Here it is the sixth edition of The FUD, where I talk about the biggest FUD of the week. I help clarify events that crypto twitter decides to escalate. Leggo.
This week has been surprisingly quiet, the Easter break may have had people occupied with real life. A few things have popped on the radar, I take a look at exchange drama, food porn and price action both in Bitcoin and Alts.
Poker Tournaments for Charity
To start off I had the pleasure of joining this awesome event early this week, I enjoy poker tournaments and this week one was hosted with 50% of the pot being donated to COVID-19 relief programs while the remaining half was distributed to winners.
Unfortunately, I lost. However, the event was fun, I really enjoyed it. What stood out the most was the virtual networking room, where one would sit on a table with leading figures in the space and have a chat. It was a fun and innovative way to allow for networking in a virtual conference. I am confident we will be using more of these around.
When it comes to FUD exchanges generally have the most.
Scam Alert — Cobain has spoken
DueDEX officially destroyed their reputation in. the market. After what they did to Bitlord I would genuinely be surprised if they stick around much longer. It’s one thing to turn your back on someone but not when that someone single-handedly built your brand presence.
The worst part of all this was when they doxed Bitlord revealing his identity to people resulting in stalker looking for his family on Facebook.
Crypto Cobain share his thoughts on this, and I agree with him. Employee personal information is given in confidence. If they can’t respect the internal team, why would I trust them with my data and more importantly my funds?
It did not stop there, they also seem to have liquidity issues as they are not paying out the contract. No proof of reserves is very concerning.
To put the final nail in the coffin, they are now having payment/withdrawal issues with other customers. If you are using this exchange, withdraw your funds. if you are not, stay away.
Bitmex is dying
This day was bound to come. Bitmex led the market once upon a time, despite their shortcomings they were always forgiven one knew what they got and you had no KYC, that was a key selling point.
After Friday the 13th events, that faith is gone. The Bitmex liquidation engine almost sent bitcoin to 0, to add insult to injury the insurance fund grew and traders liquidated while the exchange was being attacked did not get a refund nor an acknowledgment of error.
Gainzy seems to be looking for a Bitmex substitute, despite him not directly saying that, it’s easy to figure it out given the facts. High liquidity, no KYC.
Romana is right, many have had enough, I was always a Bitmex fan, but in today’s market with never-ending substitutes, there is no advantage to sticking with it, save my liquidations and go elsewhere. Friday the 13th was the straw that broke the camels back, apparently, for many.
CoinMarketCap Dead, Hello CoinGecko
Last week we. touched on Binance monopolizing the game, well as predicted the trend is taking off.
Bitcoin Dood is one of many who have been seeking alternatives, the fact is that Crypto Twitter as a whole has been using CoinGecko to replace CoinMarketCap.
CoinGecko is what I have personally used for years, much better interface, great app, complete market details, and the volumes are less manipulated. So here I am pouring one out in memory of CMC before I toast to the new king. Long Live CoinGecko.
The Cooking Trend
Isolation has affected many, but what one must understand, there are 2 types of people. Those who complain and those who seize every opportunity.
TheCryptoCook, belongs to the later, he has taken this time to create some food porn. These perfectly cooked dishes will surely spark your appetite. Glad I work with this fine gentleman, a true sir. Follow and don’t look back.
The cooking thing quite frankly has become a trend, CryptoWendy has been spending some time teaching the CT boys how to cook so they are ready when they finally get girlfriends (after the next alt season). Bitlord has also been sharing his cooking tips and how he likes to feed himself.
Food is our fuel, the better the quality of the food we consume, the better the performance we can expect. Don’t neglect yourself. Feast like a king.
Meme of the week — RIP Flipper
I seriously thought it would be impossible to beat the brrrr.
To be honest, the biggest benefit if this lockdown has been the meme game, which has transcended to a different level.
There is no way I can explain this to you, but click the link, volume up and watch it till the end, I can assure you, this is the funniest thing I have seen since brrr.
Link to the moon
Last week we made a couple of calls, and one I was particularly confident on was ChainLink.
You see LINK is a beast, it is the pump and dump that never dumps. As out local linky says, LINK does not dump, it dips.
We called it last week and surely the trade was executed perfectly. For now, I have exited the position but looking at it, it is stronger than ever, I am waiting for a good entry to get back into a long, I will not take a chance and short it. as it just seems risky right now.
Finally our Bitcoin update.
Bitcoin was looking very bullish last week, over the weekend it dumped. Now all I see is $3000 charts being posted. People, calm down, its just a retrace.
At the moment I am sitting in a small short to hedge my spot exposure, while I feel we will see more blood the overall chart does not look too bad. With the halving under a month away the fundamentals are extremely bullish.
The $6600 resistance is going to be very hard to break, if we et there I will be going max long. If we go lower, I will add onto my long all the way to 5800.
If you want to put things into perspective just think of 6 months from today when you look back and wish you had longed $8000.
Remember opportunities do not come all the Tim, but when they do, they must be seized. Keep your eyes open as the equity markets could cause chaos here given most market participants do not actually understand Bitcoin but that’s what separates us early adopters/believers and them. That is why we actually make money and they don’t.
Bitcoin is always bullish if you zoom out enough, don’t wait, start stacking sats now. Don’t be a sheep and pay a premium, use Mine Digital for the best rates in Australia guaranteed.
Please note this is not intended as financial advice. Always do your own research. The writer holds (and is biased towards) Bitcoin. The writer’s thoughts are his own and do not reflect those of Mine Digital.