I've practically stayed away from the crypto markets for like a week plus, I've stayed off crypto news forums as well, and also, due to my recent tight schedule, my activities on Leofinance dropped drastically. But notwithstanding, I did try to show up a couple of times, which I know wasn't enough to create any tangible impact, so as such, I know I am missing out on a lot.
A few days ago, call me whatever, but am not a fan of hype. I remember I once read a post from @cflclosers when he was giving some thoughts on @proofofbrain.io tribe, asking the community to shill him reasons to invest in POB. I don't quite remember the name of the person that make this particular comment, but I remember spotting a comment that looks just like this :
"A good product markets itself"
While from an angle, that may have seemed like a rude response, to me I saw it as a harmless Sarcasm that ironically, is the truth.
If we look at the community now, it's crazily growing in engagement, thanks to a couple of contests going on, like one from @calumam which I think I'm gonna try out and also from @vempromundo and many more. I think I recently stumbled on a post from @interpretation41 where he made a short note about the traffic drawn to the interface recently and it's new rank on Alexa , and all these little details all proved the same point.
On the other side, a lot of people have been talking about Elon Musk, Doge coin, Shiba Inu or whatever it is called, and finally bitcoin.
A few days ago, I saw the "hype" about Shiba being the Dogecoin killer. I went over to binance to have a look, surprisingly it was listed, reflecting to coingecko, I discovered that shit was 1,000,000,000,000,000 in supply, like fuck! I don't even know what to call that figure? And niggas be buying this? Omg, it was clear that the world had gone crazy, most of these investors really didn't understand what crypto is, they all just jumped because it's cheap and hyped, but was I crazy enough to follow?
I once blindly invested in BTT some months back when it was just around $0.0003 or $0.00003 can't quite recall. Luckily, it didn't get me rekt! I had to learn the whole back story behind the TRON blockchain as a whole later on. Since then, I learnt to dig projects and leave no stone unturned before investing. Although I made profits on my investments in this shitcoin, but I had far exited, and I really don't care where the trend goes from here.
In the case of Shiba, I was actually gonna test the waters with $30 which would have gotten me millions of Shiba tokens, that was when I was forced to go check the supply first, then I backed down immediately. Even though $30 is little to me, it really isn't for most people here, in fact it's a monthly payment for thousands of the working population here. If I did jump in, I would be in a red zone right now!
In the case of doge, I can say I really don't care about it anymore, I hold non and don't plan on getting any, this is not financial advice anyways.
The Bad Side Of Institutions and Crypto
Bitcoin made it to $40k all on its own! It's been over ten years, it came this far without any influencer, it was all organic and not an outcome of a bunch of celebrity shills. Institutions will always liquidate their positions whenever they want, and there's absolutely nothing any one of us can do about that. Well, we could do one thing and that's not selling back to them out of panic. It's all about making profits, but the truth is at some point they'd liquidate and never return, that's if they decide not to be wise. If am to predict, Bitcoin still has a couple more dips to encounter if not so many, because this niggas will keep liquidating and font up silly lies to cover up their schemes. Elon is a businessman, a type that is not really Frank on how crypto works to the fullest, he prolly has no idea how the Blockchain functions. We really won't achieve anything by throwing rocks or words at him right now, this will only prove that bitcoin doesn't need shilling to survive and prove its worth, I mean we're already rebounding, and neither does any other cryptocurrency. Wherever there's shilling before a coin value rises, there's always the chance of a huge dump ahead, it's always a PnD scheme and it's already playing out.
First Tesla sold a couple bitcoin back then saying some shits about proving liquidation or whatever the fuck Elon had said then because I wasn't paying attention. And now he dumps again and tries to cover up with lies about bitcoin mining power consumption, oh please give me a break. If you want to sell, sell in peace, no one is stupid here, it's your money after all, and you only invested to make profits, so it shouldn't be a problem actually, but when you keep trying to fool us, now that's a major problem!
The lessons here is never to blindly follow a rich influencer, do research and invest what you're ready to lose, don't get caught up in the gamble.
Thanks for reading this far, all comments are most welcomed
Posted Using LeoFinance Beta