Yesterday was a nasty day in crypto. I cant say this is the first time I experienced a drop like this but I "felt" it nonetheless.
When you start out in crypto you feel every little cut, after a few years you get used to living with the scars.
You already heard the stories about FTX insolvency, CZ dumping Binance FTT. I cant even tell you with how much disgust I observe these happenings. Centralized entities wielding so much power in crypto that they put the US government to shame.
Yes Anon. You thought you came into new world driven by pure ideals yet you are seeing the worst of legacy markets but with no legal protection or regulation.
It is what it is. Crypto users allowed this to happen and now we are living with it. If centralized crypto exchanges end up holding absolute control over crypto, we werent worthy of Satoshis vision to begin with. And it seems we are moving in that direction.
Decentralization has become nothing more than a buzz word, centralized projects lead the pack and crypto personalities have become bigger than the projects they head.
All there is for us on #Hive is to continue doing the work we are doing, being one of the few exceptions to all that in the crypto space. If you give up your ideals you might as well go and hold TRON.
When "Up Only"?
Someone probably needs to go into the Louvre, throw some chowder on the Mona Lisa and glue themselves to the wall in protest of lack of "Up Only".
I honestly didnt think we would nuke so fast to 15k but it happened. Many considered 14k to be the worst case scenario for BTC, now there are calls for 7k. How realistic that is, its hard to say but nothing, at this moment, is out of the realm of possibility.
BTC dropping down below 10k would probably mean HIVE would retest all time lows. I would really like to avoid that happening as it would reassert the notion that Hive will never see an ATH ever again.
Crypto right now is searching for a bottom. We could already be there or there might be more pain on the horizon. Its hard to say. For those fearful of the worst case scenario I can only recommend to HBD-up.
You can bet on that. In the quest of insane yield and APRs the majority of the crypto participants have forgotten why we are here in the first place.
💯
It is a shame this is what we are doing with the gift from Satoshi, greed is all over the place with focus of "when moon" we can do better I think.
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Big squeeze, hold on tight, keep building. Thanks for what you do, as well as information the way you see it.
@tipu curate
Upvoted 👌 (Mana: 21/51) Liquid rewards.
Thx for dropping by. ;)
Hang in there, it's a wild ride... again!
People need to stop chasing yield. A lot of these problems could have been avoided if people weren't so fixated on getting a passive return on a coin that doesn't have native staking.
How can you stay away from juicy profits. 😅
There's a saying my grandmother used to say that roughly translates into this:
"You want their yield. They want your capital."
Your grandma must have a been a master crypto trader. :)
Everything is on sale.
It just sucks for people that are paid in crypto and need to liquify their losses.
Worse if they are paid an X amount of crypto for projects.
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Testing 11K BTC should 'technically' be "safe" and "healthy". My TA tells me a dip of 7.5-8K within a timeframe of 4-5 months would be a scenario to buy the dip for sure. I haven't touched my TA for 2 years, and it is still accurate AF.
@edicted get him!😅
All I will say is that I hope youre wrong. But Im the type of guy to walk through the rain instead of taking cover somewhere so ill be fine.
Yeah, I hope it won't happen either, it may never happen at all. It are just some lines predicting speculative, yet potential outcomes after all. I enjoy being prepared for the worst (mentally), so it doesn't affect my state of mind as much. It's like you said, in the beginning when starting in crypto, you get scared and bruised easily. But over time, our skin hardens and we play the game prepared.
The 7.5 - 8K - is really the worst-case doom scenario. A combination of events happening at once. I don't think -it- will happen, but I wouldn't be surprised if it would.
The 11K is a support that I've been waiting for since the decline around March this year, but June has proven to hold the 20K support pretty steadily. If we don't get back around this level in ~ 2 weeks tops, I'm not hesitant that we will test 11K BTC levels before going back up. We're like, one announcement of the return of COVID away that could make that happen.
*but I don't really care. We're Hivers!
Haha!
People keep making these predictions on liner information (drawing straight lines)
No one considers how much buying pressure there is at these levels.
During the LUNA crash everyone realized they done goofed.
Easy to unwind all that leverage.
The lower we go the easier it is to support the price.
These same people calling for $8k then call for $4k if we actually get to $8k.
Happens every time.
I actually don't disagree.
Testing 11k would be safe and healthy.
Liquidity is being filtered through a needle right now.
It is not a reflection of the fundamentals or outside interest.
100% fear based.
The lower price goes the more money on the outside is waiting to reenter.
We are in V-shape recovery territory.
Doesn't really matter how low it goes.
Recovery will be fast.
This is just the truth
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