The FUD: Why Oil Crahsed
Bitcoiner narrative regarding Oil and the bullish case for BTC.
Here it is the seventh 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 has been interesting, the world economy is burning while Bitcoin is relatively stable, did someone say new reserve currency? Much drama has been happening and we launched our show, Whisky and Wicks.
Whisky & Wicks
To start off, I had the pleasure of hosting the first episode of our new series Whisky and Wicks, safe to say it was a success. With COVID-19 we are forced to stay indoors, it doesn't mean we shouldn’t socialize.
In this event, we discuss trading strategies and global markets, how they reflect on the crypto markets, and the main things one should know.
The event was fun, I really enjoyed it. CloudJooce shared his best tips with us while Will from Minning Stor walked us through the issues Bitcoin could face from a mining perspective and how that could reflect on the price. Grant discussed global markets with us including oil and Gold, explaining the concept of futures markets and how they operate.
It was great, but it didn’t stop there. The man, the legend, the sir decided to drop in for a surprise appearance, Sir Bitlord joined the room. It was great to have him, he walked us through how nothing happening in the market is new, took to explain cycles and HODLING.
The event was recorded and will be posted on the Mine Digital twitter page today.
Bitcoiner’s Are Toxic They Said
We all heard this before. Bitcoiner’s are toxic. Well let me walk you through just how toxic they can be.
A fellow bitcoiner named Atlas commented on Hodl_americans tweet regarding DCA. He said he had been trying to stack sats, since he lives in Colombia his wage is $5,000 a year, he has been trying hard and has accumulated 700,000 sats (0.007BTC).
It is devastating to see one of our own truly dedicated, but unable due to his government, so Hodl sent him 1,000,000 sats, 0.01BTC. That created a chain reaction, Bitcoiners all wanted to help out (myself included).
Before you know it, Atlas had a whole Bitcoin. His future and that of his family is now insured.
People think it’s easy being a Bitcoiner, but you know what, you all hate us cause you ain't us. People are jealous they missed out, and instead of buying in now, they want to chase pipe dreams hoping to catch the next Bitcoin.
Well, guess what? you won’t. That mentality is why the greedy will not make it, we are moving towards a new society, take to understand this. Remove your bias, understand what this is about, let go of the constructs in your mind, free yourself for the shackles society put on your mind.
CoinMarketCap Is “Independent”
I'm not sure if independent means the same thing across the globe. A few weeks ago we spoke about Binance acquiring CoinMarketCap and voiced our concerns due to obvious conflict of interest. CZ stated CoinMarketCap was to be treated as an independent business entity.
Yet CZ is asking us what “we” would like changes, essentially indicating that he will listen to us because he has the “power” to make said changes.
Most people seemed to be asking for fake volumes to be removed. They still don’t get it.
What’sshocking though is no one is caring to the obvious lie h told us 2 weeks ago, when he said Binance will not be involved in CoinMarketCap, it will be ran independently. I guess it’s true what they say about crypto and goldfish.
Defi Ded — Dforce
As DJ Khaled would say, ANOTHER ONE!!!
Dforce, yes that's it’s actual name, had it’s accounts drained, from $25 million to $19,000 in a matter of minutes.
This is just another in a series of DeFi hacks. It doesn't even surprise me anymore.
It gets interesting though, the funds got returned, the reason being, the hacker did not realize that the assets he stole where non-exchangeable.
Tokens have a unique quality called fungibility, what this means is every coin is unique. So if I steal your coin and the exchange knows said coin is stolen, they will refuse to exchange it and maybe even seize it.
While this may seem like a good thing, in this case, it also highlights how DeFi is not actually decentralized and how ethereum is not really censorship-resistant. #Bitcoin FTW
Drama of the Week —
This week everyone decided to pile up on Peter McCormack. Now listen I get it every person has haters, especially if successful which Peter surely is.
Vlad decided to go on a rant, Pete asked him to have a debate with him live, he refused. Now I'm not here to take sides but it’s clear what's happening. If you still don’t get it I’ll let MsHODL explain with just 1 tweet.
What shocked the most was how people seem to be upset that Peter is transparent with all aspects of the business including earnings.
The guy has done so much to spread awareness to the space, instead of supporting each other you want to knock him down. He is one of us, we should stand together, enough outsiders call us crazy we don’t need to fight internally.
I truly hope Peter starts doing million-dollar months, just to stick it to the hater. We appreciate your work sir, keep it up.
Man Down — $OIL
Isolation has affected many, not as much as it has affected oil though.
Oil is officially the new shitcoin. Did you think 0 was the bottom? haha.
Oil traded at negative values, yes negative.
The Oil futures markets suffered because the contract was expiring the next day, no one wanted to take delivery, the way this was calculated in simple terms is, Cost of 1 barrel minus cost of storage, which left it at a negative value. It’s pretty shocking, to be frank.
Bitcoin Update
Finally our Bitcoin update.
With Oil prices crashing some people are getting scared. Weak hands we call them. Exhibit A:
THe reality is Bitcoin is stuck in a channel at the moment and will keep bouncing around until it breaks 7200 or 6800.
Fundamentals have been strong and im noticing normies talking about it. My Mom called last week to ask if I was still in “that bitcoin thing”. CloudJooce had a similar experience.
At the moment I am still sitting in a small short to hedge my spot exposure, the chart is not clear and I have nothing to go off, but I do not like selling BTC so my short hedges me well. With the halving 2 weeks away this will be interesting.
I can guarantee 6 months from today the price will be higher, but I am convinced that we pump into the halving and just dump straight after.
To be safe I advise you to think long term, hold positions for the long term too. Open longs and DCA as we go down, DO NOT CLOSE until we are at 9k.
Again, I always say this because I love it. Bitcoin is always bullish if you zoom out enough, don’t wait, start stacking sats now. Don’t be a sheep and pay a premium, use Mine Digital for the best rates in Australia guaranteed. Mine Digital also has insured custody so don’t worry about a Force thing happening because your funds are protected.
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.
