PERSPECTIVE JP Morgan CEO says "crypto is a ponzi scheme", meanwhile they have their own Bitcoin fund...
Yesterday we had the meeting of most evil people at the house of even more evil people. Bank CEOs met at Capitol hill to testify for various instances. Crypto was not that big on the program but we still had some statemets about it. The most meaningful one was the JP Morgan CEO saying that cryptocurrencies are a "decentralized ponzi scheme", whateer that means...
So you can see that JP Morgan was speaking full-on against crypto. While their actual actions are something else... Already in 2021 they launched their own Bitcoin fund for private clients and just like other investment banks they were expanding crypto too.
Either they are trying to behave good in front of the government or they are lying to us. But it's clear that institutions can not be trusted as they will change their opinion according to the people they talk to.
PERSPECTIVE Ethereum's 99.95 % drop in energy usage will be equal to 15 big nuclear reactors, or 11 000 wind turbines
The Merge will reduce Ethereum's energy impact by up to 99.95 %. That's over 110 TWh of energy saved annually, or 110 billion kilowatt-hours, equal to the annual energy output of over 15 big, 800 MW nuclear reactors. Assuming that the reactors are never taken offline :)
Wondering how many wind turbines that is? In the US, the mean capacity of wind turbines is 2.75 MW: large, off-shore wind turbines can have production capacities of up to 8 MW. The typical capacity factor is 42 %.
This means, that Ethereum's energy savings are equal to the annual production of almost 11 000 wind turbines.
Nuclear: 110 TWh / (800 MW * 24 h * 365) = 15.7
Wind: 110 TWh / (2.75 MW * 24h * 365 * 42 %) = 10870
PERSPECTIVE I don't care if the bottom might not be in yet, these are prices people wished for last year and it's right in front of our faces
Completely aware that the macroeconomic conditions are terrible right now, but I am not wasting this opportunity to layer into the market. I remember in October when Bitcoin was peaking its head above the all time high and instead of going higher we went sideways for a whole month in anxiety. Then we dropped, and spent the entire first quarter bouncing around the 30-40k range. It was exhausting, and I was only hoping for it to finally rip the band-aid off and go whichever direction it was going to go. I looked back and wished I was around to buy back in the bear markets of 2018-2019 instead of dealing with higher valuations and anxiety. It's easy in hindsight, but I wished I could
And now I feel like that opportunity is in my hands. We've dropped, and we can go much, much lower than this. But this is plenty good for me to DCA in weekly, I haven't sold any of my crypto since I got in early last year (why would I, it's at a loss). Going to hold onto it for the long term and see what happens.
In an alternative world if Bitcoin did pop up and went above $100k last year, I wouldn't have made nearly as much profit if it wasn't for a bear market instead like what we have to buy some more. I am happy to be around all this fear.
PERSPECTIVE This is a bad look for crypto, Hours after the passing of Queen Elizabeth over 30 new tokens created.
It's a bad look for crypto when mere hours after the passing of the Queen Elizabeth already over 30 new tokens on Binanace Smart chain and Ethereum have been launched.
most of them don't have any liquidity or transactions but I did find one that was created six hours ago and has over 1,300 transactions with $4,000 in liquidity.
Most here already know that these are shitcoins that will soon pull the rug on any one who puts money into them but from the outside looking in the average person is Judging all of crypto by these tokens.
Crypto will continue to be judged by the worst among us, events like this only helps to bolster the hate that many feel towards crypto.
Cryptos strength is Decentralization but it's also it's biggest problem.
TLDR: creating shitcoins of Queen Elizabeth's death makes all of us look bad.
PERSPECTIVE The recent crypto carnage is brutal, but love him or hate him, Buffett’s got this one right: “Investing is a device to transfer wealth from the impatient, to the patient.” With crypto markets as they are, this is important.
The crypto space obviously isn’t in the best shape at the moment, and I think the sell-off post merge has caught people off guard in particular, as it certainly has been a focal point for some time.
In times like this, I think perspective is important, and I like Buffett’s words on the matter.
Warren ‘Big Belt’ Buffett, the world’s most successful investor. I’m guessing that’s what his friends call him, I would with that last name.
Anyway. His name creates a little binary divide, some hail the man as an investing genius and others here believe him to be out of touch. I think he’s a bit of both personally.
