Bears are running around town shouting the end is near, burning
shops options and turning cars margins upside down because omg it’s gone crash it’s what it always does aaaaa.
“Well, I’m out. I’ve gambled enough, just blew my small trading stack. I was itching to average down but I know enough about chasing losses. Back to DCA for awhile and reassessing,” says one commentator watching the scene.
“Dear God, it’s collapsing. I’ve been out for a few days, and even I am scared,” says… a girl? Are you sure? Ples double check. Yes sar it gal sar ok gal. Wow!
“Lmao, this market is dead,” says… Suds? As in sudo get in the office? Hack hack hack BUY BITCOIN hack hack hack SELL.
“I have never seen SO MUCH selling holy fuck!!” – says… noob presumably. Ha, in my day… SHUT UP GRANDPA.
That’s the bitcoiners. In eth: “I see the weak hands and whiners are out in force today. Bullish!” Tap tap tap bear from behind bushes: “Comments like this are why nobody takes ETH seriously… echo chamber / cult… Ya’ll are delusional.”!!!!!!!!./x.el;knflke;la reeeeeeee/. His words, but ours the emphasis for once.
“I know it’s not the case, but the last 2 years of price action make me feel like I bought into a deflating ponzi. This truely must be the great washout,” says another etherean, who kind of seems to be a genuine etherean, but seems to live in ethfinance, yet gives us the classic bitcoin is ded meme.
So, what’s going on? Well, we can look at the chart, but it won’t tell us anything. Let’s look at it anyway:
So as expected this doesn’t say anything. There’s been a leg up, that is seeing a retrace, now what?
Well, we don’t know obviously, but we kind of know this reaction. Not that it means anything, but, every time bitcoin has gone up, it has gone down a lot, for now two years.
So the natural reaction now is because it has gone up, it will go down again, as it has been doing, with the Pavlovian programming thus seemingly complete and total… mwahahahaha.
Just before anyone takes that seriously, it’s a joke obviously, but we suspect the crypto-sphere is at a stage we have been waiting for a long, long time.
Genuinely, there is that question of whether this will ever really bull run again. The bull run was so long ago to the point now it feels like ancient history. Looked back it all was a pretty crazy time. Reporters got bored of saying: yep, bitcoin up again $1,000.
Everytime you woke up, you were richer. A moment is stuck in probably many ethereans’ minds when one after the other they said they could now pursue their dreams, open an art studio or shop or whatever they always wanted to do.
There are many ways to encapsulate that time, but while trying to find out if we covered that dream fulfilling moment, here are two of our headlines from October 2017:
Yeeeees, free money. But that’s the ending. The beginning starts… erm, well we’ll start when Trustnodes launched around April-May 2017 in full operation.
At that point obviously no one knew bitcoin was to… free money. Instead, bitcoin had fallen everytime it had risen. 2014 had been brutal. The simmer of hope during a mini-bull run in mid-2014 was crushed after barewhale made his stand at $300.
The Spartans stood, but as in real life they were to be decimated with bitcoin’s price going on to drop to $150 and even very briefly to $70 if we’re not mistaken.
The Greeks however did go on to dominate the world. Expanding first to Rome, and then upper Europe, and ultimately to America too.
Likewise bitcoin held its ground in 2015. The beating however had been so brutal, the natural expectation was to dismiss any price rise and expect a further bigger price fall.
So when it began to rise in 2016, no one believed. Most had stop caring about the price. The bitcoin goes up and bitcoin goes down meme was born.
That it did do. It did go up and it did go down and sometime you could not tell the difference. But then it began going up more than down.
Still, the expectation was that it would fall. That holding it would burn. And it did fall, sometime a lot, but then it rose even more.
When price reached $9,000, as the present writer can recall, it was titled $900. Quick our non-existent audience was to correct, but the point is it didn’t quite feel the bear market had ended.
To pinpoint when exactly that changed is difficult, but it was probably around that point when it started to become more of a digital party, with people finally feeling a bit richer, and so buying cool clothes or whatever with eth and bitcoin logos.
The corporate media then kept talking about the crypto castle, and jet parties and the rest, but that was actually during the hangover.
You see, if we say at $9,000 it switched from it will fall to it will rise, then those brief four weeks of euphoria proved it thus. When it began to fall, we had the crypto castle and the yacht parties and pavlovian inclination to ignore the fall and expect it will rise because at that point that’s what it had done for so long.
So you basically sold during the bull market, and bought during the bear market. Meaning lost either way, but at least was fun right?
And that brings us to these doom bears. Now obviously they might be right, we are in no position to pass any judgment on that, but at the risk of messing with the butterflies, their reaction is precisely what you’d expect at the very, very, beginnings of a bull market.
Whether that is so time will tell, and in these pages frankly we don’t quite care, but one must express some joy perhaps that we have reached this stage – and since we’re in the business of talking we’re obviously too stupid to shut our mouth and tell you none of it – but cest la vi, in action we’ll probably do precisely as them – touch it not now because burns, and when euphoria… no brainer bro who cares.
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