we're in the middle of the biggest wealth transfer in history - Novae

[reditaccount288 377]

https://www.cnbc.com/2018/01/17/newbie-bitcoin-day-traders-are-going-to-get-slaughtered-says-blockchain-entrepreneur.html

Investors looking at bitcoin's drop of nearly 50 percent from last month's all-time high above $19,000 should not enter the market for the first time with get-rich-quick aspirations, a cryptocurrency entrepreneur with big-name backers warned on Wednesday.

"If people are going to day trade cryptocurrencies, and they don't know what they are going, they're going to get slaughtered," said Dan Novaes, co-founder and CEO of Current.

His company, whose initial investors include billionaire Mark Cuban, provides an all-in-one platform for popular streaming services such as Spotify and SoundCloud. It also offers users a way to earn cryptocurrency to reduce or eliminate subscription costs.

In addition to running a business based on blockchain, the online ledger technology underlying bitcoin and other digital coins, Novaes said he's an investor who is "long cryptocurrencies."

"I believe in the technology behind it, and we're in the middle of the biggest wealth transfer in history," he said on CNBC's "Squawk Box." "It will develop over the next five to 10 years. I won't put my entire life savings on it … but 1 or 2 percent, whatever, because there's a lot of upside and it will ultimately change our lives."

Novaes likened the crypto craze to the internet boom 20 years ago.

"Not every single currency or application will survive. We'll see which ones do," he said. "If you had spread your portfolio out with maybe the top 20 tech companies predot-com boom, you would have actually made quite a lot of return on the ones that made it."

Despite losing about a quarter of their values in the past 48 hours, top digital coins like bitcoin, ethereum and ripple were still up in the past 12 months 1,000 percent, 8,500 percent, and 13,000 percent, respectively, making for relatively high entry points for new investors.

But Novaes, who has profited as an early adopter, said it's not too late to buy into the various coins. "To be honest with you, I bought cryptocurrency last week. I buy these dips."

Nolan Bauerle, director of research at CoinDesk, told "Squawk Box" on Wednesday that bitcoin prices are still based solely on "what a person is willing to pay" and "what a person is willing to sell it for."

"Since 2016, there have been six 25 percent decreases in bitcoin. So six times it's hit large-scale sell-offs," Bauerle said. "What we can see from that is often times that money goes into other cryptocurrencies."

Ripple, whose market capitalization of $40 billion is a strong No. 3 among the hundreds of digital currencies, was among the biggest beneficiaries in those past bitcoin plunges, he said. Bitcoin, with a market value at $171 billion, and ethereum at $84 billion are the top two digital coins.

CoinDesk is an online media firm aimed at the digital asset and blockchain community.

[DiamondAngel 5,044]

I know nothing about it and I'm going to stick with my paper money and coins! 

[reditaccount288 377]

1 minute ago, DiamondAngel said:

I know nothing about it and I'm going to stick with my paper money and coins! 

as someone who has been long into crypto and ended up with an unexpected amount of wealth, im actually thinking to leave this crypto madness and buy some silver, it obviously has all the componentes of a bubble, and its going to  burst sooner or later, but.... it may last for a couple more years lmao

dotcom 2.0

[Illuminati 15,965]

6 minutes ago, reditaccount288 said:

as someone who has been long into crypto and ended up with an unexpected amount of wealth, im actually thinking to leave this crypto madness and buy some silver, it obviously has all the componentes of a bubble, and its going to  burst sooner or later, but.... it may last for a couple more years lmao

dotcom 2.0

How much did you earn?  

[reditaccount288 377]

22 minutes ago, Illuminati said:

How much did you earn?  

enought to buy a house and live comfy for a couple of decades while being a student , but its all fake money unless I cash out, meanwhile im poor in real life

[LateToCult 41,836]

This article made me feel like I was in real estate class again with all the business majors while I was the lone architecture major. 

OT: give me that bitcoin that I love. 

[Economy 52,844]

25 minutes ago, reditaccount288 said:

enought to buy a house and live comfy for a couple of decades while being a student , but its all fake money unless I cash out, meanwhile im poor in real life

Sell it! Ull feel like **** if u loose it all!

