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Market Manipulation

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Authored: by @hetty-rowan

Biggest Bitcoin dump in history

May 19, 2021, a day known to everyone because many people's dollar portfolios were halved, millions were liquidated, and Bitcoin experienced the biggest dump yet in a bull market. And soon many people pointed an accusing finger at Elon Musk. Because Tesla suddenly stopped accepting Bitcoins as payment, the China FUD that came after it, and then Elon Musk went one step further by blaming Bitcoin's energy consumption. To this day, about 2.5 weeks later… Bitcoin is still trying to recover, but it's not quite succeeding yet.

Suddenly everyone is an "EXPERT"

Meanwhile, there are many tweets to read on Twitter. One 'expert' after another is making themselves heard. And as a 'non-expert' it is difficult to decide now where we stand in the market. We are still in a bull market. Opinions are divided. One says, “No, we have a Bear Market now. Bitcoin has had its run, and the Bull Market is done.” Others are more positive and say, “We still have a Bull Market and the next leg up is gonna blow minds”. Still others are neutral and say, “We don't know if we're in a Bull or Bear Market right now. So we just look at it day by day.” That seems the most sensible to me at the moment.

Is crypto for adults, or is it a Joke

In the last few weeks my idea of ​​the crypto has changed a bit due to the whole thing. I seriously have no idea if it was the same in 2017. The Bull run of 2013 and 2017 were both over before I first came into contact with crypto. But in the last few weeks I've started to feel like we're all extras in a bad movie. And what strikes me most of all, and also disappoints me… is that people who all say they are big supporters of Decentralization, still put so much power down, assign it, to ONE person. Elon Musk!

It should have NO effect at all

Because even though it is now said that the effect of his tweets is diminishing. If you ask me, his tweets should have no effect at all. To be fair… he's just a man. Just a man, nothing more, nothing less. And yet this man can upset the crypto market every time? What nonsense is that? What do I care if I can buy a Tesla with Bitcoin or not? In fact, I wouldn't even consider it for several reasons. First, the fact that the Tesla I would buy from my Bitcoin at the time will only depreciate over time, where my Bitcoin is supposed to increase in value. That is not nice to know that the Tesla that you would have bought for 1 Bitcoin at that moment, does not even yield half a Bitcoin later, and that the Bitcoin you gave in exchange for a Tesla, when you bought that Tesla bought was worth about $50,000, (I'll make it a nice round number). But that the same Bitcoin is worth 100,000 dollars 4 years later. Just to name a few. That is a very bad trade. You have lost your Bitcoin, but your Tesla is also worth much less.

High fees and slow transactions

A second reason why I would never use Bitcoin for this kind of transaction is because on average the fees are high, and the transaction speed is low. Take the case of a Tesla. Then it is not so bad if my payment takes half an hour, but it is not pleasant if my payment is delayed for 12 hours. Imagine how many times you will try to speed up the transaction and what extra Bitcoin that would cost me! Not to mention the time I would sit in the office waiting with all those people because my Bitcoin payment just wouldn't go through. No, sorry folks… that's impossible!

Blaming Musk? Why?

So you see, I wasn't shocked at all when I saw Elon's tweet. But I was shocked by the response. The market that collapsed, and the many reactions from people who suddenly blame Elon Musk for everything. First he is highly regarded by the crypto community, and then all of a sudden he is labeled Judas by that same crypto community. And while many people were, and still are, blaming Musk everyone seems to forget that they have their own responsibility!

Oh no! He tweets again!

Well, now 2.5 weeks later you think we have finally found our way back up. And what happens? I won't say "Exactly the same", but to my utter amazement, Bitcoin is going down again, and again, coincidentally, a tweet from Elon Musk is involved.

And that honestly raises a number of questions for me…

How is this even possible?

  • We are all adult people who believe in crypto currency, aren't we in favor of Decentralization? How is it possible that so much power is placed on one person by this group of people?
  • Why do people only sell their Bitcoin because Elon Musk first stops accepting Bitcoin, then tweets with a broken heart and Bitcoin? Has Bitcoin's Fundamental Principle Changed With This?
  • How come people are all blaming Elon Musk for the market collapse and they and lose their money when they themselves are the ones selling? What happened to self responsibility. I don't believe that Elon Musk has even said to anyone "You have to sell your Bitcoin NOW".

Market Manipulation

If I go a little further I can probably throw more questions here in this post. But I assume you already have the idea behind this. I really can't believe that people get carried away in this market manipulation. And that they allow it, while pointing the finger…

Anyways ... I can say that fortunately there is still such a thing as LBI, and that fortunately LBI is increasing in value. That's a certainty. As long as we compare it in LEO. If we look at the dollar value, LBI has also lost a lot, because LEO also suffers considerably from this market manipulation. The only thing we can hope and pray for is that certain people take their responsibility and stop playing games. As the Binance CEO pointed out in his tweets.
But it's a fact that he only gets as much power from his tweets, as what is given to him because people listen to him. So for all those people he also has one advice. And I really hope that there are many people out there who see this, and take it to their hearts.

Decentralization right?

I don't feel like doing technical analysis on the market right now, because technical analyses doesn't say much these days. The market seems to have changed in a playground for one rich man. So yeah, learn how to read charts, learn how to use all the technical indicators is nice … but it doesn't mean much to me at the moment if the crypto market is populated by people who say they want decentralization, that they don't want to be regulated, but where there are many who blindly rely on what 1 man tweets. Unbelievable …

Not the richest man anymore

He may not be the richest man in the world anymore, he only had that pleasure for a very short time, but right now I would certainly dare to describe him as one of the most powerful men in the world ... if you look at that 1 tweet from him is enough to push Bitcoin's price back down. Then he has more power than he may have realized himself, and that power… dear people, it is not given to him by anyone but the people themselves who do exactly what he expects you to do.

He's buying YOUR Bitcoin

I do believe that he is sending these tweets out into the world for a reason, and it will not be because he wants to sell his Bitcoins much lower… it will be rather that he is at the bottom waiting for people's panic sell response to his tweets, so that he can buy more cheaply. Think about that the next time he launches another tweet. And the market reaction that follows. I'm a bit tired of this, and I have to see, if I can find a new gem that is not so affected by this market manipulation. If there are any.

Sorry folks I, didn't have a happier post this Sunday. But I really had to get this off my chest!

Still wish you all a HAPPY SUNDAY, and hopefully a GREEN Sunday!

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