The Market is a Market. That's why it crashed.
If you have a strong hatred for Elon Musk and blame him for the recent market crash - you're not alone in wanting a villainous single face to blame for your crypto portfolio being worth only half what it is.
Frankly - the only people I sympathise with in this situation are the HODLers that got screwed in the open by the man's actions. Those who had conservative and reasonable buy orders and missed out on what the market crash offered a lot of people who felt like they missed the bitcoin boat. A proper readjustment. Rather than seeing this as a crash I see it as a readjustment. There is absolutely zero reason to buy a stupid Tesla car with Bitcoin. There is absolutely no reason that that is practical. There is nothing to suggest that the cars would be priced in Bitcoin either. Any merchant currently accepting bitcoin accepts bitcoin at fiat value. Bitcoin is high - pay less in BTC and vice versa.
That's because the rise in the price of bitcoin to such astronomical peaks was down to simple greed. We're talking here about two entirely different mindsets but only one of them really perpetuates.
There are those who use the market fluctuations to make fiat profits through trading and other forms of crypto investments.
There are those who truly believe in Bitcoin as the master of all cryptos and see it as the future of money.
Both of these ways of thinking are flawed. The first less so because at least these people generally realise that their thoughts and actions are nothing more than shilling to the max for profit. "Yes buy Bitcoin it's the future - Oh shit I'm making less in fiat let me sell and 'buy the dip'".
The second is even more delusional because bitcoin doesn't show any signs of being the new norm in the next 3 decades. In all likelihood we'll either continue operating a centralised financial system of some sort forever. A centralised yet democratic financial system makes a lot more sense than bitcoin - as fantastic as it is - for functional finance.
It's an asset not a currency.
XRP - one of those hated coins because of "blah"... Actually makes more sense. I bought a case of beer from a friend in XRP once. It went like this:
"Hey man bottle shops are closed at the moment. Can I buy a case of beer if you have extras?"
"Sure yeah I'll hook you up."
"I don't have cash but I have some money in my crypto wallet. XRP work?"
I then sent him XRP which I immediately bought and he immediately sold. It was faster and easier than a bank transfer. He may have been down the road but he could have been across the world for the difference it made.
I'm not an XRP fan even. I don't at all recommend or believe in HODLing it. To me it has value due to it's fast and cheap transactions and the speed at which one receives it. Plenty of other cryptos serve the same purpose. Jog on with your bitcoin or go buy groceries with it. It's not the currency of the future. It's a technological marvel and a definite step in an interesting direction. The idea of a fully decentralised currency is almost fleshed out in the bitcoin model. But what we're left with is a piece of technology that created a decentralised financial asset.
It's certainly made gambling a lot more fun though - crypto. That's for sure. And that's what this blog is usually about.
TRX - BTT - JST - BTT - USDTTRC20: TTDqtHcJkA3Rrhw5RWTjkewdc623VjppMm
XLM - GCUXDW3P24XXXRFW5YJJCYHOK7KJHIPXBLZSFGGNZ62L7KHZZSPCMTL7
DASH - XrG2Cwo9SeQ9uC7hgPYcxnJnkeqJQjcziN
XRP - rKyNc3N5m4RUe17gPp6th69ri8WHaX3HQP
Tag - 1643968107
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