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Tezos

Tezos Retracts, Prices Remains in a Rising Channel above $1.67Past Performance of Tezos There are flashes of strength in Tezos' price action. However, despite the gains in the past trading week, buyers are struggling to shake off determined sellers. Currently, XTZ prices are within a rising channel with immediate support at $1.67 with caps at $1.85. The coin is inside the July 30 bull bar, a positive development for traders. #Tezos Technical Analysis Tezos is bullish and traders may load the dips above $1.67, based on the candlestick arrangement in the daily chart. Since prices are within the July 30 bull bar with support at $1.67, every low may offer an opportunity to double down with targets at last week's highs at $1.85 as prices trend inside the rising channel. Further gains with rising volumes above the previous week's highs may trigger more demand, lifting XTZ towards June 2022 highs of $2.33. Conversely, if bears flow back, forcing prices below $1.67 and May 2022 lows, XTZ could crash to $1.48 and even $1.20, or 2022 lows, in the short to medium term in a bear continuation formation. What to Expect from #XTZ? After double-digit losses from 2021 peaks, prices are recovering. The crypto market-wide recovery could prop up XTZ prices in the medium term, buoying bulls targeting June 2022 highs. These gains are, however, subject to how strongly prices break out from the rising channel. Resistance level to watch out for: $1.85 Support level to watch out for: $1.67 Disclaimer: Opinions expressed are not investment advice. Do your research.
Long
by Bitcoin_Analyzer
Buy signal after significant downtrendTezos had a rough time in the bear market with the price dropping around -90% since the all time high of around $9.20 after significant downward pressure now is a possible good entry. Price is near the lows and for only the second time since the drop from all time high we have a full buy signal. There has been two advance buy signals on the way so if you have been following that system you should already have a leg in this trade. Things to note. We are still in a bear market so position sizing is important. There is a good chance this is just a bear market rally. The 3 day base is where I will be watching. Take a look at the related link below to see the previous advance signal post in this pair.
Long
by Cryptodontrading
ETH's "Merge" Coming Sep 19th - The Good, The Bad, The UglySo if you've been paying attention to crypto stuff for a while, you probably heard that Ethereum's big "merge" is coming on Sep 19th. They've been talking about it for a while but there's now at least a definite date. (And they're pretty good at making deadlines once they commit to a date, to be fair.) The switch from proof-of-work to proof-of-stake should be an improvement to most things for the most part, but there's a few things people should know: - The coin is set to become a deflationary asset, out-scarcity-tizing (is that a word?) the coin it's trying to beat, Bitcoin. This should, in theory, be good for current ETH/ETH2 holders but even according to the team this is something that'll happen over time, not right away. (I think this argument is a strategic one, personally - more explanations later.) - The merge won't solve ETH's scaling problems - the "sharding" improvements are planned to come later, the earliest mid-2023. The idea was for ETH to "burn" its existing supply in order to keep gas fees down but we don't know if this is going to work in practice. - The merge will effectively put all ETH miners out of a job, and many of them will forced to move over into other chains since mining will no longer be profitable on ETH2 as the "difficulty bomb" sets in. If you've noticed ETC going up a lot recently, keep in mind that that project has already been hacked 3+ times at the protocol level and can't be considered legitimate. (The fact that it somehow stays alive is still bizarre to me tbh.) I've been with ETH since 2014 so I've seen a lot of changes happen within the ecosystem over the years - but the community has definitely changed a lot since the NFT craze of last year - with more money comes more attention, and with that, more noise as well. Since there's not much happening on the chain these days most talks online has become more about beating Bitcoin rather than about product/technical achievements. Mid-term, I think ETH will do well financially since that seems to be its primary focus right now. All those big names that got in earlier this year probably are gonna do whatever it takes to make that happen. It's the development and cultural sides long-term that has me concerned since I feel like the more the BTC and ETH folks argue with each other they more they start to sound alike. I made a big leap from ETH to Tezos this year, after doing a lot of research on my end. Folks probably remember me shilling for Ethereum for a long time so the decision wasn't easy, but I felt it was necessary, at least for the things I'm interested in. - Tezos has been proof-of-stake since the very beginning of its launch and it has had time to refine its processes. Technologically, the Tezos stacks is far superior right now and ETH is going to have trouble keeping up, imo.) - The high gas fees basically made a lot of apps built on top of ETH useless and many devs/artists have already fled the scene. I'm skeptical if they're going to come back, even if they manage to fix the issues on the back end. Loss of trust doesn't come back easy. XTZ saw a big leap in chain activity last month while most other chains were still on the decline. - I think that the decision to not give ETH2 stakers a definite date of when they can withdraw their funds (probably the most annoying thing about the project right now especially since you literally can't do anything with ETH2 tokens atm) is probably unhealthy. This holding pattern allows for the project to manipulate economic outcomes artificially (acting as a quasi-government) at the cost of market legibility - which could make the asset more unpredictable