By John Miller
Tuesday the 16th of January 2017
Kek so the latest news is that the Red Chinese commies are cracking down hard on crypto, which has given the Board a bit of a kicking today. My favourite place to trade the Alts was Binance, which is located in Hong Kong. Just as a precaution I’ve taken everything off that exchange, and if you have any coin on a Chinese (or Korean) exchange you might want to consider moving it to a less repressive police state, or preferably your wallet in Cyberspace.
The Board is a wall of red right now, so it’s not a great time to be playing with Alts. My NEO play bought me some ETH at a good price, and I got out of BCC, ADA, and LTC and back into Bitcoin relatively unscathed.
There are plenty of bargains to be had if you are dealing in King Coin and have a good long-term strategy, and ordinarily I just would have traded through this and increased my Bitcoin count, but I’m pretty sure the Godless Red Chinese heathens are up to no good, so right now is good time to just pause and watch, with your coin tucked away safe from grasping Maoist hands.
My holds right now are BTC, the King, which you can use to rebuild when the dust settles, and ETH and XRP, both of which are heavily discounted and likely to spring back hard. Both are fungible with fiat on my Aussie exchange, which is nice.
Well that’s all there is to say about that. I hope that you were playing with house money, and didn’t take too much of a hit on your Bitcoin count.
I think I’m doing pretty good with my overall position in the Big 3, and once we put China in the rear-view mirror there should be a sweet snapback on King Coin and Ethereum.
The full Ripple recovery may take a bit longer, but if you bought low and don’t panic sell at the bottom, and don’t have your coins seized by jackbooted Chinese Commie thugs, then you should make good bank in the near future.
Full disclosure: John Miller’s IRL name is Frank Faulkner. I’m an Aussie and when I’m not obsessing about Conservative politics or defending Trump I also enjoy various sports and Christian activities