Elon Musk is a problem. If you ask me, the subject is a stone in the shoe. But worse are his followers, who follow him with fanatical blindness. Here we, ladies and gentlemen, are faced with a bad actor. We have seen a great delusion. Act one: buy quietly. Act Two: s are made to raise the price. Third Act: Sold Above. And finally act four: the price goes down. This is a older trick than the suction cup. Very lucrative, but quite unethical. It’s tampering. This week we witnessed the fourth act courtesy of cute boy Elon Musk
We gain a lot if we ignore Elon Musk in this area. We should declare him persona non grata because he is an agent of instability. In my opinion, he is the king of the irresponsible. But hey, the positive is that Bitcoin has shown strength. Despite all the ups and downs, the 50K support has resisted with dignity. We remember that this market is no longer what it used to be. This market has matured and is no longer easy prey for market manipulators.
Now let’s talk about this week’s most popular krypto news.
In good times, a project doesn’t have to be good to be profitable. The current level of greed is so great that we have already lost all the rationality we left behind. Speculators throw money on everything. The phenomenon of “Meme Coins” it shows our worst side. In other words, the most mundane and ridiculous projects are high on the Coinmarketcap list thanks to the dishonest campaigns of a group of opportunists.
The thing is, these speculative bubbles hold up until they last. And they’re only possible during the speculative frenzy at the end of a bull season. The moment investors begin to withdraw their money from these useless projects and with no real community, the bloodbath begins. Where are these “meme coins”? in 5, 10, 20 years? Everything seems to indicate that this is a temporary deception. Typical follies of the times of fat cows. Now it remains to be seen how they will behave over time.
This possibility is rather latent. It is possible and, up to a point, probable. However, Granted, the $ 50,000 support has shown incredible strength. It has become a respectable retaining wall. Now these falls have to be put into context. We have to remember that the crypto room is kind of like Wall Street for steroids. This means that a 15% decline for an asset that has grown more than 10 times in one year clearly doesn’t mean the end of the world. Bitcoin’s volatility is not a secret to anyone.
The truth is, we’ve grown too fast in too short a time. Personally, I would have preferred more gradual increases, but with more stable growth. But it is what it is. We chose the foam, but now we can’t expect stability. That would be too easy. Of course there will be instability. Of course there will be turbulence on the way to the moon. But the interesting thing is that the supports are getting higher and higher. The cases are not tragedies. You are opportunities. Calm down, people!
It is good to clarify something here. Just because a project is a bad investment doesn’t mean it is a bad deal. Indeed, there are garbage projects that have achieved very high returns. It’s all a question of risk. This high return is closely related to the risk. And the higher the price, the higher the risk of an asset. If the idea has no use, no future, or no foundations, it is just an empty shell. In most cases, the popularity of the project lies solely in the charisma of the promoter group.
By the way, these crypto groups are an epidemic. You create projects, sell big promises and make money, then give up on the project without much explanation. You are a founder by profession. Where are all the ICOs that were founded in 2017 now?
Seasoned traders usually benefit from these traps because they buy on time and sell on time. But we have the problem with newbies. Newbies are very easily seduced by the false promises made by these charlatans. And they usually buy at the wrong time and sell at the wrong time. So become the real victims of these programs.
Bitcoin is not a technology that can simply be replaced by a newer model. Of course, Myspace no longer exists. Because the old is usually replaced by the newer. Bitcoin, however, is more than a code, it is a social contract. I mean it’s not an iPhone. Unlike many other things, social contracts tend to get stronger over time. There are things that the longer they last, the more promising their future will be.
Bitcoin is a little over ten years old and will most likely survive for at least another ten years. For example, the latest fashion cult is much more likely to die in the next 10 years than the Catholic Church. The new building is more likely to be demolished in the next 10 years than at Colosio Romano.
Everything is possible here now. And we can’t rule anything out. If we take market capitalization as a reference, it is possible that another currency will overtake Bitcoin at some point. Of course, I very much doubt that this is another “digital gold”. It could be a stable coin. Or a “digital oil”? like Ethereum. However, I am almost certain that it is not a “meme coin”.
I don’t want to talk much more about Elon Musk because I mentioned something in the introduction. However, the messianic model never ends well. Sooner or later, idols turn into villains. It wouldn’t surprise me at all to see an Elon Musk someday accused of fraud (or worse) by some agency. His jokes and Tony Stark complex can be very expensive. I assure you that at this moment there is an organism official who is fattening a file called “Elon Musk”. You won’t have a lot of evidence or legal support. But he investigates and keeps time.