September 18th, 2017

In my humble opinion...

Oh, the hypocrisy!

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A lot of people think the massive market dip last week was created by someone who wanted to make an epic profit. The weird part? It could be 100% true.

In case you were living under a rock for the past two weeks, here's the lowdown: Bitcoin and the entire cryptocurrency market experienced some major downward trends. Like, really bad. The cause was mostly due to JP Morgan CEO Jamie Dimon claiming that Bitcoin is a "fraud" and China banning crypto exchanges (although there was a lot of talk about the country banning Bitcoin all together). Yeah, not great news. The weirdest part of the whole ordeal? The recovery after the scary dip was incredible - and people have come up with the reason why. It was a manipulation. And no, this isn't a conspiracy. It's been consistently documented over the past week, and people are furious.

What do we think? Well, the obvious offender is JP Morgan, a bank that has extreme interest in becoming a whale as a method of controlling the market. Dimon's incredible influence is more than enough to swing crypto prices in his favor. A recent Guardian article even claimed that Dimon is a "modern high priest" of finance, who is now competing against an alternative money system. If one quote rings true, it's this:

"If bitcoin fails, or is discredited, another system will rise to take its place, without the imprimatur of Dimon or his peers around the altar."

However, one of our insiders has a different claim. They think it's a bot - buying and selling up to $200,000,000 to level the price. The perpetrator? Most likely China or, in a weird turn of events, crypto news outlets.

Online chats and twitter have been blowing up with screenshots that prove the JP Morgan theory. And it's a hard pill to swallow.

Images surfaced last week that proved JP Morgan was buying the dip - and was in fact one of the biggest buyers.

 

 

People are expectedly...unhappy.

 

The consensus? It's likely a combination of a bot and JP Morgan clients creating havoc in the market. The takeaway? Banks have incredible influence in the media, and when speculation is the name of the game, it's open season for financial institutions.

One of our anonymous insiders went so far as to say "Automated trading (Bots) will play a very powerful role in any exchange of value, whether it’s in centralized exchanges or via decentralized swapbots...no human can trade fast enough to outgun a high quality bot”. Looks like a bot-less exchange is the next step, which begs the question: how?

"Big Banks want to destroy Bitcoin before it destroys them." Send this article to your clueless coworker.

Watch Tom Lee from CNBC defend his opinion that, "Bitcoin is unequivocally your best investment today". It's awesome.

Crypto goes green: there's an artist mining Zcash using wind power to fund research for climate change.

 

Coin to watch:

Guess what? NEO (NEO) is back on the table. It's been adjusting from the crazy dip, but is looking to level out nicely. After a tumultuous two weeks, the Chinese coin is back on our watch list. And it should be on yours too.

Daily LOL