Market Watch: Coordinated FUD
We haven't seen coordinated FUD this strong for quite some time. Yesterday Vitalik dumped and bunch of the airdrops he was gifted from the Dogecoin clones. They were using him as a prop to market their asset, and they got what they deserved. Then Elon Musk sent out a Tweet explaining why Tesla will no longer be accepting Bitcoin directly for Tesla: Bitcoin wastes energy.
This was a great ploy, and it accomplishes victories on multiple battlefronts. First of all, Musk doesn't give two shits about Bitcoin's carbon footprint. He's leaning into the propaganda being spoon-fed to the left-wing. Not only does he get the benefit of pandering to half of the population with his virtue signaling, he also temporarily dipped the market.
The timing of all this is nothing but impeccable.
We are less than 7 weeks out from a massive rally, and all these paper hands are running scared like the sky is falling. Today it was announced that the US government is running a probe into Binance to find out who's been using a VPN to evade taxes. Again, the timing is nothing but impeccable as the market gets kicked while it's down, right before a huge run up.
Bloomberg and Reuters eh?
They aren't fucking around, but when you actually read these posts they are just a huge nothing-burger.
As part of the inquiry, the officials who probe money laundering and tax offenses have sought information from individuals with insight into Binance's business, the report said.
Translation:
CZ is running circles around these morons and will not comply with violating customer privacy. On top of that, the only KYC Binance even has on file are email addresses, which obviously isn't KYC at all.
"We have worked hard to build a robust compliance program that incorporates anti-money laundering principles and tools used by financial institutions to detect and address suspicious activity," the spokesperson added.
Translation:
We haven't broken any laws in the Cayman Islands were Binance is incorporated. We have no headquarters and operate out of a dozen different countries: go fuck yourselves.
As part of the inquiry, officials who probe money laundering and tax offenses have sought information from individuals with insight into Binance’s business, according to people with knowledge of the matter who asked not to be named because the probe is confidential.
Translation:
We don't have the power to force Binance to comply with our requests, so we are going underground to acquire what little information we can in this process.
The U.S. Commodity Futures Trading Commission has also been investigating Binance over whether it permitted Americans to make illegal trades, Bloomberg reported in March. In that case, authorities have been examining whether Binance let investors buy derivatives that are linked to digital tokens. U.S. residents are barred from purchasing such products unless the firms offering them are registered with the CFTC.
Just look at the language being used here. It couldn't be more skewed towards fear and attempting to control the population using nothing but phantoms. Privacy is not illegal, but you'd have no idea that was the case reading this paragraph.
Again, when it says that, "U.S. residents are barred from purchasing..." You'd think that means it's illegal for US residents to boot up a VPN and use Binance's services. It's not! It's ILLEGAL FOR BINANCE to provide you with service, not the other way around. Regulation comes from the top-down 95% of the time, and this is no exception. It's not the people that get regulated: it's the banks. Binance is not playing by their rules and they are pissed, and there's not a god damn thing they can do about it.
Seriously though
Again, the timing of all this FUD is placed perfectly right at the base of a Goliath run. Volume on Coinbase Pro is off the charts at 50k BTC per day. The sharks smell blood and they are buying it all.
Do you think Elon Musk gives a shit that he just tanked the market? He should right? He just lost like $200M on a Tweet.
HE'S BUYING MORE. THEY ARE ALL BUYING MORE AND TRYING TO GET YOU PAPER-HANDED CRY BABIES TO SELL INTO THEIR GREEDY LITTLE GOBLIN HANDS. It couldn't be more obvious. This is blatant manipulation of the market during the best possible time to manipulate the market. No one will get in trouble because it's all 100% unregulated. No one said decentralization would be pretty. No regulations means no regulations: you can't throw the baby out with the bathwater. Same statement applies to privacy itself.
Elon Musk now realizes how fucking easy it is to get inside people's heads and manipulate this market. You think he's gonna stop? This kid is just getting started, and he's in the middle of a candy store. On a certain level it's comical how blind everyone is to what's going on here.
You can't seen the forest from the trees.
Seems like 90% of everyone in crypto right now is riding the rollercoaster of day to day gains and losses. Massive dopamine hits as the price goes up. Epic rage-blackouts as the market tanks.
No one is taking responsibility. Everyone is looking to blame others for their "problems". It's pathetic really. Light your money on fire and walk away. This is the mindset needed to actually make money. Elon did it. He lit $200M on fire right in front of you and laughed. Elon wins, you lose.
Conclusion
All these paper losses are extremely short term as we ramp up into the June rally. Silence the noise of these peasants and stay the course. This is one of the easiest times ever for me to hold and stay calm. I've never seen the market so bullish in the medium-term (prediction: BNB x4 in 7 weeks) and so embarrassingly bearish in the short-term. In a week everyone will have forgotten any of this had ever happened. Attention spans have been reduced to zero.
Be a diamond.
Your hands will thank you.
UPDATE
The manipulation is real!
On top of this Coinbase just announced it would list DOGE.
Epic.
