The Skim for May 6th to May 11th

To the moon!! Bitcoin is on a tear again this week as Japanese buying seems to be the biggest driving factor. The Father of all cryptocurrencies has reached the $1850 mark and at the time of this writing is sitting right around $1828.50. Well known investors are moving into the space as well, with some predicting a price of $500,000 per 1BTC by the year 2030. Some are even going all in as one man decided to take out a loan of $325,000 and purchase 191 bitcoins. Of course when posted to Reddit he was met with harsh criticism. If this story is real, it’s very foolish and risky. But I must wish the man good luck, as we all should be hoping it works out for him.

 

Another Asian country, South Korea also seems to be taking to cryptocurrencies in a big way. Korea’s largest exchange Bithumb has now added support for Litecoin. This has no doubt contributed to Litecoin’s continued surge in price over the last couple of weeks going from around $14 to $30.88 as of this writing. This coupled with this weeks news of Litecoin activating SegWit has kept the currency surging. Whats more, South Korea has also taken 1st place above US and China with regard to Ethereum trading.

 

Lastly, two interesting projects to mention. Bitbond is a peer-to-peer (P2P) lending website where people can lend or borrow bitcoin. The cool thing about Bitbond is that it uses bitcoin, so it has global reach. This allows people that might  not have this opportunity anywhere else, gain access to capital they need to start a business. Here is a great tutorial if you want to give Bitbond a try. Next up, blockchain voting goes mainstream. Votem is a blockchain based mobile voting application. Whether you are into voting or not, wouldn’t it a least be nice to take the chance of voter fraud out for those that do? Votem was deployed at the 2017 Rock and Roll Hall of Fame to ensure no voter fraud.

6 thoughts on “The Skim for May 6th to May 11th

    • Charlie,

      Yeah it’s hard to know everything that is driving price because of its global nature. But when you see so much concentration of volume in 1 place, that’s a pretty good indicator.

  1. Brandon:

    I so appreciate your generosity as you share your knowledge of cryptocurrencies.
    I took the plunge into bitcoin after listening to you on thesurvivalpodcast.com. I heard you’re about to join the expert council and look forward to hearing more from you.

    I’m a retired stock trader and am itching to learn about trading cryptocurrencies. To that end I have a question about Ripple and XRP. I’m drawn to the speculative nature of XRP and the fact Ripple seems to be a block chain clearing house for banks. It seems to me a marriage of fiat currencies and cryptocurrencies.

    Thanks again for your patience with this newbie.
    Raymond

    • Raymond,
      Hey thanks for the kind words sir! And although you may be new to cryptocurrencies it sounds like you have way more experience than me regarding trading. To be honest Raymond, Ripple is something I’ve heard about for years but never delved into. I remember hearing about it when I first got into cryptos around 2013. I remember trying to buy some at that point as well as download a client but was unclear of just how to do that at that point. I think the main reason I was turned off to the concept of Ripple is because of its consensus mechanism that requires trust. I prefer trustless decentralized consensus protocols over ones that require trust. Although Ripple is decentralized in a sense that anyone can run a node, other nodes may not believe your copy of the ledger if you are not a big enough player or interest it seems. Which forces people to use shared servers or nodes, which requires trust. Also to participate in the network, it requires personal information which is opposite of one of the unique and awesome attributes of Bitcoin. Personal info gathering in financial transactions leads to discrimination and control of value transfer from a higher authority. Some very interesting things about Ripple though, because of its architecture its able to do many more transactions per second(1000/sec or higher) vs bitcoin right now around 2-3 transaction per second. You can see why this would be more interesting to the banking industry. Also regarding investing XRP, remember that 100 billion XRP were pre made before the release to public, with 20 billion still being held by the founders. So something to keep in mind as far as long term investment. Hope this info helps. I will continue to delve into Ripple as it seems to be very popular all of the sudden. If you do want to hold some ripple here is an option if you want to hold your spending key offline. You can download this https://github.com/tagawa/ripply-paper-wallet and then disconnect your computer from the internet and run locally. Then you could go over to shapeshift.io and shapeshift some BTC into XRP using that XRP address you just printed off. Then you could go over to gatehub.net and sign up an account where you could spend from that paper wallet using that site by selecting “add new wallet” and then “import” then you put in your paper wallets secret key. Of course you can just buy at a Ripple exchange and keep it on the software wallets, but I’m just paranoid and if i can hold my private keys I will, even if it’s more work. It’s just good practice if you are comfortable with handling private keys, if not then don’t risk it because if you lose any private key, you lose your funds. Hope this helps.

  2. Thanks, Brandon for such an information dense reply. What you say makes great sense and gives me a base to mount a trading strategy.

    I hope you’ll find a way to monetize your information. You and Spirko should talk about you getting paid for all your hard work. I’ve never known a better promoter/marketer than Jack Spirko @ thesurvivalpodcast.com. Please pardon the plug from a fan, but your depth of information is unparalleled and the world needs to hear from you and you deserve to be paid.

    • Wow thanks again Raymond, I am so glad you are finding some value here, that was my whole point of starting this. Yeah I agree with you about Jack. He claims to be just some red neck duck farmer, but we all know he is a genius. Jack Spirko changed my life, he is someone I deeply respect and also believe the world needs more of. I don’t think I’d be doing the things I’m doing today if it wasn’t for Jack ie, paid off all credit card debt, paid off all student loan debt, have no car debt. My wife and I have set up a life for ourselves where we are free from all of the debt bondage and its really starting to pay off. We are getting much closer to me working for my self one day and our family spending more time in the woods and traveling, which is what we want. Each to their own I guess. Yeah Raymond I thought I would just start by offering the I can offer, then I would find a way to monetize down the road. I’m gonna listen to the 5 mins with Jack series, still haven’t done that yet. If I could find a way to monetize this thing enough, it could be miles better, as then I would be able to go to all the crypto conferences, events, ect ect. I am going to be starting a YouTube channel so I can put tutorials of things I talk about in video format for the visual learners like me. I don’t know about you, but I like to see what people are talking about in text, just the way I learn. Please just be careful of taking what I say as investment advice. What I discuss is not investment advice. #1 it would be illegal for me to do that, #2 all of this stuff is so new and highly volatile and can turn into the red in a second. I know we all have bias that leads to our decision making at times but please do your own research into what you decide to invest in, don’t just take my word for it if I tell you I think something is interesting. I’m sure I’m preaching to the choir knowing you have a long trading background/history but just wanted to put that out there. Everything is so euphoric right now, so bullish, seems it can ever stop or come down. It will and when it does it could reverse violently and without mercy. Cryptocurrency can be brutal. I will try like hell to keep up with this crazy space in time to come. Thanks again Raymond and keep looking for my Youtube channel on my site in the next few weeks. I’ll put some info on cryptoskim.com about it.

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