JackMush

We've reached peak Greed & Delusion

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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* Switched off log chart for added effect *

tldr: I'm selling a bit each day on the run up to christmas, regardless of price.

For anyone who follows me, you'll notice I had a set target in my previous chart - and then before we went for our next bull run, I quickly added an update saying I had no idea how high it was gonna go, and you probably shouldn't short. I still don't know how high this is gonna go. It could go to 20 or even 30k.

That being said, I am selling a little each day. I figure selling by day regardless of price is the best way to get out at this point.

wow

Now, let's have a look at this baby, should we? There are only a few bitcoins in the entire world, so I guess they are extremely rare and everyone wants one, right? They are so great, after all.

However, the fud has started rolling in, and no one is taking notice, the last time it went up on bad news (China ban) was the run to 5k, then everyone was like 'oh shit, China is banning' and a lot of those bulls got shaken out and liquidated.

Current bad news:

- Steam has stopped accepting bitcoin , "too volatile"
https://cointelegraph.com/news/steam-stops-accepting-bitcoin-payments-citing-extreme-volatility-fees
- Commodity king doesn't want to trade it, "too scared"
https://cointelegraph.com/news/dennis-gartman-still-wont-buy-bitcoin-scared
- Big banks don't want anyting to do with the futures , some of them not even listing it or only giving partial functionality
- Network backlogged as fuck
- South Korea bans bitcoin futures
https://news.bitcoin.com/south-korean-financial-regulators-ban-bitcoin-futures-trading/

And, most importantly:
- No one is actually using Bitcoin .
https://www.theguardian.com/business/2017/dec/02/bitcoin-is-it-a-bubble-waiting-to-burst-or-a-good-investment

In Asia, there is already digital cash used by everyone, it's just centralised. That doesn't matter, because people only care about efficiency. Until Bitcoin is cheaper, faster and more efficient to use, more user friendly - and easier to obtain, no one is going to care about it outside of just being a speculative instrument to make everyone rich.

We have reached the point where people are buying the dips caused by these news bombs, driving it to new highs. Not only that, but even saying that you are bearish gets you laughed at. Just because this may go another 2 or 3x before crashing, it doesn't mean there's something wrong with someone who wants to get out. Sure, I could wait until 25k and sell everything there, maybe make an extra few hundred k, but I can make that another way. Bitcoin has been poisoned by 12 year old kids on trollboxes everywhere, who will eventually end up in the tears of their broken 10x long on bitmex.

There are also twice as many longs as shorts (maybe even more) on bitfinex. Bulls are hoping for a short squeeze, but right now, even if every short was squeezed on bitfinex, the price wouldn't go much higher.

The end.
alt coins waiting for their turn to shine in case bubble bursts
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18 december wall street on btc: back to 3-5k then up to 50k because on wall street everything becomes a bubble
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"- Network backlogged as fuck"

"Until Bitcoin 6.62% is cheaper, faster and more efficient to use, more user friendly"

are you following the news?

https://www.reddit.com/r/Bitcoin/comments/7hzdda/lightning_protocol_10_compatibility_achieved/
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JackMush erelerel
@erelerel, well yes, my whole post is about news and I link several articles. This growth is unsustainable even with lightning, and that's not gonna make steam and such start using it again.
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erelerel justjohnpark
@justjohnpark, who cares? people are buying bitcoin as a "store of value".
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@erelerel, people are buying bitcoin with their eyes closed right now
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Couldn't agree more. Bitcoin is useless really. Purely fomo driven price action for at least the last 6 weeks. The music is going to stop soon.
+1 Reply
I agree 100%! Doing the same thing.
+1 Reply
Great points, thanks Jack.
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