What’s the End Game for the Bankers’ Cashless Society?

The war on cash is real. Bankers want to start forcing negative interest rates on us, to force consumers to spend instead of save, ie to borrow even more debt and become even more enslaved. This means your money will shrink if left in your account. If people have the option of avoiding negative interest rates by withdrawing cash and sticking it under the mattress that wont work. Even worse for the bank that would cause a run on the bank. So cash is there as a barrier to bankers forcing even more debt on us by these negative interest rates. This is why they want to remove cash.

If you notice there is a campaign in the media to make cash seem like it is old fashioned and not needed because it is inconvinient, or expensive to handle. These are lies, real reasons are as outlined above.

This will all be positive for stores of value like gold, silver and bitcoin, unless these are somehow outlawed. (won’t suprise me if they try)

Anyway heres some more ideas on this topic from JS Kim. If you are not familiar with his work at SmartKnowledgeU I highly recommend checking it out.

By JS Kim

In these newsletters, we’ve been informing you of the extremely aggressive global banker push to enforce a cashless society upon us. In fact, the Denmark Central Bankers have already stated that they will stop printing new coins and new paper money in 2016 and that, starting in 2016, all vendors in Denmark can legally refuse to accept all coins and paper money for their goods and services! A top Citibank banker, Willem Buiter, has been urging the US government and Fed Reserve bankers to ban all cash transactions in the US as has Harvard professor Ken Rogoff, and most recently German economist Peter Bofinger has joined the bandwagon in calling for the Bundesbank to ban all cash in Germany. Is there anyone that is not calling for a ban in the use of cash in this world? And why are bankers so adamant about banning cash after hundreds of years of allowing cash as money but making all other forms of competitive money such as gold and silver illegal? What is happening in globa l currency markets right now that have they become so adamant about banning cash now? For answers to these questions, watch our video below.

Any logical person would conclude that this vocal and aggressive banker-sponsored movement points to enormous frailties and stresses in the current global banking system to which most are still blissfully unaware. And why have these frailties arisen? The answer clearly is because bankers have engaged in so much fraud with their ZIRP, QE policies and currency wars that the entire existence of the global fractional reserve banking system is now being threatened with terminal failure

Omminous bitcoin

Bitcoin appears to be stagnating a little bit at the moment with neither bulls nor bears really satisfied (yet). However at the moment on log chart we can see bitcoin has not held the bottom of the channel and looking a little weak.

I’ve drawn in another lower parallel, time will show if this will provide support. End of the bear trend idea is being tested here though. If there are no buyers coming in then price will fall.

All feels a little omminous to me. Can there be a new lower bottom ? Or can price bust through long term resistance ? Or are we going to watch it stagnate keeping bulls and bears unsatified? Well I don’t know. Answers on a postcard please

Twiddle-dee-dee

Nothing really has changed in the time since my last post its just more of the same. I still like the idea that bitcoin has already seen the bottom (and those waiting for sub $100 will never get their chance). Maybe I will turn out to be wrong but as things look to me ‘the end of the bear trend’ still looks like it might be playing out.

Heres btc-e with 1 day candles on log price scale

Bitcoin in US$ is rising gently as it has for roughly the last month. Although no big jump yet to test major resistance lines. First the red dashed line will need to be breached then the big upper red line which is very clear line on the chart.

Heres a zoomed out view of same chart, because I think it looks pretty. edit: Rocket ship is a tad optimistic I admit.

And because I’m bored at the moment heres another chart, I’ve found an interesting looking fit between bitcoin using ‘all time’ data from mtGox and btc-e. Bitcoin seems to fit very neat onto an arc. But what is this telling us ? Well I don’t know, maybe nothing? I’d like to see bitcoin start lifting away from that soon though.

End of the Bear Trend

I’ve started a thread of this theme in the bitcoin forums and thought might aswell make it a post too.

The bears have had all the fun in the last year but is the end in sight ? At the moment market is awash with pessimism and negativity. Could be the perfect time for a bottom to confound investors.

Heres BTC-E with a log price scale.

If bitcoin rallies up to the top of the bullish channel (marked in purple lines) it will be finally pushing free from the bubble collapse.

There will be some tough resistance to get past on upper red line but I think theres a good chance we will, possibly after being wedged under it for a while first.

Longer view

This is a chart interesting me at the moment, BTC-E on log price scale

Chart shows the April 2013 mini bubble and then the main big bubble which we still deflating from. I’m looking for support just below $200 if we fall that far on green trendline.

Although bitcoin is still well within the down trending channel stretching down from the all time high or even despite the channel we are entrenched in I can’t shake the feeling that we are near the bottom of this correction/ bubble popping.

As I’ve mentioned in just about all my recent bitcoin posts I view prices at these levels as cheap and personally think of these prices as an ‘accumulation zone’. I could be wrong, but my money is where my mouth is and I’ve added to my own stack.

Nowadays bitcoin has scaled up and become more than just ‘mt gox’ and things are taking longer now than in earlier days of bitcoin. There is a huge amount of negative sentiment to get past though and this bubble is taking longer to correct than the massive bubble of 2011 for example.

Other things have changed too, bitcoin now has derivatives and although I don’t personally use an exchange where I can short bitcoin, it is possible. In this bubble correction that has been very profitable for many speculators possibly. I wonder if speculators shorting bitcoin is the cause of bitcoin being driven below what I referred to as the long term channel. And certainly more depressed prices than we were used to in the ‘old days’.

With that in mind heres a look at my ‘all time’ chart which combines data with the failed MtGox exchange from earliest days of bitcoin.

