One of Bitcoin's biggest bears: Ray Dalio, admits that he owns Bitcoin. He also admitted that he didn't really know that much about Bitcoin in the first place and decided he needed to look into it. Wow, what is this simulation we are running? This puts the world’s largest hedge fund, Bridgewater Associates, into play. Wild times.
Also this in my email inbox:
Yep
Venmo has finally rolled out crypto.
I dumped the $7 that was in my account just to test it out.
The KYC was full name, address, last 4 digits of social. I was tempted to lie about these things but I'm pretty sure Venmo already knows because of the link to my bank account. I typed in the correct info and I was approved instantly.
Again, this is pretty crazy timing, considering everything else that's going on. I think we really have to consider that the recent coordinated FUD recently really is just a way for big players to accumulate more. We are heading into a summer where half the population is vaccinated. People are going out again. Several huge corporations are wading into crypto. Blah blah blah.
Did Elon Musk complain when he tanked his own investment?
No... he laughed about it. Haha, good one Elon!
Seriously think about it this is crazy stuff going on.
I feel like there was less fear than this in the market in 2018.
And that's saying something: that was an ACTUAL bear market.
It's been 2 weeks and everyone has thrown in the towel.
We also need to consider how many short positions are out there. How much Bitcoin is owed back to another entity with interest? All shorts get squeezed eventually in a market that moves up exponentially over long periods of time. These loans are secured by USD collateral: there's no other way around it. At a certain point the shorts must purchase Bitcoin and pay back the loan... with interest. Call me crazy but I bet the interest paid to the Bitcoin holder goes right back into Bitcoin as well. Something to think about.
Hive
In another hell-freezes-over moment Hive has really held the line in the face of this devastating flash crash. Very few seem to acknowledge this, and even less are grateful for it because of all the other losses they've sustained. At the end of the day the last time Bitcoin was $30k Hive was 13 cents: we are moving on up, the snowball has just started rolling.
Still claiming 10+ accounts a day on Hive.
Remember how I created over 1000 Hive accounts? Yeah well I haven't been creating very many lately, and my stockpile of account tokens is piling up. I have over 700 account tokens again because I can claim 10 a day.
The RC cost for account fluctuates wildly. Some days peakd will tell me I can claim 40 account with full RCs (5 days to regen) other days it says I can claim 60 or more. Highest I've seen so far is like 68 accounts for full RCs. I always claim accounts when the number is 55 of higher to get the maximum possible.
I personally value a Hive account around $10. I seriously think that's how much they are worth. Maybe more. When we actually have a big wave of users this will be more obvious. Also we need more proof-of-brain activities around here so that accounts can earn crypto without having to invest. We need to trade work for Hive. We don't need investors: value comes from within.
Deflation makes price go down.
This is also another hell-freezes-over realization that I've come to recently. Increasing inflation increases the price of yield farm tokens, while lowering inflation decreases the price. Of course it's not as simple as that and I've been meaning to write a full post further describing these mechanics and how they can be used to bring a yield farm into balance and stability.
Conclusion
Once again, I think it's all but guaranteed that we bounce up to at least $47k even if it's just a dead-cat-bounce. Question is will summer super-charge another run or will we bottom back out for another one of those boring summers? I've already kicked myself several times for completely exiting the CUB/BUSD pool... the highest yield pool by a huge margin and the safest pool by a huge margin. Such greed. Much wow. Hopefully one of these days I figure out how to balance my positions and not be such a greedy asshole.