BitConnect Reborn ✝ / Big Day For Bitcoin Cash / 4 Year Crypto Crash Pattern
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Story - BitConnect Shuts Down 0:05
https://bitconnect.co/system-news/94/changes-coming-for-the-bitconnect-system-halt-of-lending-and-exchange-platform
I have finally broken my silence on this.
For the last year I would say, tons of people have asked me about BitConnect, what I think to it and whether I would do a video on it.
I have categorically refused to talk about it at all.
When someone would ask me about it on a livestream I would just not comment positively or negatively.
Energy flows where attention goes remember and I chose not to give BitConnect any energy.
It doesn’t seem like much of a coincidence to me that on the day we had one of the biggest market corrections we’ve seen, BitConnect would bring a halt to their platform.
The reasons they give for this are:
Bad Press
Cease and Desist letters from local governments in the US
Constant DDoS attacks on their servers disrupting their service
They are closing their exchange and lending platform but keep the website up to provide wallet services, news and education.
The BitConnect coin will still exist however at time of recording:
https://coinmarketcap.com/currencies/bitconnect/
BitConnect is trading at $14.98, which is down 93% from 24 hours ago.
Despite all this, they are continuing with their bitconnectx ICO:
https://bitconnectx.co/
This is a brand new cryptocurrency, bccx. That’s ballsy, very ballsy.
Unfortunately bitconnect were targeting people who were both naive and wanted to get rich quick, which is one and the same really.
I often say “It takes 10 years to get rich quick.” Which means you spend 10 years learning, preparing and growing and then you’re able to make money fast.
But that comes from what you have become, not from some secret sauce or scheme.
You can have a million dollars in the bank, but that doesn’t make you a millionaire. A millionaire had the skills to make a million, which means if they lost it, they still possess the skills to make it again.
Story - GDAX Will Open BCH-BTC Trading Pair Today at 9 am Pacific Time 4:18
https://twitter.com/GDAX/status/951863685533741057
Then according to the official GDAX status page:
https://status.gdax.com/
This is a staggered release.
Post only means you can place an order that everyone can see, but it will not be processed.
That gives all traders time to see what the rest of the market is going to do, so they can adjust their orders. Other trades will adjust their orders in response, and back and forth.
This will all happen on paper until there’s somewhat of a consensus on what the opening price will be.
Limit only mode, means you can’t just jump in with an instant market order. You will have to place an order on the books and let the order machine engine process the trade based on an opposing order.
Then full trading means that someone out of the blue, that doesn’t have any order on the book can just instantly buy or sell.
Some of your responded to my Bitcoin Cash attack video the other day saying that it was the Bitcoin Cash developers who were stress testing the network in preparation for this launch on GDAX so thank you for your input there.
Story - Asia Acting On The Crypto Markets? 6:15
One of the questions I really do not like being asked is “why” when a price moves up or down significantly.
Ask that as a secondary to satisfy your own intellectual curiosity sure, but there is a much more important question that comes before that, which is “how are you going to respond to this situation?”
Now if you say “well I need to know why in order to know what to do” I call BS on that.
In a world of constant change, there is always something that never changes, something you can count on.
When there is a storm on the surface of the ocean, deep down on the ocean bed, things are perfectly calm. That’s the solid foundation that supports the huge tidal waves.
So there is always a solid ground state that everything rests on.
In our case, this solid ground state are investing “principles”.
Principles are those universal concepts that are not affected by anything changing in the environment. In fact like the ocean, they are the necessary foundation for the change to stand on.
This is why I say you do not need to know “why” in order to know how to respond.
Once you know what happened, you respond based on principle and satisfy your curiosity later. Do it the other way around and the window of opportunity may close.
One investing principle is that most of the money is made when you buy, not when you sell.
If you buy something when it is undervalued, you are maximising the probability of return.
One of the links that was sent to me was this:
https://www.reddit.com/r/CryptoCurrency/comments/7qqfcz/everybody_relax_heres_the_reason_for_the_dip_and/
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Once again the voice of cool calm collected reason. Thanks for helping steady us newbies' nerves. Asian holiday withdrawls feels pretty likely as an influencing factor, compounded by spooked horses. Got into a public arguement about Bitconnect a month ago on a comment thread. Glad their down before more people get burned, but I don't expect them to go out altogether. With balls of steel like that they'll be scamming relentlessly under another name in no time.
I feel a bit more comfortable now the market has had a good reality check. Prices seemed to of gone too high too fast. It was getting harder to find anything that looked worth buying. Now, I can get in at more reasonable prices, on some of the ones I missed. Don't want it to go much lower, but then I would have to consider putting more fiat in. I had decided to stick to my initial, relatively small, investment but I think it would be hard to resist.
I have bookmarked this episode for Jan 19 to make me consider taking some profit before next New Year crash. Seems like a fairly reliable trend at the moment. Also well done for holding your tongue over Bitconnect. Watching two particular youtubers' live streams about it last night showed how frankly unprofessional, insensitive to affected holders and demeaning to the whole crypto project they were.
I used to turn down the volume at the start of all your video's but today I began singing it "On Todays Espiode of the Cryptoverse", (the way you do) and guess what happened? echo echo echo You do good stuff mate. Thumbs up . Keep doing good things.
REPLY
I see you did a cheeky copy and paste from your YouTube comment (you left the REPLY) in there :P
Well, shitconnect is gone and we all knew this is gonna happen one day. The day has finally come. It always looked like a scam to me, but so many people believed in it and invested, it's so ridiculous.... So many were constantly talking about it, how good it is, etc... I wonder what do those people have to say now? Hopefully all of those who invested in bitconnect learnt a lesson. These kinds of things will happen again and if people invest again, that means they never learn anything. Ponzi schemes are everywhere.
Unfortunately Ponzi schemes have been around since 1919. As long as people still believe in the notion that you can get rich quick, they will continue to exist: https://en.wikipedia.org/wiki/Charles_Ponzi
I like how you keep it real. Thanks and jesus is blessing us, amen.
must confess I haven't seen your videos in a while Chris, but the addition of transcript is so very welcomed to my eyes. Thank you. I thought BitConnect was brought down which was really confusing to me , as I am not sure that something as evil as it is can be brought down by any regulation...
Thanks for the update Chris.
Well put video! Thank you!
There is already a MoneroConnect (I will not link to it). It has already been disavowed by Riccardy Spagni (AKA @fluffypony). Avoid it!