Highly controversial I'm sure, good thing I could not care less about followers. Some people ask me IRL my opinion on Bitcoin and I give it, not that it matters, people dump their entire savings in there regardless, but here is an opportunity to lay it out in a more controlled manner. Written with an Australian bias POV.
Speculatively, since that is all Bitcoin is...... the Western crony establishment look at Wechat with such envious eyes. Imagine, a monetary reset using a digital surveillance (fiat 2.0), how exciting that would be for a select few.
Given the normalisation of loss of privacy through legislation and social media, how easy it would be to transition to a social credit system with google pay(citi) / 'zuck buck' or whatever "white horse" rides in. In case you didn't know...now you do, Australia is (search): trialing CCP surveillance social credit system in Darwin, so don't kid yourself into thinking it could not happen here. Given the long form wave of the DJI (next post coming), near 0 interest rates, 'unconventional monetary policy' - QE, explosion of the US balance sheet, all that would be required is a catalyst.
Speculative potential global catalyst?, given the mainstream media and political establishments focus on the China trade war, -normalisation of a villain-, if China launches its own digital reserve currency, (speculative sources say this is probable), what use do they have for US bonds? A dollar/bond crisis indeed, even for those pegged to the US dollar, is this why the RBA wants to buy its own bonds in anticipation and trap as many people into personal/mortgage debt as possible to "save the day" with a "new reformed system"? Maybe it will go to a vote? "lowering the voting age would give the political youth a voice!", indeed an intended demographic of the young and dumb.
So Bitcoin, where does that leave Bitcoin. Sure was a nice trial, a hedge....maybe it was for a while. Unlikely a hedge currently given the pace at which it could be replaced by the cronies. If China do release a digital reserve currency they don't want bitcoin to compete with it, hence its premeditate ban in China. What chance does Bitcoin have if other countries follow suit, a bunch of hopefully millennials will not support the market if the S... hits the fan.
Given there is nothing but thin air under Bitcoins technicals, the time for aggressive speculators like myself looking for long term buy and hold value, has been and gone long ago. Could it go up in price more? SURE (aka: I doubt it). Since the futures market 2018, to me it is nothing more than a good trading platform to try extract as much money as possible from those that don't know better. Just remember, futures traders can leverage, A LOT and print tether (whops did I say that) to pump the price of BTC as they see fit to wrong foot the majority. Since 2018 the game was over. So, strap in, enjoy the ride and experience the future(s). I would not trade with any more than I was prepared to lose in 1 second.
Conspiracy theorist? Maybe, about as speculative as Bitcoin itself. If any of this 'speculative nonsense' comes to fruition, do yourself a favour, turn off the TV, it will poison your mind into submission.
$1 GOOD LUCK!
Speculatively, since that is all Bitcoin is...... the Western crony establishment look at Wechat with such envious eyes. Imagine, a monetary reset using a digital surveillance (fiat 2.0), how exciting that would be for a select few.
Given the normalisation of loss of privacy through legislation and social media, how easy it would be to transition to a social credit system with google pay(citi) / 'zuck buck' or whatever "white horse" rides in. In case you didn't know...now you do, Australia is (search): trialing CCP surveillance social credit system in Darwin, so don't kid yourself into thinking it could not happen here. Given the long form wave of the DJI (next post coming), near 0 interest rates, 'unconventional monetary policy' - QE, explosion of the US balance sheet, all that would be required is a catalyst.
Speculative potential global catalyst?, given the mainstream media and political establishments focus on the China trade war, -normalisation of a villain-, if China launches its own digital reserve currency, (speculative sources say this is probable), what use do they have for US bonds? A dollar/bond crisis indeed, even for those pegged to the US dollar, is this why the RBA wants to buy its own bonds in anticipation and trap as many people into personal/mortgage debt as possible to "save the day" with a "new reformed system"? Maybe it will go to a vote? "lowering the voting age would give the political youth a voice!", indeed an intended demographic of the young and dumb.
So Bitcoin, where does that leave Bitcoin. Sure was a nice trial, a hedge....maybe it was for a while. Unlikely a hedge currently given the pace at which it could be replaced by the cronies. If China do release a digital reserve currency they don't want bitcoin to compete with it, hence its premeditate ban in China. What chance does Bitcoin have if other countries follow suit, a bunch of hopefully millennials will not support the market if the S... hits the fan.
Given there is nothing but thin air under Bitcoins technicals, the time for aggressive speculators like myself looking for long term buy and hold value, has been and gone long ago. Could it go up in price more? SURE (aka: I doubt it). Since the futures market 2018, to me it is nothing more than a good trading platform to try extract as much money as possible from those that don't know better. Just remember, futures traders can leverage, A LOT and print tether (whops did I say that) to pump the price of BTC as they see fit to wrong foot the majority. Since 2018 the game was over. So, strap in, enjoy the ride and experience the future(s). I would not trade with any more than I was prepared to lose in 1 second.
Conspiracy theorist? Maybe, about as speculative as Bitcoin itself. If any of this 'speculative nonsense' comes to fruition, do yourself a favour, turn off the TV, it will poison your mind into submission.
$1 GOOD LUCK!
big difference, intention corrected above