlie Munger who even dropped the insane statement: "gold was maybe good as safe heaven during the holocaust for Jews to sew into their garment" ... So people (the weak hands) are after all these years of bad reputation brainwashed to think PM is worthless .. Especially when all this MSM propaganda has been "proved" with HUGE price dumps of gold and silver in cahoots.
So ...... they rather chose a new unproven currency as Bitcoin instead of the USD,
i.e all they want is away from the USD/FIAT currency.
And THAT says A LOT of what's happen "behind the curtain".
The dominos are about to fall imho ...

I agree it should be a safe haven asset, but damn they gotta fix that transaction time and those fees. Going to end up protesting outside of a Chinese mining farm at some point!

Interesting negative correlation there Greg. I'd like to see it happen a few more times to actually call it a safe haven but it's certainly a strong indicator in my mind that people are starting to think that way. I feel that everyone is so battle fatigued from the commex manipulation that they've capitulated and sought alternatives. Resteemed.

Hi Greg, I've pointed out in my previous article here that Bitcoin's only real use at this point is as a safety store of value. It's worthless on a transactional basis due to all its major performance issues. Please have a look and upvote it if you like it.

I write a blog on this yesterday, it was not only Bitcoin but quite a few cryptocurrency including Bytecoin and ripple...its quite interesting...if the market uncertainty continues and the correlation continues, then its a clear thesis...

Excellent post. Very exciting to see that Bitcoin is starting to act as a safe haven vehicle as well as an investment.

I'll make sure I buy more 'bits' of bitcoin then! Thanks for the post Greg

I've noticed and been posting about it for the pst week! Bitcoin is a must buy in even if in "bits" but I'm also looking at etherium. Litecoin is another one moving.... I hate to put in on crypto, instead of silver but it's crazy not to put in something, right? Hard assets a must, crypto looks like the future

Canary in the coal mine?

Give me a little suggestion of my friends so that I can reach the target

PPT is back from vacation today Greg. Crisis averted!

Coinbases banner says to expect delays because there has been a significant increase in the bitcoin network coming in!

I would like to see Bitcoin drop in price again so that I can purchase some more. If it don't it will be more silver purchases. Have a great day Greg.

Not convinced that cryptocurency is going to be sustainable in the long term. I believe that if I don't hold it I don't own it and crypto is only good if some one keeps the internet powered up. I know people are going to say I am missing the train. I have my GSM.

going to take some time to get used to this, i still own 0 bitcoin! :o i remember it at 80.... missed that opportunity

Thanx... re-steemed!!!

Thanks for everything Greg! I've been trading bitcoin cfds for last month or so and it has been amazing as well as your options trades. I've been trading for the last 10 years doing many courses, reading scores of books and listening to many so-called experts SO, anyone not listening to Greg is missing a MASSIVE opportunity! Thanks again mate! (Ged the Aussie)

Greg: I agree with you totally. I don't think the banks can play with the crypto's the way they do gold and silver. They have to know these currency's are a huge threat to their control. If things play out the way I hope they do imagine the price of the crypto's when gold and silver finally break loose. All the online dealers turn off their websites and sit on inventory. The metals go no offer. Watch the panic into these assets.

Thanks Greg for taking the time out of your day, almost everyday. I look forward to your video/ reports. Happy to be here, the hell with youtube.

I see alot of BTC comments. For me I don't own much and what I do own comes out of what's called a bitcoin faucet. It's free and it pays. This link is legit, this is my referral code https://freebitco.in/?r=3030531 and yes if you use it I make a lil' extra. It's fun to screw around on and puts a lil' bitcoin in your wallet. Much obliged if you use my referral if not well that's OK too. Good luck gents and steem on!

New to this Bitcoin movement. Wow what a run

People are running for cover to REAL assets. Personally I like silver better but hey its great to diversify. That's why I'm getting into steem.

Very interesting...............

Glad I bought more bitcoin when it dipped back to 1650!

Safe heaven - maybe.
What I noticed a lot of money moved from alt coins to bitcoin.
Here bitcoin is definitely considered as a safe heaven

Ethereum is starting to take off again as well.

What do you think ETH can hit by end of 2017?

Thanks for the post...are you also looking into alternative coins?

This is one of the main reasons I continue to follow and store money in Bitcoin - it's a hedge against the share market and a hedge against the overall economy.

No matter where the currency or market fires are burning around the world, cryptocurrency benefits from the instabilities... Truly amazing!

good news or bad news???

Problem with BTC, amongst many others, is the block size is not adaptable

Bitcoin may be seen as a safe haven, but should the smart people be looking at other cryptos?

Ethereum not doing bad either... slmost at $100 http://coinmarketcap.com/

Steem or bitcoin is better? I am planning to buy a little every week

another great blog. need to get my feet wet with crypto$!

For me bitcoin is to expensive, when something raise so quick it can also fall very fast. I would rather consider another cryptocurrencies.

Today I bet Brasil will bounce at least 10% after yesterday crash.

How can one say bitcoin is a safe haven asset when it relies on an extremely large network to follow extremely small amount of capital. The implementation of Bitcoin as a substitute currency will only be as stable as the network backbone.

Bitcoin 13000 by early next year says Cliff High

I've been able to SPEND BTC but man, oh man, has it ever been lengthy to wait in line for it! This is a good thing to max out the credit card on :) I bought a few vacations with Bitcoin for the fam, diapers for the baby, food for the pantry. As much as I dread technology (am a biologist, lab scientist and stay at home mom now....) this is cool! I married the now Chief of CyberSecurity for our state and he does not even touch this stuff. I feel smart, cutting-edge and witty. But in fairness, it is better to prepare for cashlessness than have to stumble in the dark. I imagine we are headed this direction soon and many folks will be ill-prepared to utilize this very handy tool to circumvent the Elite! THANKS, Gregory, for what you do! I've been a follower for over two years. You've helped us become our own central bank....and the best part is, no one else can touch it now!

IMO, the Bitcoin/Ethereum/Litecoin/Dash tell me exactly the opposite of the broader markets - the TRUTH. I watch them first to hedge against the markets in my stock portfolio. Diversify but verify.

That is a good way to look at it, on the other hand what happens to gold? With safety and being able to move and store or better yet hide crypo compared to Gold and Silver, what happens to Gold and Silver from here?

Great stuff, as someone who is late to the party your b/vlogs have convinced me to start moving money into these currencies.

Hi Greg!
I have followed some of your work on youtube and what was posted on Silver Doctors for a while. I like your take on things and the common everyday guy viewpoint. Not that I think you are uninformed like I am, but it seems you come from a place where you have done your own research and pulled yourself up by your boot straps, so to speak :D So I can relate to that! I am in construction, and I'm light years ahead of my peers as far as cryptos go. 95% of those around me that have heard of this new asset class have heard it from ME. Hopefully some of them will get on board before all the easy gains have been made... Thanks for showing me the direction Forward!

Rob

What are your thoughts on Ethereum? Some call it Bitcoin 2.0 ...

Very interesting, thanks Greg!

If you are an investor into Gold and Silver, it will take awhile to get a return of investment due to the manipulation by the LBMA and Comex. Until they collapse, we won't see too much movement on PM. Our best bet right now is crypto currency, BTC and ETH.

Yeah was just reading an article about this, how investors see crypto as a safe haven during the volatility of the market... crazy and exciting times we live in

Once the clinton corruption sinks in by the general public then the dow might do an even bigger drop

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