Bitcoin is not failing. It’s fiat currencies. The ship is wobbling and for now, people move out of ‘phoney wealth’ to their beloved fiat currency (and rightfully so). Since Bitcoin is (by most) priced in fiat and not the asset class deemed top of the line (yet; that’s still cold hard cash), it is dumped too.

But this short moment of the ship rocking the other way, does not negate fiat currency’s biggest issue: the ‘fiat’ part. More specifically, the relentless ‘fiat’ printing of it. One way or the other, there’s more and more of it over time. And the effect thereof cannot be postponed forever.

Debts turning sour complicate the picture. Debt deflation makes ‘perceived wealth’ disappear. The cash left becomes harder as a result. Only in the longer run, the true nature of it all becomes apparent.

Only once treasuries and the dollar itself come under attack, Bitcoin will be truly measured.

Until that time, be ready.

Regardless of all the emotional whining, last time I checked there is still no decentralised permissionless digital currency out there with the same potential and standing as Bitcoin. So it’s buying Bitcoin at (still) cheap prices to me, although the time frames may have shifted.

I can wait...

Now that sounds like desperation. And I like it.

Nothing brings us back to reality better than a good kick in the nuts.

It has plenty, but not without consequences.

The financial markets crashing touch one of the twin pillars (asset values).

Further FED actions will start scratching the other twin pillar: treasuries/the dollar.

This pillar is the linchpin. Watch it the coming months to see whether all will fall down or this will have been another one of those ‘once a decade’ buying opportunities.

The price will be tied to the (stock) market panic for a while, it seems.

The difference is that Bitcoin is already near its bottom price. No Nanny holding its hand. No regulations forcing someone to hold or sell.

Don’t you love free markets at work?

I am reading 3D here. Sure these are not 3 accounts with the same owner?

A lockdown today, is keeping El_duderino away 

The root cause is selling. Lotsa selling.

What a load of bullocks. It's the same as saying that having 100s of programming languages is a problem.

No way.

Players will converge to one or a few large networks. The rest will die. It just takes time.

Or do you also have 144 types of connectors for 144 different phones/electrical gear at home?

Looks like an excellent moment to load up on some extra coins.


daily


weekly

Return of the bull within 3-5 months.

Well said.

Since Bitcoin markets have no nanny holding their hands, the lows can be extreme lows but the subsequent highs can also be extreme highs.

It will probably be a dull next 6 months while the market basically drifts sideways before we see action again.

Did I actually learn a new thing today?

Wow 

Or worse: not any sentence that you would need.

I share your opinion. Reading trumps a video. Notable exceptions there of course.

I also skip YouTube videos. Usually they host people that are not able to simply condense their thoughts in a couple of words or their points are boring anyway with the only solution of hiding it in a 15m Youtube talk.

Give me the printed letters or it won’t happen.

Speaking about thoughts: I think the big question in the next few months is whether the whole sell off (not just crypto but the broader market) can be contained and the affected pillar (financial markets) is saved from oblivion while the other pillar (government bonds with associated fiat currency) remains a pillar of trust.

There is a fair chance that saving the one twin pillar will start to affect the other twin pillar. The room to manoeuvre isn’t that big compared to 2008.

Only if both pillars come under pressure and ludicrous numbers of fiat tokens are slung across the wires to save faces, the public may catch on to the debauching of their beloved fiat tokens. Only then the premise of cryptocurrencies will be tested in earnest.

Peter Schiff’s body is ready. Is yours?

Hmm, the panic has subdued. It’s becoming boring again.

Back to work 

Except Master Luc 

That was different. It was desolated. Crickets and bushes everywhere. It seemed to fall in total oblivion without anyone noticing because nobody was there anymore.

This, this is full apocalyptic pr0n. Enjoying it every bit except for missing the bottom during my sleep.

But the speculation is still strong in this one. For good and for bad. So I will DCA a bit while normally I don’t do anything in trading for years. I am happy to lose an few $100s on a bet that this will be a major bottom in the grand scheme of things.

/positive note: managed to increase my stash in a few shitcoins, Yah!

Too soon. This is not just a crypto dump. It’s much more and involving the broader market. It could become worse before becoming better.

I think it’s best to DCA. And of course ‘no sale ma’am’   

Bitcoin is still Bitcoin. Nothing that makes it a valuable experiment has changed. Perhaps speculators got bit but that’s all part of the (speculation) game. If speculation would be Bitcoin’s purpose, the smash down would be bad. But Bitcoin’s game is totally something else (yes, it really is).

To me, the smash down may lengthen the path but does not hurt the experiment. Especially if the COV19 crisis leads to another round of again more crazy monetary experiments.

So nothing has changed, and the entry price just got lowered.

JJG back to wordy.
Markets in calm(er) water again.
All is fine