Episode Highlights:

  • 00:06 – Bitcoin Price Has Crashed
  • 01:53 – What People Are Posting On Youtube About Bitcoin
  • 03:27 – Looking At Bitcoin Chart
  • 04:47 – Bitcoin Is Volatile
  • 05:03 – The Movie About Bitcoin
  • 10:42 – Bitcoin Is Not Just About Money
  • 14:47 – How To Profit From Bitcoin
  • 16:09 – Why Would People Want To Get On This Volatile Market

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Hey guys, what’s up? it’s cryptoCamacho. Hey just wanted to talk to you about gosh so, many things today.

00:06 – Bitcoin Price Has Crashed

There’s so, much going on in the crypto world. it’s crazy, I mean unless you have been camping, or hiking, or out in the country wilderness somewhere and you haven’t heard the news. A lot has happened in the Bitcoin and cryptocurrency world over the weekend right. over this last weekend, over Labour Day weekend in the US. A lot happened right, Bitcoin has and other cryptocurrencies right and altcoins have dropped significantly. They’ve essentially, crashed right. They’ve crashed according to many of the pundits in the media, and you know people are kind of spreading doom and gloom rumours everywhere around Bitcoin around cryptocurrencies, and whatnot calling it a bubble so forth and so on. I mean look here right on Google right, when I type in Bitcoin and ironically the price of Bitcoin is 4463 at this point on September 5th at 3:45. But anyway, look at all the headlines, you’re starting to see Robert Shiller wrote the book on bubbles. He says the best example right now, is Bitcoin. Bitcoin dips another $300 after China’s cryptocurrency cracked down, you know it goes on and on and on. And if you go over to the news section here, you’ll see you know Bitcoin drops on the $300. Bitcoin price drops trying to crack down on digital currency. You know all these news stories; you know bitcoins price at five thousand last week. It’s still a dumb investment; very far from the truth, but these are the headlines that we’re seeing now, after this crash that has happened the last week. And again, another you know piece of news about the bubble. Bitcoin being a bubble. Bitcoin price down 20%. You know all these negative news stories. Bitcoins short-term pullback, the long-term gain that’s a decently positive one. But all of these different stories, negative stories about Bitcoin.

 01:53- What People Are Posting On Youtube About Bitcoin

Let’s look at the videos, what have people been posting on YouTube, and on videos around Bitcoin. Bitcoin is worth $4,000; why you should…why you probably should not own one. You know all these different stories about doom and gloom about Bitcoin. and if you even type you know Bitcoin drop, you’re going to see even more videos and all these just kinds of you know crazy stories about why bitcoin is not going to succeed. So, anyway I read this up because this isn’t the first time this has happened right. Bitcoin has fallen sharply many times in the past right. I think one of the most notable, or more recent events where Bitcoin dropped significantly, was you know the time of [inaudible, 02:33] went bankrupt and that exchange kind of folded, and I think a couple hundred million dollars went missing. The Bitcoin took a hit when Silk Road you know the site owned by Ross Albrecht. When Silk Road was raided, shut down you know the price of Bitcoin took a massive hit. This is not the first time that Bitcoin has dropped more than 10, 20% plus, and it probably won’t be the last time it happens either right. And I want to bring this up because even though you’re hearing all these, you know different stories in the news. All doom and gloom around Bitcoin, Bitcoin isn’t going anywhere. Bitcoin is around, it’s going to be around for long term. It’s still a fantastic investment, it is still very-very low in price considering the future potential of Bitcoin. And I want to show you why, in a couple series here.

