Weekend at Bitcoin's
Apr 26, 2019
Someone once told me that nobody likes someone who thinks they're always right; I told them they were wrong. The truth is, when greed is involved, everybody loves someone that ‘appears’ to know what they’re talking about, whether that person actually does or not. Nowhere is this more true than in the nebulous universe of the cryptosphere.
Unfortunately, because of the inordinate complexity of crypto, and the deceptive proximity to the paradigm of the stock market, many self-proclaimed financial ‘experts’ have maneuvered themselves into positions of influence, leveraging traditional market analysis techniques and modeling, expecting crypto to behave just like stocks; and yet they are entirely clueless about the underlying technology, mindlessly regurgitating just-as-ignorant ‘resources’ to maintain the status quo.
These experts may even truly believe some of their own tripe, but I maintain that the majority of influencers are vividly aware of their comprehension-shortcomings and resort to faith-based proclamations to solidify their platforms, manifesting into the blind leading the blind.
The amount of bullshill being slogged around in the cryptosphere by countless fudding idiots would make anyone literally insane. So many notorious voices, all pulling and pushing on the hearts and minds of the sheeple, all trying to induce FUD and FOMO in as many creative and insidious ways as can possibly be imagined, and just as many copycat coins to further complicate the already overcrowded space; forking bastards.
Many of the same psychological-tethering tactics employed by religions, politics, nationalists, environmentalists, extremists, etc. are gainfully repurposed here with one singular, nefarious motive: to take your money.
And it works.
There is nobody more helpless to their fears and greed than uneducated sheeple, and the traps and tricks that work to coerce their predictable reactions, are timeless and infinitely repeatable. Like a sheep that sees a dandelion under a propped up cage, but walks under the cage anyway. The sheep is fleeced clean before being set free. The sheep is very sad. The sheep sees another dandelion. Repeat.
In the beginning, there was Bitcoin, with Satoshi effectively pre-mining a million Bitcoins to become the world’s first crypto whale. (A whale is nothing more than an individual or corporate that has enormous holdings with which they can easily influence the market via their buy/sell activity, e.g. hedge funds, early adopters, Winklevosses, etc.). Satoshi was gentle, barely cashing out any of his coins, but there it sits, billions of dollars worth, and nothing could stop Satoshi if he wanted to sell..
Other early adopters jumped into Bitcoin head-first, both mining and buying Bitcoins by the tens of thousands, millions even, and more and more whales were created. Then Bitcoin hit mainstream and EXPLODED in popularity, with the price skyrocketing, and people fighting over scraps of Bitcoins, scraps! The global hysteria surrounding the Bitcoin asset is probably unparalleled in scale in all of history.
The few whales realized that even though they technically have billions of dollars worth of Bitcoin, the real problem is cashing out, because they need to find lot and lots of buyers that will give them billions worth of VERY REAL money; not fake-volume wash-traded money, not meaningless market cap money, no, I mean the kind of money that comes out of people’s savings accounts, pensions, home refi’s, and kids' college funds; that kind of money.
It’s actually a LOT harder than it may seem to get people to mobilize lifetimes of savings into a risky bet like Bitcoin. So what the whales have done instead of waiting around for people to take the plunge, is they utilized their massive holdings to control the markets, making the markets seem tantalizing, predictable, even a good time to buy, playing on well-established sheeple psychological tethers, forcing them to compulsively buy their shiny Bitcoins, effectively turning the markets into a sheeple-fleecing revenue stream to line their pockets with. This process of market manipulation is described here so I won’t get into details; just know that the whales are in total control of the market prices.
On a tangent, not a great topic; I mean death sucks right? Circle of life and all that. It’s our instinctive repulsion to death that forms the premise of our denying it, leading to notions of afterlife, immortality, etc. We can somehow force our brains to accept that which is irrational when it violently collides with the terror of death.
This amazing ability to deny death is an extensible property, one that we can apply to our beloved so they too can live forever. Even today, there are still people claiming Elvis is alive for a couple reasons: 1) for the money, 2) for the show.
Death seems impossible to comprehend/imagine, it’s literally only a scientific term, not a feeling or emotion, and thus, for most people that have no scientific acumen, there’s no way to understand death, and thus, it doesn’t exist.
What’s the scientific definition of death? The common biological definition would be lack of oxygen to the brain so it dies, and even if you put a body on life-support indefinitely, that’s not really living is it? I don’t imagine most people would want to be kept on life-support if their brains are no longer functioning, so it’s not merely ‘metabolizing’ that we refer to when saying something is alive, it’s FULFILLING SOME PURPOSE that is at the center of our value for living. In other words, the practical definition of death is derived from the antithesis of ADDING VALUE. If you’re not adding value in at least the slightest measurable way, you are dead.
