Hi all,

Condolences to any Bac comrades still exposed to the crypto bloodbath. It does appear the bloodletting may be slowing some or at least taking a brief pause.

I can relate somewhat as I endured the dot.com blood bath a couple decades back.
I mentioned a few weeks back that I had invested in seven cryptos with $7k in bac winnings. Update: > 50% has disappeared from the ledger.

My objective was twofold:

A) It wasn't that I perceived they had much or significant intrinsic value, or produced a durable, or consumable good. I hoped to utilize the volatility and when my bitcoin had increased from my buy price/ a recent spike, I could then use that to purchase a less-volatile commodity (mainly precious metals), in USD(which like the precious metals was still at the same price or only up or down (maybe 1/2 % either way), vs Bitcoin and cryptos which were going mostly upward with daily volatility (5%-12%).

B) Like most investors I hoped that after I utilized the volatility , it would also be on a trajectory to the moon and I could sell my crypto to moon-seekers for alot more than my entry price(or just keep holding and go way past the moon:greed). In last few days Im seeing that referred to as The Greater Fool Theory.
     *Which imo is why most everybody that purchased cryptos touted cryptos because one had to sell it to someone else at a higher price(until no higher buyers could be found).

Meaning IMO that was all many cryptos offered as an investment vehicle as they did not produce anything, were not verifiably tied(pegged)  to anything with intrinsic value: i.e., Gold,silver, USD,Yuan, Oil futures, Lumber futures,..etc), could not send us a check (dividends,...etc), the investors money wasn't used to make widgets and sell for profit, ...etc.   Nada.) 

Example of my Plan-A)

For example, several of the larger international precious metals dealers about 6m-12 mo ago started accepting payment in the form of 5 or so of the more notable cryptos: Mainly BTC, BCH, ETH, WBTC, DOGE, LTC, and five others USD-pegged stable coins.
     *They didn't care as they instantaneously converted to USD so no risk(they could have just as easily said we accept contracts on oil futures, cattle futures, corn futures,..etc)

The price of a 1oz Gold coin today cost me exactly  $2002 this morning at 7a.m. (This is the cheapest I could find it along with free shipping /insurance.
As we all know Precious metals vendors(like other venders selling other goods) charge customers an extra fee based on how one chooses to pay. The cheapest method listed in order from best to worst:

$2002.00  Paper check, echeck, ACH, Wire(+my banks wire fee)

$2024.00  Crypto(Only BTC, BCH, ETH, WBTC, DOGE, LTC )

$2087.00  Major credit card/Paypal


Now back to my plan A above.

My thinking/objective was that I was buying volatility** and would observe when bitcoin was above my initial buy price, + coupled with a volatile day of say +7%, and gold or silver prices had not fluctuated(and hopefully down 1/2--1%). Well, my plan worked perfectly for two transactions, ....until it didn't. We obviously see that as cryptos have tanked recently my Plan A is no longer feasible in the current state of all things cryptos(volatile but in a downward freefall.
     **Just as in gambling it(Volatility) helps us  win: we either need to wager a volatile bet or induce volatility into a non-volatile bet. Just my thoughts/theory.

Going forward I see it as a rough journey for most cryptos. Furthermore the todays' cryptos have made the path even more difficult for the more solid crypto and crypto-related companies.  The few that may have actually been on solid ground with sound management practices/ not leaving their investors nakedly exposed to huge market volatility/nothing else.

My view is that some of these companies actually profited greatly and in many cases actually shorted the recent downturn and or started pulling  the investors' money months ago. IOW the money had to go somewhere as its not like they were buying materials to produce something, investing in real estate for offices,....etc.

Just my quick/random opinions of course.


Crpto and crypto-related companies Im still tracking  and or invested in(no particular order)


BTC, META1, BCH, ETH, WBTC, DOGE, LTC, RIOT, WBTC.PA, ADA-USD, DOT1-USD, SHIB-USD.

