Crypto Gossip and Sunday Thoughts
Authored by: @hetty-rowan
Hey guys,
Here I am again. It seems as if I have crawled out from under my stone. I have been online so little in the last week. This had many reasons, not least because we have just been very busy at home with various projects, AND because my PC was threatening to let me down. Which is of course not so useful if you have to make your income online! At the moment it sounds more like I'm working with a tractor than with a PC… but okay, it works, it still does what it needs to do, so I happily continue for a while.
Serious headaches
Well, crypto has given me quite a headache this week. We all know, of course, that Elon Musk, named the crypto god by the crypto communities, provided a Bitcoin boost when he announced that Tesla was going to accept Bitcoin. And just 49 days later, he gives Bitcoin a final blow and crash down, turning his back on Bitcoin. You can now no longer buy a Tesla with Bitcoin. Only 49 days it has been possible. Now I wonder, who in the first place wants to buy a Tesla with Bitcoin because the intention is that your Bitcoin will be worth 400K USD, right? Then you are not going to spend more than 1 Bitcoin to buy a Tesla that will certainly not become worth more, because regardless of the fact that everyone is suddenly completely under the spell of Tesla and Musk, that car depreciates in value like any consumer item! Perhaps that is why Musk ditched the Bitcoin payment possibility again, because no one handed in their valuable Bitcoins to Mr. Musk in 49 days. And he knew that if he were to throw Bitcoin out of the payment system again, with a energy story added, it would immediately result in a crash.
Bitcoin does consume much energy
I am still convinced that he is laughing and buying the dip. Because let's be honest. Many people idolize him, and I don't think rightly so. As I see many posts, he is not a person I would like to idolize, not a person who has grown so great because of a beautiful character. He thinks Bitcoin uses too much energy, and I'll be the last to say Bitcoin doesn't use a lot of energy, but come on Mr. Musk ... the rockets you send into space certainly don't use TOO much energy?. It's a bit of a double standard, a bit of a double standard. Anyway, it is what it is, and worse is that the crypto community apparently isn't quite that mature to deal with this after all. The power that has gone out of this one tweet has not been given to him by anyone other than the crypto community itself!
Not only Mr. Musk was responsible
Now, I'm not going to go so far as to say that this dip or crash, (just whatever you want to call it), was only done through Musk's tweet. But given the fact that Bitcoin seemed to be in a downtrend for a while, that there was instability in the price, the volume did not increase enough to give Bitcoin a boost again ... Well, all these things together made that in fact, this was the worst moment for a tweet like this.
Dogecoin
And to make matters worse. Mr. Musk seems to enjoy these things, and to crank up the Dogecoin hype a bit more by asking whether Tesla should perhaps start accepting Dogecoin. Well Dogecoin, hmmm ... let's see, it's a fork of Litecoin, and Litecoin is a fork of Bitcoin. Ow my, is this continues Dogecoin will start to consume a lot more energy too I guess! What will happen when Mr. Musk finds out about that? But we all know, because he tweeted that out, he is working with the Doge devs! It will be alright!
I don't get it
I would seriously think, "Can someone take this guy's phone away?" And even better ... Isn't it even time for the crypto world to just letting Musk talk for a while but not bothering anymore. Just let him have a little chat in space or something ... Come on, many have seen their portfolios that we work so hard for, put so much effort into, fall down with quite a bang, and still give Mr. Musk all the influence he wants, and feel like he alone is the Crypto God. Sorry… I can't understand this. But it must be me.
Weak Bitcoin right now
Well, now we have arrived at Bitcoin, and worse ... how weak Bitcoin is at the moment. Yes, given the increase over the year as a whole, there is of course nothing to complain about, but for the short term that is a different story. And how much I would like to see it differently. I still expect that we will make a deeper fall if Bitcoin does not manage to exceed the 53K USD limit. It doesn't look like that yet, and I'm afraid we all have to seriously consider a fall of Bitcoin in the 43K USD or even 42K USD. And honestly… that seems like a more likely scenario, unfortunately. And yes unfortunately! Because most alt coins still catch a lot of blows when Bitcoin takes a nosedive again.