Long term channel referred to above was the lines shown in solid green. If bitcoin is to spring back into or above that long term channel at any point it will already require new all time high price. Although bitcoin can fall further or even to zero it does have an oversold look about it. Note the bullish divergence I’ve indicated using blue lines which on momentum indicator slope up. When a real bull phase does get going shorts covering may add even more fuel to the rocket.

How far down?

With Bitcoin experiencing further drops are we heading back to test ‘the bottom’! ie the area around the lower green trendline on the below chart. Heres a look at todays 1 day chart from btc-e.

Bitcoin has not held the lower purple dashed line but instead looks to be following red bearish lines down, quite steeply in fact. How far down might it be heading? will it get down to that green trendline somewhere around $176 ?

If I switch to log price scale there does look like an area of support before reaching those levels though, heres 1 day btc-e but on log scale this time.

The bullish channel I mentioned in my last bitcoin post didn’t last very long, neither the area of horizontal support. However red trendline which is mid point of large bear channel may provide some support plus round number $200 is where I’m thinking might be next support if price drops further.

Below that there is green trendline on top linear price chart at $176. From bullish point of view I don’t want to see that support fail.

Dash

Having been burned by experiences with alt-coins in last year, first with Cloakcoin’s major disappointment as its exchange rate fell towards zero, then mintpal exchange disappearing along with my remaining alt-coin funds I’m bit wary of going near or discussing alt-coins again. But having said all that here I go again afterall..

Darkcoin is back on my radar. Except now its called Dash .. standing for Digital Cash I believe. The rebranding does look like a smart move to me by distancing themselves a bit from any negative perception of the ‘dark web’. Anyway other things have moved on too in Dash, since I last spoke about darkcoin as it was then the darksend feature is now all completely open source code. Darksend being closed source is one of the major things I didn’t like initially as you may recall if you follow my blog.

A bit older and wiser since my first forays into alt-coin I now think the risk of going into first pump of new coins full of promise is just too much risk for me. Dash however is now one of the established coins and the focus on privacy is a big draw for me.

Anyway, heres a look at some Dash charts from the Cryptsy exchange. Will start with looking at all data on log price scale. Here it is priced in bitcoin.

20150408Dash2

Here you can see darkcoin started with a massive bubble peak which has then spent several months deflating from. However more recently there is renewed buying and dash almost reached the level of that first peak just falling short. The latest bull run has been punctuated with two mini-bubbles the second of which dash is still falling from. I’m wondering if 0.0135 where the price hits my trendline may turn out to be a good entry to Dash as it gains again for another leg up ? In my typical impatient fashion I’m already in, in fact.

Another thing I’m wondering about is the kind of rounded bottom of this chart, are we looking at a large cup and handle formation?

Anyway heres another closer look at the recent moves up.

20150408Dash

Not much to add except note the huge volatility. Investing in alts is definately not for everybody. But personally I like Dash and also like the look of the chart.

As always please note this isn’t trading advice just a sharing of my own ideas which sometimes work out and sometimes don’t . I am far from being a financial expert.

Quick bitcoin update

Heres quick update for bitcoin, first looking on 4 hour chart.

After the pullback of a previous post we are still sitting under that channel I was watching, marked in purple dashed lines. Bitcoin couldn’t rise back into that channel the other day finding that the line which was support has become resistance. However it looks like there is evidence of support from a lower parallel trendline which is quite nice to see. Bullish trendlines. Doesnt’ look like there is upwards momentum for much of a bullrun yet though. We’ll see how long price can find support on that trendline. Might not be that long.

On log price scale, latest chart looks like this

From a quick glance overall trend is still bearish you’d have to say. I had hoped to see more support from line I marked in green which hasn’t really materialised with bitcoin now under that. I wonder if bitcoin may take another dip, can quite easily see it falling to $230 where there might be some horizontal support I’ve marked, possibly even as far as down to $200 where that red trendline is although I wouldn’t really count on it getting down that far..

For now I consider most likely price will consolidate roughly horizontally with some rises and falls along the way.

edit: Just been looking at this thread in the forums https://bitcointalk.org/index.php?topic=1013481 Credit to the poster Wary theres a channel I hadn’t really spotted yet which I can add into the log chart, something like this

Waiting for bitcoin to unfold

To be honest I haven’t been posting for a while because my recent ideas haven’t changed much. I still think its ‘possible’ we saw the bottom already, with prices as low as this I’m considering this is the start of an accumulation zone for longer term holding. If I’m honest we are still in a downtrend. Also I’m not ‘all in’ but its an idea I am taking seriously myself and have been adding to my stack for first time in months. This isn’t trading advice for anyone, just sharing of my opinions.

I am due some updates to my charts though so here goes. The pullback predicted in my last post happened almost exactly as I thought, which is nice when that happens. Heres a look how that head and shoulders played out on btc-e 4 hour chart.

Price fell almost as soon as I clicked post I think. Also the initial bounce was almost exactly on the bottom dashed purple line of the original chart where I expected. After which price has fell through what was my bottom line, now lying under that channel I had been looking at. Although I’d like to have seen bitcoin stay within my purple channel I’m not too concerened to see it fall through the bottom.

Heres a look at zoomed out view on 1 week candles.

I’ve examined this idea before but here again, why I think we might have already seen the bottom. Lower green trendline has also been hit by other significant lows including low point of the mini bubble correction and silk road panic sell off. Just looking at the drop from the peak its getting hard to see how much lower it can go without bitcoin collapsing entirely. Also on this view the bearish trendlines have been broken through a few times now with price looking to be leveling off a bit.

However before getting too carried away, for a different perspective, on the log chart we see downtrend still rules the roost.

On log price scale we are still well below powerful line of resistance. Recent bull run fell short of even testing it.

I guess like everyone else I’m just waiting to see how it all unfolds but cautiously optimistic the tide is turning