long-term. - ETH still doesn't have on-chain governance and as far as I'm aware, has no plans to. You're basically trusting that the projects on top of it are doing things in good faith. Tezos, on the other hand, has voting and governance mechanisms baked in. (This is probably the biggest divergence between the two projects right now, imo.) - With Tezos I can get reliable staking rewards without having to have it locked up for an indefinite period of time, which seems like a much more reasonable deal to me, honestly. And I can actually use the coins for buying things I got caught up in things too, trust me - but as the world heads into a global recession (possibly a depression), everyone's probably going to have to tighten up what and where their money is going. The most obvious thing right now is interest rates - which proof-of-stake coins are well-positioned to take advantage of since the banks are still dragging their feet in regards to what it's offering to people in savings. Bitcoin is probably screwed, ETH is a (?), Tezos and other high-quality chains will probably do well. That's my hunch, anyway. I don't expect everyone to agree, but this is what my gut is telling me right now.
Long
by RyanTanaka
ETH's "Merge" Coming Sep 19th - The Good, The Bad, The UglySo if you've been paying attention to crypto stuff for a while, you probably heard that Ethereum's big "merge" is coming on Sep 19th. They've been talking about it for a while but there's now at least a definite date. (And they're pretty good at making deadlines once they commit to a date, to be fair.) The switch from proof-of-work to proof-of-stake should be an improvement to most things for the most part, but there's a few things people should know: - The coin is set to become a deflationary asset, out-scarcity-tizing (is that a word?) the coin it's trying to beat, Bitcoin. This should, in theory, be good for current ETH/ETH2 holders but even according to the team this is something that'll happen over time, not right away. (I think this argument is a strategic one, personally - more explanations later.) - The merge won't solve ETH's scaling problems - the "sharding" improvements are planned to come later, the earliest mid-2023. The idea was for ETH to "burn" its existing supply in order to keep gas fees down but we don't know if this is going to work in practice. - The merge will effectively put all ETH miners out of a job, and many of them will forced to move over into other chains since mining will no longer be profitable on ETH2 as the "difficulty bomb" sets in. If you've noticed ETC going up a lot recently, keep in mind that that project has already been hacked 3+ times at the protocol level and can't be considered legitimate. (The fact that it somehow stays alive is still bizarre to me tbh.) I've been with ETH since 2014 so I've seen a lot of changes happen within the ecosystem over the years - but the community has definitely changed a lot since the NFT craze of last year - with more money comes more attention, and with that, more noise as well. Since there's not much happening on the chain these days most talks online has become more about beating Bitcoin rather than about product/technical achievements. Mid-term, I think ETH will do well financially since that seems to be its primary focus right now. All those big names that got in earlier this year probably are gonna do whatever it takes to make that happen. It's the development and cultural sides long-term that has me concerned since I feel like the more the BTC and ETH folks argue with each other they more they start to sound alike. I made a big leap from ETH to Tezos this year, after doing a lot of research on my end. Folks probably remember me shilling for Ethereum for a long time so the decision wasn't easy, but I felt it was necessary, at least for the things I'm interested in. - Tezos has been proof-of-stake since the very beginning of its launch and it has had time to refine its processes. Technologically, the Tezos stacks is far superior right now and ETH is going to have trouble keeping up, imo.) - The high gas fees basically made a lot of apps built on top of ETH useless and many devs/artists have already fled the scene. I'm skeptical if they're going to come back, even if they manage to fix the issues on the back end. Loss of trust doesn't come back easy. XTZ saw a big leap in chain activity last month while most other chains were still on the decline. - I think that the decision to not give ETH2 stakers a definite date of when they can withdraw their funds (probably the most annoying thing about the project right now especially since you literally can't do anything with ETH2 tokens atm) is probably unhealthy. This holding pattern allows for the project to manipulate economic outcomes artificially (acting as a quasi-government) at the cost of market legibility - which could make the asset more unpredictable long-term. - ETH still doesn't have on-chain governance and as far as I'm aware, has no plans to. You're basically trusting that the projects on top of it are doing things in good faith. Tezos, on the other hand, has voting and governance mechanisms baked in. (This is probably the biggest divergence between the two projects right now, imo.) - With Tezos I can get reliable staking rewards without having to have it locked up for an indefinite period of time, which seems like a much more reasonable deal to me, honestly. And I can actually use the coins for buying things I got caught up in things too, trust me - but as the world heads into a global recession (possibly a depression), everyone's probably going to have to tighten up what and where their money is going. The most obvious thing right now is interest rates - which proof-of-stake coins are well-positioned to take advantage of since the banks are still dragging their feet in regards to what it's offering to people in savings. Bitcoin is probably screwed, ETH is a (?), Tezos and other high-quality chains will probably do well. That's my hunch, anyway. I don't expect everyone to agree, but this is what my gut is telling me right now.