[moonsago 7,285]

I don’t understand a thing, does it have to do with Trump and are we all in danger? Thanks 

[Illuminati 15,965]

34 minutes ago, reditaccount288 said:

enought to buy a house and live comfy for a couple of decades while being a student , but its all fake money unless I cash out, meanwhile im poor in real life

oh wow, that's amazing

[reditaccount288 377]

9 minutes ago, Economy said:

Sell it! Ull feel like **** if u loose it all!

50k per btc and im selling everything ( i have started cashing out small amounts, to pay for gaga concerts f.e lmao , but im still ball deeps int it). Im  95% sure theres still one bull rally left, till the usual summer correction which will probably be one of the biggest to date.

[Blade 5,603]

1 hour ago, reditaccount288 said:

enought to buy a house and live comfy for a couple of decades while being a student , but its all fake money unless I cash out, meanwhile im poor in real life

I don't get bitcoin or any of those things lol I use cash lmao

but I need to know how u did that cause I need that money.... 

[Economy 52,844]

1 hour ago, reditaccount288 said:

50k per btc and im selling everything ( i have started cashing out small amounts, to pay for gaga concerts f.e lmao , but im still ball deeps int it). Im  95% sure theres still one bull rally left, till the usual summer correction which will probably be one of the biggest to date.

Yeah. U could always sell a portion now in case there isnt another bull run and sell the rest then

 

trades dont have to be all or nothing. ultimately the choice is yours tho goodluck!!!

 

I made a killer this year with Oil Stocks which will help me pay for my wedding  

 

I would of made even more money if that pipeline leak that caused a shutdown and the train lag shipments from delayed farming this year didnt cause a glut in storage making Canadian Oil sell for $40/Barrel when rest of world is at $60 to $70  

[reditaccount288 377]

5 hours ago, vocalqueef said:

I don't get bitcoin or any of those things lol I use cash lmao

but I need to know how u did that cause I need that money.... 

I bought in because I believe the current fiat system will collapse, and i wanted to hide my savings in something new like anonymous 1:1 coins, and ended up in a speculative madness , thats why im considering switch a part of my profits into silver now. Buy the rumours sell the news thats how it works. Spot big players and follow them secretly during the accumulation periods by reading charts (it always repeats, in every single cycle, in such a transparent market, market makers cant hide the orderbooks and volumes), meet people to buy into private presales, etc... Its basically a paradise for marketmovers, easy money for them. And always remember to sell when a coin starts appearing in the TV/media, that means its going to collapse.

 

 

Theres a lot of new cool tech coming out from blockchain, which may be a life changer in the future and I will hold for a long time (ETH/Blockv/anon coins, etc...) but the truth is that there are projects that raise 50M with a single website, exactly like the dotcom bubble. Now considering that this is a global bubble , imo it still has a lot of room to grow, if we compare it with the dotcom bubble, but... the crash will be unexpected as always. And if we consider the usdt mess which is basically a non audited smaller scale fractionary reserve.... well, its a risky market tbh

+ considering that the logaritimic organic growth is basically extremelly deviated and the altcoin market is paired to btc, if btc corrects hardly , which theorically it should, the market would suffer a lot bringing it back to 2k levels, but i believe there should be one last run up

[Woolfsmck 2,763]

S.korea is going to ban cryptocurrency trading, or heavily regulate it...some other countries are going to too.

Some estimates have Bitcoin settling on the 5 to 6k range by the end of 2018.

[reditaccount288 377]

8 hours ago, Woolfsmck said:

S.korea is going to ban cryptocurrency trading, or heavily regulate it...some other countries are going to too.

Some estimates have Bitcoin settling on the 5 to 6k range by the end of 2018.

yes, and china banned all the crypto in summer, russia too, even india, meanwhile korea is performing insider trading while saying they will ban btc

Fake news man, thats how the market works, u end up being used to it.

But anyways if it doesnt hold its levels properly, and volume doesnt appear during 8k range, yes, we may revisit 5k $, not for a long time , but it could happen, and my guts tell me, theres a great possibility it will happen this summer, as it always does