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On today’s show:
1. We are going to do our daily check on the growth of the Lightning network
2. We’re going to look at a double bottom pattern on the Bitcoin chart
3. AND the cryptocurrency gradings from the Weiss Rating agency have been released.
**Story – Lightning Watch** 0:50
Gaben.win site is down so wasn’t able to get a reading on the number of nodes.
I have implied the number of nodes based on the increase on previous days.
And just as mild curiosity today:
The pool of unconfirmed transactions is sitting at a mere 100 MB and 35,000 transactions right now. The lowest I’ve seen it in a while.
I know that mentioning it in the Lightning section of the show implies that transactions are moving over to the Lightning network but I honestly do not think that’s the case yet.
**Story – Bitcoin Double Bottom Fractal** 3:15
Charts provided by Coinigy: https://www.coinigy.com/?r=16171fe8
The crash down from 20k formed a double bottom but the uptrend did not hold beyond 17,250.
A smaller version of that pattern has just formed which would suggest breaking the last high of 13,017 before falling again.
That would be purely on the basis that the chart follows a fractal pattern.
Like I said yesterday, external fundamentals are also at play that can mess with your technical analysis at any time.
We know the effect good or bad news can have in an instant.
I’m not going to show any other charts today because they all have this similar double bottom pattern.
A double bottom normally signals a reversal but like the one that appeared after the drop from 20k, it didn’t result in a sustainable uptrend.
**Story – Weiss Ratings Are Out** 8:06
First, a note on why there was a delay in the release.
They say here in their launch email that they came under a Korea Cyberattack.
In the second paragraph of this email it says their staff were up all night fending off denial of service attacks from Korea.
And check out this quote from Martin Weiss, the founder of Weiss Ratings: “Earlier commentary on social media…”.
Can you believe that?
I can, because money literally makes people crazy.
While we humans don’t like on the African savanna fighting for physical territory and material resources, the biological and psychological need for those things is still there.
All we’ve done is mapped it over so territory becomes for example, our office and the material resources are money.
So unconsciously, if you perceived Weiss were about to do something that reduced the value of your crypto, that would be processed psychologically as them running over and stealing the pile of food you had stored for the winter.
I personally am the target of this sort of behaviour sometimes.
All I have to do is say something critical about a coin and the holders of that coin come out the woodwork and start attacking me as if I were intentionally trying to steal their fruit.
Anyway, that was a quick philosophical segway, which is what you get on this channel so it should come as no surprise.
This email gives a sample of the ratings such as a C+ for Bitcoin. It says it lost points because “Bitcoin has no immediate mechanism for promptly upgrading its software code”…. Er pardon?
Do they not watch The Cryptoverse?
Do they not see the Lightning network has been growing by more than 10% per day?
Obviously not. But even then they would argue that this is not an ‘immediate’ solution.
The email was free of course, but the annual membership for the Crypto Ratings service is $468.
Now because I have the material resources provided by my loyal patrons I was able to sign up for this service without hesitation.
So the utmost appreciation goes out to you all for allowing me to take advantage of these opportunities immediately.
Now Weiss points out that their rating system differs from other rating agencies.
I like Weiss’ better to be honest because the way the other agencies do it is absolutely ridiculous and is such obvious psychological delusion.
They do things like AAA, AA, A, B etc.
That’s totally stupid and smacks of mental masturation since every could end up in the top 3 categories, AAA, AA and A.
So why not just have it A, B and C categories?
Well, that’s the approach Weiss have taken. It goes A-E and F is a signal for fraud.
A is excellent and E is very weak.
A is also a ‘strong buy’, B is a ‘buy’ C is ‘hold’, D is ‘sell’ and E is ‘strong sell’.
Nice and simple, just what the space needs… although maybe a bit too simple.