The FUD: Initiate Bull Season Phase 1
How the world’s imminent financial collapse paves Bitcoin’s path.
Here it is the sixth edition of The FUD, where I talk about the biggest FUD of the week. I help clarify events that crypto twitter decides to escalate. Leggo.
This week, let me start off by saying, looks like we broke out, welcome back bull market, we missed you. The money printer is till going brrr while Australian banks are being protected by the government, Fitch drops our rating. Meanwhile, believe it or not, Bitlord is being played with, Vitalik knocks the “Sun Dynasty” and Gainzy reveals the breakfast of champions.
Money Printer Still Going Brrr
Printers are still hot and yes they won’t be stopping anytime soon.
I wanted to look at the local Australian economy though. For some background, every economy in the world is suffering and besides the Brrr solution financial bodies are making banks halt paying dividends to stay afloat meanwhile APRA (the Australian Prudential Regulation Authority Australia) said it expected “prudent reductions in dividends” during the crisis while refusing to ask banks to halt all dividends.
Why is this a problem? well, banks are at the centre of every financial crisis, this move by APRA shows one thing, the banks are above the law and protected beyond reasonable means. The corruption. in the financial system is the main reason I got into Bitcoin and while I may be an extremist in my views towards this, Fitch, a global credit rating agency, downgraded its long-term ratings for major Australian banks maintaining it’s negative outlook on them.
I won’t keep preaching a financial revolution as at this stage it’s inevitable, what I would like to say is you all need to reevaluate your positions. While the common person feels the government is there to look out for the people’s best interest, we can see a clear deviation here. It’s time to realise systematic corruption and figure out what you will do about it, if it was up to me, I would initiate a bank run, let the government protect the banks then.
Jack, A True Gift
In other news, I have to take a moment to pay my respects to Jack Dorsey.
Jack is truly a gift to this world, I personally have much respect for him due to his countless contributions to Bitcoin, He is a true believer and is a key driving force behind getting Bitcoin to the masses. But this is not what I want to talk about here.
This week Jack moved $1 Billion USD of Square equity into a fund dedicated to COVID-19 relief, after which said fund will move to other notable causes. When one is worth billions it's easy to become greedy, at the end of the day $100 million USD is more than enough for one to live a great life and pass on enough to the next generation.
Jack isn't about greed and his actions speak volumes about his character, while I often criticize twitter for censorship Jack is actively working on developing a decentralized social media platform, where censorship no longer happens, effectively destroying his own platform, but he knows this is the future, he understands the benefit of the world outweighs his personal gain.
This is what the future billionaires will be like, those who add immense value to the world, not simply accumulate numbers in a vault. Well done Jack on setting a precedent and being a great role model for younger generations.
Exchanges — Scam Alert
Not surprising a new FUD piece = new exchange drama.
DueDEX, many of you have heard of this exchange, many notable accounts have been shilling it hard, well this was obviously an agreement made with. influencers using ref links, etc. to promote the exchange and on-board users.
One of those who pioneered promoting DueDEX was Bitlord. The risk management tool was a game-changer. Unfortunately, while all seemed good a betrayal happened.
To be completely honest, I'm shocked. I mean Bitlord has literally been the face of DueDEX. How could a firm think it would be wise to play dirty with someone like him? The same way we heard about DueDEX being great we will hear the opposite and the reality is while a positive shill grows slowly a negative one spreads like wildfire.
Big mistake DueDEX. Reputation is irreparably destroyed, it will be hard to move forward from here.
Vitalik Knocks The “Sun Dynasty”
Vitalik has been quite active lately, I guess isolation getting to him too.
The tension between Ethereum and Tron has never been hidden, it’s something we are all aware of, Justin as a human is not trustworthy so I'm unsure as to why people think he should be trusted to build a “truly decentralised” internet.
Anyway, this week Sun announced that Poloniex, yes the exchange he bought and used to attack steem, will be launching IEOs however these tokens will be launched on the Tron network and funds raised in TRX. Justin has always felt insignificant next to ethereum and this is his latest attempt to get validation.
Vitalik took to twitter to express his opinion, this time I agree with him. IEO’s are very dumb, but the part of this tweet which I adored was his reference to the “Sun Dictatorship”. There are levels to this jab, I love it.
Gainzy Shares The Breakfast Of Champions
Just needed to quickly highlight this, if you didn't know, now you do.
Yes, coffee beer. Isolation just got interesting, nothing better to take the edge off than a light morning buzz.
Dr. Oz COVID-19
All things considered, the Corona Virus is a trending topic. While it seems to be the straw. that broke the financial system we are seeing many more humanitarian issue. The shortages in PPE (personal protective equipment) have been a major concern. Medical staff can’t find masks as the public is. buying them up, so Dr. Oz decided to share a home fix to a mask.
Unfortunately, it seems Dr. Oz is not aware of gang colours, I wouldn't expect him to, considering his privilege. But just as a PSA, please do not walk around with a red (or blue) bandana covering your face, as 50 cent says, “our colours match our clothes, get caught in the wrong hood they'll fill you with holes”.
Bitcoin Update
Finally our Bitcoin update.
Bitcoin is looking very bullish, we broke out of the sell zone. and flipped it to become support. This support was actually tested today and it held. BTC is on a good path now, and as in my chart, I believe Bitcoin will be rallying up towards the halving. The halving is just over a month away, fundamentals are very strong, the financial system is collapsing, the case for Bitcoin has never been stronger.
I am personally long at the moment and intend to hold onto my longs until we get to the $7,800 level. If we break the next strong resistance is at $8,000 which I am confident we will flip leading us to where we started 2 weeks ago, the $9,000 resistance. When we get there I will reassess but till then the motto I am living by is “Dips are for Buying”.
Be safe, and remember in 2 years you will all wish you bought bitcoin at $7,000 and since you know that don’t wait, start accumulating. Don’t waste money on fees, every dollar is an extra few sats, buy at Mine Digital for the. best rates in Australia.
Please note this is not intended as financial advice. Always do your own research. The writer holds (and is biased towards) Bitcoin. The writer’s thoughts are his own and do not reflect those of Mine Digital.