03:27- Looking At Bitcoin Chart

But first, let’s quickly look at the chart. So, you know this last weekend Bitcoin hit five thousand right, and right when it hit five thousand it tanked. It tanked all the way down to 3950. About a thousand point drop right, within the matter of days two, three days right. And now all of a sudden, it’s back up above you know 4400 right. You know, according to [inaudible, 03:48] on Coinigy we’re at about 4409 for Bitcoin, and you can see these drops have happened before. Look here, another pretty steep drop, and if you kind of zoom in the past, and you go back let’s just say three years from now. This is not the first time you know it is dropped. Let’s go back five years to make it a little easier to see. That’s not a very good chart, but let’s say six hours if that that works here. So, if you keep going back up…sorry about that keep going back keep going back. Let’s just do maybe twelve hours will be a little easier. And you could see it you know it’s way up here, way, way, way high 4448. And it drops all the way down to 3469 again, a thousand-point difference. A thousand-point drop. Again, nothing new this happens periodically with Bitcoin, and it will continue to happen you know in the coming, months and years and so forth so. Anyway, the point of why I tell you all this here let me just adjust my chart here.

04:47 – Bitcoin Is Volatile

Okay, so the reason I tell all this is because bitcoin is volatile am not going to lie. It’s volatile, but you can still make a lot of money in Bitcoin in the short term. And you could still make a lot of money in the long term in Bitcoin if you really believe it’s a value proposition right.

05:03 – The Movie About Bitcoin

The other day I was watching a movie it’s called “banking on Bitcoin”. It’s from Netflix, I think you could get on Amazon too. And it was quite a fascinating movie, I’ve never seen it before. You know I’ve never even really heard about it. I was just looking through Netflix and this came up, I thought oh wow! I’m really into Bitcoin, am into cryptocurrency let’s watch this. And let’s you know see what it’s about. And really what it’s about, it’s about Bitcoin, the origins of Bitcoin, where it started, you know the group of folks surrounding the mystery of Bitcoin, and who actually invented Bitcoin and create it. And it kind of goes through you know step by step, from before 2009 all the way to current day, you know around Bitcoin. how it works, what blockchain is, you know what all these altcoins are, what ICOs are, how Bitcoin has matured, and some of the innovators that have helped Bitcoin progressed along the path. Charlie Shrem, Russ Ulrich, there’s a number of folks right, that have been kind of in the Bitcoin space for years. The Winklevoss twins if you remember them from Facebook. They’ve now set up a bitcoin exchange, or a cryptocurrency exchange. And it kind of goes through you know the timescale of all different events happening in Bitcoin, and you know some negative things right. Charlie Shrem from BitInstant, he was arrested, he’s currently in jail. Russell brick from Silk Road, he’s been arrested. He’s currently in jail. And all these things surrounding Bitcoin, and where Bitcoin is heading. And at the very end of the movie, and I won’t give a spoiler, but something happens at the very end of the movie. You know there’s all this kind of mystery around who the creator of Bitcoin is. Who’s Satoshi Nakamoto? Who is that person? People speculate that it’s [inaudible, 06:39], people speculate that it’s Nick Szabo, people speculate that it’s a variety of different people right. But nobody really truly knows who the real identity of the creator of Bitcoin is. And then all of a sudden, about a year ago actually on my birthday May 2nd in 