Unfortunately all except META1 are down over past 30 days.
Hopefully the tides will turn after this cleansing of weaker and or bad companies, and the market will be stronger going forward. 
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Probably the best market investment advice I've ever received was from my Greeaattt Uncle Confucius:

"Grasshopper, when the tides go out we get to see who's swimming naked."


More later,

Another article on crypto..........very technical and hard to understand.


https://finance.yahoo.com/news/crypto-traders-turn-against-other-110000697.html

Thanks 8OR9--Excellent read.

"...Recent troubles at crypto lender Celsius Network were exacerbated by arbitragers as well. The price of stETh token that Celsius has a large position in started trading at a large discount from Ether, to which it's tied.

"As stETH goes down, arbitragers buy stETH and short ETH against it, sending ETH lower, which again lowers collateral values across DeFi," effectively worsening Celsius's position, according to a recent Arca note...."


I was suspicious of this type behavior though hadn't considered individual traders preying on each other. I thought it would most likely be from a hedge fund or billionaire that preyed on the smaller crypto investor or smaller exchange. Much like we see stock market Shorts stacked against a company when others sense blood in the water.





Continued Success,

Bit coin went down to $17,500........another article which may be of interest.

https://www.bloomberg.com/news/articles/2022-06-18/bitcoin-breaches-20-000-for-the-first-time-since-2020-l4jjjy7z#xj4y7vzkg

Another crypto article.......I'm just trying to keep you up to date on the latest crypto news.

https://finance.yahoo.com/news/another-crypto-lending-platform-freezing-145610274.html

Another crypto article about eight billion $ frozen with Celsius


https://www.msn.com/en-us/news/us/crypto-e2-80-99s-frozen-mystery-the-fate-of-billions-in-celsius-deposits/ar-AAYGWPW

Thx 8OR9 for the intel in the above et al links. Alot of good info to digest. Keep em coming.

Its almost mind boggling at what some of these crypto co and exchanges were doing with investors investments.
In some cases it appears like it would be analogous to me soliciting investments for my state-of-the-art Baccarat System: (KungfuMillionKryptGold1000), of course its encryptoized so no one can steal it.

Then after about 10 billion poured in (before I produced anything)  , instead of utilizing my superduper cryptoized bac system. I instead, pulled the 10billion, fabricated the account ledger on my website, and fabricated the individual investors monthly statements.
THEN , instead of following my published prospectus, I went with Plan B: I took the investment money and placed wagers at the horsetrack only on longshots, parlayed over to the Big Wheel, and parlayed those wins to Keno, all the while leveraging the initial money for additional loans and or for other totally unrelated cryptos.

What could go wrong??? 

All the best,

crypto article.......$ 500 million from bitcoin etf

https://finance.yahoo.com/news/mystery-surrounds-500-million-outflow-170351983.html

Another crypto article.......if you think you had a bad losing day in a casino or stock market, this guy saw his net worth decrease by about $ 80 billion dollars.


https://trueviralnews.com/116385-can-crypto-s-richest-man-stand-the-cold.html

Another crypto  article:

Not exactly what you would say is good news:

https://www.forbes.com/sites/stevenehrlich/2022/06/28/bankman-fried-some-crypto-exchanges-already-secretly-insolvent/?sh=1756f5de47f7

Gd Morning 8OR9/thx.. Good read in  your last reply re:Bankman-Fried article.

In part: "...Nearly $2 trillion in crypto market value has evaporated since November. Two bellwether digital assets Luna, a $40 billion crypto asset associated with TerraUSD, a $16 billion stablecoin designed to maintain parity with the U.S. dollar, have collapsed. Earlier this month bitcoin traded for below $20,000, its lowest level since December 2020.

