The generation-defining meme is the biggest catalyst for moon.
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 pretty quiet. I guess the shock is starting to settle, people could be realizing that this is not a temporary thing. But even on the quite weeks, Binance is trying to monopolize the cryptosphere, Vitalik preaches Bitcoin and Bitlord is fresh outta jail.
Remember this meme from last week? I’m still not bored of it.
When I said this is generation-defining I meant it. Marcofalke has put up a suggestion to rebrand Bitcoin Core into Bitcoin Corrr. My vote? YES
This meme is not merely a childish gesture, this represents the catalyst that brought the financial system to its knees, it will be the moment we look back to in the future when we explain to our grandkids how the U.S dollar fell due to hyperinflation from senseless printing.
To be honest, all jokes said for once, most people have no understanding of what money is and how it works. We are privileged enough to have a very deep understanding of the subject. Any real bitcoiner does, without that knowledge, there is no way one could comprehend the true value of Bitcoin.
I think the rebrand is genuinely a good idea, from my perspective this catalyst will draw a lot of attention to Bitcoin as sound money, this could be the fuel we needed, this is the moment where we stop talking about money “hypothetically” being worthless because the government “could” print. This is the time we say the currency BECAME worthless because the government had no understanding of how money works. This is the moment Bitcoin was made for, this is Bitcoin’s time to shine.
Bitlord Is Back!!!
Last week the sir of all sirs abruptly left twitter due to a prank that got out of hands. Well (as predicted) The legend is back.
Bitlord took to twitter explaining why he had to leave before he got banned, then started tweeting asking for nudes in his dm <insert BBC meme>.
Twitter is empty without Bitlord, that’s my take on it. Yes his sense of humor is a bit much for some people but the guy is switched on, he knows what his following wants, he knows how to keep them engaged and that is something you have to respect regardless of your views.
Welcome back, General. You were missed.
TP is mooning
In uncertain times like this when we do not know which assets are rising which are falling, 1 asset has provable been worth fighting for, TP.
Toilet paper was the first thing people began to hoard, just goes to show how simple and naive the majority of the population is. An apocalyptic end is on the horizon and these people want TP, that’s it. In saying that a smart business person is not one to tell people what they want rather give it to them.
As as result CoinMarketCap has listed what could be the most valuable asset of our time, The Toilet Paper Token (TPT).
The Binance Monopoly
Binance doesn’t sleep. Hard at work, the largest exchange in the world is now looking into a new acquisition.
Binance is looking to acquire the largest price oracle, not sure if anyone else sees the massive conflict of interest here or it’s just me and my tin hat-wearing buddies.
While you could argue it’s a viable business, it definitely is not worth $400M USD, unless you had a plan. I wouldn’t go as far as CoinJazeera and say it’s CPC money, but If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.
The danger associated with monopolies is something we have been aware of since the beginning of the economy, I hate to see my industry go down that path. Moments like this make me feel proud to be a Bitcoiner, as my bet is hedged on these titans falling. If I was going to let a monopoly control my industry I would have stuck to the traditional financial world, maybe got a job as an investment banker, wore nice suits and enjoyed my massive entertainment budgets.
Vitalik Preaching Bitcoin
I guess lockdown is getting to all of us. It seems evident with Vitalik preaching Bitcoin. Over here Vitalik was defending Ethereums yearly rebrand (vision wise) and trying to normalize it by saying Bitcoin has been constantly shifting narrative.
Listen I get it, I understand the debate, Bitcoin is a P2P electronic cash system. Before you say this proves Bitcoin was not meant to be digital gold let’s step back a bit. Cash in this context refers to money, money can be defined as many things, but in this context, it refers to real money. The real money is gold. Fiat has had no value since it lost gold backing, which we can see now and will continue to see in the near future. Bitcoin was designed to be used for payments, but that does not mean it never was intended to be a store of value. Should Bitcoin have been designed to be cash-only without the SOV narrative, the supply would not have been restricted.
Bitcoin must first establish its place amongst the ranks as an asset of value just like gold, then we are able to use sats to make payments backed by said asset using different layer solutions. Bitcoin was and always will be digital gold.
I found this chart from CryptoDood on twitter and it draws a pretty interesting narrative. Long term, I am always bullish on Bitcoin. The truth is that the Bitcoin chart is always bullish, if you zoom out enough.
Yes, I just copy-pasted last weeks intro.
Lazy? No, but nothing has changed and we seem to be moving to plan, as you see from my chart below this is my play. So far I am seeing it playing out well.
This week many people were short, but Bitcoin don’t care. It has been moving up and getting out of the channel. From what I see we. will break the $6600 level turn that to support and head to $7,000 shortly.
Besides the technical the fundamentals are as strong as ever, while the USD supply is increasing, the BTC remains constant. I strongly believe that this narrative is going to be the reason for the next run.
Remember it’s safer to just buy and hold if you wish to trade make sure you have a stop, entry, and target written down before you attempt the trade. Otherwise, you are simply gambling. Nothing wrong with that but don’t gamble more than you can afford to lose.
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.