$43,xxx is a nice level for a Bitcoin purchase. I'm afraid my average is a little higher. But again, I'm perfectly fine with where we are now. Just let 'r rip.

Looks like a tasty bottom forming. Gotta have the fiat ready when it counts.

From the comments under the video I understand that the interview predates the Elon Clown Show. Nonetheless, a good interview.

The alts I'm following do not show a meaningful dent in their BTC price. This does not mean summer by any means but to me it's a signal that sentiment is still strong. Nobody seems to give a damn about the Billionaire pony show unfolding in the BTCUSD scene: cryptocurrency speculation is still rampant (and, of course, all the good development making for better and better software towards mainstream apps built on cryptocurrency layers ).

Speaking of BTCUSD:

I think of this situation as the prime example of: "when in doubt, zoom out".

It's cherry picking but I show two charts in this respect:





The core of the message is: volatility and Bitcoin measured in USD go together. Always has been and this will stay until Bitcoin becomes big enough.

The whole Elon circus is just what it is: a circus. It has not changed any aspect of Bitcoin. The protocol is still there. It's promises. It's unique situation in terms of network effect. It may be Internet Money 1.0 but for now it's still the best we have. And I still believe in the story. I am just as confident holding BTC at $45k as holding it at $69k.

Apparently, $45k is a more fair price right now. I won't lecture the market. Its just a global voting machine. From that perspective, it is a good thing that some air was taken out of the Bitcoin USD price. This creates room for more upward movement in the future. We were getting a little ahead of ourselves anyway when looking at the 2017 comparison .

For every seller there is a buyer. The grand effect of the price tumbling is that coins go from paper hands to diamond hands. The price is pinching into the thick skin of hardened and seasoned traders seeing a bright future for Bitcoin, while the day traders or scary people back out and surrender their Bitcoin, moving to fiat again.

While the times seem depressing, coming down from $69k, I still see Bitcoin up this year and considerably so. No stress on my part. Despite all the fuzz I do not see a successor Bitcoin arising (ETH has it's own space, mainly speculation right now it seems) that has the 10x+ features to overcome the established network effect of Bitcoin. There may be times that this will be different, but not today.

The price may linger for a while. After all, its pure price discovery. And with Bitcoin, fiat may come and go fast. In the end, people who believe in a brighter future for Bitcoin, will continue to hold and accumulate. With all other things remaining equal, the end result will be the same again in the end: UP.

Meanwhile, the fiat in your pocket remains burning. The seller of today will recognize soon enough.

So what am I looking at? The classic Buy The F* Dip I would say  

And Elon: I'm not sure whether I am agitated or just sad for him. Well, Edison wasn't a nice chap either (electrocuting elephants to defend a position that was eventually lost, tssk tssk). My doubts were essentially confirmed with the naming of his child. He should be fine sticking to his engineering stuff. Dealing with people, not so much. Honey badger doesn't care.

Enjoying the $45k  

Scary times.

But we've been there before:



Just HODL on and weather the storm 

At the risk of keeping his name in the thread longer than needed, I think he is playing the game of questioning things. What would make cryptocurrency better? What does it take?

We already know and brighter minds are working on this since Bitcoin's inception (and before that; we stand on shoulders).

If it leads to better software, so be it.

No clue why we need to hear every brainfart of 'The Elon' on Twitter though 

Who needs enemies with friends like this: https://twitter.com/elonmusk/status/1393738154889338884?s=21

It’s becoming stranger and stranger 

Regardless, the increased Bitcoin fear in WO posts strengthens my feeling that this correction is nearing its end.

$48021

Already accepted this.

Galt’s Gulch is calling 

Another IYI down, a lot more to go 

Elon probably has a plan. We will find out. Or not.

Back in the real world, you’d be bitch slapped if flip flopping like that.

Elon is irrelevant now.

The strange thing is: this isnt really happening. Sentiment in alts is strong as it has been the past month. So this whole Elon thing is just what it is: a gift to Buy The F** Dip.

Elon Gift Day 13 May 2021:



/remind me in 3 weeks 

I call it 'Elon Gift Day' 



Bought the dip.

The whole thing about Bitcoin energy use should be put on the right path. Miners pay electricity. They pay because they consider that the costs are lower than the benefit. They have a benefit because Bitcoin proves valuable. If Bitcoin would have no value, no one would mine it.

Short cutting this: the energy use shows how valuable Bitcoin is. And it’s still increasing. Apparently the market appreciates sound uncensorable money.

I see your point but I won't mix the concept of 'legitimate' and my moral observations in that respect with what the market will choose as the winner.  May the best win, regardless of what I find legitimate. In the end, that's not up for my sole consideration but by billions of people. All we can do is show the way. If that's what your alluding to, I understand the concerns.

Buy hey, we also survived the VHS video format  

I think Elon likes Doge because it makes a mockery of the legacy money cabal. The guy has been involved in inventing the next phase of humanity in terms of payments (Paypal), only having to resort back to regular banking based Paypal services back in the '90's. I can imagine he also has a lot of things to settle with the bankers in relation to his various companies over the past decades.

He probably loves to shove this cryptocurrency thing under the noses of old enemies/an atrophied industry.

No better way to get the public going ballistic on this than by means of a pure meme coin.

Innocent
Harmless (disregarding the PnD)
Stupid
But so much WoW

 

The guy is doing more for the acceleration of digital money (including legitimate cryptocurrencies) than most people.

I loved the kicker at the end 

https://www.zerohedge.com/markets/how-inflation-plays-out-will-be-different-anything-has-come-it?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29

The only thing I'm in irresponsibly long

_{Can't submit more than 100%}

I see ETHBTC going up and up. The degens are at it again.

I'm not sure anyone here needs it, but just in case (just like renting boats with inexplicable holes in them...): https://dev.to/igor4btc/best-bitcoin-mixers-in-2021-55d0

Trader quotes at it again