Daily Update (6/12/18) | Can bitcoin hold the triple bottom?

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  1. Financial innovation would be stagnated by the Vollgeld, forbidding banks to indebt themselves would be like forbidding companies to give IOUs.

    The problem with banks emitting their own debt is the fact that the state gives it a privileged status through access to central bank funding and rescues. Passing this Vollgeld initiative would not have addressed the real issues with banking, in fact it would reinforce the power of central banks which is a far bigger danger. Switzerland banks, by the way, were really good performers under the last boom and bust cycles, is precisely in countries where the state was heavily involved where the biggest banking issues showed up.

    This was a initiative to prevent banks from making errors, but, just like most initiatives in this direction, what they really accomplish is stifling innovation and preventing smaller players from competing, protecting the biggest banks, and letting the state get their hands in things they should not have any control over.


    In this article you can read how under free market conditions fractional reserve banking would not be overused, but certainly not forbidden either, it serves a specific field of higher risk vs better conditions borrowing that adult people should be able to opt for. It also explains why the main issue with fractional reserve is central banks interference, and not fractional reserve itself.

  2. Hi Nick, great video as always! I’m just wondering if you still have a 50k prediction for this year? It was a very brave statement for you to make as you have a reputation to maintain. I love the confidence and like most people here I hope it can reach your target, however I do feel it will be difficult to hit when so many people have been burnt and have lost confidence in the market. I would say we are more likely to be stuck in the range of 6k – 9k for the rest of the year.

  3. My vote is for suvern money . Is more trusting , also cuts all uncovered money not covered by value, which reapes off regular ppl lives not the big financial guys

  4. Nick please talk about singularity (AGI)

  5. Tron – megaupload v2
    lol ?

  6. I usually do not comment but as I am from Switzerland and informed myself about the initiative before voting, I would like to give some additional information. The reason for this is that I think you did not present the initiative neutral but rather biased.

    As you mentioned, we would be the first country to have such a system which would have made us the lab rat. The unwillingness to take that risk is for sure one of the more obvious arguments against it. But for me not the decisive one. The moment I made my decision was when I read the interview from the TagesAnzeiger with Thomas Jordan (link: https://www.tagesanzeiger.ch/wirtschaft/konjunktur/die-nationalbank-muesste-geld-verschenken/story/11748583). Thomas Jordan is the head of the Swiss national bank SNB (basically the equivalent of the FED). One has to keep in mind that he enjoys an excellent reputation among many Swiss people. The reason for this is that he did a great job during the financial crisis by keeping the Swiss franc relatively stable against the euro, preventing our economy from collapsing.

    Since the article is in german, I boil it down to several key points that convinced me:
    He claims that SNB has the financial market under control leveraging their interest rate politics. By introducing the initiative, this would not be possible anymore. The reason for this is that the initiative requires the SNB to give away money for free. By not getting anything from the banks in return, you have no way of getting it back. This model would work great during in markets where more money is required (during deflation). But here comes the catch: When markets turn, the SNB has no possibility to remove money from the economy. So the have lever to counter act inflation.

    Furthermore, he claims that the financial crisis from 2008 would not have been prevented by the measures of this initiative since customer deposits were not used by the banks but by the issuance of securities and inter-bank loans.

    He also claims that the SNB does not want the responsibility and power the initiative would give it. Why? Because the it would lead to a politicisation of the SNB. That would lead to a conflict of interest between the assignment of the SNB and short-term wishes of the economy. In the article this point is far better explained so I again would like to refer to it.

    As a last argument, he claims that the SNB loses the possibility to intervene at the forex markets which was their main tool to maintain the Swiss franc stable against the euro and dollar. Again, keeping our currency stable is crucial for our economical stability.

    I hope some people interested in the subject read the article and the time and effort I put into this comment gets recognised one or the other way. Thanks for bearing with me 🙂

  7. And so we did get below 6500 recently -_-

  8. Can you do analysis on Myraidcoin (XMY)? It seems like it has a lot of potential but I would like to hear from you

  9. It's going to bounce upwards as soon as institutional investors get involved.

  10. Hi Nick
    What about Nano and POA? You shared your strategy about them few days ago, and they both fell below your stop loss point. What are your predictions?

  11. On a roll man, with the way you speak on the fundamentals in the regular soon to be 'old financial system'. It now makes more sense on why you keep saying the fundamentals are good for Crypto…. Something that has a finite supply, rather than lending out of thin air makes much more sense, and stability in the long term.

  12. Market/Technical Analysis irrelevant in a highly irrational and speculative market traded by a cohort of amateur retail investors!

  13. Bitcoin couldn't hold its way out of a wet paper bag!

  14. Hey Dash, If you would like great Trading Charts I highly recommend the new Covesting Exchange with heaps of great free charts and indicators :).

  15. I don't understand how the market is going so low without much sell volumn. I have no issue with the prices, I feel many coins are over valued, it is screaming that people/companies are accumulating coins and tokens.

