Category Archives: Opinion

The Real Extent and Effect The Cryptopia Hack Is Having On Me.

I don’t think about the Cryptopia hack a lot. Partly because I try not to dwell on negative things too long. It took a couple days to realize exactly what could be lost. Although, in the back of my head I always knew this was a possibility. So in many ways, I was already prepared for this. As crypto traders, we know the risks and these are the games we play.

Considering the time I’ve been involved in trading, it was bound to happen sooner or later. I missed the Cryptsy debacle by about a week. I knew something was amiss and withdrew all my funds a little over a week before disaster struck. There were signs, and I acted accordingly.

With Cryptopia, there really weren’t any signs. Honestly, I was comfortable there. I never had a problem, and I really liked the UX of the exchange. Order history was always there, pages loaded fairly quickly. I was never crazy about the charts, but everything else was perfect. Frankly, it was one of my favorite exchanges.

Which leads me to my point. I’m not super concerned about the coins I had on the sight. It was a small percentage of my overall portfolio. What bothers me more, is the work I lost. In the greater scheme of things, I spent the better part of 6 months building positions, buying and selling, and preparing for the next bull run. All that work is gone now.

For the most part, I trade altcoin on three major exchanges. I haven’t really used Bittrex since they updated the site. I don’t like the UX, and I have to fumble around with my own software when I want to review order history. With that said, I just hadn’t been trading there. I even planned on leaving the exchange this year. Only a few days before the Cryptopia incident I planned on moving my coins from Bittrex over to Cryptopia and two other exchanges. Had I done that, I would have been completely REKT, with the exception of a few cold storage wallets, and my trading nut of BTC and USD.

I suppose it was a complete tragedy averted. Thinking back on that, things could have been much worse. I don’t know what will happen with Cryptopia. For the most part, they’ve always acted honorably in the past, so I’m giving them the benefit of the doubt now. I have to admit though, the lack of communication coming from the company is rather troubling. Currently, I’m expecting the worst and hoping for the best.

My understanding is that the hack was centered around Ethereum wallets and ETH related tokens. Fortunately, I didn’t trade ETH or own very many ERC20 tokens. Considering all the information I’ve received so far has been through a third party, I’m not going to comment further on what’s happening over there. Hopefully, a statement will be made, and the truth comes to light.

In the meantime, losing about a third of my work from the last 6 months is really starting to sink in. All those trades, all that position building, gone!

I practiced decent risk management splitting my position over multiple exchanges. Again, I’m not concerned about the money either. I’ll build the money back. Christ, I started in this game with pennies earned from Dogecoin and Bitcoin faucets.  Losing all that work is the real kick in the nuts!

With all that said, who knows what the future holds. For all I know, they may announce tomorrow that they’re open for withdrawals. I’m not holding my breath on that. I’ve already written it off as a loss. If for some reason I’m surprised, I’ll consider it a nice windfall.

So for now, a nice chunk of the last 6 months of my work is flushed down the crapper. I’ve already started rebuilding my positions. That’s all I can do. Move forward. Never look back, keep on learning, and try not to repeat the mistakes of the past. Another hard lesson learned!

Cryptopia Cryptocurrency Exchange Has Been Compromised.

Looks like Cryptopia may have been compromised. Early this morning Coindesk reported on the story. www.coindesk.com…

I went to the website and confirmed the site is indeed in maintenance mode!

cyrptopia maintenance mode message

Reminiscent of the Cryptsy hack. Cryptopia goes into maintenance mode as reports surface that the exchange had been compromised.

Searching their Twitter I discovered this tweet confirming the story.

cryptopia posts statement

Cryptopia posts official statement on Twitter

Cryptopia also posted a link to the local police citing an investigation by their local law enforcement.
www.police.gov…

For the most part, Cryptopia has always acted honorably in the past. The Dood holds a small amount of cryptocurrency on their exchange. It’s just starting to sink in that this could be a substantial loss for me. I just avoided losing funds to the Cryptsy hack about a week before they posted the same ominous message! I’ve always expected this would happen sooner or later, but for now, I’m giving them the benefit of the doubt and staying positive.  Hopefully, things will work out for all involved and this won’t be a total loss for myself or anyone else trading on that exchange.

 

WTF… I’ve Done Nothing Wrong Twitter.

So, I’m really starting to get tired of this. Every couple weeks my Twitter account gets locked for some unknown reason. Each time it happens, Twitter takes a small amount of followers as punishment. All I know is I’m really starting to get sick of this and my follower count is dwindling.

I’ve been on Twitter for almost 5 years. I’ve tweeted daily with no problems at all and built the account to almost 50,000 followers. Suddenly at around 48,000 followers my account started getting locked regularly. Each time the follower count dwindled down a little more. Now it seems as soon as I get to around 44,000 followers, something stupid happens and the account gets locked. It really is bizarre.

