DASH - It's in my Core and It's all About WEED!
Updated
Dash has been a core holding since day one. As an original Fork to Bitcoin I like it's pedigree. It's like race horses, you always want to know the pedigree before buying. But not only this Dash has had market penetration for a while, and they continue to go after it while others are still trying to get a wallet to market. They have a name brand and are used by many merchants and are common in BTC' ATM's. (at least in the ones I've seen). They have a huge presence in Europe which is one of the reasons we will be adding it to our payment processing at our restaurant. So it's no wonder I've added this as a core holding, and looked to add more on the dip, and have.
But then this morning one of our followers sent me a link to this page. cointelegraph.com/news/digital-currency-looks-to-solve-cannabis-industrys-cash-problem
Anyone knowing anything about the cannabis business in the US knows that it is still illegal according to the federal government. Therefore banks will not allow them to open an account up. This creates a problem as this is a multi billion dollar industry. The solution is obviously cryptocurrencies and we have seen several, hemp coin, weed coin, cheech in chong coin, ok there are a lot and too many for me to list. But non are mainstream and non have market penetration to a point where I would say, THAT'S THE ONE I'M INVESTING IN. Until now.
Looks like Dash is the answer, and I love teams that see a niche and move quick to fill the niche. Since banks cannot accept payments from the cannabis industry they are left taking good ole cash. Well this creates a storage issue. Here comes Dash that is self funding a payment option to integrate DASH as a payment option for their POS systems. Several Vendors have also pumped in monies to invest in as well so they too have skin in the game. This could be a lock for DASH to be the true digital currency for the hemp business, and this is not a small one it's worth billions!
But let's look at the chart as well. The correction from the last impulse wave corrected to the nickel at the 0.786 fibb number. From there we had another impulse rally and the correction from that also came within a few dollars of the 0.786 fibb number (shown in green). Well that impulse rally (in red) led to another correction and again we came within a couple bucks of hitting the 0.786 retracement level. (see a pattern) Also if we take a look at the first impulse rally after the correction it was made up of 5 waves. It appears we could be following this same path having completed the first wave and looking to complete the 2nd. Now the 0.786 retracement from the last correction is around $346.
So How am I playing this. Well DASH' is a long term holding so I will go ahead and add some more Dash' at this point plus another 50%. So if I'm buying 10 for the long term, I'm actually going to buy 15 coin. When and if we get to $346 I will sell those 5 coins. What that does if it works, is provides a cost average of $30 less per coin on the 10 i'm buying for long term. NICE! Of course I'm willing to hold on to the coins, and this may not happen overnight. But I like the coin, I like they have market penetration, and I like that they are actively pursuing new lines of revenue for us coin holders.
I do not see Litecoin or others being as aggressive, maybe I'm missing something, and this may result in me reducing my litecoin core down and spreading it among BCH' and DASH in the future, but it's too early to do that now. I want the best in breed in the payment space, and it appears BCH' and DASH are putting themselves in the position to be the Visa and MasterCard of cryptos.
I have mentioned over and over, you want good product, first to market, market penetration, and a good team! I'm really seeing this with DASH!
But then this morning one of our followers sent me a link to this page. cointelegraph.com/news/digital-currency-looks-to-solve-cannabis-industrys-cash-problem
Anyone knowing anything about the cannabis business in the US knows that it is still illegal according to the federal government. Therefore banks will not allow them to open an account up. This creates a problem as this is a multi billion dollar industry. The solution is obviously cryptocurrencies and we have seen several, hemp coin, weed coin, cheech in chong coin, ok there are a lot and too many for me to list. But non are mainstream and non have market penetration to a point where I would say, THAT'S THE ONE I'M INVESTING IN. Until now.
Looks like Dash is the answer, and I love teams that see a niche and move quick to fill the niche. Since banks cannot accept payments from the cannabis industry they are left taking good ole cash. Well this creates a storage issue. Here comes Dash that is self funding a payment option to integrate DASH as a payment option for their POS systems. Several Vendors have also pumped in monies to invest in as well so they too have skin in the game. This could be a lock for DASH to be the true digital currency for the hemp business, and this is not a small one it's worth billions!
But let's look at the chart as well. The correction from the last impulse wave corrected to the nickel at the 0.786 fibb number. From there we had another impulse rally and the correction from that also came within a few dollars of the 0.786 fibb number (shown in green). Well that impulse rally (in red) led to another correction and again we came within a couple bucks of hitting the 0.786 retracement level. (see a pattern) Also if we take a look at the first impulse rally after the correction it was made up of 5 waves. It appears we could be following this same path having completed the first wave and looking to complete the 2nd. Now the 0.786 retracement from the last correction is around $346.
So How am I playing this. Well DASH' is a long term holding so I will go ahead and add some more Dash' at this point plus another 50%. So if I'm buying 10 for the long term, I'm actually going to buy 15 coin. When and if we get to $346 I will sell those 5 coins. What that does if it works, is provides a cost average of $30 less per coin on the 10 i'm buying for long term. NICE! Of course I'm willing to hold on to the coins, and this may not happen overnight. But I like the coin, I like they have market penetration, and I like that they are actively pursuing new lines of revenue for us coin holders.
I do not see Litecoin or others being as aggressive, maybe I'm missing something, and this may result in me reducing my litecoin core down and spreading it among BCH' and DASH in the future, but it's too early to do that now. I want the best in breed in the payment space, and it appears BCH' and DASH are putting themselves in the position to be the Visa and MasterCard of cryptos.
I have mentioned over and over, you want good product, first to market, market penetration, and a good team! I'm really seeing this with DASH!
Note
Came so close to the $346 target price, I think we get another chance today! Of course if you added a trade Then you are up there is no harm in taking some off the table right here, But since we are in the money and the alts are moving I think it's possible we hit $350+ but I will look to exit the trade around $300-$310 so I made money regardless!
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