|0:02:22||Episode Title: BAKKT Launch Approved! Institutions Aren't Coming - They're Here!||Episode number: XXX||Date: 08/16/19||Live Unedited Show Time Stamp||Post Live Show Time Stamps||EST. Segment Length|
|JW||TEASE: The crypto markets balance on a knife edge, with the battle cry to BUY THE DIP resounding across the Bitcoin Battlefield. Below us, loom the dark murky depths of 8,000 and a continued retreat on the advances made in a euphoric 2019 bull market. Above us herald the glorious peaks of the all time high. Even the most ardent bitcoin bulls are starting to turn tail, as the haunting ghost of the 2018 bear market whispers into our ear. Did you take profit this time, you said you were going to sell at the top after last time it whispers. Is that spectar friend or foe, let's find out in today's exciting episode of Breaking Bitcoin.||0:04:42||0:00:00||10-15m|
|JW||Welcome to Breaking Bitcoin, recorded live Friday, August 16th 2019. Your daily source for market updates, sentiment, and news for traders.|
I am your host Justin Wise, Lead Analyst & Senior Mentor at CrackingCryptocurrency.com - Hope you're all doing well!
Shout out to everyone watching from across Youtube - Twitch - DLive - Facebook Live - and of course on Roku at the Investor News Channel app.
If you want to support the show make sure to subscribe, follow, share, and engage in the live chat. And hit that thumbs up button!
|JW||"This episode of Breaking Bitcoin is brought to you by… US! |
If you are an aspiring trader or an experienced trader looking to sharpen your skills, and you want to work with a team with a proven track record who deal in the realm of probability, statistics, and verifiable edge, head over to premium dot crackingcryptocurrency dot com to see what the Premium Trading Group can do for you. Exclusive Setups and Trade Signals, the Pathways to Profit Strategy Building Course, Proprietary Indicators, Spreadsheets, and Tools as well as educational material and database library. Come join the fastest growing community of traders and investors, at premium dot cracking cryptocurrency dot com.
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It's Not Just the Tools, It's The Rules!
|Mention Premium Trading Group Updates - Working on the new PTP video for Module 3, back testing Confirmers programatically. I'm going to teach how to write a simple strategy tester to optimize confirmer parameters, and then in the next video I'll teach how to write a more advanced "beast" script to program several confirmers in and quickly test against them and their permutations for optimum signal filtering.|
|EOS Competition is LIVE!|
|--Mention yesterday's comment winner:||Ken D|
|Cryptocurrency Market Analysis|
|--Tip random commenter from yesterday’s show.||GBU Wally||0:08:25||0:03:43|
|Bitcoin Analysis and Strategy||0:10:50||0:06:08|
|Ethereum Analysis and Strategy||0:34:35||0:29:53|
|Check in on EOS trading competition||0:38:23||0:33:41|
|Litecoin Analysis and Strategy|
|EOS Analysis and Strategy||0:39:07||0:34:25|
|BNB Analysis and Strategy|
|XRP Analysis and Strategy||0:41:00||0:36:18|
|As traders, selecting our exchange is one of the most important decisions we will make. I'm often asked as a profesisonal, what are the most important metrics when making this decision. My answer is always the same. The three major boxes that any exchange that I am considering must check are|
2. Ease of Use
3. Customer Service
The exchange that checks all of these boxes, that I use for trading Bitcoin Futures, is Bybit.
They are based out of Singapore, a country with some of the strictest financial regulation. Their platform is intuitive and simple to use, yet also has advanced order features for seasoned traders. Finally, their Customer Service live chat is in the corner of their main page, and on-demand support is a click away.
I've absolutely loved using this platform, and very much prefer it over the alternatives in this space.
If you would like to check out ByBit, you can visit bybit.crackingcryptocurreny.com and receive up to $60 from ByBit just to test their platform.
Again, that's bybit.crackingcryptocurrency.com
|Traditional Markets / Forex|
|JW||You can watch or listen to this discussion and more on Breaking Bitcoin, episode number ### at CrackingCryptocurrency.com. And remember to subscribe to our podcasts. Thanks for listening. We'll see you next time.|
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|JW||IRS mails second round of reminders to crypto users|
|A Bloomberg report published yesterday confirms information provided to the IRS about US cryptocurrency investors, did in fact come from coinbase, which was ordered to provide the tax agency information on those who purchased more than $20,000 in digital currency on their platform.|
Now, certain investors have received a second batch of letters from the IRS. These are in addition to the first mailings that the IRS began sending in late July to over 10,000 american citizens, warning that they may owe taxes or more taxes on their trades.
This latest batch of letters are said to be of an even stricter language, informing the recipient their tax filings do not match the information provided by coinbase.
Unlike it's former batch of letters, the IRS didn't formally anounce it's mailing of the latest letters. Instead, they threw up a page on their website about what the letters mean and what do do about them.
These notices are going out automatically, whenever the agency detects a mismatch between self-reported trading losses and profits, and what third parties report to the IRS through forms known as 1099-B.