Long
by RyanTanaka
XTZUSDTHello my dear friends In the time frame of 30 minutes, a compact movement has been formed. The Ichi Moko indicator has a negative lag! The price trend has reached an important range and it seems that with this momentum, breaking the downward channel from here is not very possible. If the price moves below the $1.65 range, it is likely to react by reaching the blue range. But the yellow range ($1,464) is more important in my opinion! Of course, part of the range's validity depends on the momentum of the corrective movement. It should be seen that the price will come out of compression from the bottom side or the long-term downward channel will break upwards!!!
Short
by FiboTech
Do you consider this chart bullish?Triangles are continuation patterns but ascending triangles acts very very often as reversal patterns. I've been eyen XTZ for days now but considering on how the daily it's shaping up I'm not sure I should long this so I'm waiting. Even because BTC is losing momentum and this relief really might be over as well. I bumped in many other patterns similar to this such as SAND and ENJ but at lower timeframes which might have effects on the daily (4h) they all have RSI in oversold zone so I'm very undecided. I think I'd pick ENJ if I had to choose one right now. In general SAND and ENJ present a rise in volume at the the possible breakout while XTZ misses that. This is a genuine question, what do you think people?
by Shotokhan
3
XTZUSDT Attemtping to break the 1D MA50*** *** For this particular analysis on TEZOS we are using the XTZUSDT symbol on the Phemex exchange. *** *** The idea is on the 1D time-frame where Tezos is shown trading within a Channel Down on the log scale. It has been trading below the 1D MA50 (blue trend-line) since April 07 with only one very short exception (June 09/10). The Lower Low of June 18 initiated a rebound that has now yet again made contact with the 1D MA50. On a side note, that was our (achieved) target on our last Tezos trade in May: We've seen that even a break doesn't constitute a bullish signal. Also the bullish divergence on the 1D RSI (Higher Lows) has failed in the past. We may see a 1D MA100 (green trend-line) test if the MA50 breaks but still, the best buy (on the long-term) can be made if the price breaks above the 1D MA200 (orange trend-line). See how the Fibonacci levels have acted as Support/ Resistance levels since the October 2021 High. A 1D MA50 rejection targets the -0.236 extension (0.9368) while on the other hand a 1D MA200 break, sets in motion the filling of the retracement levels. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
by TradingShot
2
Bear Market = Altcoin Season? BTC and ETH Losing Ground to AltsBoth stocks and crypto markets have been down in most of 2022 (largely due to inflation, rising interest rates, and talks of an upcoming global recession), but in the last month we've seen a few interesting patterns emerge: - Proof-of-Storage coins, particularly Chia Coin (XCH) and STORJ (STORJ) have seen very favorable gains. - The two major crypto coins, Bitcoin and Ethereum, has actually been performing worse than the majority of "altcoins" out there - a sign that crypto investors are reallocating their portfolios towards alts. - Weekends are usually when crypto investors typically make their move - and we see that coins that offer staking rewards (interest rates start to look more favorable during recessionary periods) have been gaining ground. (XTZ +4.5%, ATOM +4.5%, MATIC +3%) This is a PSA but beware of newly minted coins' "staking rewards" because a lot of them are based on the idea of certain assets (BTC, ETH, even fiat) always going up. When that inflow dries up, we're going to see a lot of services and platforms go through a LUNA-style collapse - if you don't DYOR carefully here, you may get caught up in the storm. Many coins that currently offer "staking rewards" have cut a lot of corners to keep up with last year's hype and is living on borrowed time. cobie.substack.com In theory, Layer-2 coins built on top of the EVM network operate independently of ETH's price, but we don't actually know all the details of what goes on behind the scenes - some of them may collapse just as well if their model has been reliant on speculative gains on ETH itself. (Something that the project teams will never admit to, even if true.) Time will tell whether it turns out this way or not, of if the Merge in August will stabilize or destabilize these economies as a whole. A lot of uncertainty in the big-name coins right now, either way - meanwhile, altcoins have been gradually chipping away at their lead.
