A Crypto Index fund! A news totally omitted [META]
A crypto index fund......Did you guys read that? I will take the pain to copy and paste that again, Crypto Index Fund!
I am amazed, we really do live in amazing times. It been really hard to understate this news.
Coinbase showed up on CNBC and everyone lost their mind about they finally listing this other centralised coin that everyone is loosing their minds for, just cause it rhymes with tipple..
This is where coinbase launches a crypto index fund! A fund comprising of BTC, ETH, LTC, BCASH! I would expect people to know what an Index fund really is, its not en ETF, there is a difference!
The market as of right now looks like this:
ouch.jpg
And this is a problem that wont just get solved,
Lets say you have 100$ and you wanna buy X% of BTC, LTC, ETH and just hold or trade, that you and me right now as of today. An Index fund is a 'Bag' of the same coins that you know and love, but the amount of how much and how many is directly managed by Coinbase, and the %s are decided by the size of the market, in this case that being the marketcap of each coin.
Read more here: https://am.coinbase.com/
This allows a whole new class of people, people who aren't interested in owning crypto per say, but look at the numbers and come back, ETFs and indexes are giant. Now yes, this is a small one, that only sits inside of Coinbase.
And here is a top tip for all of you, now that its being told, any new asset that will be added to Gdax will also be part of this index, you better bet your A$$ that its going to be a decentralised, time tested and stable coin, which in other words mean the names from the top 15 based on Marketcap.
When Insert famous person name here says, that bitcoin will hit Insert bit $number here it doesn't happen by magic, it happens when money flows into the system, making it more spread out, more holders, more volume, larger float!
Its sad that we live in a market space where people don't get excited about things that really deserve the attention.
Its sad that most people are only focussed on price action.. Need everyone to re-remember, Crypto isn't this thing thats all about making some quick money. Its a financial revolution, the real occupy Wallstreet.
BTC today..
We are looking at exactly the same chart that we have seen before, BTC being denied past the top resistance, right now we will be testing the lows again around the 8k-9k, in my non professional opinion, we should not be falling through that level, not this time.
This only opens for a good swing position, its the only thing I can appreciate about markets that swing like this one.
Are we in the price discovery period? Are we accumulating? Yes to all! I think the accumulating has been happening after the huge dumps we saw, reportedly from former MT.GOX, its scary to imagine we are still facing the ghosts of MT.GOX even after its demise.
Trade safe. Hodl tight.
This is not financial advice, all markets carry risks. One should always do their own research before investing
Hi, great post, have followed you. What do you think of the current state of the Bitcoin market?
Hey there, since the last two months we are seeing a major dump by MTGOX, most TA doesn't work here...the market float is small and even a dump from a whale will leave waves in the market.
But since we saw in Jan hard support lines @6k-7k so I wouldnt be worried about it.
There are the times we need to look at the macro and prognose how the market will look in a year! But all signs show green!