Bubbles Pop By Themselves, They Are Not Forced
We always knew that bitcoin has plenty of enemies but never before such a well coordinated effort has taken place. You know those guys they call "experts"? In a few years the Jamie Dimon would be called an "expert" because he "called it". Little will people know that he was actually part of the reason the price went down.
Isn't it interesting? A major banking institution that has been bailed out from the government for billions of dollars calls Bitcoin a fraud while the government of China follows up with bans and warnings. Every single day news come up that cause the price to go down. Bubbles don't happen because some major authority figures spread FUD. They happen because the public drives prices to insane levels. This barely happened yet. A small correction was surely due but got amplified when the news were released strategically.
And that's the thing. The public has not even touched cryptos yet. Most of them don't know what they are. Only some institutions have invested in blockchain technologies so far. Jamie Dimon had all the time in the world to call Bitcoin a fraud but he curiously enough called it right after the sugar daddy U.S government hit an all time high (20 trillion) in debt. Sure, Dimon, Bitcoin is the shady one, let us diverge the public's attention for a while...
The Chinese government seems to be drooling all over Bitcoin as well. They want a piece of the action, hence the regulation. Again, they chose this moment to go Mongolian on the chinese people's asses because they are seeing that Bitcoin is unstoppable. Decentralised exchanges are coming soon and there is nothing they can do. So what a better moment other than now to spread FUD and buy the dip while normies sell.
I have been around in the Bitcoin scene for a while and I have never seen this much coordination ever before. If this is not a buying signal, I don't know what is. Mcafee might not eat his dick but rest assured that government officials and Bankers have been eating their nails watching blockchain technologies rendering them obsolete. They know that if they don't adopt, they will perish and they are jumping right in, right now.
Lots of analysts say that physical silver is the most undervalued asset in history. But I'm pretty sure that bitshares ( bitshares.org ), the decentralized exchange (DEX - not controllable or even threatenable by any central authorities), is right up there!
I therefore continue my accumulation of both.
bitshares is a baby Monster!
Great post @kyriacos
resteemed
Upvoted and Followed. Please followback and please upvote and resteem if you would like to help each other out: The REAL reason Jamie Dimon of JP Morgan called Bitcoin a "Fraud" (NOT what you've heard elsewhere about wanting to drop the price) a 30-second read: https://steemit.com/bitcoin/@thoughtchain/viral-why-jamie-dimon-called-bitcoin-a-fraud-not-what-you-already-heard
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HODL, normies!!
Pretty sure HODL will the meme that'll bring us to 1 quadrillion dollars
I think the masses are getting trained slowly
Keyword: Hodlbegin copy-pasta"I AM HODLING"
I type d that tyitle twice because I knew it was wrong the first time. Still wrong. w/e. GF's out at a lesbian bar, BTC crashing WHY AM I HOLDING? I'LL TELL YOU WHY. It's because I'm a bad trader and I KNOW I'M A BAD TRADER. Yeah you good traders can spot the highs and the lows pit pat piffy wing wong wang just like that and make a millino bucks sure no problem bro. Likewise the weak hands are like OH NO IT'S GOING DOWN I'M GONNA SELL he he he and then they're like OH GOD MY ASSHOLE when the SMART traders who KNOW WHAT THE FUCK THEY'RE DOING buy back in but you know what? I'm not part of that group. When the traders buy back in I'm already part of the market capital so GUESS WHO YOU'RE CHEATING day traders NOT ME~! Those taunt threads saying "OHH YOU SHOULD HAVE SOLD" YEAH NO SHIT. NO SHIT I SHOULD HAVE SOLD. I SHOULD HAVE SOLD MOMENTS BEFORE EVERY SELL AND BOUGHT MOMENTS BEFORE EVERY BUY BUT YOU KNOW WHAT NOT EVERYBODY IS AS COOL AS YOU. You only sell in a bear market if you are a good day trader or an illusioned noob. The people inbetween hold. In a zero-sum game such as this, traders can only take your money if you sell.
so i've had some whiskey
actually on the bottle it's spelled whisky
w/e
sue me
(but only if it's payable in BTC)"
end copy-pastaAre you texting from a lesbian bar again?
That'll be "my girlfriend"Banks don't need to adopt bitcoin but the technology bitcoin has spawned and most are investing heavily in this area. Bitcoin has been declared dead and a fraud before and will be again. And when the price drops dramatically in a few weeks/ months those experts will be shouting 'told you so' but when it picks up again, they will be conspicuously absent!
They have been trying too hard and people can tell by now what is going on. They can't pull this off too many times.
Barely even touched yet?? But coinbase.com in the US has just passed point of having 10 million active accounts.
So say about 150 million adults in US. Lets say that is 70 million families. Against 10 million accounts.
Using the simple math above, 1 in 7 families in the US has an account at coinbase.com
That is not as small and insignificant as many would make out.
Not as mainstream as banking. Less than 7% of adults in US don't have a bank account.
But 14% of families having an account at coinbase.com (as simple math) is a good start up the acceptance curve
Thanks for doing that math for us, I haven't even considered this. I would consider that quite an achievement compared to the opinions of bitcoin 2 years ago.
right.. totally agree with u. THe real anemy for bitcoin is surely the
wow @kyriacos you nailed it well..thanks for your post. I posted about the same issue some hours ago (pls feel free to see it) and am sure that top banks and big governments are in panic mode f what bitcoin and infact blockchain technology will do to their monopoly...we will stand firm and say no to them through our support of bitcoin , steem and other cryptos ...upeed, always.
@kyriacos thanks for your post. You are right over their effor to stop the inevitable which is the adoption of blockchain in all computing matters, but maybe it doesn´t necesarly mean that Bitcoin will adopted, may br replaced by newer and better cryptos
wow.. nice info and update @kyriacos
i think these issues are also affecting our dear steem value now.. so what is your take... do we buy now all is going down... do you see the market coming up... I read in a blog by @myfirst about the pending announcement in Beijing soon on BTC... lets wait and see...
great update as always sir... thanks for sharing
I am not giving advice when to buy and when to sell. I give a hint in my article. The point is to hold onto your stake and not be affected by the storm that these FUDers create. They just want you to sell so they can get aboard.
I can see that... Thanks for the insights... Best regards
Bitcoin and traditional banking are here to stay for the foreseeable future, although bitcoin has the potential to change commerce, and the financial system as we know it. Both systems have their advantages and disadvantages . Both will co-exist for the foreseeable future for the time being, although the world of finances and commerce has the potential for a revolution in how it operates due to the invention of bitcoin and other currencies derived from it and the blockchain has other uses, such as smart contracts, as used in the Ethereum platform.
So if I download a movie off the internet illegally they want to treat me as if I murdered a small child but diamond can manipulate the whole crypto currency market and no one bats an eye?