Heh. Wondered when these would hit Steves Forum.
I've been having lots of fun trading these. The hype train is so fantastic, and the "true believers" plentiful. There is a truly astronomical amount of dumb money flowing in these cryptos. They can be manipulated with a few hundred K and the whales don't even bother hiding their tracks like a central banker or market maker. They literally just run the stops, drive it their way and destroy the weak traders. The "hodlrs" are so awesome and exploitable. I love these guys so much.
It's like the unregulated early days of the stock market. Every huckster and pitchman pumping and dumping the next big thing. No regulations on insider trading and manipulation. It really is a fantastic thing to watch.
I'll probably miss out on all the gains the "investors" get. But they get greedy and watch their paper profits burn. I'll short them with the sharks at the top.
Lest ya'll think I don't believe in crypto, blockchain, or ICO's. I am certain they are an idea whose time has come. I am long the idea and the technology. But I ALWAYS want to consider who is on the other side of my trade. There will be some great investments and companies built around these. But if it is 1 in 100 that succeeds, there is a lot of blood that will spill. There is also a crapload of legislation, anti money-laundering, and red tape to evolve. There has not been enough blood spilled yet, but at some point the spoon fed masses will cry they have been cheated and need protection.
Be careful out there. There are wickedly good opportunities in this space if you are nimble and not greedy. Bulls make money. Bears make money. Pigs get slaughtered.
Been a while, nice to see a good chunk of the old gang is still around.
Mike
Reading the dark heart.