Long
by RyanTanaka
Tezos Long-Term Support Activated (Over 150% October '21 High)The long-term support for Tezos vs Bitcoin (XTZBTC) has been activated. This support level was hit back in January 2021 and was followed by a 235%+ bullish wave. This same support level was briefly breached in May 2022, 1.5 years of bear market correction, which signals that a trend change is very likely and soon to come. Because this long-term level has been activated and now Tezos is rising You can see the similarities marked above on the chart. Don't worry about the short-term price fluctuactions... Do not stress about the small details... Just buy and hold. If you wait 3, 5, or 8 months... You will be doing really good because the market is hitting bottom... Aftter we hit bottom, the only place left to go is UP! Namaste.
Long
by AlanSantana
3
NFTs Are Here to Stay: Proof-of-Storage Makes its MoveBack from NFTNYC 2022 (was showcasing and promoting our new company there) and the biggest takeaway from the conference was the NFTs are here to stay, despite the downturn in the markets right now. But during this period of market consolidation there have been a few "spikes" among select alt-coins as people start to tighten up their wallets and look for projects that have more utility over hype. The last few weeks have been very good for projects associated with decentralized storage systems, which includes STORJ and XCH (Chia Coin), which has basically outperformed every other crypto asset out there. (50%+ in the last few weeks.) These are the "signs of life" investors often look for to see if a project has "resilience" against the typical waves of ups and downs. Proof-of-storage projects have potential large upsides - especially in the long-term - because while betting on which NFT project is going to "moon" can be extremely risky, it's a "sell pickaxes, not gold" situation where you can potentially profit off of regardless of which NFT collection themselves do well. Especially with security vulnerabilities starting to emerge as people realize that many NFT collections (including big-name platforms like OpenSea) are not actually decentralized and may be vulnerable to hacking or company bankruptcy. In the past the question was - "are people going to care enough to protect these .jpgs in the proper way?" It seems like the answer to that is yes, and projects that already have solutions to said problems are likely to do well, long-term.
COINBASE:STORJUSDLong
by RyanTanaka
No more Dogecoin, Shiba Inu and Tezos rewards says Crypto.com Crypto.com made significant changes to Crypto Earn, the product that allows users to stake their assets and earn rewards in exchange. Shiba-Inu-themed meme coins and several other cryptocurrencies were pulled out of the program and FTM, ZIL, and NEAR were added. Crypto.com, the leading cryptocurrency exchange, announced a revamp of its staking rewards program Crypto Earn. Effective June 27, 2022, 10:00 UTC, the exchange announced the removal of Dogecoin, Shiba Inu, and thirteen other tokens from its program.
BINANCE:DOGEUSD
by popmoebugo1977
#Tezos Resistance at $1.54, XTZ Prices in a Bear Flag FormationPast Performance of Tezos Tezos prices are trailing the USDT after a relief rally. At spot rates, the coin remains within a bear breakout formation, sliding six percent in the last trading week. In the immediate term, the primary support and resistance levels lie at $1.22 and $1.54, respectively. #Tezos Technical Analysis From the daily chart, sellers are in a commanding position. XTZ prices are tracking lower in a descending channel within a bear flag. With sellers unwinding gains, traders can wait to trade the breakout in either direction. Preferably, the surge in either direction can be with rising trading volumes. A close below $1.22 will nullify the bullish outlook, confirming sellers of June 13. In that case, XTZ may slide to $1.20 and even $1.10 in the medium term. Conversely, gains above $1.54 may see Tezos bulls drive prices towards May 2022 lows at $1.64. What to Expect from #XTZ? Buyers are confident, but bulls are struggling to tame the wave of recent liquidation. While recent gains may slow the sell-off, a break above $1.54 is required to restore traders’ confidence. Resistance level to watch out for: $1.54 Support level to watch out for: $1.22 Disclaimer: Opinions expressed are not investment advice. Do your research.
