BitcoinShort
Timely market cycle update: The end of an ERA & start of a new.
Updated
10 days ago was published a report on how much money was lost by crypto illegal crime (whales baiting suckers to buy their bags does not count).
Last year’s losses were up nearly 160% from 2018’s total of $1.74 billion.
Hacks and thefts fell by 66%. Exit scams, fraudulent exchanges scaming suckers, and the such, went up fivefold.
As I predicted in my wash trading idea.
4 days ago this hilarous FCoin CEO announcement "wupsie we lost tens possibly hundreds of millions it's gone poof we can't get them back there seems to have been a bug that we didn't notice even as we lost millions but don't worry guys I plan to quit crypto start a whole new business and make hundreds of millions and I'll be able to pay you back" as he was packing his bags to leave the country I presume.
The current sucker rally can't be far from the top.
I'd like to open a quick parenthesis and compare the most expensive and least efficient database ever created, BTC, to another interesting "investment" of which the promoter/owner Doctor Ruja Ignatova misteriously vanished.
OneCoin investors to this day believe this was a wise investment and Ruja Ignatova had to hide from the evil "fiat world men" that are terrified of the crypto revolution.
The "mighty halving" is less than 3 months away, and the current sucker rally could continue up to around 12000 until then as crypto investors turned traders hope they will be able to trade their losses back with no knowledge no experience no common sense, and as new investors that got sucked in around the top pray the price makes it all the way back to 13000 so they can breakeven (probably won't happen and they will inevitably "average down" and try to break even on the next sucker rally, never ending cycle).
May could be the date at which the price tops and bagholders feel the burn again.
I am eagerly waiting the halving, short for the price halving, when miners will not be profitable anymore and sell all their stock and quit.
This is what I am expecting:
I also expect crypto investors looking for even bigger suckers to keep defending pedophiles as long as they use their ponzi coins, and develop strong support for dictators and criminal countries such as Iran & North Korea as long as they buy their bags to escape economic sanctions.
The biggest of the losses of last year come from an alleged Ponzi scheme involving crypto wallet and exchange PlusToken. 3 billions at once!
But there is still alot more milk to drain from this cash cow for criminals and they are sure to keep scamming suck-er I mean investors till the last drop.
When BTC gets to 1000 maybe this is the point where most criminals are out and grabbed almost all that they could?
In 2013 smart people cashed out of BTC at $1000. Less smart people bought and got lucky enough to dump at 10k+ on dumb money suckers.
For the past 2 years+ the suckers have been hoping that even thought the entire planet has heard of BTC by now, the price would go up to 250k for no reason and they would be able to sell to even bigger suckers.
The circle will be complete when the suckers that bought at 5000-20000 "averaging down" will finally sell their bags for $1000.
As you can see on the chart, Bitcoin in every bull market has had parabolic moves up.
Since December 2017 there has been no parabolic move up, but there have been 2 down :)
The era of parabolic uptrends is over. There used to be disbelief and more and more people got convinced to buy.
A new ERA started: bulls all are convinced and buy in a linear way, but downtrends start in disbelief and accelerate down as more and more investors get convinced to sell.
Long live the ERA of parabolic downtrends!
Bitcoin will die, but it will be remembered as the hero of decentralization: It decentralized losses and centralized profit in the hands of a few.
I hope Bitcoin will stay around for many more years, and we will keep seing desperate suckers keep trying to improve their failed project to bait new, greater fools, into buying their bags before they go to zero as they well know will happen but have always been hoping they'll be able to cash out before this happens.
We will also remember Bitcoin as having allowed all sorts of companies to find investors. Companies that do not want to follow regulations do not want authorities to track them down need a decentralized platform with no one responsible, in other words, ponzi schemes and criminal circles.
I think Bitcoin will rally from 1000-2000 level, but never see another ath. It may go to zero, but it could also survive.
Bitcoin might survive with its original use case: buying & selling child porn on the dark web.
Bitcoin should probably have many bounces on the way down of course, as the army of scam artists and prophets posing as "genius visionaries" motivate the baghodling fools of the world looking for hope.
I eagerly await the price halving. And I look forward to the reasons for going up the army of BTC white knights will find, as well as their excuses when the price drops another 50%. What about you?
Last year’s losses were up nearly 160% from 2018’s total of $1.74 billion.
Hacks and thefts fell by 66%. Exit scams, fraudulent exchanges scaming suckers, and the such, went up fivefold.
As I predicted in my wash trading idea.
4 days ago this hilarous FCoin CEO announcement "wupsie we lost tens possibly hundreds of millions it's gone poof we can't get them back there seems to have been a bug that we didn't notice even as we lost millions but don't worry guys I plan to quit crypto start a whole new business and make hundreds of millions and I'll be able to pay you back" as he was packing his bags to leave the country I presume.
The current sucker rally can't be far from the top.
I'd like to open a quick parenthesis and compare the most expensive and least efficient database ever created, BTC, to another interesting "investment" of which the promoter/owner Doctor Ruja Ignatova misteriously vanished.
OneCoin investors to this day believe this was a wise investment and Ruja Ignatova had to hide from the evil "fiat world men" that are terrified of the crypto revolution.
