RE: Btc bottom11 Nov 2022 11:27
Wow, what a complete **** show. So let me get this straight, days before positive CPI data (that would have been known), and BTC having already broken to the upside (and confirmed the breakout) on a massive falling wedge, we get the revelation that FTX is bust, and was actually bust when it was 'bailing out' Celsius, Voyager and all the other leveraged crap in the space, essentially making a big problem far worse. Saving it up if you will for later deployment.
Sam Bank-man Fried, out of seemingly nowhere, becomes a crypto Billionaire and was bank-rolled to create one of the biggest exchanges in the space, FTX, that has apparently been run my a bunch of his old college mates out of some shared House of Orgy in the Bahamas, along with Alameda research apparently? Wait until you see a video of the CEO where she talks about stop-losses being a poor risk management strategy.
Fast forward to now, and although withdrawals have apparently been halted on FTX this does not apply to FTX employees based in the Bahamas - what luck! As such $$$$ continues to be withdrawn by FTX insiders while regular customers see the possibility of some form of compensation progressively diminished, i.e. zero.
Make no mistakes folks, this was an orchestrated event to yet again try and destroy the crypto space (this time from the inside as let's be frank, China banning mining for the 10th time and 'energy use' was losing its effect). Yes, many Useful Idiots have been part of the it, but you don't get into this type of situation by accident. Had it not been for this exquisitely timed event BTC would likely have taken out $25k, be consolidating right now, with $30k possibly by year end. Especially with many calling for a halt to interest rate hikes as debt everywhere is teetering on the point of oblivion (probably many defaults already happening) and its killing the economy. Further, USD strength is killing sovereign currencies everywhere and making their debt completely unaffordable. The whole house of cards is ready to fall any minute. Once it does the money printers will go into overdrive but withdrawals from your account might be 'temporarily' suspended. Until stability has resumed of course. By then BTC will probably be over $100k and Gold $5k. In fact you probably won't be able to take physical delivery of Gold and the BTC exchanges might charge a huge premium. Obviously this is just speculation on my part.
Unfortunately now BTC has to build from these levels which buys the central planners more time for their CBDCs, carbon credits, UBI etc. Cash is king only up to the point when Government suddenly determines how and when you are able to spend that cash, and remember bank notes are dirty and carry nasty little germs that make you very ill and big denomination notes are only used by criminals. You get the picture. As a wider risk management strategy my view still remains have assets outside the traditional system and BTC remains a must in my vi