HiveComb

Exactly one year ago Bitcoin hit a new ATH North of $68,000 and it was all over the news for that. $70k seemed close and achievable and from there only PlanB knew where we were heading. Yeah, PlanB... Does anyone remember this sucker and his S2F model? I sure do, but can't say that to his face cuz he blocked me on Twitter.

One year after Bitcoin claimed its ATH and it is barely holding $18,000. Man, who would have thought about that? Well, who would have thought it(we) will survive Mt. Gox, Cryptopia, Luna, 3AC, and now SBF? The "golden coin" sure is resilient as fuck.

"It appears that most transactors yesterday(during the "mega dump") were recent buyers. We have not yet seen old hands react at any scale". "Plebs will be plebbin"... That was my comment to one of @acidyo tweets a bit earlier, which applies quite well to this statement coming from glassnode. You won't ever see OGs panicking. You don't get to become an OG by shitting your pants.

Resilience is baked in the oven of turmoiled times, flies, thunders, and black swans. Can we call the recent SBF shit show that put our portfolios to the ground a black swan event? Yes, because it is an event that implies one of the major players(exchanges) in crypto which has now all the chances to go bankrupt.

Are we there(bottomed) yet? Personally, I have no clue and will retain from making any predictions and suppositions for the price action of Bitcoin for a while. I realized recently that I'm bad at it :).

FTX CEO Sam Bankman-Fried's net worth falls $14.6 billion in the past 24 hours to $991M. Man, I almost feel like crying for this guy. What is he going to do for a living?... Honestly, I feel no compassion for him, a shithead criticizing recently Bitcoin for inefficiency and environmental costs. I recognize these words, they usually come off the mouths of the people controlled and influenced by the elites.

The man said he wants to give away his fortune not so long ago. Well, he kind of did that with some of his customers' funds as well. Canada’s third-largest pension fund invested in FTX at $32B valuation. The Ontario Teachers' Pension Plan invested in FTX in January this year as part of a $400 million funding round. Some Canadians are going to get mad at Sam Bankman "Fried".

Every such shit show is a lesson to learn, though. I lost $3,500 in one-day catching falling knives with LUNA about half a year ago. I quit trading since then, and I switched to self-custody instead of "banking"(exchange HODLing), to staking and waiting. We don't know if we're out of the woods yet, but crypto is definitely not dead. Especially during the times, we're living.

We'll get over the SBF FUD, companies like Tether and Circle are already throwing out statements that they didn't have skin in the game and we can say CZ gave us an important lesson here. He's also about to buy SBF which will make Binance "have more than 80% of the global crypto market share if FTX deal goes ahead". More centralization, right... Exactly what crypto was lacking.

CZ is sitting so well in his boots right now that he is even planning on implementing proof of reserves for Binance. What a cool guy he is...

This is again one of these episodes in crypto where we need to dust off, shake hands, and move forward. You can't control black swans, but you get to choose who you trust and where you store your wealth. That's something no one can decide for you. That's about it for now. I hope everyone is having a great day and see you next time.

Thanks for your attention,
Adrian

Posted Using LeoFinance ^Beta