Red Tuesday

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Good Morning America. A sell-off has been going on while you were sleeping and might still be underway or might have ended.

Although if you ask us it might be Schrödinger’s bitcorn time where it does both simultaneously in an up and down wave, but mostly down so far, yet that could change.

Anyway, let’s get to the day’s chatter. Firstly, the mainstream media and some of our less immaculate competitors have brought back some very old news indeed.

Willy the bot. He/it apparently was the sole reason why bitcoin’s price rose from $150 to $1,000. MT Gox back then said it was their bot after lay blockchain detectives revealed the sensational news at the time.

Theories went something like MT Gox had some 400,000 bitcoins stolen in 2011, then Mark Karepeles, its CEO at the time, turned on this bot trying to buy back the coins from profits, but price shot up, he couldn’t keep up, and we all know how that ended.

That’s a theory, but it’s our favorite one because it is probably quite close to what happened. Minus the bot solely responsible part because China and Cyprus probably played a big role too. Anyway, 2014 wants its news back, let’s get to current year.

Our news yesterday of France potentially going commie China way has been gaining some attention. They don’t want to go alone though, they want the whole G20 to take restrictive measures towards digital currencies.

There is chatter the crypto G20 meeting will be held in April. Where, it is not yet known. If it is in London then it will be a very historic meeting indeed, if it’s anywhere else then they’re probably not that serious, unless it’s Vienna.

If it’s in Argentina, which currently has the G20 presidency, well nothing historic has happened in Argentina. Same for anywhere else really, so London or it doesn’t matter.

If it is indeed London then it will be very interesting to see whether they can co-ordinate their geopolitical and strategic interests considering this technology promises to be the second leg of the digital revolution with potentially as much transformative power as the internet.

We know that those who first adopted the internet saw the most benefit, especially America with its Silicon Valley which currently dominates their stock market, creating trillions in wealth.

Our elders probably also know that history rhymes, so it will be interesting to see what they decide if they do hold this G20 meeting because right now much of it is rumors and statements.

Talking of which, the popularity of South Korea’s president is down 1% due to their record breaking banning and unbanning of crypto within a few hours.

Apparently some 180,000 South Koreans have signed a petition with just 20,000 more required for an official response. We don’t need to wait for it because it would probably be something like sorry, but this thing is good, but it can be bad too, we’ll think about it.

Now for more comedy we go to Wall Street. Apparently their bonuses refused to bailout bitcoiners. Instead, they gave them a red Tuesday for a present. We did warn subtly, but hey, who listens to us.

In typical fashion bitcoiners and others of course turned it into a meme. That being the classic one: I was told there would be Wall Street bonuses. Yeah Meltem Demirors. Explosive, she said, or what was it “epic proportions.”

Maybe she misspelled “buying spree,” and meant sell-off. Although it hasn’t been that epic… yet… maybe of course, or maybe she’ll be proven right in the end. Who knows these things… Demirors?

Now everyone is kind of laughing, nervously, while they watch the price going down, pretending they don’t care, joking, telling each other don’t panic.

Of course that means everyone is panicking. You can’t just enjoy the ride up to $20k and then not enjoy the ride down to… well, we’ll see. $10k is hodling, but some are throwing $5k around as the real, real, bottom, you know, after despair, if this is bear market now.

It might not be. It might turn and try again that one trillion global market cap, but let’s be honest. Everyone had far too much to drink and the music was getting way too loud as well as repetitive.

So a cool-off was to follow for bitcoin, but the big question is whether it will just pass the buck to eth to run the show. The two have been holding a concert since around March 2016. Eth opened the show with an ATH of back then just $20, then went into a bear market.

Bitcoin then took the stage with an ATH of gold parity then up to around $3k, before getting mired into that “debate” about 1MB of data while getting a slap from SEC with the ETF rejection, giving way to eth to lead the way in May, followed by another bear market for ethereum during summer and autumn when Bitcoin went on to $20k.

If that ping pong continues then it should be eth’s time, but you know what markets are like, usually doing the opposite of what you think. Although now we said that, does the opposite of opposite mean…

Anyway, the above table chat should cover all the not worthy of full article “news.” Maybe we missed something, but should get you largely up to speed this morning.

 

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