by Bitcoin_Analyzer
Tezos Analysis + The Next Altcoins Bull Market Strategy)Welcome again, it is my pleasure to have your attention. We are going to be looking at Tezos vs Bitcoin (XTZBTC) from a different perspective today. Let's start with the daily chart: - The first thing to notice is that the chart is bullish. This is important because Bitcoin is right now hitting new lows with very bad technicals, while this and other Altcoins vs Bitcoin pairs we trade are starting to grow. - We have a bullish chart with green volume increasing massively in the last few weeks (strong buying). - We have higher lows since early May. - We have a strong RSI and bullish MACD. As you can see, XTZBTC is now bullish... It can drop of course or change; the charts can always change... But this is what we currently have. Long-term we aim UP! WARNING: If you see a strong flash crash hit all the Altcoins, remain calm... They will recover. When Bitcoin does its final shakeout, everything will shake. Right now is not the time to look for an exit or to sell. Right now we look for opportunities to buy for the next bullish wave. The selling time is long gone... It is time to see back, watch, buy and wait. Namaste.
XLong
by AlanSantana
5
The Battle for Interest Rates: Tezos (XTZ) vs Ethereum (ETH2)Been writing a few long articles lately but the tl;dr of it is that now that interest rates are going up, the asset speculation market (real estate, stocks, venture capital, crypto/NFTs) is largely over and money will start to flow into financial products that provide more "reliable" returns - mainly interest rates. Given that the banks are dragging its feet in terms of giving people interest in their savings accounts, coins that offer reliable staking rewards will probably start to gain more attention as time goes on. I've been promoting the coin Tezos quite a bit lately since it's the coin that I feel like has the biggest long-term promise. They currently offer: 1) staking rewards (4.63% on Coinbase but higher if you stake them yourself) 2) on-chain governance (which most don't have, including Bitcoin and Ethereum) 3) people building/minting lots of things on top of it all the time, despite the dips in the market right now You probably remember me stanning for ETH since that's how I got my first successes is crypto, but to be honest they may be in trouble longer term if they don't do their merge sooner than later - gas fees are one thing but their decision to stick to off-chain governance models (basically trusting its users to make decisions behind closed doors) has been causing major issues in some projects, especially in DAOs. (Look up Brantley and ENS for an example of what happens with coin-based voting systems.) Whether I give up on ETH completely (I did sell off a pretty big chunk of it recently) will largely depend on how the Consensys merge goes this August and if they move towards or away from the ideals that they're advocating for all the time. They have a lot of catching up to do because #XTZ right now has all of the things they like to talk about already running. For the average person out there, what they're going to see is banks and crypto competing against each other in something that more people can understand: interest rates. Right now crypto is winning since they have the capacity to offer people better rates than the banks are - and can definitely win if they play their cards right. NFTs are still confusing for most people but one number being higher than another number is something that almost anyone can understand. You might even argue that this is the first time crypto is competing against the banks in a very direct way. The markets might look scary right now but once it settles down we'll start to see new patterns emerge with new ideas and products taking the scene.
