It’s dead.
Death by covid. Bear market, sure. CNBC know what they're talking about, It's obvious.
I don't even get WHY markets dump because of the news.
What do you do with all the fiat after selling your assets?
Or is it more about "sell before everybody else is selling, to get in again after everybody has sold"?
Last weekly candle was well in the red. So I think this is just people selling because they think the expected dump might go deeper because of the covid news. Any hopes of last weeks candle being a bear trap are gone. The dump goes on.
Dump? What dump? This tiny -10% setback will disappear on a yearly (even monthly) graph dwarfed by the enormous multi-10k daily candles of December!
Don't mindrust it now, brethren...
Mindrust was quite a bit more than 22% or even more than 50% depending upon the price point where such dumpening is counted.. and surely he dumped his BTC in a quite unusual macro-market situation (peak of march 2020 liquidation event).. and I am not trying to excuse him, but just saying that this is not even anywhere near that but our correction/drop is surely greater than 10% and even more than double greater than 10%.
Agreed, I think we need to remain more conservative over utilising the phrase "doing a mindrust".
It's reserved for bear market bottoms, or otherwise post crashes, significant ones of at least 50%+. Dumping after a 22% correction from ATH is no where near this concept. Mindrust dumped at a 80% correction if not mistaken, from the $20K highs to the $4K lows. I'd argue that selling at $30K after a 50%+ correction would be doing a mindrust, even if not completely obvious at the time, but not at current prices.
Bare in mind that mindrust's dump came after Bitcoin moved from $4K to $14K and back down to $4K, it was a break-even sell. There was no money lost if not mistaken, only potential profit. One key lesson to learn from this experience is not just dumping at the lows as being a bad move, when price is oversold and at key long-term support, but not taking profits when price is up 3.5x is also an error if you feel over-invested.
While not defending mindrust for his manoeuvre, it's worth remembering he didn't lose any $ over this.
Even though I agree with all of your points, there is something off in regards with your explanation, especially since in this thread (and even in this bitcoin-related forum) we are attempting to discuss bitcoin as a likely pristine asset class, so even if some of us are having troubles grappling with bitcoin as a likely pristine asset class, there remains needs to continue to point out that mistakes end up being made and even compounded upon when too much emphasis is given to the idea of either retaining dollars or NOT losing dollars.... but hey.. at the same time, I can appreciate that members continue to struggle getting out of their calculating of value and even profits/losses in terms of dollars.
No way am I going to discontinue to calculate the value of my BTC in terms of dollars - especially in the short-to-medium term. Part of the rationale for my continuing to calculate my BTC profits and my BTC value in dollars is because the vast majority of my expenses and cashflow is in dollars, people understand what you are talking about when you refer to dollars, and dollars are likely to continue to remain a pretty stable asset class for quite a few years to come even if there continue to be a lot of forces that are continuing to push it towards losing value whether compared to BTC or even compared with a lot of other assets and goods and services.
You seem to be correct dragonvslinux that any factual behind-the-scenes updates that we had received from mindrust had him proclaiming to have had been partially motivated to sell his whole around 10 BTC stash at around $4,500-ish during the March 2020 crashening was that he did not want his BTC holdings to go into the negative relative to the dollar. So for sure, he was way overinvested (and he admitted so) because he ended up panicking after a short-term quickie correction of 50%-ish that had occurred over the previous day or so, and he was also seeming to closely be following some stupid-ass Masterluc theories that argued that the BTC price had to correct back into the $1,500-ish price arena (which would have been around our previous 2013 top) or at minimum BTC prices had high chances of returning to sub $2,000 prices, even if it could take a few up and down waves to play out.
So even if Mindrust had not sold at the absolute bottom for that wave of about $3,850, he failed to act to attempt to mitigate some aspects of his mistake when BTC prices had gone above $6k and then returned back down to a bit below $4,500-ish in the subsequent days... He remained somewhat convinced (or at least willing to gamble about being the minority of correct predictors) who would end up making a killing (greed seemed to be part of it) when he would be able to buy back around $2k-ish or even below $2k-ish and to tell many of us "I told you so." But, as we subsequently found out the mindrust "I told you so" moment did not end up even coming close to playing out - and even though he continued to retain some hopium about being correct in the subsequent months, he did end up buying around 1 BTC (out of 10 BTC - in order to NOT be overly invested in BTC from his perspective) back in the next wave up to supra $6,500 levels, he started to dabble (or increased his dabbling) in a variety of shitcoins.
Mindrust also asserted that he was not coming back to participate in the WO thread.. I believe he did come back to make a few posts, but had been ridiculed quite a bit, and I do suspect that if BTC prices would have gone back below $3,800-ish in the coming months, mindrust would have return to the WO thread to gloat about his BTC price performance insightfulness.
Bragging about the BTC price going down becomes a kind of staple practice aspect of a lot of no coiners and those who had sold too much BTC too soon - and gosh do you recall any of the details of jonoiv..... Jonoiv ended up coming back to the WO thread on that same day
(on March 12th or whatever it was) that BTC prices had dropped to $3,850.. and some of us might have recalled that he sold all of his BTC in around May 2019 at around $6k when BTC prices had gone from $4,200 to $13,880 and he had continued to tell us that he was going to be able to buy back cheaper than the $6k price that he had sold, and a kind of ironic justice was that dweebs like that cannot even recognize and appreciate their opportunity to get back in, and jonoiv told us that he was waiting for even lower BTC prices.
There is a kind of mindset that exists with people who get too preoccupied with their BTC dollar valuations and fail/refuse to recognize and appreciate bitcoins existence as a pristine asset class.. or even an emerging pristine asset class that should cause and justify ongoing buying at any price and just waiting it out, but instead there sometimes is way too much attempts to time tops and bottoms and then ending up psychologically causing their lil selfies to NOT build themselves into HODLers rather than whiners and bitcoin naysayers. Of course, Billy nocoiner is of a similar type and eXPHorizon and a few other nocoiner/or lowcoiner dweebs who we see posting their nonsense in this thread from time to time.