2016. So, about a little more than a year ago, somebody came out by the name of Greg Craig Wright, and claims that he’s the founder, or the inventor of Bitcoin. Craig Wright comes out and says I am Satoshi Nakamoto. I can prove it. I will prove it. And he actually, gets Gavin Andresen in a room. And Gavin is really now the president, or CEO I think of Bitcoin foundation. One of the main proponents and leaders of developing Bitcoin, and he gets this guy you know Craig Wright, he gets Gavin to come to a room, and he actually proves that he is Satoshi Nakamoto, or so he claims right. Gavin then goes on and publicly announces and states that Craig Wright is Satoshi Nakamoto. And then the Bitcoin community erupts right, and there’s tons of disagreement, tons of you know people not agreeing that this guy is really the founder of Bitcoin. Then Craig kind of goes back and says I don’t have the courage to you know claim that I’m the founder blah-blah-blah blah blahblah right, and it basically ends in mystery. So, nobody still knows who the founder of Bitcoin is. who created Bitcoin, who invented it. And we know it’s a series of folks, we know how Vinnie was involved, we know Gavin was involved, we know Nick Sabo was involved, we know a handful of folks that were involved right in the creation of Bitcoin. They were called cypherpunks in the past, and they really created this crypto network of folks; who are interested in encryption. Encryption technology, legal…you know legalities about contracts things. Like that Nick Szabo is into that. And anyway, the long and the short of it is, it almost emboldened the mystery around who invented Bitcoin right. And the interesting thing to me, the interesting part about it was that this guy Craig, a lot of people in the Bitcoin community really denouncing Craig. Denouncing him as you know an impostor, and not the founder not the creator of Bitcoin. And a lot of folks seen on his YouTube videos, and whatnot they’re ripping them apart, saying there is no way this guy is the creator of Bitcoin blah blahblahblah. But then, I started to take a closer look at this guy Craig Wright, who’s from Australia. Who cusses a lot, but by any measure he’s brilliant. He’s a very smart person, he’s a really smart guy right. And he’s been involved in this crypto space for years right. The guy’s a mathematician, he’s a programmer, he has multiple you know doctorates and master’s degrees. The guy is a smart guy. He’s created multiple corporations, and if you watch his talks and you watch his talks he actually kind of re-emerged about in June, July of 2017. He disappeared after he announced he was Satoshi Nakamoto. He disappeared for about a year, and then he came back in 2017 around June, July time frame. And you can see some of these videos popping up on YouTube, and its videos of him giving presentations at conferences. And when you start to listen to what he’s saying, and listen to his presentations, and listen to his kind of future vision of Bitcoin and his future enthusiasm for Bitcoin, and his future optimism and bullishness around Bitcoin and cryptocurrencies around blockchain. He is no fool, he knows what he’s talking about. He knows the space better than probably I’d say 99 if not 100% of the people out there right. He knows this space so, so well from many different angles. And even if he is not the creator of Bitcoin, even if he didn’t invent it. He sure knows a hell of a lot about it. And he’s a very wise or interesting person to follow right, and so I’m starting to follow him right. I’m starting to watch his presentations, and what he’s saying about the future of Bitcoin, it just blows my mind. He’s blowing my mind right now. I literally just watched a video a few minutes ago, I finished one and it blows my mind.