I honestly don’t know how much longer I’m going to put up with this nonsense. At the very least I’d like a reason as to why, or a reference to the offending tweet. Twitter offers neither. So, if you enjoy the news I post, my tweets, and like following my trades you may want to consider following me on one of these other platforms.

gab.ai/BitcoinDood…

www.minds.com…

Both the above platforms believe in freespeech, and neither censor their users content.

locked account on twitter

Twitter keeps locking my account. Not sure how much longer I’m going to put up with this.

Happy New Year From The Dood

Happy New Year.

Like many in the crypto space, I’m happy to leave 2018 behind. We started 2018 enthusiastic and hopeful, only to slowly watch the price decline over the entire year. Some of us took record gains, while others bought the top and watched as the value of our investments slowly dwindled over time.

This is how markets work. What takes years to build and tumble in the stock market happens in mere months with cryptocurrency. Now we play the waiting game. Looking at charts for levels of support, watching trade volume closely. All of us looking for some sign the bottom is in and the bear market is over.

I honestly expected a correction in 2018. It was inevitable. I expected a bottom around $10k and my worst case scenario was somewhere around $5K. I took some profits near the top, bought some new toys, re-furnished the house, then slowly bought the dips on the way down. It’s important to take profits in this game. It’s why we trade!

I bought the dips slowly and built my dream crypto portfolio. Watched as the price and value slowly dwindled. It was painful, but this is a long-term game. I continue buying, building, and waiting. That’s my game plan for 2019. Build strong positions in strong coins. What goes up eventually goes down but the reverse is also true. These are market cycles and nothing in this life is permanent including bull/bear markets.

Although I feel terrible for the people that bought into the media hype of early 2018. Better days are coming for the strong handed and brave. I’m going to look at 2019 as a rebuilding year for me. I’ll continue to look for strong projects, and continue to build my portfolio. Watch for levels of support and resistance. Swing trade when I can and continue to build BTC, USD, and alts. Now is the time to prepare for the next bull run. Those that take advantage of the bear market will reap the rewards of the bull run!

2018 was an incredible year filled with emotion. 2019 is the year of rebuilding. Stay positive, stay focused, and always look to the future with optimism. Wishing you all a healthy, prosperous and happy 2019! Happy New Year from The Dood! Let’s make crypto great again and make 2019 another great year to remember!

Cryptocurrency Is Far From Dead.

The bear market has turned a lot of cryptocurrency believers into crypto doubters. “Crypto is dead” they tweet and exclaim every chance they have. “We’ll never come back!” shout the doubters. “I told you it was a bubble!” shout the skeptics. If you’re paying attention though, it’s obvious that they’re wrong. Here’s why.

First lets define a dead coin. To me a dead coin is a coin that 1) has no active dev or ongoing work or maintenance. 2) Community support for the project has completely died. 3) The blockchain no longer works for transactions. Once a coin meets these three criteria, you can safely declare the coin is dead.

 Most coins in the current crypto market don’t meet this definition. For the most part, most coins on reputable exchanges are alive and well. They have active devs, strong community support, and the blockchains are doing exactly what they were designed to do! In the greater scheme of things, as long as two people are trading a coin, and that coin has some form of intrinsic value to them, you could say the coin is still alive and well.

Although market caps have lowered for most coins, if you look at the top 100 cryptos on coinmarketcap or livecoinwatch you’ll see there are still several people actively trading the top 100 coins and many others coins too. People are trading.

As hard as it may be for some to believe, new people are still finding an interest in cryptocurrency. “What is bitcoin” was a top search term for google in 2018. On top of all that, a study out of Cambridge announced that cryptocurrency users have doubled in 2018 with over 35 million active users by ID. It may not be mass adoption, but were still moving in a really positive direction! People are interested in cryptocurrency and our numbers continue to grow.

With all this said, I was bitcoin’s biggest skeptic when I entered towards the end of 2013. I’m still a bit skeptical but I really want to believe. With crypto a better world is possible. Still, I scan the headlines daily searching out clues of it’s demise. I tell you now, I’m not finding them. Quite the opposite. As the price continues to decline, I continue to see incredible headlines, that make me believe we’re still heading in the right direction. Institutional investors are taking an interest. Wall St. continues to take an interest in “Blockchain” technology. Companies like Ripple & XRP are starting to get noticed by banks. Coinbase users can now make deposits directly into their PayPal accounts. IBM and Stellar are accomplishing big things. If you scroll the headlines, and see through the hype, the evidence is out there. Cryptocurrency is alive and well and far from dead!

I have no idea when the bear market will end. I do know however that bitcoin and cryptocurrency in general is far from dead. I’ll even take it a step further. Not only is it alive and well, it very well may be stronger than it has ever been before. We haven’t even scratched the surface yet people. This thing continues to grow, new uses are constantly being discovered, and like the early internet and email, eventually cryptocurrency will just be a part of our everyday life. Till then, there’s going to be highs and lows but before you scream “The sky is falling, the sky is falling” take a good long look at the headlines. Look at all the positive news. Look at the market caps and the amount of people trading. Watch our user numbers grow! These are not signs of death, but the birth pains of a new and growing technology! This is not an obituary, this is a celebration of life, the evolution of finance, and the birth of a new technology.