HI all, Crypto Sludge here.
First of all i would like to thank everybody who are following, i have reached 101 followers!
Social media was never my thing and blogging even less so, i must say i got quite surprised by the numbers growing. I am really not sure how many of my followers are real and how many are bots, but i would like to say thank you! to all of you, humans and machines alike, for reading, voting, re-steeming and commenting on my posts. Please keep it up, your feedback is super important to me, and i think i am starting to understand why so many people do this. This interaction is addicting :)
Back to the matter at hand. One thing i noticed during this market correction, is the lack of panic. And i mean real panic. I am following BTC for years, and every major correction has had a profound doom and gloom feel to it, at least on the usual social platforms and when i talked to people .
What i do see, is tons of FUD on the conventional media, the bitcoin is dead obituaries are clear, they FUD about S.korea, they FUD about India, they FUD about Tether and Bitfinex and many others, and the price responds , but the people seem to be untouched (and i don't talk about the true HODLers, they are not part of this game as their coins are not on the exchanges).
I do not know if this is the result of market maturity, overall optimism about BTC, denial or simply because BTC has done that so many times before , people become complacent. I do however know that although BTC is a whole new asset class, it is still been traded by humans in a similar matter other asset types are traded, so i allow my self to make the analogy from the stock market to the crytpo market and say that without capitulation, there will be no rebound.
So what are really needed, is some capitulation candles, some true old-school panic on social media , with people screaming how they lost everything (as was with bitconnect implosion) some "blood on the streets".
And that will be the point i will start buying even more , because on the technology side , bitcoin is at a much better position it was for years, the mempool is almost empty, fees are super low with 5sat/vbyte transactions clearing on the next block, the hash rate is growing at 10-15% every re target, Lightning network is growing exponentially on the main and test nets, privacy implementation are been worked on vigorously , Segwit adaptation is at all time high, Major players like Samsung! are planning to go into bitcoin ASIC manufacturing more and more businesses accept bitcoin, even Twitters CEO is supporting it now.
Yes the market needed a shake-off, maybe it needs a deeper correction after going from 1k$-20k$ during one year. Or the market is being manipulated by whales :) and it will reverse when they decide it's time to reverse it.
In any case, remember that this is our only chance of financial independence and our only shot of shaking off the parasite financial system that been leeching off us for hundreds of years. If you think they will roll over and die without a fight you are wrong. This is just the beginning. And if we really want to be free, we need to be strong. Because by the time we finish, we won't care about the BTC/USD price, all we will care is that 1BTC will always be worth 1BTC, the rest will be history.
So stay strong!
Trade ON!
Crypto sludge.