These letters are unusual, because they are targeting a specific class of investors, which is something the IRS doesn't typically do.
Previously, the IRS was saying "hey be careful bud, pay us our money" now however the letters are basically stating "Ok man, we have the records, you need to come clean."
It's very similar to being interrogated by a pushy police officer.
"Hey man, I'm here to help you. Would ou like a candy bar, or a bottled water? Ok great, remember, I'm your friend. Now, tell me about how you killed Jessica."
Now the IRS is ramping up a bit, and it's more like "Look man, do you see this hair in this baggie? Yeah, it's your DNA and we lifted it off Jessica's dead body. Now confess or I'm going to throw you throw that double sided window!"
As it stands at the moment, we still don't have any real clear guidance from the IRS on how to properly document our trading profits and what taxes are owed on them. Accountants are still largely scratching their heads and "guessing" at a lot of the compliance.
As I've always said however, if you are a profitable trader, get yourself a CPA who knows about cryptocurrency to assist you in filing your taxes, specifically your trading related profits. You do not want to get on the bad side of the IRS.
Now, although I do believe that taxation is theft, I still do not recommend not paying taxes as a form of resistance. It's foolish, it's childish, and it will only serve to get you into trouble. You can't change the world locked in a prison cell or destitute.
However, this has opened the door to the fact that Coinbase can be pushed around. What exchanges are next you may ask, what exchanges will follow this and cave to the IRS and reveal their users personal information?
Honestly, all of them will. The more professional crypto trading becomes in America, the more institutionlized the trading platforms will become.
All forex brokers report their users information to the IRS, and now will crypto exchanges.
Crypto users beware, Institutional reporting may be the new norm.
|JW||Institutions getting into crypto, says Coinbase CEO Brian Armstrong|
|In recent years, the promise of institutional investment has been touted as the next wave maker in the space, and the moonboys have been ready to surf toward fortune. However, last year, despite all the miraclulous assertions made in the space, I believe that those "institutions are coming" was largely a coping mechanism for a psychologically damaging bear market as Bitcoin descended off of it's ATH.|
However, this year thingss are different.
According to a tweet by coinbase chief executive Brian Armstrong, the San-Francisco based digital asset exchange, is seeing $200-400m a week in deposit inflows.
Now Bitcoin, for most of it's history, has been a retail market. It's inherently grassroots, no government or company is behind the project, it's developed in a decentralized global manner, and it's an unconfiscatabale currency for the opressed or dissidents.
When we realize that Coinbase receives retail deposits of 30-60 million dollars in Bitcoin inflows each day, Armstrong's statistic of 200-400 million has to be in reference to their Custodial project for institutions.
This isn't the only sign of looming institutionlization, when we combine the IRS involvement, global geopolitical uncertainty, an overheated stock market in the process of a major correction, the anticipated launch of Bakkt in the coming months (yes, I know, but we're almost there probably) all of this points to the fact that institutions aren't coming, they're here.
Have institutions been quietly filling their bags since January 2019 or earlier?
I think yes, and I think the future is going to be changing dramatically in this space.
|JW||BBC tech writer loses $30k in ETH from amateur mistake
|One would think, being a journalist writing about the world of tech and finance, would qualify you as IT-competent, or familiar with basic OPSEC practices. |
Apparently, this isn't the case for one BBC tech writer, Monty Munford. You see, Munford made the mistake of securing $30,000 worth of ETH, by storing the private keys in an email, saved as a draft in his gmail inbox.
The IT-blunder didn't just end there;' Munford's email was compromised at an unknown time by unknown means, another sure sign of computing incompetence. The result being his ETH balance had been completely wiped out, possibly months before he even noticed.
In the BBC news article by Munford recounting the fiasco, he laments how the industry is fraught with peril, and lacks any kind of consumer protection.
The whole matter highlights how crypto is not idiot-proof, and how BBC is apparently not sending their best into the field to report.
|Bakkt Cleared to Launch|
Approval from CFTC, launching bitcoin futures in September.
Custodial license from NYFS is the issue.
|For a professional trader, it is absolutely essential that I have full control over all of my positions. Platforms like Binance, Coinbase Pro, and Bittrex, although amazing in their own right, do lack essential features for any serious trader. Whether it's setting a take profit and stop loss simaltenously, trailing a stop loss, or automating Trading View alerts, to maximize our returns in the market and simplify our trading we need better tools. |
The platform that I choose for accessing these essential tools is 3 Commas.
3 Commas is the industry leader for providing Cryptocurrency traders access to these much needed tools.
If you would like to try 3 Commas, our link will provide you not only with a free trial, but a 10% discount off of your purchase.
Head on over to 3COMMAS.CRACKINGCRYPTOCURRENCY.COM to take advantage of this offer, that's 3COMMAS.CRACKINGCRYPTOCURRENCY.COM
|Ready Chart Requests|
|JW||Anything from yesterday you'd like to talk on today|