So I've had a pretty rough week lol shocking losses truly shocking, after months of losses, more losses. But I laugh in the face of death MWUHAHAHAHAHA!!!! I've been reading the Hagakure, and it says (paraphrasing) "to truly live, you must be one with death"
Ok, to the analysis:
The whales, more than anyone else, want and EXPECT Bitcoin and crypto to grow and thrive. They have more information than you or I, they have more information analysis than you or I, and they know the playing field more than you or I. Everything that happens in crypto is decided by them. Everything the market (you or I) is feeling is decided by them. Small amounts of people own massive amounts of bitcoin and they have laid the infrastructure for the influx of new capital. Why I ask you, have they decided to take a big ole dump on the price?
In a fundamental view there is no freaking reason. A new recession is coming, crypto is being accepted more and more by world governments and people. Crypto was born in the 2008 recession, and it will serve as the best financial defense against NEW recessions in the future. ETFs are coming, upgrades are coming, blah blah frickedy blah lol
The question is: why do they desire a lower price? The answer to that is much more complicated.
I think a huge reason is they desired to push the scammer ICO @ssholes out of the market. These people accumulated huge sums of BTC and ETH, and having huge sums of crypto in the hands of undesirables like these scammers is not good for the crypto market as a whole. So, crush the market with a couple well placed massive sells, and scoop up the loose ETH from these idiots before the big boom again sounds like a reasonable plan to me.
I think many of the new speculators are investing in crypto now because of the clear parallel to the boom we had last year at around this time. People buy NOV 1 2018 expecting to see the same returns as buying NOV 1 2017, also a logical, cheap, and easy supply of dirt cheap crypto.
Also it is very possible they are waiting for a blood in the streets scenario in the stock market (which is rapidly approaching lol) before they allow the price to POP again. If the stock market is down 10%, and bitcoin is up 20% you will quickly see MANY investors FOMO-ing out of control, with throbbing erections grazing their buy buttons lol.
All of this makes sense to me. I am very glad that this didn't hit at the end of the month because I would have to sell a portion for my rent, but whatever happens in the middle of the month I do not give a GDMF $hit lol although losing as much money as I have last week definitely had an effect on me. What helps me is knowing that whatever emotions I am feeling about my portfolio are the exact emotions that the whales WANT me to feel. I must operate with that knowledge and make logical clear-minded decisions ;)
I transferred almost half of my XRP into ETH just now. I've made other small moves also during these crises, but my portfolio is set for the big impending bounce. I WILL BE READY!!!!! I also told my mom to buy btc right now. There will (probably) not be a better time to buy again.
BTW I sold half my ripple at .49 ( I just barely snuck by the recent correction :) ) I like trading in Europe I get to suck up Asia's mistakes lol
P.S. I just recently watch a Tosh.0 episode where he had a bitcoin whale on the interview portion. The confidence and calm that guy had when he told a dubious Daniel Tosh that there was no question bitcoin will reach 20k again has helped me deal with the rush of negative emotions that my portfolio has been giving me.
P.P.S my bch took a huge dump, but the smoke hasn't cleared yet, and that Craig wright guy sounds like the biggest fool this side of the Mississippi.
BTC 11,7 %
ETH 46,8 %
BCH 13,1 %
LTC 11,2 %
XRP 14,8 %
BAT 2,3 %
One thing that always comes up is the death of bitcoin; the death of crypto. Everyone who has predicted the death of bitcoin (up to this point) has been wrong. It is a favorite thing to do for bankers and lay people all around. What is truly amazing is yesterday we passed the price point where Jamie Diamond (I think that's his name CEO of JP Morgan) said that bitcoin was a scam ($4800).
From every logical standpoint bitcoin and crypto are the strongest they have ever been fundamentally (miners, institutional awareness with the beginnings of acceptance, exchange power consolidation and legal regulation).
The idea that ETH or bitcoin will both go to $20 again boggles the mind. If BTC and ETH/ all of crypto had ANOTHER 98% price cut on top of the current price cut. The giant machine of crypto currency would have to power down. All the invested parties would have to devalue, and there would be million of dollars of investment wasted on the (10 year long) "fad" that would have been cryptocurrency.
I find it hard to believe.
can we go lower? of course, it Is crypto and the whales control our fates lol
Do the whales want to go to a $1000 BTC or $20 ETH? I find it hard to believe billionaires would choose to become millionaires on purpose. On top of that the inflation resistant properties of cryptocurrency will be squandered going into a (highly probable) inflation heavy economic cycle going into the future.
This is the advice I am giving myself. Be patient, and stick to the plan. The wind is kind to the blossoms that are worthy.