Dominance is declining
Bitcoin dominance in the market is declining, but it is still not enough to actually make the alt coins fly. Again, what you are reading here is what I am currently observing, and I am nowhere near an expert in this. In fact… I really am an amateur. And that is unfortunately noticeable in my own portfolio too. Normally that shouldn't take such a blow if I wasn't that amateurish, but unfortunately for me, I still am… and I caught a big blow. Now there is nothing else to do than HODL through. Beware and no hasty panic sales… Anyway, that is giving me quite a headache at the moment.
Because as is always the case
JUST when crypto dips, and you don't want to cash because you don't have much profit, you suddenly need it again!
But there is something else
What is a great reassurance at this time… is that there are also projects such as LBI where you know that every LBI is worth more every week. LBI is not that sensitive to Bitcoin's deep dive techniques, and LBI has other building blocks. That gives a feeling of peace, one thing may go down hard. The other just goes up… and will continue to do so every week. No matter what!
Not everything takes a nosedive
I don't know what it is like for you ... but for me that is still a 'resting point' in the busy crypto spheres. Knowing that not EVERYTHING is going down very hard, but that there are also some things in your portfolio that are going up despite this nosedive. And that even the funding of a new project does not take away from its strength.
Just some Sunday thoughts
Well, this Sunday blog consists of just a few reflections on my part. Tomorrow there will probably be another review of a crypto for the first time in a few weeks, which one that will be? For that I would say, keep an eye on the blog and you will know!
Have a nice Sunday, everyone. And see you tomorrow!
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I love the fact that he's built a lot of Wealth around him but then too many people are allowing his tweets to influence their financial decisions. People like him shouldn't influence crypto in any way.
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People shouldn´t give him this much influence at all. He´s not a God, he´s just a human being, nothing more and nothing less. And yes, he build a lot of wealth around him. But does that make him a better person? Does that make a person who we all should follow blindly? I don´t think so. But then again, who am I?
Thanks for stopping by and leaving a comment.
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I wrote a post about this, funny enough, we share the same views and it's funny how people who praised him now tweet about how useless he is, he's just a bubble in the crypto space, nothing more and it's good that people are beginning to see this.
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I'm vert grateful to Elon Musk, if indeed it was his tweet that sent the bitcoin price into a nose dive. It gave me a chance to buy a dip I wasn't expecting. I couple of small limit orders got filled that had been sitting there for weeks. 😂
My higher buys are not a loss until I sell and I have no intention of doing that for the foreseeable so, much as I dislike the man I felt he did me a favour.
I hop your computer makes a surprising recovery! 😁
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I´m happy you could get your orders filled. But other than that ... Time for Bitcoin to go back up. If we want our alt coins to run we need Bitcoin to go back up.
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I'm still having fun buying the dips. 😂 Looks like a bitcoin rise is for another day . . .
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As long as people don't stop paying attention and provoking Elon Musk, this won't stop. He's had enough money on his own to make it crash down a lot and he doesn't take any losses, he is as smart as he is. He doesn't care that other people who don't participate in this game lose a lot. And that's the worst thing about this whole thing.
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I think you're right about that. The story of his early days at Tesla don't paint a very nice picture of him and there's no reason to think he's changed.
Sadder to me is that so many people hang on his every word.
!ENGAGE 10
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It´s the people who give him this influence ... if he tweets about Tesla can be bought with Bitcoin, the price sky-rockets. Then he decides to ditch Bitcoin and the price drops immediately. What is it about here? Tesla or Bitcoin? The next thing ... he implies that MAYBE a Tesla can be bought with Doge, Doge sky-rockets again ... What is it? People should stop following him like blind sheeps. Elon Musk is a man, and not such a nice man either. But he sure is not the Crypto God, although he is treated that way. That to me is sad, and I don´t understand it at all! But then again, who am I?
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Me neither but then I'm not into celebrity culture at all. It just irritates the hell out of me. 😂
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Elon is just a joker when he comes to crypto and shouldnt be given that much attention. His lack of knowledge is quite glaring no wonder he supports a meme coin-doge.
