The market is looking extremely weak right now, and it feels like a crash to the feeble $15250 support is imminent. My only hope is that by the end of the month in 4 days the price of Bitcoin is above $14k, setting a new all time high. It's somewhat surprising how much faith traders will put in arbitrary price points like that, but then again markets are all psychology anyway.
Speculation is pointless
Rather than focus on what may or may not happen in the immediate short-term, I'd rather focus on what I believe is bound to happen in the future.
So apparently Libra is launching in January?
What a surprising development... further pointing to the idea that this market may peak Jan 20th... oh there I go speculating again.
COVID
Many are worried that Thanksgiving is going to spike COVID cases. Seems likely even if you think COVID is a total hoax. The question is, will such news boost risk-on hedges like crypto and gold or wreck the stock market so much that everything tanks? Don't know, don't care.
Back to Libra
It can only bring money into the cryptophere, same with CBDCs. The crypto market is so small there is no way for these services to leech from it; quite the opposite, centralized crypto only makes the space more relevant and legitimate in the eyes of the world. Just like every data breach makes privacy and security more relevant to less technologically knowledgeable people.
Speaking of literacy, I'm still extremely annoyed that Hive users think they know what's best for this network. Bitcoin go up, Hive stay flat, now everyone is an expert on tokenomics and why Hive is broken. Hive is not broken, everything is fine, and demanding that the system modify 8% inflation so that price can go +10000% is absolute nonsense. Wait for the whales to stop dumping. End of story.
The crypto revolution isn't about investing or making money by hoping someone will pay more than we did. This is about governance and economics. We need society and the establishment to actually value its citizens and pay them fairly for services rendered.
This 'investing' phase of crypto is largely irrelevant. Success of these networks has nothing to do with investors and everything to do with closed-loop systems that create and recycle value from within. Money pumped in from the outside is just an added bonus to catalyze & bootstrap the system.
Speaking of venture capitalism.
Have you seen this? My adblock randomly turned itself off trying to get me to pay for premium service. This was the first ad YouTube threw at me. Ah, YouTube, you know me so well, perhaps it's time to delete my cookies.
Let me guess, you were too busy to watch this ad. Just like you were too buy to invest in Bitcoin or Ethereum.
Wow, Alec, you've got my attention!
A 90 second commercial about crypto investing crypto via Etoro... hm.
... News feed... it's like your social media feed if your social media feed had things that ACTUALLY MATTERED.
And then he straight up busts out a sockpuppet and insults the audience's intelligence again. Wow they are really on a roll. Hostile takeover flashbacks incoming!
How about someone with piercing blue eyes, and a voice so husky... it could pull a sled.
LOL WTF
Alec Baldwin doing a commercial like this is a pretty big deal. He's basically like the face of Hollywood's liberal superiority complex. His Trump impersonations on SNL make people laugh, and his commanding self-important aura pulls a lot of sway. Hey, if these guys can convince half the world to go on infinite COVID lockdown, they can do anything. As someone who leans left politically, I don't know if I love him or want to punch him in his stupid fucking face.
Oh, look, it's Hodlor!
I mean it's a shame they crashed the last season of Game of Thrones into the mountain but still, it's pretty obvious these corporations are no longer fucking around. This is really just the beginning. Billions of dollars in marketing will be pumped into the crypto economy over the next ten years. The quality of these commercials reminds me of the Super Bowl... although I admit I haven't seen one in the last few years.
The point here is that these developments are going to continue on at an exponential pace, and no one seems to be denying that we have another year of mega-bubble to go. The gains we make over the next 12 months will be cataclysmic, and I'm not even talking about price action. This entire space is primed to explode outwardly out of pure necessity. The Mother of All Invention indeed.
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