Regardless, the man’s made some cash. And one quote that I do love that he once uttered was this one, which I’ve paraphrased to encompass all markets:
Investing is a device to transfer wealth from the impatient, to the patient.
Insightful, simple stuff. But by golly, ain’t it the truth! Some odd studies have found that the best investors are dead; they don’t sell their shit! No panic or fomo for the deceased, and it’s something to consider.
In any case, I think the general mental health of the sub has taken a battering, mine has at least, and it’s so important to consider that this is just a moment in time and that we’ve been here before, worse, but that patience is the only way to truly win this game.
Sincerely, someone who missed out on a cone.
PERSPECTIVE The Bank of England just repeated a similar bailout that potentially inspired the creation of Bitcoin.
On the 3rd of January 2009, The Times published a front page article with the heading "Chancellor on brink of second bailout for banks".
These words were stamped in the Genesis block of the Bitcoin blockchain.
While Nakamoto never clearly stated the meaning of the message, many have interpreted it as a reference to why Nakamoto developed Bitcoin: to cut out the banks and middlemen that he saw as corrupt and unreliable, electing to create a more people-driven currency.
It transpired the Bank of England provided emergency funding of £61.6bn to crisis hit banks at the height of the financial crisis.
On Tuesday night, the yield on any new long-term government borrowing had risen to 5% – the highest level since the global financial crisis of 2008. The rapid upward move in gilt yields had implications for mortgage rates, overdrafts, company loans and pension funds.
It plans initially to spend £65bn – £5bn a day – buying UK bonds until mid October.
The Bank has not paid for the bonds in cash, it has created the money with a guarantee from the Treasury, which means that every pound is covered by the taxpayer.
It's been pointed out that this money printing has predominantly been used to bail out the pension funds of the Boomers (58 - 76).
It's worth while pointing out everything that's happening in the UK is largely without a mandate from the British people. A group of politicians ousted the Prime Minister with one of the largest electoral mandates in history (13,966,454 votes).
It became clear that many had an agenda to further their own career. The replacement PM Liz Truss was voted in by just 81,326 members of the Conservative party. Now she's taking the country down her own completely new experimental financial path which is never appeared in any conservative party manifesto... crashing the gilt market and pound as she goes.
Things got so bad that another unelected, unaccountable party... the Central Bank of England.. undemocratically prints £60+ billion out of thin air to predominantly bail out boomers (of which there are many among them)... adding to the taxpayer tab to be paid off by subsequent generations going through their own cost of living crisis.
In short... thank fuck for Satoshi and Crypto. It may not be perfect but at least today there are freely open, transparent, democratic and decentralised alternative financial systems we can participate in should we wish. That's fair and true democracy.
In 2022 the Bank Of England has just repeated a similar styled money printing bailout that inspired the movement behind the worlds first crypto Bitcoin in 2008/9. Let's hope the actions of today's undemocratic financial and political elite, inspire a whole new generation to keep driving the decentralised financial revolution forward in the same way.
PERSPECTIVE The Second drop of Reddit Avatars might not be a great investment you think it's going to be
So The first drop of Reddit Avatars is all the rage, some users have been able to make 100X or 1,000X their original investment. The first Reddit Avatars are pretty close to selling out completely and everybody is eagerly awaiting the Second drop (if there is one) to buy them all up and repeat the great success that people have had so far, only there are a few possible issues you should consider before throwing all your money into Reddit Avatars.
The First collection took a couple of months to sell out.
Released on July 7th, Reddit collectible avatars took a while to gain speed. Fishy Foustling the highest sale for a Reddit avatar on OpenSea so far (6 ETH) didn't sell out until August 26th, almost five weeks after launch. see the list below for dates of the first collections to sell out
- The Assembler #170 - July 14, 2022, 1:23 a.m.
- B•E•N•O•T•A•F•R•A•I•D #777 - July 14, 5:29 a.m.
- The Hands #101 - July 14, 5:47 p.m.
- Diamond Diablo #100 - July 15, 4:38 a.m.
- The Eyes #1001 - July 16, 4:35 p.m.
- Golden Hands #100 - July 16, 6:10 p.m.
- The Mouths #200 - July 18, 8:28 a.m.
- Yami #100 - July 21, 4:30 p.m.
- Gummy #1 - July 25, 2:25 a.m.*
- Pounce Patrol #100 - July 28, 2:34 p.m.
- Yamata #1001 - July 29, 2:38 p.m.**
- Julia Jewels #150 - Aug. 9, 2:50 p.m.
