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On today's episode:
We’re going to take a look where the markets are at
We’re going to follow up on yesterday's video regarding the market on GDAX where Bitcoin is trading against Bitcoin Cash
And I’m going to response to the popular question of when the Bitcoin lightning network is going to launch
Story - Where Are The Markets At? 0:48
Well after hitting a bottom of 417b yesterday after 3:30 in the afternoon we have now recovered to 548b.
So let’s see what that looks like on the Bitcoin chart:
Anyone who says technical analysis isn’t useful is wrong.
It’s not perfect because it’s not an exact science, but neither is it useless.
You can look back at my past videos and see that these fibonacci retracement lines were there long before this recent market crash.
And now we see how the intersection of $11,000 and the 61% fib line provided support to the price.
The fact that these two candles for today and yesterday have small bodies indicates indecision in the market, it means there’s caution on both sides.
Out of all the positions that I’ve taken over the last 48 hours my LiteCoin position has performed the best.
LiteCoin dipped below $145 here and is now above $185.
That means it’s added around 30% since it hit bottom.
Bitcoin has added around 17% since it hit bottom.
I was telling my patrons about this yesterday as it was happening but Bitcoin is actually my worst performing position.
LiteCoin is number 1, Dash is number 2 and Ethereum is number 3.
All of those positions are in profit while Bitcoin remains in a loss position.
On the face of it, it looks like the crash is over, however that doesn’t mean much since our eye didn’t tell us the crash was coming the first time did they?
So the market could decide at any moment to take another dive.
Those are the risks that come with the territory, so when you invest, be prepared to lose all of it in an instant, because yesterday some people did.
Story - A Follow Up On Yesterday 4:32
I want to do a quick follow up on the response to yesterday's video.
Based on what I read in the comments, there’s seems to be a major flaw in their logic.
Take a look at those 58 dislikes, that’s a lot relative to how many I normally get, and I know why, it’s because I talked about some Bitcoin Cash news.
The news was that GDAX were about to launch their new market allowing people to trade directly between Bitcoin and Bitcoin Cash.
The people getting upset in the comments were clearly Bitcoin Cash haters.
What’s illogical is why they would be upset at this news.
This news means that it makes it easier for everyone to sell off their Bitcoin Cash for Bitcoin, how is that a bad thing if you are a Bitcoin Cash hater?
Surely the Bitcoin Cash haters want more markets like this? More opportunities for people to get rid of their Bitcoin Cash in exchange for real Bitcoin?
I just wanted to clear that up.
That market has now fully opened and so far over 2,800 Bitcoin Cash has been traded and the price relative to Bitcoin is down 10%.
So right now, a Bitcoin Cash is worth around 15% of a Bitcoin.
Story - When Will Bitcoin Lightning Network Launch? 6:27
In a recent episode, I spoke about the most anticipated developments to allow Bitcoin to handle many more transactions than it can today.
It’s called the Lightning network and is a separate network that will sit on top of Bitcoin, which is why it’s referred to as a second layer.
In that episode I shared with you this visualisation of the lightning network that is provided by Acinq, a French company who are contributing to the development of the lightning technology.
You see here there are 828 nodes and 3048 channels open.
However, this is all happening on the Bitcoin testnet so there’s no real money changing hands, and none of this is lifting the burden on the main Bitcoin network.
Following that episode many of you asked when exactly the Lightning network would launch.
In order to answer that I need to draw a paralel.
Bear with me on this one because it’ll be clear why I’m taking you down this road.
Think about the political debate about abortion.
The fundamental point that whole debate rests on is when life is created. The reason we need to agree on that is because if an abortion is performanced after that point, it’s killing a person vs simply ending a biological process.
Is life created at the very point of conception?
Is life created when the baby is actually born?
Is it somewhere in between? If so, where?
The goal being to figure out the point at which the baby came to life.