By John Miller
Wednesday the 17th of January 2017
Well lads, it was all looking a bit dicey when I went to bed to catch a few hours kip, and I was wondering if King Coin was going to slide down under 10K. I know a lot of you lads want it to die, so that the next generation of Crypto can get out from underneath it, but as we have seen this is tantamount to a death wish. Because as we seen quite dramatically played out in the last 24 hours Bitcoin will drag the whole Crypto industry down with it if it goes into freefall.
Bitcoin actually went on a long 3 hour slide from 11 to under 10K while I was dreaming about flying in a Sopwith Camel as a WWI fighter Ace for some reason (probably watched Strike Witches too much), until the glorious bastards of Free China, the Democratic Nation of Taiwan, the unparalleled free minded Chinese capitalists of Occupied Hong Kong, and the mainland Chinese Christian capitalists who defy the Red devils of Beijing at every turn all rallied to save Bitcoin’s bacon. Well played, those men.
I would imagine that the Japs and the Koreans were a big part of the rally too. But let’s be clear. If the Chinese had been cowed by Beijing and stampeded back to their Fiat Gulags, Crypto would have fallen apart last night. Bravo, Free Chinese.
I got up around the same time Asia did, and saw that these balls-to-the-wall Crypto traders had pushed King Coin back over $11K with their sheer strength of will, undoing in minutes the damage done by the skittish Yanks. Booo, grow a spine you Yankee cowards kek.
I was never going to abandon Crypto and return to slave money, but I was in half a mind to trade entirely out of our legacy Coin this morning if the Asian markets were going to be as pussy as the Americans and Europeans. Well done Asia, well done.
So now that we have all survived the start of year massacre without selling out at the bottom and returning to the Wagecuck Plantation, let us take a moment to breathe, and remember that the Big Dip happens at the start of every year in one form or another before the Big Buildup and the Harvest Moon.
In order to harvest, first you need to sow. So how should your portfolio look now, in planting season?
Mine is heaviest in NEO, which I was on the cusp of abandoning. I thought the Commies might be able to shut it down, but nothing doing. I believe in the Free Chinese again this morning, and in their indomitable will to make money.
My second heaviest play is NEBL, which weathered the storm admirably, and even grew right through it like a cheeky rascal. I know now that Neblio is backed by smart money, and lads who believe in its technology, and the Crypto future.
My third tier of play is in a couple of coins that /biz/ are big disciples of, both of which came through the January hurricane with flying colours: VeChain (VEN) and WaltonCoin (WTC).
I’m not a clever enough technologist to know whether these are really the next gen killer Coins they are often made out to be, but I do know that they are tightly held and sought after, and according to the tech disciples both are set for big things in 2018.
My fourth tier is my reserve, split between King Coin – and every Coiner should either own or aspire to own at least one BTC, and Ethereum, which earned my respect by fighting back for its territory on the board during Mad Season. ETH beat XRP back down so hard that Ripple has never recovered kek.
ETH is also usually a great trading currency for when BTC is going down or sideways, but as we have seen for major shocks you can’t beat Bitcoin as the true safe harbour. I don’t like to Tether. Tether is for stock market and futures fags. I like sailing head on into Crypto storms and finding value, not sitting around in the harbour biting my knuckles.
I also have a couple of small plays: Quantstamp (QSP) and Ethos (BQX). As you can probably tell, I got back on Binance as soon as I got up lel.
But what of XRP, you say? I got out of it while it was in freefall. Luckily I was buying in low, and traded into rising Coins before it could hurt my Bitcoin count much. Now that it has breached 10s, it could go anywhere. Ideally, I can still buy it back for a buck, and sell it for two, but Ripple is a bloody shambles right now, and the Crypto geeks hate it for some reason, so I am wary of it.
Of course, in Cryptoworld, everything changes from hour to hour, and I could be broke by lunchtime jej. Or even more affluent in our virtual currencies of the future.
Good luck to you in your trades on this crucial day, fellow Coiners, and may we all make it to the Moon in 2018.
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