- Battery Bot #100 - Aug. 12, 11:53 p.m.
- Kitsune #200 - Aug. 17, 9:07 p.m.
The Collections above are also the current avatars going for the most on OpenSea, with some like The Assembler or Diamond Diablo having very few listed.
Once something is seen as a collectible it quickly loses value
Once people start to see opportunity's to make money on certain collectibles, they quickly lose value as either to many are horded by buyers or the company making them releases to many which floods the market.
Examples of this are Beanie baby's which started off as regular toys with a limited supply, people started collecting them and reselling for huge amounts on the secondary market then the company produced so many and the general consumers bought up as many as possible to resell that both the markets quickly became over saturated and collapsed.
another example that we can look at are baseball cards and comic books, the ones worth the most are the ones that nobody thought to collect. first editions where the majority of the copies have been destroyed or lost are worth the most. Newer releases where people purchase them simply for the act of collecting or reselling don't reach the same level of value.
The First Avatars to sell out were bought by people who wanted to use them.
The collections above that sold out the quickest were not bought up by NFT speculators wanting to turn a profit but by people who genuinely liked the art and wanted to use the avatar as their profile picture, this limited the total amount that ended up on the secondary market and increased the value due to scarcity.
The collections that have sold out in the last week due to the hype are being bought up by speculators wanting to turn a profit, single accounts hold dozens of each avatar. This has caused these later collections to sell at lower prices for longer and possibly never reach the higher value of the other avatars.
I could be completely wrong about everything above
Other NFT collections are bought up with the sole purpose to be resold and some people seem to make a nice amount of profit off of them, so these could in time sell for large amounts of ETH simply because they are the first collection (maybe even the second collection). Reddit avatars also have some real uses as they can be used to customize your avatar by interchanging different parts and pieces to build a unique avatar that represents you. Another thing to consider is that 48K avatars in a userbase of 430 million is actually a pretty low amount, if only 1% of users really wanted to adopt these it would still be a potential market of 4.3 million buyers.
I'm actually quite bullish on Reddit avatars gaining value in time and becoming one if not the biggest NFT collections available, but at the same time wanted to share some of my concerns.
Not financial advice, remember to invest only what you are comfortable losing
We need legends, but not only positive ones like Nakamoto or Buterin (still early for him, but IMO he’s a positive hero until now).
Every new tech has his own history with established “bad guys” and “good guys”, and crypto is building its own narrative. Future documentaries and movies will be happy Do Kwon and scamcoins existed, along with more serious projects. We can’t be 100% conscious of history building itself while we live it, but we can try to learn from past techs. Computers started with giant IBM and some very little european companies, but IBM had almost all the market (do you see some similarities?) Then Apple, then Microsoft happened, along with dozens of big companies with a lot of credibility that went missing… and here we are. Was it easy to predict? Not at all. Does it creates a cool narrative with bad guys and dreamers? With thiefs and real enterpreneurs? Yes it does.
In my own view, Do Kwon is like the “Jessy James of crypto”. Of course he has done a ton of illegal things and keeps doing that, but dude… there’s a little part in every human that dreams to live that kind of “adventure”.
We are building a new kind of legends, but almost nobody is able to comprehend it while it’s happening.
Thank’s for reading.
PERSPECTIVE Are we about to have our final capitulation moment to mark the bottom? Yes, *IF* crypto history repeats itself
After 10 months since our all time high, we are without a doubt deep in bear territory. At the time of writing, Bitcoin is a little over 70% down at $19.5k and this week has been unsettling to say the least. It is difficult for Bitcoin to catch a bid. With the exception of some shitcoins, everything is (slowly) crumbling: Stocks, crypto, commodities, and gold. This is perhaps not surprising, as inflation is very high and so far not coming down despite interest rate hikes, energy prices are still very high, and there is a lot of fear and uncertainty in the market. The best performing major asset is the US Dollar (USD), and even USD is losing value quick due to inflation.
Is it about to get worse?
I fear that it is about to get worse before it finally starts getting better and I found some data *suggesting* that might be the case. As can be seen in the chart below, after about 310 days since the major peak, we are at the exact same percentage drawdown from all time high that we were in the 2017-2018 bear market and 2013-2015 bear market. A rather peculiar coincidence. Both times, the final capitulation moment was close. Although the difference between ~70% and ~84% might not seem large, from all time high this means we could drop about another 50% to around $10k.
