Crypto thread

I dont know where this market ends up going but I can tell you this....I look at the cryptocurrency screen at all the coins out there with the hundreds of millions and billions of dollars in market cap and I dont see how this ends in a good way for the MAJORITY of these things.

Way too much retail money being spent in this arena for who knows why and for who knows what value...there is not enough room for all this market cap long term and there will be plenty of pain before the dust settles and the market consolidates.

CNBC had the CEO of a new company that is working with severl ICO's. He said point blank that his company has rejected 897 or 900 ICO's as either being guilty of having a suspect business plan or outright fraud. I was surprised to hear him say that so bluntly. He also praised the decisions by various social media outlets to outlaw crypto advertising. He said he would rather see no one be able to advertise until all of the fake actors were uncovered. 

This industry is a complete landmine of frauds and schucksters. 

Stick with Bitcoin and the majors is my advice for anyone considering investing in this stuff.

Yeah the volume is strong you can see by the heavy flipping of pricing and the fact that the price keeps going lower means it isnt likely that a bottom is in yet.

Natural thought is to test the lows made last trip and see if it sticks. Seeing the futures hit that number makes me think it might go under that 6500 low.

Looks like it busted through 7k like butter now in the 6800 range with hot volume. It is interesting watching the others like ETH go UNDER the lows set last time even though BTC isnt at the lows yet.

Id consider ETH and LTC and XRP at the right prices...but it seems from the price action that XRP is in the doghouse, the lows are lower and the bounce highs are lower than others while LTC seems a tad more strong and hasnt dropped as much relatively speaking.

Well the market is also testing the holders of these things....the mentality of "never sell" does not work in ANY market and I wonder if there will be a point where these forever holders will consider selling. It isnt that the retail guy is driving this action because this volume cannot be generated from retail traders. The retail guy is a bubble in the ocean and mean nothing. The real action I think is because of the futures and that bigger players are in the game and can push these around very easily without any resistance.

I was thinking this week that these crypto currencies remind me of the Fiber Optic mania when I was a broker....people would never sell and only thought they would go up and every dip was a buying opp. Well many if not a high high majority went under and the retail guy got crushed. I have to think the same happens here...the fringe useless cryptos go bye bye and the little guy will get buried in the end.