5/28 ANDY HOFFMAN (CryptoGoldCentral.com): Stealth Altcoin Crash Dragging Bitcoin Down, as Use Case Never Stronger
Of all the Bitcoin crashes of the past five months, this one is the strangest. The reason being, that never before has Bitcoin’s fundamental outlook been stronger; nor the trading action that has taken its price down more suspicious.
- December 17th to February 6th - $20,000 to $6,000 (70%)
- February 19th to February 24th - $11,800 to $9,250 (22%)
- March 4th to March 17th - $11,700 to $7,300 (38%)
- March 20th to March 31st - $9,200 to $6,450 (30%)
- May 4th to May 28th - $10,000 to $7,200 (28%)
No, I’m not talking about the spoofing that has been characteristic of the majority of Bitcoin trading for some time now. But instead, what appears to be a concerted effort to hold the price down. Perhaps its just my 16 years of “market manipulation expertise” playing tricks with my mind; and perhaps, ultra-thin holiday weekend trading - enabling the price to be more easily manipulated.
https://twitter.com/Andy_Hoffman_CG/status/1001076909399134208
https://twitter.com/Andy_Hoffman_CG/status/1001076909399134208
If so, it would coincide with an EXTREMELY Bitcoin bullish event; i.e., a burgeoning fiat currency crisis – whose Central bank will unquestionably go berserk printing money if what’s going on in Italy and Spain can’t be contained…
https://twitter.com/Andy_Hoffman_CG/status/1000015689829109760
Which again, is EXACTLY what makes Bitcoin so valuable…
Perhaps I’m wrong about the bottom being in – although the argument that Bitcoin needs to “purge” itself doesn’t hold water in my book, particularly given how far it has already fallen. To wit, there are simply too many reasons to own it; and unlike altcoins’ meteoric January surge – in large part, caused by unfathomably irresponsible crypto hedge funds; Bitcoin’s post-SegWit, post-BCash surge last Fall was due to dramatic, massively bullish fundamental developments.
https://twitter.com/Andy_Hoffman_CG/status/1000065734494441472
To that end, the current weakness in Bitcoin prices is getting all of the media attention, as usual. However, what’s really going on is a stealth altcoin crash - which in my view, is having a major negative impact on Bitcoin. Quite ironic, as each time in the past that altcoins have surged – from last spring’s ICO bubble, to January’s altcoin bubble; Bitcoin’s price - or at least, “dominance” - has plunged, due to fears of “flippenings” of first Ethereum; then BCash (several times); and finally, altcoins in general.
As discussed Thursday, altcoins are in a very dangerous position right now – as they are being exposed, as a group, by the fact that; with very few exceptions; their only use case is speculation. Specifically, when speculation dies due to bear market conditions, like today, their hash power plunges due to lack of interest – leaving their networks vulnerable to the type of attacks that victimized BGold and Verge this week.
If prices, and sentiment, don’t change soon, altcoins’ declining hash power will become a very significant issue; perhaps, THE crypto story of 2018, at least as large as the Mt Gox Trustee.
https://twitter.com/Andy_Hoffman_CG/status/1001086163954778113
https://twitter.com/Andy_Hoffman_CG/status/1001086657527889922
Whilst this is occurring, Bitcoin’s hash rate – and thus, network security – continues to steadily increase - as technological developments like the Lightning Network see expanded interest. Not only that, but gold and silver continue to die – expanding the soon-to-be-exploding realization that the Digital Age has become…in which, Bitcoin will not only dominate the crypto sector, but wealth storage as well.
So, with the Bitcoin price down so precipitously, but a use case stronger than ever, will this be the time that one or more MAJOR institutions pull the trigger on the type of investment that forever increases their role in the global power and wealth hierarchy?
https://twitter.com/Andy_Hoffman_CG/status/1000838601448472576
Ok, but what happens if one of the big governments decides to criminalize cryptocurrency ownership bc bitcoin is outperforming everything else (gold, stocks, fiat, oil price, etc....)?