Bitcoin is still oscillating upward pretty consistently. At this point we'd have to drop down to like $8000 to break this uptrend. I highly doubt that's going to happen considering how much money is sidelined right now and just waiting to jump in for an economic reopening.

2020 Bitcoin Doubling Curve

Bitcoin hit that local bottom on May 25th at $8700. We see once again that the doubling support line is back in play but remains tenuous at the moment. I'm guessing that will all change once the economy reopens. That is especially true considering summer is normally a great time for crypto and the economy in general. We haven't had a big run up in pretty much a full year all the way back to the Bakkt hype. This market is ready.

Normal people (not me) are going stir-crazy from this lockdown.

They are also depressed. I haven't taken a single sip of alcohol for months. Meanwhile, I'm hearing reports that a lot of people are drinking like every day.

Sad!

_{Unless you sell liquor, then it's awesome.}

Count on a fishtail backlash once citizens are allowed to leave their houses again.

This was exemplified on my way home from work. I was listening to some random radio station listing off all this crazy news that was going down, and one of the topics was that someone is organizing a straight up orgy for when the lockdown ends. Honestly, I'm thriving in this environment, so it's good to remember that personal experience is often not the common experience.

Expect law authoritarian abiding citizens to go absolutely nuts when the masters give the all-clear.

Count on it.

SIGNS!

No! Not that shitty M. Night Shyamalan movie!

Seriously though!

I forgot to mention this, but the day before the Bitcoin halving I was walking out to my car after a long shift talking to someone that has worked there as long as I have but we had never spoken since right then. She talked about all the weird energy being out in the world right now and the return of Jesus and stuff. There was also this crazy looking bloodmoon on the horizon. I wish I had taken a picture of it.

Then the very next day when the Bitcoin block reward was cut in half, I head into work and see this:

So Yeah...

I can't even remember the last time I saw a rainbow, let alone a double rainbow. Not sure if I've ever seen a double rainbow; thought they were made up :D The picture isn't great but it is there.

Just so happen to see one on the day of the Bitcoin block halving?
So weird.

Not only that, as I've already mentioned a few times I've been seeing the numbers 666 like everywhere. I'm not superstitious or religious. I don't believe in luck. I'm a scientist and a poker player. But honestly, this is getting ridiculous. Even my dad had his 66th birthday recently and randomly talked about how he doesn't like that number, and he's not religious either... like wtf? heh.

In any case, there is some crazy energy out there in the world right now. Be on the lookout for it.

Hive is still tanking...

I feel pretty dumb for getting suckered by that obvious bull-trap. When I sold super preemptively at 2400 sats I was pretty sure we'd be seeing a return to 2400 sats. Looks like I was right; we are just about there.

HIVE/LEO dichotomy

I've noticed that Leo is a great hedge against Hive. When Hive spikes everyone sells their LEO into Hive. When Hive dips users are more willing to pump LEO.

We were sitting in the sub 0.05 range for quite a while, and now we're all the way back up to 0.2. There's only 2500 coins of liquidity up to 0.25. All the liquidity is gone. I personally am sitting on 16k liquid coins just waiting to see where it will go.

Personally I think it will be very interesting to see where the price goes when there is less speculation and more legitimate activities one can engage in with the token. Any kind of buying pressure would send the price soaring without market-makers providing liquidity. Hopefully the Leo whales (like me) realize they need to sell into any potential demand or volatility will scare people away. We also need to buy when others are looking to exit. Classic buy low sell high strategy; nothing new.

Honestly I need to come up with some kind of liquidity algorithm for market making. I say that like it doesn't exist... this is just a simple trading bot. If I could convince enough of the LEO whales to use it we could control the price pretty well and allow smaller accounts to enter and exit the market at will. It basically all comes down to how much liquidity one is willing to supply over time.

Essentially, you don't want to provide too much liquidity to the market or the price won't move and you'll lose all your tokens/leverage. The idea is to create a stepladder of liquidity and add to that liquidity slowly over time so the price can move accordingly. Add it to the pile of the dozen other projects I want to work on.

Ethereum on a tear.

During the crash in march I got pretty screwed over by my MakerDAO loans and a random MetaMask bug that prevented me from paying down my loan before it got liquidated. Since then I haven't had any ETH, and I regret that. I think ETH is going to do pretty well over the next year. The amount of development going on is massive compared to a lot of other projects out there.

Coinbase listing for Maker

Coinbase announced a listing for MKR yesterday, and I'm selling the news. I used to be all about the MakerDAO and I've written like a dozen posts on the subject, but I can no longer support their predatory interest rates and the foolish way that they handle liquidations. I'm so over it.

As stated in my Can I Get A Witness post, I think Hive can blow MakerDAO and Tron out of the damn water when it comes to over-collateralized loans. Charging interest on a loan that is more than 100% collateralized is a nonsense mechanic that will be laughed out of the room ten years down the line. The only lever that requires modification to ensure the peg of the stable-coin is collateral percentage itself. Hive can offer interest-free loans and tempt the entire crypto-sphere onto our platform by undercutting all the greedy competition.

We already have a smart-contract that locks up funds (bank accounts). By utilizing this already known feature we can double up and create a simple UX that employs bank accounts as the collateral for CDP loans that generate HBD.

Selling the news

I've decided to exit my MKR position today due to the 50% bump from the Coinbase listing announcement. I might be jumping the gun here a bit, but I don't care. I can no longer support a predatory project I no longer believe in. I used Uniswap DEX to exchange my Maker for ETH a few hours ago, and there it will stay. Go team ETH!

Conclusion

There's a lot of crazy stuff going on in the world right now. If you think people are rioting just because someone got killed you are ignoring everything else in the world. We don't live in a vacuum. A million variables will always collide in this crazy simulation we find ourselves in.

Keep your eye on the prize and focus on what's important. Financial sovereignty has never been more critical!

Return from Market Watch: May 30, 2020 to edicted's Web3 Blog