COINBASE:ETHUSDLong
by RyanTanaka
3
2022 - Not the Recession We Want, but the Recession We NeedIn response to the Federal Reserve increasing interest rates yet again, the markets - both in stocks and crypto (and housing soon to come) - have been dropping pretty hard lately. For crypto investors out there: this is the sound of mainstream money from the general public leaving the space - they came for the party, then left after the party was over. The craze that we saw in 20’-21’ was really the result of NFT projects targeting people - largely cooped up indoors due to the pandemic - with a hype-based marketing strategy that seemingly resonated very strongly. Out of all the NFT projects that could have reached #1, it was the Bored Apes Yacht Club: it doesn’t take an art expert (although I do like to fancy myself as one at times) to see what BAYC’s success “means” - it’s obviously targeted at people who’s primary ethos is boredom…and exclusivity. In a way, BAYC is the perfect sign of the times - people bored of the lockdown, the rise of digital marketing and remote work, our reliance on artificial scarcity to determine “value”, and Web2 marketing/hype and investing practices all rolled into one. There’s a reason why even the Ethereum team (most visible Vitalik) renounced BAYC as something that ETH “wasn’t intended” to do. Adjective-Animal JPGs basically missed the point of why Web3 was created from the very beginning. Now that the Feds are tightening up their money supply (finally, after having printed endless amounts of it during the last few years) the “casino” market is about to come to an end. But just because the market is in a downturn doesn’t automatically mean that everything will be bad…there are lots of opportunities still there; they just look different from what we’re used to seeing up until now. For some of us out there, we’ve been waiting for this moment for a very long time. If you might have been thinking about changing or trying new things out in your life, now is probably the best time to do it because in a few months the world as we know it will probably get flipped on its head and most things will become unrecognizable anyway. During recessions people’s priorities tend to shift away from speculative assets and into savings; short-term investments into long-term; people shopping for interest rates on savings rather than loan accounts; and so on. Those who adapt will do well - but it will require a shift in mindset that may feel strange and unfamiliar. People say that “everyone” suffers during a recession but I tend to disagree - in any given market there are always winners and losers; money is game of how the idea of “value” compares itself to the price of goods around us. It is always relative to each other, in other words - and there are always ways to get ahead if you’re willing to look at the details close enough. - The Market Itself is a Bubble One thing to keep in mind that 80%+ of people don't own any stocks/crypto, so all the panic, hype, and emotional reactions you see in the media/social media is already a bubble of its own. Most people only see the prices of the things that they interact with every day - thing most people are seeing right now is that they see that inflation is cutting into their ability to survive day to day - and that something needs to be done. Until crypto products address these sorts of “bigger issues” of the public directly, it will always follow the general markets rather than setting the tone. The reality is that most people in living in United States were already used to massive inflation - the costs of living was already on the rise since 12’ onward (especially in housing, education, and healthcare - typically the 3 biggest expenses for the average person out there) and people were already getting squeezed out every year anyway. In the upcoming months there will be a lot of people with lots of money complaining about how “hard” things are for them, but I don’t expect there will be any sympathy for them - in fact, they will probably be the target for the next ridicule cycle if anything, really. What that means is that the economy was already hell for most people during the "good times" - inflation was already well out of control but we simply failed to acknowledge it. On a personal level, I lost more friends (especially artists) than I care to talk about: many were forced to move away from the places they loved because the costs of simply existing in certain areas became untenable. A lot of people I knew gave up on having kids, gave up on their dreams, went back living with their parents - worse case, some of them literally ended up on the streets simply because they were unable to pay their rent. People who have known me long enough know that prior to getting into crypto I was heavily involved with housing politics through the YIMBY movement - though this downturn is hurting my portfolio too, it's hard for me to think that a market crash would be a bad thing long-term, because not only would it would lessen the pearl-clutching incentives/behaviors of NIMBYs, it should also bring down costs of everything as a whole. And that is good for everybody, not just the few who happen to be lucky enough to get their hands on a certain type of ERCs. So while it may be unpleasant to see the numbers in your accounts go down, this is the correction that many have been waiting for - the correction that we need. Once the housing market stops going up, there’s less reason (and ability) for NIMBYs to defend their imaginary gains against the tides of supply and demand - and in the long run, the market should equalize itself to where it should be. What Web3 needs more of is people with a mindset of abundance rather than of scarcity - and this will become more important as the crypto ecosystem starts to mature. Web3 is not only a movement of its own, but it’s also a repudiation of the bad habits of the Wall Street/Web2 model - which has, over time, become a ponzi scheme of its own. Low interest loans allowed startups, politicians, and scammers to “fundraise” their way out of trouble: No money to pay for things we need? No problem - just print more! Company not profitable? No problem - just raise your Series Z to keep it going just a little bit longer! Ponzi schemes do actually “work” on some level, after all - as long as the market keeps on going up.As we’ve seen with what happened with LUNA/3AC - which was entirely backed on the