  16. Ok now, where did the last bubble burst? Fanny may etc. which were…? Right, american. So perhaps you first try this new and peeeerfect system on your own first?

    There are many more disadvantages that would have occured and THAT is why Swiss voted no. Not because they are stupid how you are implying, bit disappointed of your analysis! We vote like 3 times a year on many different subjects and that was just one, and therefore not that big of a deal.

    Swiss banking system is one of the most secure, balanced and regulated in the world and has been working like this without big problems for a long time now. Why changing this system when people are doing very well?

    Banks are not just giving away credits to people to buy luxury goods (like cars), in fact it‘s mostly mortgages for houses in Switzerland. The bank secures 100% (but lends you only 70% f.e.) of the houses worth. If you as a owner can‘t pay your mortgage it will just sell your house for more than it did lend you.
    So there‘s not that big of a risk for the bank and the system.

    Please, you just can‘t summarize this vote in a few minutes… It is more complex than it looks, we have been living with this system very well for more than 150 years without a bubble.

    Apart from that, I really enjoy your videos and think you are the most neutral and intelligent crypto youtuber in the space, keep up the good work! 🙂

  17. Very realistic point of view looking at TA rather than the fud from the recent news.

  18. What happened to June crypto explosion? More like implosion..

  19. He sold (the whales) ? PUMP IT !

  20. The crypto market might always be thin. Cumulative "market cap" is deceiving. Market capitalization figures and actual cash committed isn't linear. Doctor Julian Hosp created a 50 to 1 formula. He thinks as little as $1 billion of actual USD is being committed for every $50 billion increase in cumulative market cap (CoinMarketCap.com). That explains the volatility. Very little actual money is in play at any given time. At the height of the $838 billion market cap peak, there may have been less than $20 billion in actual USD committed.

  21. Dont worry guys.. BTC will be $50k with ETH at 2K in to time!!! Keep buying and buying. Whatever happened to that trillion dollar market. ?????

  22. BitTorrent: The legal issues around it are HUGE as a pirating service. What he's buying is the Network with loyal nodes. And a system for sharing giant files. It's a smart acquisition considering that Tron is a scam founded by a fucktard.

  23. Damit man why'd you have to say loom network, every time you mention a coin it drops lol, I LOVE YOUR CONTENT, its just a funny observation i've made, like even if a coin goes up significantly over the week, I swear to god, the second you say something about it, it goes down (and then sure it rallies), you definitely make good calls bro honestly, I'm just sayin if you were to talk about a coin, I guarantee in the next day it will be lower than when you talk about it lol, has anyone else noticed this?

  24. Damn, Nick. Looking gloomy 🙁

  25. For what's it's worth to everyone, long term forecast predicts BTC to bottom out at end of 2018 and immediately begin bull run in Jan 2019. I'm waiting for the bottom. https://longforecast.com/bitcoin-price-predictions-2017-2018-2019-btc-to-usd

  26. You completely skipped LTC!!!!!

  27. Why nick so harsh on monero? is much beloved in south korea

  28. Awesome video Nick. Love your videos. I've been bearish on btc for a while now, i'm intrigued to know where we are in the market cycle currently. Hey man think you could take a look at a couple projects? Fr8 Network and Muirfield IP. They look wildly interesting and i'm sure you'd take interest to them as well!

  29. I'm optimistic for the future of these technology. Everyone knows that a lot of project will die in the future but the philosophy behind this movement will stay. I'm bullish with most of the privacy coins out there, expecially with low market cap projects with a great team behind like Komodo or DeepOnion.

  30. Thank you for your great vids and tips and time. Really enjoy it, cheers!

  31. My god you talk some shite

  32. although not a majority thats still a lot of people calling for an end to the party – very interesting

  33. Guys I’m gonna tell u now I know it’s hard for u guys to accept this but crypto is literally dead u guys need to understand this stop holding u fuking idiots I’m telling u guys now before ur literally gonna start losing money. He’s literally been saying oh it’s gonna go back etc but in reality it really isn’t stop believing in crypto it’s dead no one talks about it stop being fucking emotionally attached and just accept it

  34. I have a interestiong question; IF I sell BTC, the price supose to go down; but in the same time somebody is buying? soo ? where is the sell/buy trend because there are ppl who are buying and sell all the time .

  35. Great videos, but can you please get some better lighting

  36. This is not a question of triple bottom anymore. There is a quite OBVIOUS descending triangle here, and a descending triangle is a bearish pattern. We might have a little bull trend according to the daily RSI but looking at the weekly RSI and the bear trend is obvious again.

  37. Your amazing. Guys I won 0.5 BTC with this method!! https://youtu.be/AUD38GUCS4I

  38. What I can't understand is It doesn't seem to add up how the rotschild family banking cartel is trying to invest in bitcoin. Isn't bitcoin a threat to the status quo and the federal reserve act of 1913? Maybe they are just trying to pretend like they support bitcoin?