3/ I know several instances of people who bought small amounts of BTC and as its price rose their confidence in its staying power increased commensurately. Eventually they were confident enough to allocate meaningful capital to it.
For those who are unaware, Congress meets today to discuss the future of #cryptocurrency via the House Committee on Financial Services-
It shows again that this Administration is ahead of the curve when it comes to #crypto, despite propaganda suggesting otherwise. #BePART $PART
When President Trump decided to replace Janet Yellen with Jerome Powell was the first step in the right direction.
The Federal Reserve has worked against this President at every turn, and the privately-owned Rothschild-backed system enslaves each and every American before birth.
1.Since 2005 #Russian Oligarchs have syphoned $335 Billion stolen money out of #Russia Putin himself is worth $200 Billion, and they are doing it using #Bitcoin, because its fast and effective, they use parts of it to interfere in elections.
I want to go ahead and talk about logic for this rally.
1. In a bear market, any pump would be to dump harder, which has been the case throughout this past year. All of the past rallies were achieved via Bart patterns, signally a lack of real buying volume.
However, we can clearly see that this most recent rally was achieved via pump + organic buying volume. We had consolidation instead of retrace throughout the rally, price moves that mirror moves of 2017.
So why are volumes coming back?
Without change in fundamentals, any serious pump would be to liberate trapped higher-up positions and a colossal waste of money for the bulls. Bulls won't be stupid enough to blast through many critical resistances allowing higher-up positions to exit.
1/ "...a slow drain of its monetary value over time will slowly transfer the wealth of its holders to those who can produce the medium at a low cost". (on trade / aggry beads and early European exploitation of African resources)
2/ "With money so unreliable and debased, speculation in commodities became far more attractive than producing them". (on the collapse of Rome)
1/ On 2017-10-03 the SEC rejected the Winklevoss #bitcoin ETF seconds before 16:03 EST. In the following 3 minutes $BTC dropped 22% (Coinbase).
2/ From then on price started to progressively recover. This happened in a bull market. I'd not expect such recovery if the SEC rejects the CBOE ETF. On the other hand, if the ETF is approved, I'd expect strong and uninterrupted continuation.
3/ The fastest way to learn about such news is having a Bloomberg terminal. For those without one, Twitter is great, as some people with BBG terminals have bots tweeting breaking news, or tweet manually,
I think there's an interesting dynamic between VC's/Funds and Bitcoiners.
A lot of the VC's value different properties and have different views on things. The most obvious reason why is Austrian vs Keynesian economics. If you're in this space and still don't know the difference.
I honestly didn't know the difference either until I got into #Bitcoin just because it didn't really matter to me at the time. During my education I took some courses in economics but they were all Keynesian I figured out later... which explains why I was left with some questions
Some large companies are getting into #Blockchain e.g. IBM, Maersk, etc. That does not mean that these companies nor institutional investors will invest in present day public blockchains nor their associated tokens. Don't take me for my word, read McKinsey's view on Blockchain.
The day a #bitcoin ETF gets approved, $BTC should spike hard, and all alts follow suit. Yet we call institutional money "smart money" for a reason. Institutional investors will likely differentiate the good from the bad. After the initial pump, cyrpto correlations should plummet.
Corollary: the inception of a bitcoin ETF should provide great money making opportunities in Alts/BTC pairs.
M’s indict’t details how GRU, RU’s military intel actively engaged in various cyberattacks on our infrastructure while interfering w/ our Elex, which c/b = to the Japan’s attack on PH = WAR. Ergo he set the legal foundation for charges of treason re US citizen A & A.
.Mueller’s Indictment details how RU military intelligence officers (GRU) meddled in U.S. elections in 2016.
Trump has never condemned RU over its elex interference.
The WH press office statement on the indict’ts does not mention a RU attack on our democracy.😱
1/ In 2017 the SEC rejected two bitcoin ETFs, while in early 2018 multiple firms withdrew ETF filings, upon the SEC questioning whether the proposed ETFs could comply with various rules. What is the SEC looking for to approve a #bitcoin ETF?
2-a/ The Winklevoss ETF. The SEC determined the ETF proposal was not consistent with Section 6(b)(5) of Exchange Act, requiring rules of a national securities exchange designed to prevent fraudulent and manipulative practices and to protect investors. sec.gov/rules/sro/bats…
2-b/ To meet this standard, a) an exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity, and b) those markets must be regulated.
Some large institutions perceive #bitcoin as a Ponzi and/or scam. Changing such perception will take time. The SEC approving an ETF won't change it. There are plenty regulated securities disliked by institutional investors.
The approval of CFTC regulated bitcoin futures was a massive win carrying significant long terms benefits for the industry. The ensuing bubble was unfortunate. CME and CBOE futures add liquidity and legitimacy to #bitcoin.
Approval of an ETF with a share size of 25 BTC would mostly only be attractive to large institutions, many of which may face mandate impediments to transact in such ETF or use it as underlying for structured products.
Are you upset at #bitcoin? Think crypto is manipulated garbage and only whales make money? Then have a look at gold, crude oil or stocks charts. Crypto is extremely directional. Both up and down. Relatively easy. Traditional markets are the exact opposite.
Trading crypto is what trading commodities used to be in the 70s and 80s. DIRECTIONAL. Breakouts work. Traditional markets on the other hand are a multidirectional *hitshow dominated by fakeout after fakeout after fakeout. Which is fine, just makes things much harder.
Think too many people get upset because of emotional attachment to some *hitcoin "oh but the tech, it will revolutionize the music industry, you don't understand!!!"
Sorry for the paywall, but the paper is well worth the $5. Makes me think of hybrid #PoW & #PoS as a potential solution (part of the thinking around our $DCR investment), as research for pure #PoS is ongoing.
Paper confirmed my concerns around what on-chain transaction fees may have to be when the coinbase reward goes to zero (to accomodate 0% rate of inflation). Depending on assumptions: $18,700 to $37,400 to $108,700 per txn.
2/ #Bitcoin and other coins that are on the "path to full immunity and decentralization" don't inherently mistrust specific people, rather its the idea of not having to trust any few at all.
3/ This is why crypto is important. When you set a precedent for non immutability, and you give "arbitrators" and a select few "sincere" people that power, even short term, the whole point of crypto goes away.
1/ Trying to find explanations to this #bitcoin dump, e.g. are early adopters cashing out? The answer is no. The graph of cumulative bitcoin days destroyed. No significant change in slope. Maybe slightly steeper, but not much.
2/ Could it be stolen coins being sold? We’ve had a couple of large exchange hacks recently. Maybe. But the downstrend started before the hacks. So it is unlikely.
3/ Negative news? We’ve had positive news as well. So again unlikely. I don’t think this is news related at all.