Lyn Alden says:
"Throughout history, people have attempted to create something from nothing."
My thought...isn't bitcoin also 'something' from 'nothing'?
It absolutely would be if it were not for Proof of Work. What you are describing is the US dollar, or a PoS coin.
This is one of the most simple, but badly understood pillars of Bitcoin. And we are not even close to being done with the attacks against PoW. Because not only is it what gives Bitcoin actual value it is also the KEY to taking the power away from the state.
Pretty much POW is bitcoin.. it's the whole damned invention.
So, yeah, "those of us who are against bitcoin would like to uninvent bitcoin."
Good luck with that.
Dream on.
Do they really believe that people are so stupid? Surely there are a decent number of the masses who do not know that the fuck is bitcoin, so they do not even realize that there would be some disadvantages to society if bitcoin were to be uninvented (if that were even to be possible.. dumb fucks... sorry about the French, but at the same time, not).
By the way, I do appreciate and recognize a variety of other innovations within bitcoin such as the difficulty adjustment, nodes choosing the software to run, scarcity (through the halvening) and all that, but still POW is the foundational invention upon which the various other smaller innovations were built.
If this cycle is like the others, we should set the bottom this year... probably before winter.
However it remains to be seen, if this one is really like the other ones. So far we only have two full cycles after a halving as examples.
Also this one with its two tops and the missing parabolic run-up looks already a little bit different.
Edit:
(Sorry for talking about Bitcoin
)
It does seem that the better of case of scenarios would be to get a reversal.. at least a sign that we are no longer in a bear cycle within about 2 months... and a more plausible scenario would be that it takes a wee bit longer than 2 months.. .. maybe even up to 5 months? too bearish? I am not sure.
So yeah.. one thing is maybe getting some confidence that the bottom is in - whether that would be $25,401 that we have so far or some other number that hopefully would not be much lower than $25,401.
Then the other part of the question would be that once the bottom has been established to be in.. then the consideration regarding how much of a movement we are going to get towards the UPpity.. and surely it would would seems strange if we were going to have to wait all the way until the 2024 halvening to get a new ATH.. so maybe in that sense our historical cycles are getting a kind of feeling of being screwed up no matter how this plays out - even though for sure, there are peeps wanting to frame where we are at in terms of either the past cycle topping off in April 2021 or November 2021 - but even those framings are not exactly coming off with a lot of conviction..,.. or convincingness.. at least not so far...
There could be a scenario in which we still end up getting a delayed blow off top that would come in 2023 - and perhaps that could save the cycle with a mere delayed blow off top... but since we have been stuck below the 100 week moving average for coming on two weeks, even that delayed blow off top proposed way forward comes off as a wee bit of such a long-ish shot that it starts to diverge into a kind of fantasy-seeming perspective.
Perhaps the coming 2-3 weeks are critical
tm in terms of seeing what happens in respect to testing further possible down passed our so far $25,401 bottom... perhaps? perhaps?
Personally, I am hardly going to be happy even with getting back above the 100-week moving average (which is still currently slightly moving UPpity on daily basis at nearly $35.5k). .. .maybe mid-to-upper $40ks would feel better to confirm that we can proclaim that the "bottom is in" presuming that it does not end up going lower than $25,401.. which may well be a decently-sized presumption... otherwise, getting back into categorizing us as being in a bull market might need to get at least into the $50ks.. but it seems way to premature for this cat to be going down that road because I prefer to NOT really get too heavily into proclamations about where we are going that end up being more than one leg into the future... and getting back into a bull market classification seems to be around three legs into the future, at least from how I am currently thinking about where we are at how we got here, and where we might be going.
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