Hi Chip,
Message 31245629
I wrote this piece on Sept 1st of 2017.... and as usual I am endeavoring to bend light wave and look around the next corner for the changes in the Global financial landscape that will impact US equities, bonds, currencies, commodities, real estate.... and all Global asset classes......... after all that is some of what we do at Global Financial Analysis.
In looking for market turning points that have yet to come, my essay was purposefully extreme and fanciful as that is the state of the over 1000 Cryptocurrencies......
In the 21 days since I penned his missive below... We witnessed what may prove to be a major top in BITCOIN; at ; or least a serious intermediate correction in Bitcoin, Bitcash, Ethereum and many others of the cryptocurrencies...... We certainly did see a Crash in BITCOIN, where the trading firms and platforms shut as coinbase and many others, became very sluggish, non-responsive ...had massive delays and prevented traders and investors from getting out of Bitcoin prior to the "Crash" as much of the Media has described it.
we have seen China come in an very aggressively shut down all Cryptocurrencies IPO'. as well as take additional measures to discourage the use of BITCOIN and the other crypto's/ We have seen Australia take steps to reign in Bitcoin, JPM CEO Jamie Dimon came right out at the Seeking Alpha conference hosted by CNBC and called
BitCoin a "fraud" that will eventually blow up.
cnbc.com
I'm not sure if that is exactly going to happen and the underlying blockchain transaction platform is of
great interest to most every major financial institution in world................ Ethereum may well overtake Bitcoin in
the future due to several inherent beneficial differences between the two.
WHY ETHEREUM MIGHT OVERTAKE BITCOINAs the first cryptocurrency ever, bitcoin seemed set to become the reserve currency for the blockchain space. Ethereum has, however, turned into the industry standard for issuing custom digital assets, tokens and smart contracts. Its native currency ether is what investors are using to buy stake in new and disruptive start-ups through initial coin offerings (ICOs.)
As the token market grows, ether will likely remain the currency investors use to move between different investments options. This could drive its price even above that of bitcoin’s price.
The other factor that might enable the price of ether to go past that of bitcoin is the outcome of the ongoing scaling debate. If the bitcoin community fails to agree, bitcoin transactions confirmations will slower further and that will make bitcoin unattractive to new users.
There is also the threat of bitcoin undergoing a hard fork and disintegrating into two weaker cryptocurrencies.
The Ethereum community has called the phenomenon of price of ether overtaking that of bitcoin the flippening moment.
bitcoinira.com
here is the post from that day Message 31245629
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Why China's Crackdown on Bitcoin is Good for the Industry
CryptoCoinsNews 19h ago
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RELATED COVERAGE
JPMorgan CEO Jamie Dimon says bitcoin is a 'fraud' that will eventually blow up
Highly Cited CNBC Sep 12, 2017
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It's over: China's biggest bitcoin exchanges will halt all trading services for local customers
Quartz Sep 18, 2017
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Collateral Damage From The Inevitable Bitcoin Crash
Forbes Sep 12, 2017
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RELATED COVERAGE
JPMorgan CEO Jamie Dimon says bitcoin is a 'fraud' that will eventually blow up
Highly Cited CNBC Sep 12, 2017
?
Bitcoin and Blockchain: A Russian Money Laundering Bonanza?
Newsweek Sep 18, 2017
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North Korea Is Dodging Sanctions With a Secret Bitcoin Stash
Bloomberg Sep 11, 2017
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PR: Introducing DIGI – A Global Digital Goods & Services Ecosystem
Bitcoin News (press release) Sep 8, 2017
?
North Korean hackers are trying to steal bitcoin and other cryptocurrencies
PRI Sep 15, 2017
?
RELATED COVERAGE
Why Is North Korea So Interested in Bitcoin? « Threat Research Blog | FireEye Inc
Most Referenced FireEye 6h ago
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Will gold shine brightly again this autumn as bitcoin crashes?
The National Sep 17, 2017
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A Chicago exchange says bitcoin is here to stay, but it will provide a way to bet against it
Quartz Sep 14, 2017
?
Not A Good Month For Bitcoin: RBI Looks Into Cryptocurrencies, But Still Uneasy About Bitcoin
Inc42 Media Sep 14, 2017
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Introducing the DIGI Platform
Crypto Insider Sep 9, 2017
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How Low Could Bitcoin Go on Negative Coverage?
newsBTC Sep 12, 2017
?
Virtual currency trading requires flexible approach
Global Times Sep 18, 2017
?
Delivering Alpha live blog recap: Bubbles, bitcoin and the potential for a stock-market pullback
MarketWatch (blog) Sep 12, 2017
?
