The Collapse of Bitconnect & Tether is Coming

Tether was recently hacked for $30m and community support is dying. Bitconnect has been showing signs recently that its top promoters are jumping ship. Trevon James has started selling so he can buy a house and has announced “changes” to his YouTube channel. Sunny Decree has chosen to quit Bitconnect to save his reputation. Craig Grant continues to cash out to his Exodus wallet. CryptoNick is starting to create other revenue streams, namely the course he wants to sell. There are more too, but these are some of the names most of you will be familiar with.

As more people head to the exits, Bitconnect will lose its correlation with Bitcoin. Barring a substantial runup from Bitcoin, Bitconnect will likely continue to lose value. Eventually, people will begin to realize it was nothing but a farce from the start and people will stop reinvesting their “profits.” This will automatically lead to the collapse of Bitconnect. Exactly when this will happen is a mystery, but the dominos are starting to come together.

Meanwhile, the Tether hack is leading to lost faith in both Bitfinex and Tether itself. Bitfinex recently went on record attempting to do PR damage control (since Bitfinex’d has the equivalent of a complete nightmare for them), but this hack was perfectly timed to essentially destroy any control they were able to grasp. Even if Tether is legitimate, I suspect eventually it will be shutdown as the government determines that fiat-backed cryptocurrencies should only be issued by the state, not some third party across the world. The larger Tether becomes, the more of a target it becomes.

Lastly, my verdict is in – Bitcoin is a bubble. I’ll be writing an article and recording a video discussing this in more detail at some point, but figure you all should know. Fortunately, there is still money to be had in bubbles and it all comes down to behavioral finance. And don’t worry, we’ll still focus on trying to make money in this crazy market. But be aware that with anything supported by emotions, you should be ready at any point for the cloth to be pulled from the table.

As usual, I am happy to hear your thoughts. I know this is one of my more controversial videos (and I have quite a few). Disagree with me? Let me have a piece of your mind. Thanks for watching.

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If you like my content, you can support me through using ANY of the affiliate links below (I receive small compensation). The beauty of affiliate links is that I can pick and choose what I like rather than have companies approach me – everything I linked below (with the exception of Trezor since I like Ledger), I use myself frequently.
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My Recommended Hardware Wallets:

If you want to store your cryptocurrencies safely, the best way is through a hardware wallet. Seriously – look it up and you’ll find plenty of information supporting this claim. There are alternatives such as paper wallets, but these are convenient and my choice for cold storage (offline):

Ledger Nano S: http://amzn.to/2hZPj0q
Trezor: http://amzn.to/2AxD9TN
Ledger Blue (expensive): http://amzn.to/2hk7xst

I personally prefer the Ledger Nano S, but the Trezor is such a close second that it really doesn’t matter which one you go with. Ledger Blue is premium and convenient, but not necessary.
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My Favorite Book for Investing in Crypto:

Cryptoassets: http://amzn.to/2zKDdCF

This book is, bar none, my favorite book for investing in cryptocurrencies. It doesn’t bog you down with technical jargon, but instead focuses on all the elements you should understand before you invest.

It’s a comprehensive book for both beginners and experts. Beginners will find information about major cryptocurrencies (not just Bitcoin) as well as details on historical market events (that you can draw on for future) and events to watch for moving into the future. Experts will find the chapters on valuation particularly useful. For those of you involved in traditional investing, this book is even more of a godsend as finance info is explored (correlations with other asset classes, ETFs, etc).
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My Recommended Exchanges: Coinbase / GDAX / Bittrex

Coinbase is much less intimidating for beginners. Once ready, move up to GDAX for cheaper or zero fees. For altcoins, I recommend Bittrex.
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Legal Stuff: I am a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for me to earn fees by linking to Amazon.com and affiliated sites.

None of what I provide in my videos is investment advice. Please do your own due diligence.
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Twitter: https://twitter.com/Truth_Investor
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The Collapse of Bitconnect & Tether is Coming

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Kane Dane