But Beyonderr, crypto has not seen a recession and such economic turmoil, so what is the point of looking at past bear markets? Firstly let me say that it is a miracle that we are still at 20k from that perspective. Moreover, I dont think it is an entirely wasted comparison, given that the worse economic environment is partly offset by the high levels of institutional adoption we see every day. That said, obviously, we have no clue what a recession would do to crypto despite all the adoption. This market is too young.
Confluence in Stocks
There is confluence for the "one more drop" thesis if one has a look at stocks though - and this data is in a sense more relevant because stocks have been around much longer. Interestingly, we seem to be following the 2008 S&P 500 (SPX) bear market fracal to near perfection, as can be seen in the two charts below here. The similarity in the fractals is eery. Back in 2008, we also were also close to having our capitulation drop.
Lastly, the chart below shows a red line each time the Nasdaq dropped 4% or more. Such days tend to happen during capitulation moments. It is possible that similar to 2008 and 1987, we see several of these massive selloff days in a row. During bear times, 4% drops never happen in isolation, and we already had two days of 4% drawdown or more. This usually marks the bottom though as these days are rare.
If there is a final capitulation to mark the bottom, this will likely present an incredibly buying opportunity. Will this happen? Obviously we dont know because there are no guarantees, only estimates. But it isnt looking too pretty.
All I wanted to do was share some data, so you can make your own perhaps just a little bit better informed decision on how to move forward from here. Even if it gives some people a 1% better odds or a bit more money it would be worth it. Please dont base any decisions off of this post alone, there are plenty of arguments for why the bottom would be in (e.g. many bottom indicators of crypto are flashing). All I wanted to do was inform people who might find this relevant.
UPDATE 17 September: More confluence, as 216K Bitcoin has been sent to exchanges:
PERSPECTIVE Saylor: "It's not likely that the governments of all the world will just confiscate 90% of your crypto assets or your Bitcoin, but in fact it's a foregone conclusion that they're definitely going to confiscate 90% of your currency. It's happening at 1% or 2% a month right now."podclips.com
PERSPECTIVE I find it fascinating that there are people debating if this bear market could be the end of crypto; hint, it isn’t.
Naturally this perspective is limited to certain people, but it’s interesting to see how many people could consider this bear market territory to be the end of crypto.
Crypto has come a long way within the last decade and survived multiple bear markets. The early bear markets didn’t have much to lean on regarding the tech and backing of blockchain. In its infancy there just wasn’t much to the eco system - yet it survived.
In this bull run crypto received literal trillions in valuation as an asset class. Massive amounts of cash and innovation hit the space, ETFs have been created for trade on stock markets, and the world’s largest institutions even felt obliged to buy.
Crypto is in a vastly different position this bear market, and equally, will be better positioned than ever for the next bull run.
If you think this bear is the end, you’ll likely be the same people buying at the top next bull run. Crypto is here to stay now, the real question is how it consolidates itself as part of the world.
Inflation data just released few days again and we printed another 5% plus. That’s a red flag for any investor investing in a risky assets like crypto because it is 100% sure that the interest rates are going to go up again in the next FOMC meeting.
To me, I think this is a co ordinated rally for some whales to get their money out before the eventual dump. They want dump money to FOMO in so they can go out. I can’t see no other reason why inflation will go 5% up and with and expected .75 interest rate hike and crypto will be going bananas
TL DR: Market shouldn’t be going up when we have 5%+ inflation with expected .75 interest rate hike.
PERSPECTIVE Architect of The DAO leaves Ethereum after nine years, says it has turned into a circus of centralized NFTs, endless Ponzi schemes and illegal securities
Stephen Tual was one of the main designers behind The DAO in 2016. He sent an email last week to ethereum London meet-up that he is stepping down from running the meet-up and will be leaving ethereum for good.
“I cannot, in good conscience, continue to act like 'all is well' in Web3. As of August 15th, 2022, the 'blockchain' (or should I use the hedge-fund coined terminology 'distributed ledger'?) has turned into a circus of centralized NFTs, endless Ponzi schemes, illegal securities or turncoat sycophants pledging loyalty to the nearest regulator. I do not recognize myself in that space, not even one bit.”
He also posted a separate open letter lamenting how the concept of DAO itself has been turned into centralized pump and dump ICOs.