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i left it convoluted on purpose simply because William Faulkner in "The Sound and the Fury" where the store is told in four
sections... the first section is told by Benjy we learn later in the book is a 33 year retarded man and so his perspective on the situation he
and his family live in is somewhat chaotic and jumps around... and is not easy to follow....
In fact In William Faulkner's book.....it would be most easily read by reading it backwards so to speak and starting with the omniscient narrator. Instead, you get a chaotic somewhat disjointed first 3 sections told by the 3 brothers and as I say it starts off with the brother
who is most detached from objective reality....... However, in trying to make sense of what the actual true nature of things are in the
story and in life; in reading the book it makes the reader use his mind, expand his mind, and consider numerous possibilities and
and presents a homework assignment .... what does this information mean.
THAT IS EXACTLY WHAT WE ARE PROVIDED WITH ALL THE TIME WHEN
STUDYING AND ANALYZING THE GLOBAL FINANCIAL MARKETS.
NO ONE GIVES US THE PRICES FROM NEXT WEEKS WSJOURNAL, OR NEXT
MONTH'S BARRON'S
This is my Gonzo Journalism style essay on the Democratization of the Money Creation process.... we can all be central bankers now..... Not just the elite and wealthy old line money of days of yore.
Why settle for $173 Billion of Cryptocurrency Market capitalization of the Cryptocurrencies when it could be 173 Trillion,,...
.........here is the heart of my essay on the tomfoolery and wild speculation which is an augurs back to those eras of animal spirits that we had in 1719, 1837, 1857, the Gold Panic of sept 24th 1869...
the gold price break as Jay Gould and James Fisk sought to corner the market in Gold and ultimately sell it to
the US Government at vastly inflated prices.
the Depression of 1873, The re emergence of the Gold standard as part of the bimetal standard in 1879.....
the 1894 US Government potential bankruptcy where the House of Morgan working with August Belmont arranged to borrow $400 million in Gold from the Rothschilds to maintain the solvency of the
US government, the Great Northwest stock Corner and Crash of 1901..... The Major Knickerbocker bankers
panic of Oct 1907, the Crash and Depression of 1920-1921 ( magnificently profiled in James Grant's most recent book.
black 1929 leading to the collapse of the bank of Austria and Britain ceasing to be the Global key currency which
magnified the great depression. 1937, 1962... JFK's US steel imbragulio which led to a 40% market decline in 6 weeks. the Collapse of the Go-Go bull market in 1968.... leading to a panic..... the major bear market of May 1970, The Liquidation Bear Market which started a few days into Jan of 1973 and was followed by a Liquidation
like decline across the board. The October Massacres of 1977, 78, and 79.
The Less Developed Country apparent insolvency of the major US banks in 1982..with Mexico defaulting on their debt. in August, as Ray Dalio commented this week.... that was the start of our secular bull market on August 15th
1982 at DJIA 777...
we can talk about more recent financial history, (which this thread is replete with discussions of.) in the near future.
Message 31245629
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Now this is a measly 173 Billion dollars.... that's chump change... remember the super model who famously commented back in the 1990's that she would not wake up for less than 10 grand a day.... I believe it was Linda Evanfelista and Chrisie Turlington
We have this expression, Christy and I: We don't wake up for less than $10,000 a day.Spoken in Vogue (1990) to Jonathan Van Meter, talking about money and how she and a few other models were calling the shots and changing the game: Christy refers to supermodel Christy TurlingtonOften misquoted as: "We don't get out of bed for less than..." or "I don't get out of bed for less than..."
If the Central Banks can create 16 Trillion dollars on their balance sheets since the Great Financial Crisis.
I see perfectly no good reason why we can not create .... 16 Trillion dollars of Cryptocurrencies...
now wait a minute... I'm showing how little vision I have I need to get my "big boy" pants on and get with the program......... I don't see why we can not create 10 times what the Global CB's have done since 2008 and create 160 Trillion dollars of cryptocurrency,,,,, no lets ride the bull.... it's easy... they had a mechanical bull at Gilly's the Honky tonk in Houston in the 1980 movie "Urban Cowboy" starring John Travolta and Debra Winger....... lets create 10000 times that 16 Trillion.... that's gonna be a."it's all going down".... and" that's the way it goes heading west" ....lets see
10000 x 16,000,000,000,000 =
hmmmmm..just add the 3 zero's and we get a market cap of 160,000,000,000,000,000
that would be 160 Quintillion dollars I believe....10 to the power of 18.
