Fortune Favors the Brave - Fifth wave (Ponzi scheme)Fortune Favors the Brave - Yet another sign that a mania is mature.
Hyperbole is a useful word to know. Meaning, “ exaggerated statements or claims not meant to be taken literally, ” an example would be something like, “ That cat is the size of an elephant!. ” Hyperbole is used when we want to emphasize a point, mainly because of our conviction and belief in the subject being stated, and when we are very excited . It’s no surprise, therefore, that hyperbolic language is found towards the end of manias.
The most recent example came this week with this advert aired on U.S. television featuring the famous actor, Matt Damon. As he walks past historical figures of explorations and achievements such as climbing Mount Everest and the moon landings, the clip ends with an awe-inspiring view of planet earth and the strapline, “ fortune favors the brave. ” The product that is being advertised? Crypto.com , the online exchange for cryptocurrency trading.
Comparing investing or trading in cryptocurrencies to such epic achievements of the human race is hyperbole . It’s the latest exhibit of unfettered speculation in the mania of crypto and fits perfectly with the tail end of a fifth wave . As the chart above shows, Bitcoin is labeled to be in the final fifth wave of its rally from inception . This chart shows it priced in Gold , but Bitcoin priced in U.S. dollars has a very similar structure. One clue which characterizes a fifth wave is that Primary degree wave ((5)) is shallower than wave ((3)), despite the much-increased manic behavior around the sector.
Some people are stating that Bitcoin et al is a Ponzi scheme that will collapse ( one commentator states that it is much worse than a Ponzi scheme in fact ). We’ll leave that for others to decide. All we know is that when we see such a clear Elliott Wave structure, combined with such sentiment, the probability of a major top is high and growing.
When Amazon shares crashed by 95% amidst the dot.com bust just over twenty years ago, the “ brave ” thing to do then was to buy. If, as we suspect, the crypto-mania suffers a similar shakeout , perhaps the brave thing to do will be to buy the leader that survives.
But don’t expect any high-profile adverts about it.
Ponzi scheme - Bitcoin Crash
dot.com vs crypto.com
F.E.A.R
Today, there is the State Of Fear how can we "SEE". The Fear and uncertainty in the markets. However, this is typically seen with declining. How is fear seen?. My frailty as a human has shown itself a sign of it eating them like cancer.
Often times you will encounter people who will cause you to doubt your own development. This can be due to seeing their false image stunts or ridiculous drivel about trading methods. See that you mind your own business always. Life has an uncanny ability to present distractions. Even when you didn't ask for their opinion. Why would someone who doesn't know what you are learning to be concerned with your development, to begin with? Keep the focus on your task... improving from where you were yesterday.
You see the proof... you witness the evidence. Give no time to fools. Energy and time wasted on the unlearned who stay in doubt or envy is a terrible drain on your productivity as a student. I don't care who they are or what they say... I remain... and so shall you.
Good Luck!
