iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
21,503 Blog Posts

CRYPTO FEARS ON OVER-DRIVE: IT MAY BE OVER

This past May when I was cavorting the fine gentlemanly town of Charleston — DOGE broke the fuck out and with it fortunes were made by complete idiots. I recall day trading on my Robinhood app, shit coins, for thousands of dollars in profits with ease. Now with the benefit of hindsight, that was the interim top. ETH fell from the $4,000s down to the low $2000s, maybe even lower (fuck off), and all was lost.

Then Gary Vaynerchuk bought a retarded ape for $3m and the NFT market took off, dragging with it ETH, BTC and a wide array of SHITCOINS. The recent run to record highs was fueled by, dare I say, wanton speculation in the digital art space — an area of the market I was both angry with and ignorant of and I am sure that it will perform well on a long enough time frame — because of the simple fact that I hate it. That’s the thing about age, it permits you to know your limitations and properly analyze your emotions. When confronted with something new and innovative, I am almost always angered by it — perhaps a defense mechanism of mine fearing change.

But you’re here to discuss BTC-ETH and not my emotional multitudes that causes me to lash out at strangers and verbally assault them.

My sense is the November flop caused many to lose faith in the “magical” run to BTC $100k. Without a proper catalyst, the market is now ebbing and heaving with morons awaiting execution. The FUD (fear, uncertainty, doubt) is on steroids because the overall market is weak and cryptos have not behaved defensive, but instead risky. I am not selling ETH — because fuck taxes. But my BITO calls are a zero and in hindsight it was a stupid gambit — as contango fucked the pricing mechanism, leaving me with losses. My bet was, inexorably, for a GAMMA run to $100k alongside magical unicorns and gay giraffes. Instead, we ride the long black train to zero and cryptos are most likely fucked until Spring.

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6 comments

  1. tradercaddy

    I look at this as El Salvador v. Singapore and Ireland.
    El Salvador Central Bank is now buying Cryptos for their Treasury while Ireland and Singapore Central Banks bought gold last week for the first time in decades.
    Which is smarter?
    P.S.If I knew the NFT art was going to be valuable I would have saved by Etch A Sketches from when I was a kid.

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    • roguewave

      tbh, it’s not about smarter. It’s about capability. El Salvador can’t buy gold anymore than Woody Allen could land a haymaker on Mike Tyson’s jaw.
      Nothing against El Salvador, fact is they are a small, poor, corrupt, desperate, country. It’s Little Sisters of the Poor against Notre Dame. A hail Mary pass is there only chance. Given what they have, they seem to have moved in a positive direction.
      But everyone will be against them, e.g. imf

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  2. Mr. Cain Thaler

    Natural gas prices are selling off because December forecast is above average but for what it’s worth the Old Farmers Almanac is predicting below average temperatures this winter. They tend to do pretty well so should be interesting seeing who’s right.

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    • roguewave

      That can’t possibly happen; you know with the global warning and everything. Ooops I meant global warming.

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  3. roguewave

    I too was betting on BTC 100k this year; but that is likely dashed on the rocks and will have to wait. I don’t see the FOMO

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