“A DAO is NOT an ICO where the creators "keep a cut" and generate 'artificial scarcity' to "pump and dump" while members are made to "hodl" - however, I'm sad to report it's what most have now become while continuing to use the terminology, just like a blockchain running on a single computer is no blockchain at all, or an NFT hosted on Amazon S3 is in no way decentralized in the least.”
He noted in the open letter that the DAO failure was caused by flaw in the ethereum programming language solidity leading to what's known as a re-entrancy attack exploiting recursive calling vulnerability. Re-entrancy attacks happen pretty frequently in ethereum and has led to cumulative losses of more then $4 billion over the last 5 years.
PERSPECTIVE You don’t need to “convince” nor argue with anyone to invest in crypto. It’s not some MLM, Pyramid scheme, Ponzi etc.. When they’ll be interested, they’ll ask.
I’ve seen a lot of opinions thrown out here, whether you should or shouldn’t tell your family, friends, neighbours about crypto.
The general consensus of this subreddit is always: “DCA and HODL!” Yes, the past already proved that it’s one of the best if not the best strategy out there. But do we really need to force this motto everywhere we go?
Shouldn’t we focus more on teaching them what crypto actually solves, how it can literally “change” or “transform” the world that were living it to a better place? One of the biggest benefits that crypto is offering to us, is that there will be no more total control of every aspect in our lives.
If these people will be interested in it, they’ll ask, and that’s time when we, crypto investors can try to direct them to the right way, and show them that crypto isn’t some get rich free quick scheme provided by Tai Lopez. Creating financial freedom from crypto or getting wealthy from it is only side effect.
Best action is not doing any action at all. No action, no reaction. People will get interested in crypto when major coins such as BTC or ETH will break ATH again..
Just my poor point of view. Have a nice day.
PERSPECTIVE Non fungible tokens, and Reddit collections in particular, will be successful because people love to display unique items online, as seen in gaming and forums for decades.
Non fungible tokens (used in full due to the post limit law) and Reddit’s recent collections, will be successful, and it’s because people just love to share their successes, rare items, and achievements, and have been doing so for a long time.
While a slightly biased audience, the Reddit community has been optimistic about the release of the avatars and collections, and rightly so in my opinion.
People love to share uniqueness with others, and we’ve done it for decades. From having a rare item in games such as World of Warcraft or CSGO, an achievement title to share with a username, a display picture or skin only offered for a limited time, or even going further back to having wearables that displayed rarity or status; people take pride in sharing and showing others what they have.
I think Reddit is an excellent example of a place where we will be able to develop this behaviour in a new way, with Non fungible tokens. We already offer flairs for a variety of reasons and proudly display them, and their addition contributes another aspect for users to exhibit rarity, success, or maybe achievements (in the future?)
The idea is young, but I believe the potential for Non fungible tokens has great promise, and Reddit may just reveal some of them.
PERSPECTIVE Is the FUD getting to you? Here is some absolute moonboy hopium charts to make you feel better
Fear, uncertainty, and doubt (FUD) is incredibly high nowadays.
The Fear & Greed Index is pretty much stuck at the extreme fear level. This makes sense: Inflation is soaring, there is war in Europe, currencies are quickly losing value, energy prices are skyrocketing, stocks are deep in the red, and our beloved cryptocurrencies are down over 70%. The bearish sentiment is so bad that the demand for shorts in stocks is at all time high, even though the key stock indices like the S&P 500 and Nasdaq are near/at support right now (200 weekly MA + low of 2022).
Do you need a pick me up? Do you need to remember what that beautiful bull market felt like? You have come to the right place. I scavenged the internet for some of the most hopium inducing charts that can help you feel a little better. Here they are.
1) Three "History Will Repeat" Cycle Charts
2) Two "Comparisons to the Past" Charts
3) Two "Comparison to Wyckoff/Stocks" charts
Just look at these absolutely gorgeous and hopium-inducing charts. Hopefully the moonjuice goes straight to your veins. I hope the charts make some of you forget about the troubling times and dream of a brighter future, full of pumps, green dildos, and lambos. Stay safe out there and remember, if you are feeling down, visit these charts again or take a break from the crypto space to return during greener times. Take care <3
PS. I found a bonus chart. Left Bitcoin 2018-2021 (Double Top) vs. Right Bitcoin Inverse Chart 2021-2022 (Double Bottom).