I personally think we could add 3 more 000's and then we would be at 160 SEXTILLION DOLLARS
NOW THAT IS SEX ON THE BEACH..... Hell I'd get out of bed if we're gonna have sex in our money...
that's the highlight of the kind of insanity that could occur if the cryptocurrencies were allowed to blossom unchecked
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To: Elroy who wrote (19835) | 9/1/2017 1:49:55 AM | | From: John P | Read Replies (1) of 20000 | | | ROTFLMAO....
my apologies to Don Green... he is a really great guy and we have very insightful and far reaching conversations via PM...... he hates long posts......
. but in my defense... it's not my fault there are so many of these darn cryptocurrencies being spawned like some fiendish beast in the Dakota apartment building on the West side of Central Park in Manhattan.... That's where Roman Polanski filmed "Rose Marie's baby"
set in the year 1966 when the new era began at the end of the movie and also the year that LBJ was large and in charge and ordered the Government to Eliminate Poverty...... It must be stamped out....
the Dakota was also the build that John Lennon and Yoko Ono lived in, and where Lennon was tragically shot on a Monday night in Dec of 1980 by someone who.... must have come across some of the so-called bad "brown LSD" that was talked about repeatedly over the PA system at Woodstock in 1969....
so on to the theme of the response to Elroy.... who is doing an excellent job of keeping up to speed with the wonders of Bitcoin and Bit Cash....... and the fork....... I am doing a deep dive into Ethereum, will report on that soon.
it's a bull market until it's not and it's not gonna crash until we have the next economic and stock market crash...and since all the asset markets are now correlated.... yes look at 2008-09.... everything went down..... everything......
and My good buddy Bob Furman, Da Chief and GZ tell me that the water is fine and just like at
the big time Houston Rodeo at NRG stadium.... you just stay on that bull and don't let it throw you....
show it whose boss.......... -g-
As far as BitCoin Bit Cash and the now up to 876 Cryptocurrencies that are listed on coinmarketcap.com
http// coinmarketcap.com/
I don't see why Any of it should ever stop going up.... growth is good, making money is good.... LBJ... at the absolute height of the USA's little moment in History of being the most powerful and wealthiest country, which was around 1966..... Good old LBJ, a good old solid Texas hardscrabble self made man.....even if he had to work with the military industrial complex and the other enemies of JFK......JFK mysteriously gets whacked like in a Soprano episode.. right there in big D,
and Johnson declared his war on poverty and said we shall stamp out poverty in America...... which is a truly noble goal..... (a little easier to say we should do it than to actually do it, as far as I can tell)
those of you who are old timers here know that I have pointed out that the Investment banks figured out how to get into the money creation game that the FED and the other CB's are in by creating CDS and CDO's and CLO....
Now the really smart young man that created the CDS..... I have the article posted from the WSJ back in 2005 on this thread..... Because my boss had me going through the balance sheet of the Federal Reserve and the US and Global banking system.... where they list the amount of currency swaps, debt swaps and CDS swaps (this is in 2005) and I notice that there has been no growth in FX or Debt Swaps over the previous decade, but there has been 20 Trillion of notional growth in the Credit Default Swaps.....
the FED was getting a little nervous as the 16 principal banks wrote the CDS's and they were OTC and were done verbally as FX and bonds were traded and it took the back office a month to get the paperwork done because the growth was so explosive...... and also you can never do a live time audit of what the value of your book of CDS's and CDO's that you have written because Goldman may have sold one for 50 billion to AIG and then it could have been traded and resold 2 or 3 times before the paperwork was created
for the original deal.
And the other thoughtful and beneficial aspect was that writing a Credit default swap is basically writing a naked put on the fact that a company or bank will not go out of business, and the premise was that Big Banks and other major financial institutions would not fail so you did not need hold reserves to cover the potential loss because there was no potential for loss.
So The very wise investment bankers had created a printing press.... and in fact had usurped the FED's and other CB's monopoly on creating money out of thin air.... digital transaction...... 1's and zero's on a computer.......
But those were the old foggy days when people were square and were not innovators........Because you had a fairly exclusive club of top tier global banks.... that were creating money.....
Now in the teens...... we know how to do it right.... It's Power to the People as John Lennon wrote and sang... Power to the People right on.......
WE HAVE THE DEMOCRATIZATION OF CROWDFUNDING VENTURE CAPITALISM AND EVERYONE
CAN GET INTO THE CENTRAL BANKING BUSINESS........
