It's funny, and quite painful at the same time, how the world turns around in just a matter of days, and more cruel than that how BTC price can be manipulated all the way to 0 due to some sort of types of trading/gambling for it. Was it really created just for that?
I know that it's still worth $5,000 but I don't know how many of you are aware that it was quite close to get to zero over night. Thanks to ShitMex and its leverage trading options. Again, FUCK YOU BITMEX and your trading options!
I am in crypto for almost three years and I know that this is not a long time, and that I am still quite a noob, but when I see how dumb are people for playing this leverage game for trading BTC, how eyes wide shut they live with their cryptos held on exchanges leaving exchanges room to play with their funds, like Binance, Poloniex and Huobi did with STEEM... it's really mind blowing. How easily we forget...
I mean...where's all that fuck the governments, fuck the banks narrative, if were allowing new type of banks and governments to emerge and thrive? That's how I see Shitmex and Binance, and almost any other exchange. Is there any difference between any exchange and a bank?
No. They both have fees, KYCs, basically no guarantees for your money, although they don't admit that, they both make profits by using your money, and they both lie. People still use both of them, but they call themselves anarchists and part of that lucky 1% who found about Bitcoin in its early stages. I use them as well, when needed, but no longer hold anything on any of them, especially during such times of uncertainty. I'd rather use cash and a basic crypto wallet than banks and exchanges that are not safu.
What amazes me even more is that those people talk about Bitcoin halvings, about mining costs, decentralization, financial freedom, privacy etc and they play the roulette with BTC. How much do these, lets say fundamentals, still matter? Not at all, and today's situation in the crypto market is the proof for my statement. Yes, the Coronavirus crisis has triggered massive selloffs on all markets, but the huge selloff that BTC experienced last night when it got to $3700, and might have got to $0 if the ShitMex casino wouldn't suddenly close.
The whole drama with Steem and Sun fighting about a supposedly decentralized blockchain, and a social media company that has more rights than it should have over a blockchain, is another proof of ignorance. The ignorance of us holding STEEM on exchanges. FUNDS ARE SAFU, right? For whom?
Not your keys, not your crypto. I'm sure you've probably heard this tens of times, but when will you learn? That's the question of the day. If we wouldn't have stored cryptos on exchanges and play the leverage game much of this crash wouldn't have happened and we wouldn't have a tug of war for Steem.
Using stop losses, and whatever the fuck you use when you leverage trade, is just setting the domino parts waiting for the domino effect and the catalyst for it. Once the first piece is down...it all goes down the spiral. I am not getting into details about the BitMex situation of last night because I'm not interested in leverage trading and don't care about it...
...but there are people smarter than I that figured out quite easily that the hardware failure that was the narrative for ShitMex going down, when BTC was on a death spiral possibly getting to zero, was just bullshit. I don't believe FUNDS ARE SAFU any longer and I don't believe BitMex excuses either. I don't play their games.
It's not their fault though for what happens in the crypto world and what the crypto world has become. It's our fault, because we all want to be traders and feel the need to hold cryptos on exchanges to make profits over night, just to have our limits eaten and then buy back pricier, and it's our fault for gambling BTC as well. They made the invitation, we ate the apple.
I'm no expert in crypto, but the way I see it, it will take a whole lot of time for BTC to get to new ATHs, and halving is compromised already as a catalyst for a strong bull run. The principles on which all the crypto movement started have been stolen from us, right before our eyes and with our consent, and exchanged by exactly the ones that we entitle to store and protect our crypto.
I have to admit that, it's hard to sell at these price levels with a shrink portfolio and a pocket full of disappointment, but it's hard to keep on lying myself as well. No matter how many graphs and TAs we have nowadays and how logic they seem, it seems that they become useless if BTC is still in the hands of third parties(quite similar to banks). I wonder how much meaning will still have the halving that is two months away for BTC...
No fundamentals seem to be worth anything anymore in this space thanks to "institutional investors" and "mainstream adoption". Looking to the left(history) and trying to see what's around the corner seems to not work any longer so where does the long term perspective fit anymore?
Thanks for attention,