2018 was a terrible year for a lot of people. A book , entitled “The rise and rise of bitcoin [BTC]” was published, and many people wet their toes in the crypto lake at it’s height.
Today we know that prices like those seen were largely based on hype, possibly by insider trading, price manipulation etc..
80% of trading, of investing is psychology; and what many hoped would now be a good year for crypto seems to be it’s death rattle.
A market is based on many things – crypto is far simpler. It’s use cases are there , but episodes such as today’s, and crash upon crash scare away the big players and institutional investors the crypto press is so fond of claiming are sitting at the table.
The purpose of crypto right now is to MAKE MONEY.
That has to be accomplished , and a steady yet sensible rise in valuation needs to be seen not only before anyone will take it seriously , and frankly the damage may be done there already , but also before mainstream adoption can/will take place.
NOBODY wants to lose all of their risk capital. Crypto has consumed many a poor fools capital assigned to risk that should never have been there to begin with.
Before any of these wonderful things can happen , a responsibility exists within the crypto community NOT to drive it into the ground.
Day trading, and scalp trading have replaced H.O.D.L. for a good reason, the year 2018 – irresponsible reporting, irresponsible claims and boasts by billionaire hedge fund managers , and I do not believe it is an accident.
Every time I see a headline that reads “bitcoin to hold steady at 4k,” for example, it crashes that very night.
Who controls the press?? Big money. They then step in at the bottom and take money from the smaller investors who haven’t learned that C.C.N., Nulltx , and others among the cadre of “Journalistic sources” that tell you about Novogratz at 20k by end of 2018, predictions by Tom Lee etc. are dead WRONG . They are to crypto news as the Enquirer is to real life news.
The galling thing is that they are believed even still, with new toys like a “confluence detector.”
If people had any faith in this market , and any desire to protect the world from economic globalization, and a day when the bank doesnt have your fiat currency, it WILL fail. We are looking at a globalized, centralized, digital fractional reserve system in the near future if this doesn’t stop happening , and the death of a noble endeavor, economic freedom , a way for the poor of countries with despotic rulers to retain and exchange currency. The death of freedom, and a looming economic crisis the likes of which have never been seen.
Good luck.
fortuna adiuvat.
Published at Sun, 13 Jan 2019 19:22:11 +0000
