We all have the seed of greed within us. Some people are lucky enough enough to have this as a dead seed, in others it dies out as a young plant, others keep it under control and cut it when it gets too big, and others get overwhelmed by it, sometimes without knowing.
Greed can be like a drug. The more you have, the greedier you become.
Crypto bull runs are a very fertile territory for greed to grow exponentially and show its ugly face, if not kept under control.
I rarely keep an eye on Twitter, even if it seems a go-to place for most of the crypto communities. It's another distraction to add to countless others, and all it offers is just a little bit of advance notice on some news, from my perspective. I can live without it.
So, I didn't see first hand the harassment Elon Musk apparently was subjected to on Twitter, because Tesla sold 10% of its bitcoin stash throughout Q1, at a profit.
But I saw later some reports about this and his explanations to it. As if he needed to explain taking profit. And yet he indulged the mindless inquiries, and said he wanted to prove the market has depth and one can go out easily with large amounts - an assurance for other big companies which would like to invest in crypto.
Personally, I believe the visceral reactions to the news of Tesla taking profit on 10% of its bitcoin stash can only come from one place: uncontrolled greed going viral.
And the immediate, thoughtless reaction inferring that if Tesla started to sell, this is a signal that the bull run is over, are at least premature, since selling was done in Q1 and we just learned about it.
So, it's ok for any of us to prepare for the bear market, but Tesla is supposed to HODL through it, right?
What if they wanted (not sure now) to gradually take out portions of the bitcoin stash until the end of the bull run, to make up for the initial investment and HODL the rest? Are we the only ones allowed to take out the profit? We wanted high-profile companies in crypto, didn't we?
Personally, I find the strategy of holding bitcoin for a profit then gradually selling, much better for bitcoin than the strategy of holding bitcoin forever (taking it out of circulation). When we are talking about whales, which can greatly influence liquidity, at least.
One keeps the market alive, the other kills it. Or rather scarcity will.
I don't think we are close to the end of the bull run. But if it will end sooner, we should be happy with what we've got so far, not act like mindless monkeys, about to be dispossessed of their bananas. There are always new opportunities.
I believe the cohort of harassers on Musk's Twitter account did much more damage to crypto than Tesla sale of bitcoin ever did, assuming one could argue it was in any way detrimental. Imagine all those following him and not involved in crypto looking at this bunch and drawing some conclusions which might or might not be true.
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I completely agree with this. Also, I thought the whole point of crypto was that others don't tell us what to do with it? ;)
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Good point, but good luck with that, apparently.
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There is also the idea that came out that Tesla sold 10% of their position to check the liquidity of how easy it was to move in and out of the asset. They are looking at it as a place to park money. Yet they do not want to do that if they can get a few hundred million out instantly when they want to.
I agree that this seems like a foolish attack. If Tesla suddenly dumped their entire stake, then maybe a case could be made.
Of course, in either instant, to be valid, one needs to believe the Elon Musk can move the entire Bitcoin market simply with a Tweet. I am not sure that a trillion market can move based upon simply him tweeting his crap.
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Yes, I saw his argument, and it's a valid one. They can't afford to park their balance sheet into an illiquid market. So they tested bitcoin's liquidity with this 10%, which to be honest, isn't really that much anymore when we think of bitcoin's transactions.
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Honestly let them sell, they'll all come back when there is a price pump. Right now the utility of crypto is not being discussed by the public, just the prices. I don't think we are even close to being ready for the bull run that is actually mass adoption
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Great point. I never thought of comparing mass adoption with a bull run. If this is a mega-bull run, what will it be when 10%, 20%, 50% of the earth population joins?
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I think we will stop considering the value in USD at that point. It'll be relatively a much greater run, but right now we are measuring gains in fiat equivalent. I think things will look much different by then
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Yup, when a high ratio of the population will already be dealing in crypto, there will be no reason to keep a double measure, one in crypto and one in fiat.
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Precisely, that is the future I would love to see
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I couldn’t agree with you more.
No matter what the thoughts and emotion of Musk’s move, the behaviour exhibited from others is not attractive to investors. Or anyone. In my opinion.
On the other hand, investors can often be kin to starving rabid lions. Perhaps the emotions and anger from Tweeter’s attempting to protect BTC (with debatable results) will attract lions to the scent of value.
Invaluable assets wouldn’t provoke “mindless monkeys” to attack a lion. Top investors may detect the scent of dinner behind the aggression.
I noticed a puerile expectation from enough in our cryptosphere that these top companies and wall street sharks will come to our playground with their bags full of fiat and leave them here. Buy and never sell. Maybe some will do that, and hedge the losses during the bear market on derivative markets, in their fiat world, but others will simply buy low and sell high, and it's their right to do so. It's also what will keep this crypto market alive, otherwise it will freeze after they buy everything that is for sale.
I only caught a little bit of this particular "side show;" I just don't have the bandwidth to follow every bit of rumor the paranoid crew likes to chase around.
Sadly, it seems like the entire cryptosphere has been usurped by greed. Very few people actually talk about the utility of cryptos and actual *use cases" anymore... everything just seems to be "wen moon?" and "wen lambo?" which is a completely hijacking of the notion of something to replace the conventional banking system.
Very sad. Besides, Elon presumably has his keys, so it's HIS crypto!
=^..^=
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Yeah, that's unfortunate. From this point of view, bear markets are better. Then real development takes place, and often more applied on use cases or ideals than on immediate gains.