So everybody had time to breathe?
Good. Here's what happened.
I know I speedwrote an article about the Fed fucking us all in the ass to keep us from overthrowing them with crypto. The truth about this crash, however, was probably a bit less conspiratorial. I mean, don't put it past the Fed to try to fuck us, but that's not what happened this time. I was just mad like all of you.
We've been going through 30% corrections in this bull cycle fairly regularly. But they only hit bitcoin and didn't really cycle through to the rest of the market. In the latest correction, ether and other alts gained a lot of ground on bitcoin. But what we saw here was a wholesale dumpage because of the doggie coins.
What happened right before this dump, which truthfully, was pretty easy to call if you didn't have your head up your ass like me? That's right — cefi went nuts for doggie coins. You had supposedly more mainstream crypto outlets all allowing Doge onto their platforms. And with Doge comes all of the fucking idiots who buy Doge.
So when the market has its normal nuke complete with leverage liquidations, the dump goes farther because we have doggie doo doo to shake out now. Not only were the shorts liquidating bitcoin leveraged longs, but also the paper hands Doge leveraged longs as well. Faggit ass fly-by Forex traders, Trust Fund Toms who are late to the crypto party, clowns like that. And because Doge also expanded into the world of interoperable defi, defi felt it as well.
Defi as a rule is leveraged between 1X and 2X. There is no infrastructure as of yet for undercollateralized loans. Chainlink is trying to bring that in, and I don't think it's a good idea. Read this post to see why. But once it enters the space, you can expect nukes just this bad in the future because people will be just as stupid with their anonymous defi money as with their taxed cefi exchange money.
The doggie nuke hit defi and almost liquidated people between the 1-2X leverage because of the reach of Doge. I believe defi stopped everything from going lower because of the "code is law" nature of the defi space. Liquidations happen automatically here, meaning that the market will take its full contraction with no excuses. It's going to happen. But that's a great thing. That's why I think this is a bottom. The Youtube Channel "What Happened to Common Sense" called this whole thing, by the way. I think that's a great channel to watch, because all of his calls have been on point for me. I just didn't follow this one and I paid for it.
Hopefully all of the newfags like Graham Stephan and chumps like Alex Becker take their ball into the next hypey thing society deems popular and gets the fuck out of crypto. I'm praying for that. In case they don't, however, just know that the bull run is not over and we will have more nukes like this.
As for trading strategy, I'm using high yield APY farms to get me back in a good position. When everything is on the floor, you can go for the high APY stuff and benefit from the capital gains and high APY even on speculative projects. My suggestion: Stuff on Wault Finance is good like the TWIN-BNB farm or the ORAI-BNB farm. The BNB pairs are better than the BUSD pairs because the BNB recovery will give you some wiggle room if the shitcoin tanks. Quickswap has some great opportunities as well. Might try HEX-QUICK because HEX is preparing for a huge upgrade, the Pulse Chain fork of Ethereum. Just make sure your project doesn't rug and you're golden. Don't go into complete garbage websites. There's plenty of degen stuff on legit platforms that can bring good returns.
When I get those bumps, I cycle some of the money out into bigger projects like Link, Dot, Aave, etc. Rinse and repeat. Only this time, I hit the sell button a bit more frequently than before. I also watch the stupid levels on the Fucking-Fagometer to watch for when dumbfucks come back into the space and start buying up random shit for no reason or even non-random shit for no reason. Hit the sell button before those idiots do and win.
And yeah, I don't know what to say about Pancakebunny. I believe them when they say it was an economic attack, because there were similar things happening to other websites. On the contrary, I don't believe ValueDefi. But now is the time to look at the platforms that didn't have any issues whatsoever during the frantic times. May I recommend ForTube. Great bank if I do say so myself. Until I build my own bank, this one has a great opportunity in its FOR-BUSD pair that you can also use as loan collateral.
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YOUR GUIDE TO MAKING MONEY IN CRYPTO STARTS HERE ---> Making Money in Crypto Part 1
Why you should buy your Tesla (and everything else) in BTC ---> Why You Should Buy Tesla With Bitcoin
Find out why Chainlink 2.0 is a problem for your freedom ---> Why Chainlink Will Kill Crypto
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