PERSPECTIVE One year ago, I gave my kids $100 each and asked them to pick three cryptos in a 40:30:30 ratio to track. I will give them all the profits their investment has earned when they turn 18. This is what they chose (and how its going).
One year ago, I made a post about giving my kids $100 in crypto and asking them to choose three cryptos each. I was asked by many in the thread to post a monthly update. I only have the time about every couple of months, so, here are the results after twelve months.
Also, all of the kids have since had birthdays, but I have left their ages at time of investment below for reference.
All of them were up more than 100% in my previous update six months ago.
M** (9yrs old, boy): ETH, THETA, ADA. Loss - 60%
A** (7 yrs old, girl): ETH, AAVE, CRV. Loss 52%
E** (4 yrs old, girl): UNI, ENJ, CAKE. Loss - 68%
Original Post from one year ago:
I have three kids, M**, A** and E**. I bought them each $100 worth of cryptos of their choice and will give them the entire investment when they turn 18. I let them make their choices based on whatever reasons they wanted. All I did was show them the top 100 list from coinmarketcap.
These are their allocations and reasons for each decision:
M** (9yrs old, boy): ETH, THETA, ADA. He really loved the black diamond and thought the other two had nice aesthetic designs.
A** (7 yrs old, girl): ETH, AAVE, CRV. She also loved the black diamond, the AAVE has her favourite colour and starts with the same letter as her first name, CRV has a pretty rainbow.
E** (4 yrs old, girl): UNI, ENJ, CAKE. She loves unicorns and therefore, loves UNI. The ENJ logo has a very pretty E for her name. CAKE because she loves pancakes.
PERSPECTIVE After the Bolivar (Venezuelan "currency") lost 25% of its value last week, 33 BTC were traded here (only LocalBitcoin stats) and now monthly minimum wage is around 16 USD!
Hi guys, as you probably know I'm Venezuelan "living" here, been posting these updates since 2018.
Last weeks exchange rate increased from less than 6 Bs. per USD to almost 8 Bs. per USD.
Monthly minimum wage has been a wild ride, from 1 USD monthly to 30 USD and now around 16 USD.
Average wage is around 100 USD monthly.
For weeks now the average BTC trade is around 30-35 BTC, remember this is only measured using LocalBitcoin not because I want, they are the only ones that make stat public. Binance, Airtm and Reserve are also used here. Years ago the value reached 2,000 BTC.
One BTC is around 160,000 Bs. (Bolivares) right now! Almost a year ago government removed by law 6 zeroes, so it would have been 160,000,000,000 "old" Bs.
People use crypto to escape Bolivares, also some people receive remittances from abroad like that, and miners to exchange they payments (as electricity is technically free).
PERSPECTIVE I don't get all the Panic around the current price of BTC. Remember! On this day 2 years ago the price of Bitcoin was 10,511$ - Four months later it rallied to 40,797$.
On this day exactly 2 years ago, the price of Bitcoin after months and months of sideway movement had a price of 10,511$...a month later it started a rally that marked the beginning of the last bull run, reaching 40,797$ on January 8th 2021...and I don't need to tell you, as you all know what happened after that! It managed to reach its ATH at 68,789.63$
So only 2 years ago we had BTC sitting at just above 10k and yet everybody is right now panicking on the fact that BTC is sitting just below 20k. Ok, we have to blame the media and these "analysts" who are constantly predicting a apocalypse.
Remember, things in crypto can change very very fast. Just two years ago we have witnessed what can happen in just a couple of months, where we all see a 400% upside movement from the biggest and largest marketcap coin in this space.
Take it easy with the FUD around the price of BTC and other larger coins. Just do your DCA and stop panicking. We are still far better off than we were on this same day exactly 2 years ago!
PERSPECTIVE $10T asset manager BlackRock is apperantly allowed to have a private fund with spot Bitcoin. But the SEC does not approve a spot ETF still?
BlackRock, the asset manger with about $10T in clients assets, has just said that it will release a private fund for its clients to have actual spot Bitcoin. Meanwhile we are not getting a spot ETF approved by the SEC. How are those people buying at BlackRock any better than normal retail investors?
Having BlackRock go so offensive with Bitcoin and offering it openly to their clients shows that even the big institutions know it has no harm to offer it to the retail and makes it once again clear how senseless the constant SEC rejections for a Bitcoin Spot ETF are.
PERSPECTIVE Surviving this bear market and still holding or even buying would make you a steel-balled investor in the stock market.