10:42 – Bitcoin Is Not Just About Money

What he says the future of Bitcoin is. The future of Bitcoin is not just about money, it’s not just about currency, it’s not you know the only thing that Bitcoin can do. Bitcoin and blockchain right, they can do things that we don’t even really understand yet. You know, and I’ll give you an example. He’s saying that in the future you know within 20 years time, and probably a lot sooner than this, and I’m not going to butcher this. I’m not going to explain the whole concept or anything because I couldn’t do it justice. I’ll put the link to his video to his conversation, or conference and talk that he gave around this in the show notes. I’ll put that in the show notes, on the blog, here on steam it, on YouTube. But what this guy is saying is that ultimately, the future of Bitcoin is not just currency right. That’s going to be one application as peer-to-peer currency, and peer-to-peer transactions right, but it’s much, much, much bigger than that. He’s basically saying that Bitcoin and blockchain are going to act as a secure, and private, and anonymous ledger for anything data related. So, any type of data transaction, or data facilitation across the entire world, you know among all people on the earth is going to be recorded on this ledger on the blockchain ledger. So, think about this we have over 7 billion people that live on earth. 7 point something billion people live on earth today, and what he’s saying is that the blockchain is going to facilitate, and anonymize, and privatize data transactions or data activity from all 7 billion plus of those people. It’sgoing to track and store all of that data on the blockchain. And it’s going to anonymize it right, in a way that can only be accessible by the actual user. So, imagine your data right everywhere on the internet today. It’s on Facebook, it’s on YouTube, it’s on Google, it’s on you know your search patterns, all this data is everywhere. Your pictures, your kid’s pictures, whatever all of this is going to start you know start to be recorded on the blockchain ledger. It’s a very, very profound concept has widespread implications, but his claim is that what’s going to happen is that data is truly going to become anonymous, private, and accessible anytime anywhere by any individual in the world. And that includes you know monetary, or you know financial kind of instruments like Bitcoin, or currency right. So, anyway I won’t butcher this again, but I will leave these show notes for you and some of the links to these presentations in the show notes for you guys to watch. But it’s simply mind-blowing. The potential blockchain you know, where some of the lead developers and lead thinkers are taking Bitcoin and blockchain. So, when you go, and you see you know all these negative headlines in the news like this, just remember think back to these different talks, these different presentations you’re seeing, think back to people that have a future vision on Bitcoin, and really understand the technology not just from a hyper you know perspective. There’s a lot of hype, but from a technical, from a mathematical, from a philosophical standpoint look at the people that are leading the vision there. And I think you’re going to find a lot more value in Bitcoin than what the world is making it seem like right.Everybody’s making it seem like it’s a bubble right now, it’s going to burst some your money’s, it’s going to go away and bitcoins going to go away. The technology that’s been created, blockchain is much, much, much more powerful than anybody really realizes. And so, when you go, and you look at a chart, and you see you know Bitcoin drops down to 3500 from 5000 right, and it’s way up here. All the way down to here, think about these things and think about where is Bitcoin headed. If you really believe in Bitcoin, in the long run, you know it’s still cheap, it’s pennies on the dollar right now. I mean we’re talking a world where Bitcoin is hundreds of thousands of dollars, if not more. And I’m not prophesying this, I’m not predicting this, I’m just looking at the value being presented by Bitcoin, and by you know people that understand Bitcoin much better than I do. And where they’re projecting this to go not from a stock perspective, or the price of Bitcoin per se, but from a technological perspective. Where is Bitcoin going? It’s truly mind-blowing, it’s mind-boggling, it’s ground-breaking right. So, anyway take a look at these videos. And if you want, I mean in the short term there’s still plenty of ways to profit right, and I’ll show you right now how to do that.

14:47 – How To Profit From Bitcoin

So, during this big crash over the weekend, you know Bitcoin crashed a thousand points all of the other all currencies crashed very, very, very hard. And I’ll just give you a couple examples. Am going to probably click on any of these and show you. So, let’s go one-week duration. Okay, let’s look okay, so if this coin digit down., it was way up at 103 tanked, all the way down to 68 where’s it now back at 82. That’s one example let’s look at another example. Let’s look at Dash. Dash not so bad, but still that it was all the way up at 407 or be more conservative about 400 crashed down to 280. And where is it now? Went up to 339 today. The list goes on and on and on. Here’s Ethereum, where was it? It was at 395 crashed 275, back at 315. Another example Litecoin. The list goes on and on and on right, the high was 93. Let’s say crashed down to 61, you know these are big, big percentage drops. You know anywhere from 20 to 50% drops on most of these coins is not unheard-of right, another one back at a buck 26, down to 50 cents that’s like a 70% drop, that’s huge right.