But the fallout is far from complete. Earlier this month, Singapore-based Three Arrows Capital (3AC), a highly levered crypto trading firm with $200 million of exposure to Luna revealed that it was nearly insolvent...."

and then :

"...the two digital asset exchanges turned to billionaire Sam Bankman-Fried, founder of FTX and the richest person in crypto, worth some $20.5 billion. Between FTX and his quantitative trading firm Alameda, he provided the companies with $750 million in credit lines. There is no guarantee that Bankman-Fried will recoup his investment. "You know, we're willing to do a somewhat bad deal here, if that's what it takes to sort of stabilize things and protect customers," he says.

"We're willing to do a somewhat bad deal here, if that's what it takes to sort of stabilize things...."[/b]

???SMH--If Im on a deserted island with no forms of media available and all of a sudden, the above articles floats upon the shore in a bottle--my first thought would be WHEN did Bankman-Fried short the crypto markets. lol.

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Going forward and on a more positive note I would think this cleansing of weak and or fabricated Crypto Co. is exactly what the industry/ higher quality crypto-related co want.

I feel the "blockchain & related innovations" are here to stay. However, just because one buys bitcoin or other crypto companies does not mean one is necessarily investing in this future technology for doing financial transactions. In other words, If I buy bitcoin I do not receive a royalty every time someone uses a blockchain type transaction.

Right now, if I make a financial transaction with Visa and Transunion, several entities are receiving a cut from that 3.5% transaction fee. At the moment no one entity owns the one-and-only patent for crypto transactions. IOW Bitcoin owners are not making any money when I buy something with Bitcoin et al cryptos.


My opinion that "blockchain and related technology that will be developed", is here to stay is based in part to the following ideas (Just my opinions of course):

A)     Big banks and the financial industry have or are filing for the majority of patents related to this type of transactions (i.e., blockchain).

B)     The world (especially the east and very poor countries with a devalued currency) are working toward an international currency that is not totally reliant upon the USD (Pegged to USD). IMO the USD has benefitted a lot over past seven decades (post WWII) to not only being the most stable worldwide currency but in part due to it being the least-bad or least-weak currency. After the USD departed its pegging with silver (1960s) and gold(70s) one cannot ignore and certainly recognizes the erosion from inflation. However, all things considered it was indeed and still is the most stable vs any other one currency.

IMO the USD will never be completely replaced. However, I think within the next one to two decades we will see an international currency become available.

This new currency or basket-type currency for doing transactions will lend itself to the blockchain type technology. Thus, the residual companies like Bitcoin and Meta1 that survive the current anti-crypto onslaught will be in a perfect position for a part in this new global thinking.

This basket will likely involve some form of blockchain-type technology (maybe Bitcoin or similar) that is accepted in most countries. My thinking is that it will likely be tied to Gold,USD, Oil, Yuan and maybe a couple other forms of currency that has trust /global value, but most importantly, verified for its true daily value. This new form of financial transactions will be an improvement for countries with a weak currency, that may have other valuable resources: Oil, minerals,...etc, and
not-as-good for countries with a currently-perceived strong currency(Think USA /the USD, China/the Yuan,..etc).


You heard it here first. The new motto for Betselection.cc   : Tomorrows News Today.


Continued Success To All,

Be careful with whom you do business with in the crypto market...there are crooks everywhere.


https://www.yahoo.com/finance/news/cftc-just-charged-bitcoin-firm-143120308.html

Hi Everyone

I thought it was time to re-connect after a 2 year hibernation while sitting on my hands.

Now seems a good time to resume updates and offer commentaries on the markets.

I will go very slowly and patiently.

I am surfing BTC and ETH and ADA Cardona at present with my private holdings in Meta1 coin ( still not public). Value has gone x30 since my first investment as seed capital. It trades now at $560 USD approx via website https://meta1coin.vision. Once listing later this year I anticipate x100 over the next 2-3 years.

I have become a Bitcoin maximalist and a advocate for Michael Saylor. Buybuybuy.

More soon.
Richard
XXVV

Hi XXVV

Good to hear from you again/I hope this finds you doing well.


What are your price projections for BTC et al more widely held cryptos??


Thx in advance,