Just imagine you will have enough of bad sleep and constantly checking charts sitting on your couch. Or maybe the crypto hype will have died out or slowed down in a few years. You would still do your job and invest in the stock market like everyone.
But you're different. You lost money by trading 5%-swings, thinking this is the bullrun or the final dump. You saw 30% drops in a single day and green monster candles as well. You've learned from this. You saw red for weeks and all the articles said BTC will see 4 digits, but you bought anyway!
You will be in the stock market not giving a fuck. You will buy the 30% dip when most of the other stock market investors sell their stock, thinking this is the end. You will hold in bears, not missing the sudden recovery. You will be the warren buffet kind of investor, laughing about your paper-handed coworkers.
I mean it. Sombody said his biggest achievement is not killing himself and this means something! Most of you still have a lot of time and the recent losses don't mean shit in the end.
PERSPECTIVE Yeah, MOONS are undervalued but that does not mean we should make them the highlight of our life for 24/7. Don't expect too much, just remain realistic.
We just had probably the biggest milestone to this sub achieved with the moons mainnet a few weeks back, it was a myth come true. Until then we have now even begun to have actual big exchanges accepting moons and listing it, such as MEXC as the first exchange to ever list moons and a big exchnage like even Gate Io (even if they fucked it up a bit).
So after all this we obviously get very bullish on moons as it's basically free crypto we got on here that seems to have more potential than the majority of all cryptocurrency (does mit say much as we have 20k cryptos). But still seeing it being praised as hell for 24/7 here as if it's 100% sure that it will be the next big thing makes me insecure.
Yeah, MOONS are undervalued but that does not mean we should hype them up as hell here and call for stupid predictions constantly. Remain realistic with it and do not expect too much here.
PERSPECTIVE It's funny how many people calling for $10k would likely still not buy and wait for $3k.
The past few months have shown that we may actually be in the most brutal bear market for Crypto with indicators reaching all time lows all over and crypto still not stopping from going down further and all that aligned with a very uncertain global situation. It would be no suprise that the thing that so many bear market euphorics want actually happens.
But even if it happens, even if BTC goes do $12k, $10k or whatever, many of then likely still won't buy. Why? Because it's the same as being a greedy person during a bull market, you always want it to go high and in this case just the direction is different but sentiment the same.
Many of them will then likely call for $3k or so. But at the end you shouid not buy acc to any price targets but your personal targets, where you feel the price is very cheap or where it's good for your entry price.
PERSPECTIVE There is no hope for people which invest in coin that already fully collapsed. Billions of dollars were lost, many people commited suicides. Have you already forgot what happened just few months ago?
Luna pump, so what? It doesn't make it a good investment now, it failed on enormous scale once already. And it was huge fail. Billions of dollars were lost, thousands of people lost their whole lifesavings, many of them commited suicides, some even killed their kids and later themselves. So many ruined lives, so much shitshow just few months ago. Countless posts, comments, discussions about it. It was one of worst things that happened in crypto ever and still some fools today think it is nice idea to invest in it... Didn't you learn already? How short memory you have? You should stay away from Luna, pump of x2 or x3 won't change it is down -99.999999% and never will go up again in long time. Abandoned project, no one will seriously continue it, only fools can believe otherwise. People only buy cause they are greedy, if you will FOMO you will be their exit liquidity.
It is pure gambling, complete degeneracy and you seriously should ask yourself if you don't have gambling addiction if you consieder investing in Luna after all shit what happened. Just stay away, be safe. Don't let gains fool you. Just invest in Bitcoin and you will thank yourself one day. As much as luna pump it can lose much more and some of you will lose on the same project twice. If you have still any luna from before collapse, just cash those profits you have and enjoy some small compensation for all money you lost back then.
Luna wasn't safe, we still not sure about everything that happened few months ago. Was it huge long term scam or just stupidity? Do kwon wasn't even punished for anything yet, he roam freely and just few days ago using luna fundation bought BTC worth $230 mln of dollars, who knows why. Do Kwon shouldn't have control over any money, they should be confiscated by police and used to compensate victims not used for another of his "smart" ideas. Guy is shady, at best incompetent, which is not excuse. At worst greedy scammer with no remorse and blood his hands.
Luna is gone, it died months ago. Let's keep this version and ignore anyone who advice you to gamble into it. It is not Phoenix that will be reborn. Be realistic guys and stay safe.