Here it is the fifth 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, one single meme changed the game. The money printer go brrr. Why? Where did it come from? we will get to that. Believe it or not there has been other major news, besides the Fed and their unlimited money supply. We lost our savior, Crypto Bitlord was smacked with the twitter ban hammer.
Money Printer Go Brrr
This meme or Gif has been circled around twitter more than anything I’ve seen. I personally bought a digital photo frame and have it playing on repeat in my office. It defines our generation. How so?
Well, this originated based on what is happening in the world today. Coronavirus is running amuck and creating mass panic, governments are issuing lockdowns and asking people to isolate to help stop the spread. These factors have slowed down business and as a result, small businesses are starting to struggle, so are big corporations, who began firing off staff. For example, Qantas Airlines in Australia has laid off 20,000 people from a total of 30,000.
This obviously translated into the stock markets, which were already inflated, causing the overall markets to plummet, just like shitcoins. This is a clear indication that we are headed to a recession unless something is done to solve this. Governments, of course, love intervention and have been coming up with “great” ideas. One of those ideas is by none other than the Fed, thinking of printing money to buy the market. I mean when has that ever backfired? When contested that printing money is not smart, the Fed’s response was “we have an infinite supply of money”. Hence the meme. Brrrrr
One of the other “awesome” ideas they have had: Mint 2 separate trillion-dollar coins. This idio… sorry Congresswoman, Rashida Tlaib suggested that the mint should issue said coins, part of her proposal below.
Now, does everyone see what the problem is? It’s not COVID-19, sure that's slowing things down, nor is it the economy and definitely it is not terrorism or drugs. It's these incompetent people we have leading us. I don’t know how she doesn't realize that printing money is not debt-free fundraising. Also, one more question, why two separate coins? why not just mint a single 2 Trillion dollar coin? In case you lose one?
Bitlord Has Left The Building
In other news, I have to take a moment to pay my respects to the sir of all sirs, the one who trolled the trolls, Sir Bitlord.
Twitter has been heavy on blocking misinformation regarding COVID-19, which is understandable, the last thing we need now is misinformation to add to the panic.
There have been many rumors about why he left/got banned. Some say he sold his account, others saying something to do with him reporting on coronavirus, even blaming it on him drinking Dettol.
The truth is that Bitlord has been one of the first people reporting on this virus globally, from the ground, live from China. Lately, he has been pushing the limits further. His most recent tweet, before going down, was the #CoronaVirusChallenge. He essentially bet people to lick toilets and whoever does so will receive 1 Bitcoin. Unfortunate what he didn’t realize is some people are stupid, and they took this seriously. Due to his huge following, people started submitting videos, it could have potentially started trending but shortly after, BOOM, ban hammer. Jack was having none of that.
He will be missed though, the most entertaining person on CT. I'm sure he’ll be back, under a different account as usual. For now, though, let us pour one out for the Sir of all Sirs.
Haha got you.
That was not the truth either, well not the full truth. All that happened but this is Bitlord, the master of trolling. He realized this joke had got out of hands, so he deleted his account before he could get banned for it. I’ll be waiting for the prison video, part 2.
Exchanges — Scam Alert
No FUD piece is complete without talking about exchanges. This week though we have a new one, Trade8.
Now, these guys are in a class of their own. They allow you to trade stocks, crypto, and fx with Bitcoin. Wow right? to make it even better, they give you deposit bonuses. Cool right?
But there's a catch. You need to have a trading volume of 30BTC to withdraw your funds. But don’t worry, as they said, when a customer complained that 30 BTC to be allowed to withdraw is ridiculously high,“30 BTC is easily achievable as we offer 300x leverage”
I recommend anyone reading this to retweet this scam so people don’t lose their funds. Crypto is built around the community, and as a community, we have a duty to look out for each other.
While we are on the topic of exchanges, Vitalik feels we have not put enough resources into uniswaps to allow seamless exchange from BTC to ETH without a third party.
Well, maybe a good idea. But, Komodo already and RSK Labs are working on another solution for cross-chain interactions between Bitcoin and Ethereum.
I found this chart this week by Lopp and it draws a pretty interesting narrative. Long term, I am always bullish on Bitcoin. The truth is that the Bitcoin chart is always bullish, if you zoom out enough.
With the halving is getting near, the FA case is very bullish. In saying that the economic situation is driving panic and could get scary. (But brrrrrrrrrr) Long term we are fine. My personal trade setup is betting on a drop here. We will bounce around the golden line before we take off after the halving.
While I alternate between long and short on futures, I am always holding my spot position, and with the economic downturn, I believe the case for Bitcoin has never been stronger. This is what Bitcoin was built for.
The important thing is to stay safe, stay home if you don’t have to leave, call your family, and remember the best time to buy bitcoin was in 2010, the second-best time is now.
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.