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February 09, 2018, 03:14:46 PM |
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The crash of the Ponzi bitconnect and the loss of that was a Lehman brothers moment, as it did begin the chain reaction crash. The continued downward trend of the market is a sell off, let’s delve into what is really happening to the market as a whole right now.
Analyze this. All the top 10 cryptos have “solid foundational potential” which is really what we invest in anyways it’s all speculation to be sure. However, they have kinetic potential. Of all the top 100 really, their value is driven by potential. So to speak.
So what is thee one.. thee one thing in the top 100 that we all know beyond a doubt if it crashed it would be our AIG? The one that is our “insurance”.. the one that would truly rattle the market to maybe another 60%+ drop or more?
Tether.
Whether you are in tether or not it’s thee one that if proven to not be backed by anything would just create a panic like no other. Zero faith to run and hide and hedge. All the other cryptos would start dumping to fiat as truly the only safe place to be. The destruction of tether would take BTC to under $1000.
The central banks know this, why do you truly thing the USA (for the most part) hasn’t been too bothered by BTC. There was no overreaction, no fear. They have seen how bubbles pop and figure this will happen on its own.
So let me explain why we went down further from 13-12k. Which was a solid range.
The Crypto-cartels.
Only they can save the market by propping up AIG (sorry, tether) so the massive sell off isn’t really out of FUD of the putrid lamely-handed small investors scared of price drops. No no no, this is quite literally a sell of and a race, by our federal reserve (the crypto cartels) to save the cryptos from annhilation by showing a balance sheet of fiat large enough to back the one insurance policy we have Tether.
Think I’m wrong and wearing a tin foil hat.. that’s cool.
But if it looks like a duck, and walks like a duck...
I find it nigh-humorous that we true believers in crypto and all its libertarian utopian ideals.. have allowed a quasi federal reserve to form... not only with abilities to shape market conditions, change the supplies of our coins, manipulate price at their whim, Develop insurance scams against dips in market to protects us from massive failures (that shouldn’t exist!!!!). Allowing them to get so much power in the first place and WE INVEST IN IT all the while it’s backed BY FiAT and we TRUST IN THAT?!?!!!!! Now we have to HOPE, and PRAY that the cartels can prop up Tether and back it by enough FIAT to keep the dream alive that ONE day a truly libertarian coin will come around that no one will control.
To quote the son at the end of Diggstown talking to his defeated father who scammed a town and then got out conned by a better con man in James Woods “You deserved to lose”.
Satoshi hasn’t come forward because we took a wonderful idea and destroyed it.
The cartels aren’t at fault, the central banks aren’t at fault. This is our fault.
All that being said expect a huge ride up just like we did the last 8 years in the stock market after the prop up works... make your money. Convert to fiat at 50 grand. Watch it all happen again mid 2019.
Satoshi if you read this, I’m sorry.
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