The "mighty halving" is less than 3 months away, and the current sucker rally could continue up to around 12000 until then as crypto investors turned traders hope they will be able to trade their losses back with no knowledge no experience no common sense, and as new investors that got sucked in around the top pray the price makes it all the way back to 13000 so they can breakeven (probably won't happen and they will inevitably "average down" and try to break even on the next sucker rally, never ending cycle).
May could be the date at which the price tops and bagholders feel the burn again.
I am eagerly waiting the halving, short for the price halving, when miners will not be profitable anymore and sell all their stock and quit.
This is what I am expecting:
I also expect crypto investors looking for even bigger suckers to keep defending pedophiles as long as they use their ponzi coins, and develop strong support for dictators and criminal countries such as Iran & North Korea as long as they buy their bags to escape economic sanctions.
The biggest of the losses of last year come from an alleged Ponzi scheme involving crypto wallet and exchange PlusToken. 3 billions at once!
But there is still alot more milk to drain from this cash cow for criminals and they are sure to keep scamming suck-er I mean investors till the last drop.
When BTC gets to 1000 maybe this is the point where most criminals are out and grabbed almost all that they could?
In 2013 smart people cashed out of BTC at $1000. Less smart people bought and got lucky enough to dump at 10k+ on dumb money suckers.
For the past 2 years+ the suckers have been hoping that even thought the entire planet has heard of BTC by now, the price would go up to 250k for no reason and they would be able to sell to even bigger suckers.
The circle will be complete when the suckers that bought at 5000-20000 "averaging down" will finally sell their bags for $1000.
As you can see on the chart, Bitcoin in every bull market has had parabolic moves up.
Since December 2017 there has been no parabolic move up, but there have been 2 down :)
The era of parabolic uptrends is over. There used to be disbelief and more and more people got convinced to buy.
A new ERA started: bulls all are convinced and buy in a linear way, but downtrends start in disbelief and accelerate down as more and more investors get convinced to sell.
Long live the ERA of parabolic downtrends!
Bitcoin will die, but it will be remembered as the hero of decentralization: It decentralized losses and centralized profit in the hands of a few.
I hope Bitcoin will stay around for many more years, and we will keep seing desperate suckers keep trying to improve their failed project to bait new, greater fools, into buying their bags before they go to zero as they well know will happen but have always been hoping they'll be able to cash out before this happens.
We will also remember Bitcoin as having allowed all sorts of companies to find investors. Companies that do not want to follow regulations do not want authorities to track them down need a decentralized platform with no one responsible, in other words, ponzi schemes and criminal circles.
I think Bitcoin will rally from 1000-2000 level, but never see another ath. It may go to zero, but it could also survive.
Bitcoin might survive with its original use case: buying & selling child porn on the dark web.
Bitcoin should probably have many bounces on the way down of course, as the army of scam artists and prophets posing as "genius visionaries" motivate the baghodling fools of the world looking for hope.
I eagerly await the price halving. And I look forward to the reasons for going up the army of BTC white knights will find, as well as their excuses when the price drops another 50%. What about you?
Note
It struck me that some people do not know what a parabolic move is.They think "price go up alot" means parabolic move.
So I have to educate them on what a parabolic move truly is.
Like an arc = parabolic. Linear =/= parabolic. Start rounded end vertical = parabolic. Go up at
And for those thinking "we're at the first TL"
Note
The idea of the internet is pretty old.Nikola Tesla toyed with the idea of a “world wireless system” in the early 1900s.
No one ever had the idea of a worldwide wireless virtual magic bean.
The TCP/IP protocol was adpoted in 1983 and the first commercial ISP emerged at the end of the 1980s.
Bitcoin is like the internet in 1989, and has been this way for the past 10 years (and spoiler alert it will remain like this in 10 years).
Bitcoin REALLY IS like the internet. David Chaum published the ecash whitepaper in 1983. It was even used as micropayment system at one US bank from 1995 to 1998.
The difference is internet is adopted worldwide and has been for 20 years. Cryptocurrency are still at the same point they were in 1983, still looking for a use case.
Cryptocurrencies have existed (and worked as well or better than the last ones) for now 37 years. But before 2010 no one paid attention to them because they were missing the very important feature that Bitcoin has: price go up.
Every store of value has one obligatory condition for it to remain so:
- Gold needs to remain in limited supply. If the market gets flooded with huge amounts from the sea or outer space then it will stop being a store of value.
- Traditional FIAT currencies, if you consider them somewhat stores of value, need governements to not overdevaluate them, as well as people's trust.
- Bitcoin, to continue being a store of value, requires an exponentially rising number of idiots to buy into the ponzi.
A boy asks his father for 0.1 Bitcoin.
His father answers 900$? Why do you need 700$ for? I do not have the 500$ you want on me.
How many security experts does securing the Bitcoin network require?
Zero. The devs will just make a system so inneficient that hacking it would be more expensive than the reward you get out of it. Sound money.
Bitcoin investors know BTC needs use cases to be adopted.
They keep finding new use cases:
- Financing terrorism
- Money laundering
- Buying & selling child porn
- Gambling
- Scamming suckers offering them low fees "crypto trading"
- Scamming suckers shilling "revolutionary investments"
- Evading international sanctions
==> Bitcoin investors have completely given up finding a non criminal purpose for their internet magic beans at that point and are openly supporting outlaw governments & dictators as long as they buy their magic beans.
Note
All you need to know...Still not that big on shorting because of how RR is very limited and it takes forever to get there.
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