Cboe Bitcoin (USD) Jan 2018 The First Few Days

This Bitcoin futures chart is just a few days old, and it would take weeks for the patterns fill out better. I don’t plan on making Bitcoin as part of my regular postings, but I will comment on Bitcoin about it’s mania status. I made a big mistake starting with a large degree sequence, as Elliott Wave doesn’t work that way. We have a wave zero starting location back in 2010, and we have a maximum of 5 waves in Minor degree.  Even then we may only be in a wave 3 of Minor degree, if it does not implode in the next few weeks.

They figure there will be close to 500 different ICOs (Coin offerings)  by the end of this year. This makes the dot.com bubble of 2000 look pretty tame, when compared to Bitcoin. The only reason Bitcoin is this high is because miners are hoarding Bitcoins.

The Inside Story of Mt. Gox, Bitcoin’s $460 Million Disaster | WIRED

I lost my Bitcoins when raiders hacked the Mt Gox exchange, and I see the same things happening today. Bitcoin bank robberies, hack jobs, and stealing wallets does not work well as an investment platform. I have calculated $3500 price drops in just 4-6 hours, so nobody in their right mind would hold a so called asset class with this much instability. The futures contract above (XBTF8) has seen low interest, as smart futures traders are staying away. 

Bitcoin charts with this contract is different than the Bitcoin charts I have been using as Bitcoin prices from the Coindesk site is heading for another record high.   

The Gold/Bitcoin ratio from about a year ago has surged from about 4:1 to a stunning 14:1 ratio. As of today it takes 14 ounces of gold to buy one Bitcoin. This may even become more insane in the weeks to come.