"LAISSEZ LES BON TEMPS ROULEZ"
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"Power To The People"
Power to the people
Power to the people
Power to the people
Power to the people
Power to the people
Power to the people
Power to the people
Power to the people, right on
Say we want a revolution
We better get on right away
Well you get on your feet
And into the street
Singing power to the people
Power to the people
Power to the people
Power to the people, right on
A million workers working for nothing
You better give 'em what they really own
We got to put you down
When we come into town
Singing power to the people
Power to the people
Power to the people
Power to the people, right on
I gotta ask you comrades and brothers
How do you treat you own woman back home
She got to be herself
So she can free herself
Singing power to the people
Power to the people
Power to the people
Power to the people, right on
Now, now, now, now
Oh well, power to the people
Power to the people
Power to the people
Power to the people, right on
Yeah, power to the people
Power to the people
Power to the people
Power to the people, right on
Power to the people
Power to the people
Power to the people
Power to the people, right on
Read more: John Lennon - Power To The People Lyrics | MetroLyrics
and we have 876 digital currencies.........
(my apologies to Don Green this is gonna be one long post......... it's not my fault we have entered the era of
exponentiality........ Machine Learning, Deep Learning, AI ..... Virtual Reality....... Wild west sex robot dolls...and
most importantly we have democratized the ability to be your own bank, create your own money and get those
NVDA GPU's lined up side by side in hugh stack and arrays and Crytpo mine and create money..... who the heck
wants to take a pick and shovel and go out in the sticks searching for gold when you can get the machines to do
it ....presto magic........
My apologies to Jim Morrison for borrowing his album title
" Weird Scenes inside the Gold Mine"
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and let the Magic begin........ (and these ain't no magic beans neither...... -g-
and now ladies and Gentlemen today's winning number....
the market capitalization of the Cryptocurrencies.....
Total Market Cap: $173,622,064,111
Now this is a measly 173 Billion dollars.... that's chump change... remember the super model who famously commented back in the 1990's that she would not wake up for less than 10 grand a day.... I believe it was Linda Evanfelista and Chrisie Turlington
We have this expression, Christy and I: We don't wake up for less than $10,000 a day.Spoken in Vogue (1990) to Jonathan Van Meter, talking about money and how she and a few other models were calling the shots and changing the game: Christy refers to supermodel Christy TurlingtonOften misquoted as: "We don't get out of bed for less than..." or "I don't get out of bed for less than..."
If the Central Banks can create 16 Trillion dollars on their balance sheets since the Great Financial Crisis.
I see perfectly no good reason why we can not create .... 16 Trillion dollars of Cryptocurrencies...
now wait a minute... I'm showing how little vision I have I need to get my "big boy" pants on and get with the program......... I don't see why we can not create 10 times what the Global CB's have done since 2008 and create 160 Trillion dollars of cryptocurrency,,,,, no lets ride the bull.... it's easy... they had a mechanical bull at Gilly's the Honky tonk in Houston in the 1980 movie "Urban Cowboy" starring John Travolta and Debra Winger....... lets create 10000 times that 16 Trillion.... that's gonna be a."it's all going down".... and" that's the way it goes heading west" ....lets see
10000 x 16,000,000,000,000 =
hmmmmm..just add the 3 zero's and we get a market cap of 160,000,000,000,000,000
that would be 160 Quintillion dollars I believe....10 to the power of 18.
I personally think we could add 3 more 000's and then we would be at 160 SEXTILLION DOLLARS
NOW THAT IS SEX ON THE BEACH..... Hell I'd get out of bed if we're gonna have sex in our money...
Buy the ticket and take the ride --- Dr. Hunter S Thompson
and when the going gets weird the weird turn pro-- Dr. Hunter S Thompson
and one final way of understanding our era of exponentiality..
By Mr James Marshall Hendrix
"Are You Experienced?"
If you can just get your mind together
then come across to me
We'll hold hands an' then we'll watch the sun rise
from the bottom of the sea
But first
Are You Experienced?
Ah! Have you ever been experienced?
Well, I have
I know, I know
you'll probably scream n' cry
That your little world won't let go
But who in your measly little world are trying to prove that
You're made out of gold and -a can't be sold
So-er, Are You Experienced?
Ah! Have you ever been experienced?
Well, I have
Ah, let me prove it to you
I think they're calling our names
Maybe now you can't hear them, but you will
if you just take hold of my hand
Ah! But Are You Experienced?
Have you ever been experienced?
Not necessarily stoned, but beautiful
All CryptoCurrencies
All Currencies Assets
USD
you can refer to the early Sept 1st post to see the list of 1100 cryptocurrencies.... there volume and market caps.
JJP |
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