16:09 – Why Would People Want To Get On This Volatile Market

So, why would anybody want to get in on this you know such a volatile market? And here’s one more SAN way, way up 55 cents, all the way down to 2006. It cut it to value in a half almost overnight. It literally, over the weekend. And no matter what altcoin you look at, this is pretty much the story. So, what did I do when this crash was happening? what did I do? I watched, I waited, I watched right. I didn’t do anything until I really knew what was going on in the night. Read the news I kind of figured out what’s going on. China banned a bunch of ICOs. And all I see is right, China is you know cracking down really on Bitcoin and on cryptocurrencies, on raising money around it to try to regulate it. More so, there’s not so many scams which I think is a great thing right, but with China announcing that news, it tanked the market. Literally, tanked it. I think they said 20% of the entire cryptocurrency market was erased or vanished overnight. Well, smart people you know, and I don’t claim to be the smartest person, but I think what wiser investors did is they’ve watched this right, and they’ve seen this before. And they said okay, when we get to the bottom, I’m going to buy low and sell high. And how do they do that? You know well, some people look at the basis, they looked at the basis, and where the base is cracked. So, how do you do that? You just kind of keep looking right. Well, what I did is, I kept looking at different bases, and thought okay, should I buy now that cracks this base? should I buy these cracks? this base should I buy? Crack suspect buy, I actually picked one and I picked one that was pretty far Down, because I knew it was going to be dropping quite a bit. I knew that people were going to be panicking quite a bit right, and then I bought, and this has an example. You could have bought right at the 28th mark right, you know big, big, big upward trend, or even you know you could have looked at this base right here to say okay, there’s a lot of support after 24 cents big jump here, a lot of support here at 29. Big jump here you know so forth and so on. A lot of big jumps here, a lot of support around SAN point. So, when it dropped everybody was panicking, panic, panic, panic, panic little bit a support, panic, panic, panic, panic, panic. And it gets down to 26. So, if you were to invest anywhere below, you know 28 right here, anywhere below 32 right here, today you would still be positive right. You would still be positive now, if you invested right here at 35, maybe not it may go back up actually, you would have been right, because look right here it went back up to 46. So, you could have even bought at 35 cents, and sold at 41 cents and still be profitable right and so, that’s exactly what I did, and I wanted to show you a couple examples of them. So, here’s one trade that I made during this crazy panic. Okay, so this coin SNM coin right, I didn’t even really know what this coin was over the weekend, I was looking at it, reading about it, learning about it, I liked it, I thought it had some potential, some value there I saw. So, I started watching it, watching a tank right and it was all the way up at 195 it even higher than that actually, it was up at like 20 so let’s just say it was at 20 and then I you know scaled back out okay, it’s gone all the way up to 23 blah blahblah, but look it’s starting to tank now, starting to tank hard tank, tank, tank, tank, tank. That’s okay, it’s going to correct itself at least, halfway at least up to this point right. So, I am going to find a base towards the bottom, because everything’s crashing and I want to find a base towards the bottom. So, I looked at bases like really like right over here, and it’s hard to see let me zoom in, but I looked at base is that real. Okay, there’s one right here very, very low right, another one right here, 14 cents another went down at 12 so forth and so on. And I looked at all these bases, and I marked my charts and what I did is I put in an order right down at the bottom, at about 14 cents and I knew that it had gone down even right here. You can see it went down right to about 1411, and this is the base that I used. I used actually, these three bases right here, there’s support here, support here, support here. And I thought okay, I’m not going to use this. This base in the middle, because you know it’s a little higher than right here, and it obviously went down further. So, I’m going to do that. So, I marked my base right here, and I looked okay when the price gets to the lowest point or below the lowest point I am going to buy. And that’s exactly what I did. if you look right here, you know you could see where I bought, and so I bought and then what did I do? I waited, and I waited, and waited. And literally a day later what happens? People realize it was a panic, people start buying back in, so what people do? People bought back in, bought back in, back in, back in, and I actually ended up selling some of it right here for about 1505. So, I bought at 13 I think I was like 1309 something like that, and I sold at 1502. So, about 20% gained like that. So, people are you know all talking about doom, and gloom in the media but yet I made 20% on my profits. I mean on