See the latest Australian dollar analysis here:
Since Bitcoin is just some made-up scam, it is more than fair to make up important reasons for why it is crashing. The most important of all is my entirely fabricated but disastrous four-headed hydra chart pattern which has so far eaten hodlers alive:
I have to say, that any market chartest looking at that monstrous head-and-shoulders pattern would run screaming off a cliff if BTC breaks the $30k neckline.
More, importantly, here is some actual footage of one unfortunate hodler going down the four-headed hydra hatch. Live from THE INTERNET!
Other newsflow for hodlers of fiction is not too good, either. There’s this:
China announced on Monday that it summoned officials from its biggest banks to a meeting to reiterate a ban on providing cryptocurrency services. It’s the latest sign that China plan to do whatever it takes to close any loopholes left in crypto trading.
Resulting in this:
But hodle on because the fabrication has many fools yet to convert:
But beware the four-headed hydra for it eats hodlers by the billions.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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Macro Afternoon
Some very solid gains to start the new trading
Macro Morning
Friday night saw more volatility return to equity
Australian dollar drunkest bum at global party
DXY eased on Friday night: AUD was the
Macro Afternoon
Some solid gains to finish the week on Asian
Yeah….but if it gets to $10K, we’re all gonna buy some…
Not me.
Hail Hydra!
Nor me.
More for the rest of us then!
If it gets to $1 I might, possibly, maybe, perhaps throw a lazy $50 at it.
Lol. Yep, same. My little bit of history to remember the digital version of tulip mania.
That is some lovely bubble symmetry
Definitely a Stegosaurus
Yes or an over-weight pikachu
Hydra hungry. Hydra want moar hodlers. Burrrrp.
I wonder if that declining Hash Rate is directly inverse to Mig’s own hash rate.
a double tasmanian head and shoulders
yum yum yum…
this wouldn’t be helping the hodlers….
https://twitter.com/GoldTelegraph_/status/1406417847761477633/photo/1
I might finally be able to buy a reasonably priced GPU.
Here’s hoping for a sudden flood of them on ebay. I wonder what btc price threshold would trigger a mass gpu selloff…
In the day we hash it out on the streets
Of a runaway Cryto dream
At night we run transactions of glory
On pentium machines
Sprung from wallets on Coinbase
Air cooled, byte injected and halvening over the line
Oh, baby this blockchain burns your bones straight to chalk
It’s a death cross* it’s a suicide fork
We gotta get out while we’re whole
‘Cause tramps like us, baby, we were born to mine
*https://www.smh.com.au/business/markets/bitcoin-forms-death-cross-as-selloff-shows-no-sign-of-reprieve-20210622-p58318.html
Diamond Hands required!!
Lol.
Crypto-currency – token – holders get screwed. Boo-Hoo…
All we need now is Tesla to explode and the Fed to end this silly nonsense. The moral hazard they and their cousins in Martin Place have unleashed is devouring capitalism, wrecking price discovery, preventing creative destruction and skewing wealth and income, feeding the flames of woke leftism.
without crypto, how else is a brother supposed to get ahead?
Let’s face it, the real value of BTC and other tokens was as a means of circumventing capital controls – especially from China – and a way of conducting business in the shadows.
what will the next investment to breakdown be and where to from there…
https://twitter.com/NorthmanTrader/status/1406927846992486404
Except all the hodlers had it on the left side of that graph?
Sure joe. Have you looked at a chart with volumes traded included? You will find a LOT was traded at far higher prices than it is today.
If you are one of those who bought on the left side of the peak, good for you. Luck takes many forms.
If it weren’t for the terrible energy usage of Bitcoin, I’d be more than happy for gamblers to dump their money into this zero-sum pseudo-commodity-not-really-a-currency. That would mean that there’s less demand for decent investments that I like to invest in, and nobody really loses but said gamblers.
As it is, the energy usage is an abomination. It has the energy usage of a country like Argentina, which might be fine if it could replace the entire global payments system; instead, it can’t even do ten transactions per second. Hopefully USDT has a liquidity crisis sooner rather than later and the whole creaking edifice collapses. Or maybe Xi will send goons with guns to all the major miners in China and then double-spend like crazy in a 51% attack. One can dream.
I hold the same view as you. Bitcoin is a monumental waste of resources and time.
Who cares; it’s an asymmetrical bet.
Also, feeling schadenfreude can bring about back luck.
“Also, feeling schadenfreude can bring about back luck.”
Ha ha ha, no. My luck has been on the up ever since I recognized Australians for what they are and now just laugh at their self-induced misfortunes.
Lol lol. If the shoe fits!
You are wrong. Policy makers create the conditions for inflation/deflation.
The market will eventually decide on technology adoption not you, me or anyone else.
Schadenfreude AND hubris – good luck with that!