I took a promise to myself a couple of days ago of starting to read once again, and make a daily habit out of that. This promise is "saved on the blockchain" just by blogging about it and although I've delayed bringing this habit to life once again, I actually did read a few pages today.
Out of the bunch of books that were collecting dust on one of my bedroom shelves, a particular one caught my attention. A book by Robert Koch titled The 80/20 Principle is what ended up in my hands for reading this afternoon.
I got immersed in the process for about half an hour and before starting my first page Bitcoin was sitting comfortably at around $28,200, but after I finished reading something like 30 pages from the book and opened Coingecko to check on the market I was surprised to see that BTC painted an almost $2000 candle to the downside, while "I was away" reading...
$100 million in both long and shorts got liquidated and this translates to "more money for the house" and even more stress for over-leveraged traders.
I had a long position on EGLD with an entry price of $38 and the liquidation price sitting at around $35. Luckily the market didn't nuke EGLD that low, thus I didn't get liquidated. There's a saying for leverage traders, though: you can't get liquidated when you're on spot trading. But these leverage traders say spot trading is for grandpas...
You can't get your crypto stolen or frozen if you hold it in a non-custodial wallet... I guess this one makes even more sense.
It came out a few hours ago though that NYC will accept stablecoins for bailouts and somehow the news popping up seemed to have helped the price of Bitcoin to recover from that bloody red wick it painted while I was reading...
Bitcoin is under a lot of debate as of late due to "shitcoins being created on the chain" and the Maxis sure love drama. What maxis should ask themselves now, though is: did Bitcoin fulfill Satoshi's vision? Is Bitcoin a currency yet?...
For the moment that's not the case... Transaction fees have gone through the roof and the lightning network is not as used as many of us would expect. There was an interesting event that happened lately when Bitcoin fees started to get to insane levels and that is... Bitcoin forks pumping like crazy. The likes of Bitcoin Trash and BSV did a tremendous job yesterday in the market.
Oh and...
When did VISA got halted or did any of your payments using such service get any issues? Personally, I didn't experience such events ever, and one could say that we don't need better networks for exchanging value while VISA works flawlessly. But Bitcoin is not just about becoming better money.
It is the currency of the internet, the escape currency, and clearly what one would also call digital sovereignty. Many will sell their Bitcoins and other cryptos way too soon in this bull market. I bet on that.
We are in a phase right now when there are a lot of weak hands getting flushed out despite the market is way higher than it was something like six months ago. When the next significant rally will come plebs will be tricked into selling due to recession fears, the halving cycles no longer being valid(according to experts), and so on and so forth.
If crypto will fail in the midst of a recession then it has clearly failed its purpose and we're probably doomed to "eat ze bugs" and use CBDCs, but I doubt that will happen. I believe that 2025 will bring the parabolic moves back to the market and if you can't stomach volatility you should know that HBD savings is a safe option to hold crypto while earning interest on your stack.
What do you think of all the crap that you just read?
Thanks for your attention,
Adrian
