By Chris Black
Everyone thinks they are genius until they lose a million bucks.
Ether and Bitcoin had a very bad day on Wednesday, and the overall crypto market cap lost something like $1 trillion. Crypto proxy stocks were hammered, Ether was down 40%, Coinbase reported massive outages, Binance halted Ethereum withdrawals, exactly as I warned you recently in one of my “doom and gloom” articles.
$ETH and ERC20 withdrawals are temporarily disabled due to network congestion.
Thank you for your patience and apologies for any inconvenience caused. pic.twitter.com/BbECDgDUay
— Binance (@binance) May 19, 2021
Coinbase stock crashing hard right now, and it will drop below $200 today if nothing changes.
And what do you know (I told you so, rite?): China reportedly launched a widespread ban on crypto payments, and warned of speculation.
Moreover, JP Morgan calculated bitcoin’s fair (whatever lol) value at $35,000 amid institutional liquidations, and our best friend Elon Musk tweeted Diamond Hands just before 11 AM.
Tesla has 💎 🙌
— Elon Musk (@elonmusk) May 19, 2021
What does it all mean, you asked?
This is just a theory, but bear with me.
The FED et al will introduce their own versions of crypto.
All existing fiat will be exchanged to CB version of crypto at a yet to be announced ratio.
There is no need to keep dabbling in alt cryptos including BTC
Alt cryptos will no longer be able to convert into fiat and certainly not convert into the new CB cryptos.
This is the endgame
If you want to sell or buy anything, you will need to accept the CB’s coins.
The ban on cash is accelerating now.
If you’re watching the news, it appears that many exchanges are seized up, and typically that results in massive selling as they come back online.
So, expect for BTC et al to go down further.
They control every aspect of the game.
Let that sink in.
Getting back to what happened today, if someone was lucky enough to find the bottom they’ve already made 15-20%, not a bad 1 day haul so far.
However, there are many people who bought bitcoin at $50k and more.
I will say it again: bitcoin is just another digital fiat. Scarcity of blockchain does not make it any more valuable, because bitcoin is backed by nothing and has zero use in real life.
The US dollar is backed by the most formidable army in history. And, with a dollar you can draw the paper from ATM and have a private cash transaction. Bitcoin is just a great pyramid scheme, which is manipulated at the right moment to make sure the decentralized controllers leave the suckers in the dust.
I will end with some words of wisdom for my regular readers, if I have one:
“Those involved with the speculation are experiencing an increase in wealth – getting rich or being further enriched. No one wishes to believe that this is fortuitous or undeserved; all wish to think that it is the result of their own superior insight or intuition. As long as they are in, they have a strong pecuniary commitment to belief in the unique personal intelligence that tells them there will be yet more. Accordingly, possession must be associated with some special genius. Speculation buys up, in a very practical way, the intelligence of those involved. Only after the speculative collapse does the truth emerge. What was thought to be unusual acuity turns out to be only a fortuitous and unfortunate association with the assets.”