Bitcoin, the flagship of the crypto-currency revolution. A revolution that has lost its way.
A de-centralized currency, free from the influence of state control now sits waiting, ney begging, for the established institutions of financial greed to be its saviour. Cap in hand to the SEC in some vain hope of capital injection through ETFs.......Kind of ironic don't you think.
And why has this come to pass?
SEC and ETF
Does anybody really believe that the SEC is going grant licence to allow the investment houses of America to go play in Westworld. There you go....go play with your clients and money in an unregulated quagmire where you can do anything you like, manipulate the market to your best ability and win lose your clients money with no recourse to anyone......thats really going to happen?.....NOT!
The Cost of Mining
I also see a lot of posting that $5800 is the bottom because it wont drop below the cost of production. Thats a big LOL for me.
The big boy mining operations are mining closer to $3000 a coin than $6K.....and whoever said the price of BTC couldnt go lower than the cost of production?....Every other commodity on the planet goes through periods where the price drops below cost. The consequences of such things is that mines are shut down. People go bankrupt. Commodities becomes rarer and price rises...In BTC terms, shutting down the mega farms...or some of them at least and raising the hashrate might bring back the rise of the little guys trying to make a few bucks with a couple of miners and some solar panels in the backyard....kinda what it was about in the first place.
Low Volume to No Volume
A decentralized currency was supposed to be about the decentralization of power. Unfortunately, but not surprisingly, all that has happened so far is that the power in the crypto market has shifted from one set of greedy buggers to a new set of greedy buggers. And the new set dont have any rules in place. They are here to take your money plain and simple.
As volumes continue to decline, I muse that if they continue to follow the same path, the best outcome would be that the self proclaimed importants in the crypto world will end up with all the Bitcoin. Worth absolutely zero....not so important then....eh
Back to Basics.
Crpto currency relies on one thing.....mass adoption by Joe public. It started to acttract the publics interest in 2017, but failed to hold its interest and the bubble burst. It needs to get back to the little guy. It needs to get back to basics. Store of value, medium of exchange. It needs to get back to being what it was supposed to be. The lack of imposed regulation is just a sign that the powers that be think that the greedy will kill crypto by themselves.
If you see a guy shoot himself in the foot enough times....you don't need to send in the police to disarm him....just wait til he bleeds to death.
Waiting
So we sit and we wait. And we wait. I have to say its getting a little tiresome. Low volume markets being held up by bots and greed. If they had let the bubble burst when it should have, we could have been half way through the accumulation phase and headed for a brighter future by now. But no....got to milk every last drop. So we sit and we wait. End comes with capitulation phase....cliff falling, screaming, People jumping out of windows, 1928 style (please dont try that at home). Til then and only then will this believer in crypto look to reenter the market.
The Crypto Media
I almost forgot...the funniest thing about crypto has to be the propaganda media...anyone new to this space and industry....the cryptocurrency media are the funny pages of financial journalism. Ive yet to find one that hasnt made me laugh at one time or another....
Happy Trading...(Written in boredom, for own amusement, while we wait.)
A de-centralized currency, free from the influence of state control now sits waiting, ney begging, for the established institutions of financial greed to be its saviour. Cap in hand to the SEC in some vain hope of capital injection through ETFs.......Kind of ironic don't you think.
And why has this come to pass?
SEC and ETF
Does anybody really believe that the SEC is going grant licence to allow the investment houses of America to go play in Westworld. There you go....go play with your clients and money in an unregulated quagmire where you can do anything you like, manipulate the market to your best ability and win lose your clients money with no recourse to anyone......thats really going to happen?.....NOT!
The Cost of Mining
I also see a lot of posting that $5800 is the bottom because it wont drop below the cost of production. Thats a big LOL for me.
The big boy mining operations are mining closer to $3000 a coin than $6K.....and whoever said the price of BTC couldnt go lower than the cost of production?....Every other commodity on the planet goes through periods where the price drops below cost. The consequences of such things is that mines are shut down. People go bankrupt. Commodities becomes rarer and price rises...In BTC terms, shutting down the mega farms...or some of them at least and raising the hashrate might bring back the rise of the little guys trying to make a few bucks with a couple of miners and some solar panels in the backyard....kinda what it was about in the first place.
Low Volume to No Volume
A decentralized currency was supposed to be about the decentralization of power. Unfortunately, but not surprisingly, all that has happened so far is that the power in the crypto market has shifted from one set of greedy buggers to a new set of greedy buggers. And the new set dont have any rules in place. They are here to take your money plain and simple.
As volumes continue to decline, I muse that if they continue to follow the same path, the best outcome would be that the self proclaimed importants in the crypto world will end up with all the Bitcoin. Worth absolutely zero....not so important then....eh
Back to Basics.
Crpto currency relies on one thing.....mass adoption by Joe public. It started to acttract the publics interest in 2017, but failed to hold its interest and the bubble burst. It needs to get back to the little guy. It needs to get back to basics. Store of value, medium of exchange. It needs to get back to being what it was supposed to be. The lack of imposed regulation is just a sign that the powers that be think that the greedy will kill crypto by themselves.
If you see a guy shoot himself in the foot enough times....you don't need to send in the police to disarm him....just wait til he bleeds to death.
Waiting
So we sit and we wait. And we wait. I have to say its getting a little tiresome. Low volume markets being held up by bots and greed. If they had let the bubble burst when it should have, we could have been half way through the accumulation phase and headed for a brighter future by now. But no....got to milk every last drop. So we sit and we wait. End comes with capitulation phase....cliff falling, screaming, People jumping out of windows, 1928 style (please dont try that at home). Til then and only then will this believer in crypto look to reenter the market.
The Crypto Media
I almost forgot...the funniest thing about crypto has to be the propaganda media...anyone new to this space and industry....the cryptocurrency media are the funny pages of financial journalism. Ive yet to find one that hasnt made me laugh at one time or another....
Happy Trading...(Written in boredom, for own amusement, while we wait.)
Comment:
Just being looking at the Top 7 orders for BTC BCH LTC ETH on Bitstamp.....there isnt an order in the Top 7 that is real....you cant see a price you could sell BCH for or LTC for that matter...that cant be good!