By now everyone knows the story on how bitcoin came to be. An anonymous creator releases it into the wild. It lays low then out of nowhere it takes off and you've missed out. The best to to buy was in the past. But you bought anyway.
If bitcoin is going to be the future, then any market price in the present is a bargain. It runs up, takes over the news cycle, 10% gains week after week, after week.
THIS IS IT. Mass adoption finally withing grasp. You buy more.
But who are you buying from?
Bitcoin touted several potential use cases.
- Decentralized currency
- Decentralized banking
- Store of value
Crypto was birthed onto the scene in 2009. It is now 2023. Bitcoin has not proven itself to be capable of fulfilling any of these use cases. Nobody uses it as a currency, or store of value because of it's volatility. nobody uses it for banking because code is law which is terrible for banking. Most people do not want to be solely responsible for their life's savings. They want someone to yell at when it goes missing.
And it doesn't work as a store of value either because of said volatility. or The crypto space has been rife with fraud, mismanagement, undisclosed risk, incompetence, etc etc. These are simply the facts. I wanted bitcoin to be what it claimed it would, but belief is not reality.
It is an unregulated market, Wallstreet could only DREAM of such a gift. Decentralization sounds great but its reallly bad for the small fish, this isnt because of decentralization necessarily, but because of lack of regulation. And you can do crazy things with an asset when you have an outsized control of its supply. You likely do not have enough capital for this to be beneficial to you.
The culture in the space works perfectly for this.
With a "HODL" culture, those with the majority of holdings in crypto know they will always have willing participants to the other side of their sell position.
Here is a fact:
just over 2% of all active Bitcoin addresses held over 95% of the circulating supply of Bitcoin. This means that a small number of large Bitcoin holders, commonly referred to as "whales," control a significant portion of the overall Bitcoin market. (Coin Metrics 2021)
If you think it is a coincidence that bitcoin sold off from a perfectly flat meme number (69,000.00) then I don't know what to tell you. The run up to 69K was completely fabricated, whales roundtripping back and forth pushing price up to cash out and sell to... well sell to you. And they will NOT buy back in until you capitulate. So if you are holding the bag buy a sling for it because your arms might get tired.
Anyway, that's enough of a rant, I see bitcoin moving up to the monthly FVG and dancing around for a bit before ultimately falling to new lows. We are unlikely to see a new ATH in anything less than 2 years. I will not be participating.
If bitcoin is going to be the future, then any market price in the present is a bargain. It runs up, takes over the news cycle, 10% gains week after week, after week.
THIS IS IT. Mass adoption finally withing grasp. You buy more.
But who are you buying from?
Bitcoin touted several potential use cases.
- Decentralized currency
- Decentralized banking
- Store of value
Crypto was birthed onto the scene in 2009. It is now 2023. Bitcoin has not proven itself to be capable of fulfilling any of these use cases. Nobody uses it as a currency, or store of value because of it's volatility. nobody uses it for banking because code is law which is terrible for banking. Most people do not want to be solely responsible for their life's savings. They want someone to yell at when it goes missing.
And it doesn't work as a store of value either because of said volatility. or The crypto space has been rife with fraud, mismanagement, undisclosed risk, incompetence, etc etc. These are simply the facts. I wanted bitcoin to be what it claimed it would, but belief is not reality.
It is an unregulated market, Wallstreet could only DREAM of such a gift. Decentralization sounds great but its reallly bad for the small fish, this isnt because of decentralization necessarily, but because of lack of regulation. And you can do crazy things with an asset when you have an outsized control of its supply. You likely do not have enough capital for this to be beneficial to you.
The culture in the space works perfectly for this.
With a "HODL" culture, those with the majority of holdings in crypto know they will always have willing participants to the other side of their sell position.
Here is a fact:
just over 2% of all active Bitcoin addresses held over 95% of the circulating supply of Bitcoin. This means that a small number of large Bitcoin holders, commonly referred to as "whales," control a significant portion of the overall Bitcoin market. (Coin Metrics 2021)
If you think it is a coincidence that bitcoin sold off from a perfectly flat meme number (69,000.00) then I don't know what to tell you. The run up to 69K was completely fabricated, whales roundtripping back and forth pushing price up to cash out and sell to... well sell to you. And they will NOT buy back in until you capitulate. So if you are holding the bag buy a sling for it because your arms might get tired.
Anyway, that's enough of a rant, I see bitcoin moving up to the monthly FVG and dancing around for a bit before ultimately falling to new lows. We are unlikely to see a new ATH in anything less than 2 years. I will not be participating.
Let the algo show you its hand.