fantasy of Bitcoin going up forever and forever - there’s going to be a backlash against the stock market too, so that’s something to keep an eye out for. How did Bernie Madoff get away with what he did for over 20 years? The market was always going up. Now that the tide is pulling, we’ll get to see who was swimming naked underneath this whole time. - It’s Time for the King (Bitcoin) to Serve its People Bitcoin is obviously the first of its kind and currently the market leader in the crypto space as we speak - but for how long? While Ethereum is moving towards proof-of-stake as its primary economic engine (taking most of its tokens along with it), Bitcoin leaned hard into the proof-of-work + scarcity model in the last few years and never looked back. Given that the store-of-value idea is not unique to any coin - and that the only “value” Bitcoin currently provides is potential speculative gains (which are on its way out as staking rewards start to look more appealing during a recession) and a strange retro-nostalgia aesthetic for the pre-08’ eras (which will gradually fade over time), it’s hard to see it surviving for the long term. More broadly speaking, “it was there first” is exactly the type of NIMBY argument that the market will “correct” in the upcoming recession, taking down a multitude of asset classes that have been relying on that mentality up until this point. Ethereum is attempting to escape that fate through their “merge” (we’ll see if they’re successful in doing that this summer), but Bitcoin has basically signed the pact to go down with the ship. In a few months, it could potentially be the only proof-of-work system left on the charts, quite literally. I’ve always found it odd that a lot of Bitcoin fans aren’t too shy about calling their coin of choice “King” - which is actually a fairly new phenomenon that came during the 16’-18’ run, not before. (The dev community was much purer back then.) This phrase clashes directly with their supposed support for decentralization and democratization of money - the cognitive dissonance there is massive, to say the least. (Since there is no on-chain governance in BTC systems a small group of miners usually end up controlling everything on the protocol level behind closed doors, btw.) There’s something very disturbing about the glint you see in their eyes when they claim that Bitcoin holders (not anyone else, obviously) will become the most “powerful” people in the world in a few years - I don’t think anyone outside of that bubble really believes that - especially now. This is the year 2022 and we don’t really have the time to idolize or fantasize the absolute powers of monarchy, even in imaginary forms. Web3 will rely on the transparency of ledgers to establish partnerships of mutual benefit, enforced by precision and reliability of smart contracts - but this requires us to get better at collaboration, rather than moving unilaterally and monopolistically, as Web2 has typically done. As is the case with modern monarchies - the royalty can either choose to step down or be taken down forcibly - one or the other will happen, either way. BTC has largely been left out of the development talks of Web3 systems as a whole, since they refused to fork out their systems to make compatibility improvements - it will eventually get left behind as the world continues to move without them. Luckily this will happen through the simple process of numbers going up and down - rather than having to deal with the fallout of it in the real-world itself. - What’s Coming Next for Web3? The typical pattern that the economy goes through during periods of recession is that they switch from a speculative to a savings mindset - when both the banks and the government spends all their money and have literally nothing left, what do they do? Raise interest rates to incentivize people to put money back in. As far as anyone can tell, the fundamentals of this relationship hasn’t changed and is not likely to have done so during this cycle either. In crypto this means that there will be less demand for NFT lotteries and higher demand for coins that offer staking rewards as a benefit - undoubtedly there will be more and more people searching for the best rates out there as the Fed starts to raise its rates even further in order to keep inflation under control. Interest rates has been at 0% for so long that most people probably forgot that it was a thing - staking was a hard sell even during last year’s run since news of its developments were largely out-blasted by the NFT mania as a whole. But as we start transitioning into a different phase of the economy, people’s priorities are likely to shift. Some coins that are well positioned to take advantage of this shift are Tezos, Algorand, Cardano, NANO, and many of the other coins that have been proof-of-stake from the very beginning. Ethereum and Dogecoin both have plans on switching over to proof-of-stake in the future (ETH supposedly in August, Dogecoin’s date is unknown), but the elephant in the room that nobody is talking about right now is the fact that Bitcoin doesn’t have the means (nor the plans to) transition into anything that is likely to be relevant in the near future. Time will tell, but we’ll see what happens over the course of the next few months, next few years, since what happens is likely to be a crucial turning point for the industry as a whole. Now that mainstream money has left the space, both whales and HODLers are waiting for the right time to reorganize their portfolios and get back in. With fiat money out of the picture, we’re likely to see more independent movement between coins and clear winners and losers emerge within the ecosystem rather than always moving in parallel as it has up until now. What comes out in the aftermath of all of this will be a very different crypto landscape - possibly with the “flippening” happening during the midst of it as well. As one last reminder, your portfolio going down is not necessarily a bad thing, if the goods that you pay for day-to-day gets, on average, cheaper. So I hope people don’t lose sight of the bigger picture and sees the opportunities and benefits that can come out of this transition as a whole. Money is about to get smarter: something that people have been demanding for a very long time. Well, if that’s what you’re looking for it’s coming right for us - hope people can recognize it when it’s here.
GEMINI:XTZUSDLong
by RyanTanaka