Besides he's also business who will do anything to see his business thrive. I wouldn't be surprised if he's secretly acquiring BTC at the current dip
I agree ... he will do anything for his business, and that´s something to admire. But manipulating a whole market is not something I admire.
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Same here
I don't think there's any doubt he's buying Bitcoin and probably Ethereum right now as well. He sold a bunch not too long ago so he can easily go back in and rebuy what he sold for less. I actually find it unlikely he's NOT buying right now. Once bitcoin turns positive again, I'm sure he'll come out with a tweet about buying a bunch around $45k....just to look smart. He'll also "admit" that bitcoin isn't nearly as damaging to the environment as he thought on first look, and that they're actually moving towards renewable energy and using "trapped" energy resources more than he thought. It will all be bullshit, of course. But, it is what it is.
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Like a businessman he's. He'll always find something to say. Just hope the manipulation stops
Oh Elon Musk, what a pity I will no longer be able to buy that Tesla that I wanted so much. All my efforts in Bitcoin were focused on buying his wonderful, efficient and beautiful car.
Now I can only focus on Crazy Horse Coin to have an environmentally friendly means of transport.
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Ah too bad for you, but really ... crypto was always about the lambo and never the Tesla. Lol
Without joking, you make sure to get enough Doges ... maybe one day when he´s done with the work with the Doge divs you´ll be able to buy yourself a Tesla with Dogecoin.
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The Lambo is now being given away by those from Waves, it seemed to me to read. Everything to Waves!
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I can't hear Elons gossip anymore!!!
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I have a feeling this won´t be the last time.
But I´m also sure you´ll survive.
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Its the same reason why the SEC banned him from tweeting during stock market hours if I remember correctly. Its mainly because he has the ability to move the markets and those hedge funds were getting hit hard (probably shorting the stock).
Either way, I fully expect him to tweet more about crypto since he has no regulations but I do hope people stop following the crowd and think a bit more. There are problems with DOGE as it is and I honestly don't think it will succeed for multiple reasons. But I do fully expect DOGE to be around in the future.
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Well exactly for people to think for themselves is apparently a very big problem. Musk is just a man, nothing more and nothing less, but it´s the people who GIVE him the influence and crash the markets. Is he to blame for that? I don´t know ... everyone has the responsiblity for their own decisions.
And yes, I also expect a lot more FUD tweets to come from him. Which is not good for crypto in general! Unless people stop following him as blind sheeps and take the responsibility back and make their own decisions.
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I feel the bull run is losing it's momentum and the best times may be behind us, not least because there were some bearish statements made last week by Musky boy and Mr. ETH. The only thing I hope now is to see Hive and Leo moon before the bull run ends.
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First off anyone that buys bitcoin because a well known person or celebrity buys it ot touts is is going to loose their shirt.
Second, 49 days, 49 miners california, and Musk is just a little bit sour on california, so maybe it was his pay back california.
Third, I am looking forward to those first dividends and to see what happens next. Never a dull moment.
I was planning to cash out of hive to btc to Tesla, then I was gonna sell the new teslas. I am shocked to hear elon is such a chicken head - lol! Wow!
It's all FUD. None of this shit matters. If you've been around the financial markets long enough you know that the news outlets report on all sorts of things as "causes" for short-term movements, when in reality, these are just the markets being markets. Things go up, things go down. Nothing goes straight up. There are always corrections and position changes and movements from weak hands to strong. All this is doing is gearing us up for a massive, MASSIVE run to the upside.
In the meantime, as you say, LBI continues to thrive. With the price down here, curation rewards should even be bigger giving us an even stronger base for when things start to move. We're now only a little over a month away from another dividend vote which I think will go in favor of starting to pay those out. I can't wait to start recouping the LEOs I put in to get my LBI. As I've said before, I strongly believe this may end up being the best investment I've made in crypto. With the dev team continuing to add projects and LeoBridge finally kicking in, I really think it's only a matter of time before LEO and CUB really start taking off. Time will tell.
Don't feel sad about your bags. Use this opportunity to add what you can. If you don't have fiat, then at least add the H-E tokens you can get from curation and posting. As I said, with the prices so low, we're getting a LOT more tokens as rewards right now.
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