the money I invested right, and I still have more to play with right. I made some free coins for SNM; and I’m still not done right. I still think this may go up further, I could have sold again right here, a little bit higher right, but I did. I’m a little bit…I’m still kind of waiting to see what happens, but once this goes up again. I’m hoping it’s going to go up a little bit higher, because historically it has been quite a bit higher. So, anyway we’ll wait and see you know report back later how that went. let me give you one more example. One more example right here VSL again, same thing I’m on the Liqui exchanged. I start looking at this coin, and this one you know it tanked, but it always tanks right. This coin wasn’t as affected by the drop, but you could see there’s huge ups and downs like all over this coin. I mean all over this coin from like the time it started. And so, I thought you know this is a great coin to bet on it during this panic, because it’s somewhat predictable right, you go down you go up you go down you go up you go down. And these are not small drops right, I mean this one down here is 16 all the way up to 30, that’s doubling your money right 50% gain. Another one right here down at 188 almost 19, 18 all the way to 26. Again, like 30, 40% ,30%. Again, right here same thing story over and over and over since the crash, that hasn’t really been the case. But what did I do? I thought okay, this is the relative base right here right, lots of action, lots of support right here. It’s happened multiple times, it’s probably going to happen again, because it’s happened so many times, and not only that, but there’s a lot of support right here. And it keeps going up, and so I thought you know I’m going to buy once it goes below these bases, or at these bases, I am going to buy and that’s exactly what I did, I brought down here right. I bought down here right at about 189 and it’s gone up right now. It’s 20 you know 2003, I haven’t sold yet I’m deciding when I should sell, but I can literally sell right now and make a pretty decent profit like a 10% profit something like that. But I have a feeling it’s going to go up a little higher than this, because look at the historical trends right, it’s always kind of bounced up at one point or another. And on the low end I mean 23 right, most recently 23s in maybe gosh just literally, just 10 days ago it was up at 27. And it’s been at 26 multiple times gosh one-two, it’s been at 26 for 1 2 3 4 5 6 7 8 like 10 times right. So, I have faith that this is going to go up, I just need to be patient and I will let you know what happens. And how that turns out, but I wanted to show you another example of how you can make money in the cryptocurrency markets, even when they’re going down. It’s not rocket science guys you put an alert, you mark where the bases are when the price goes below the base, or cracks the base you buy and then you wait till it goes up. That’s what you do, that’s how you make money. So, anyway this has been a bit of a long video. I just, a lot of has happen in the last few days, I’ve discovered quite a few things this movie, you know other things. And I’ve been pretty excited about what’s going on in the space. Not excited obviously that the market tanked, a lot of people lost money and so forth. But nonetheless exciting that it’s kind of recovering, coming back and exciting that there’s still a lot of opportunity in the cryptocurrency world. This is by no means the end, by no means don’t believe the headlines, that you’re reading in the news. You know sure it could be a little bit of a bubble, sure it could be you know right now it could drop again, it could fall again right based on news, and I’m sure this is not the last time it’s going to happen. The US may ban ICOs, other countries may start banning ICOs, who knows what’s going to happen right, but one thing I do know for certain is that Bitcoin, and blockchain future potential is massive. It is massive, the opportunity is massive, look more into it. Learn more about the technology, about blockchain, about the developers, about the thinkers behind it, in their vision. You’ll find out that there’s much more to it than just currency right. Anyway, hope you’ve enjoyed this? I’m cryptoCamacho trying to bring you the latest, and greatest on Bitcoin and cryptocurrency in the…sorry guys I’m talking too much and now I’m getting a little bit tired, but anyway, again I’m cryptoCamacho. Tell me if you guys like that name I’ve been really interested to see if you guys all like that name cryptoCamacho. I kind of think it has a good ring to it aside from digital uptake. So, anyway hope you enjoyed? And hope to hear your comments soon. One thing I do have a question about is what do you guys think about Craig Wright? If you guys haven’t seen him look at the links that I put in the video, or in the notes. I’m curious what you guys think of Craig Wright is he an impostor, or is he the real Satoshi Nakamoto, or is he just a really smart guy that you know has a really good vision for Bitcoin, or is he an impostor? You know bloody ass that comes from Australia, he was no business, you know being in this space at all would love to know your thoughts on this. But more to come on this later and have a good one guys.