Bitcoin was my first crypto love. I recall the day I discovered Bitcoin, the magnificence of the blockchain concept, the elegant software architecture to bring it to life, the simplistic convergence of 500 years of mathematical science, neatly packaged into a dream of immutability, something that’s never existed outside of theory in all of history. Satoshi is the Beethoven of crypto.
I loved Bitcoin (tears).
Yes, loved, past tense. That’s not to imply I hate Bitcoin now, just that I fell out of love. Blinded by my stupid Beethoven metaphors, I ate my own sermons and blindly ignored my obligation to pursue the mathematical conclusions, that is, until I could no longer lie to myself.
Bitcoin doesn’t scale.
Ugh. Still remember the ugly feeling I had trying to reconcile the blatant scientific reality that Bitcoin would never be able to compete on the world stage, against my religious zeal to pump Bitcoin as the second coming of the King (yes, Elvis) (again). But, numbers don’t lie, and sometime in early 2017, I said goodbye to my love, and moved on to ETH, then to XRP.
From a distance, like a stalker ex, I watched that Bitcoin whore sleep with just about everybody. Droves of Bitcoin evangelists pouring out of the woodwork, loudly proclaiming their allegiance, further herding countless sheeple to the slaughter that I knew only too well was coming, and it did.
I remember clearly watching Bitcoin’s transaction rate climb during the 2017 runup. Watched the backlogged transaction count climb into the sky. Watched the transactions fees kick and punch each and every user right in the fucking face, over and over, and yet they just kept coming like endless Mr. Smiths. “I want some Bitcoins!!”, “Give me my Bitcoins!!”. Whales were dumping their BTC as fast as they possibly could, taking all these sheeples’ hard earned money, while selling them a dream that was SIMULTANEOUSLY being PROVEN IMPOSSIBLE IN FRONT OF THEIR EYES!! The Bitcoin network just couldn’t keep up! (oh just ignore that, come get your Bitcoins!)
Bitcoin’s meteoric ascension into popularity sent its network consumption sky-rocketing towards the glass-ceiling of maximum throughput, which means fucking NOTHING to most people, particularly the so-called financial experts that continued preaching the virtues of Bitcoin, no, nobody saw it coming except the super-sexy technical wizards (I am a technical wizard). At breakneck speed, Bitcoin shot up in network saturation until it hit the glass-ceiling so hard that it broke Bitcoin’s neck. CRRR UNCH… Head cocked over in the most gruesome snapped-cervical arrangement, dangling by a thin piece of sinew. The network was at a near standstill, fees astronomical; completely unusable.
Whales be like.. Oh fuck…
Sheeple be like… I want some bitcoins!! Give me my Bitcoins!!
Whales be like.. Uhh.. are you people looking at the same Bitcoin we are? You do see the broken neck right?
Sheeple be like… I want some bitcoins!! Give me my Bitcoins!!
Whales be like... Dude, I'm telling you, it's over. Look, Bitcoin completely blew up! Are you daft??
Sheeple be like... Yes I'm daft, I love you, please slap me again, I'll do anything for Bitcoins!! (gagging choking sounds)
Whales look at each other with their big eyes, thinking to themselves, “Really? Are they really that fucking stupid?”... But, hey, they shrugged their shoulders… alrighty then.. Come get your Bitcoins!!
And the madness continued.
Countless millions worth of hard-earned savings and borrowed funds later, the sheeple finally ran out of money to give to the whales in exchange for their ‘future Bitcoin utility’ coupons, and the price started to drop.
The whales realized, hey, if we keep selling, we run the risk of the price getting so low that other people can afford to also become whales, and so they started buying BTC back to prop the dead body of Bitcoin up on a chair (stable price) so that new sheeple (ones that haven’t been fleeced) would be able to look at Bitcoin’s corpse on the stable-price chair and say, “Wow, Bitcoin looks great! They’ve said it 100 times that Bitcoin’s dead, but there it is right in front of me, looking better than ever!! Hooray Bitcoin!! (crowd attack, scissorkick, pump it up, pump it up, arch… hold it….hold it...)”.
Bitcoin DIED in the great bull run of 2017. It broke its neck on its built-in glass-ceiling, and the whales now have it on life support. Not only that, but they are animating Bitcoin’s body like a PUPPET to continue the greatest defrauding OF ALL TIME!!! (time...time…)
Now let’s make one thing perfectly perfectly clear. Being able to trade Bitcoin, does not require Bitcoin to be ‘alive’, any more than trading Tulips has anything to do with actual Tulips. The mere act of ‘trading’ Bitcoin, is to speculate that Bitcoin will eventually do something to ADD VALUE, but trading ‘isn’t’ adding value by itself. Trading is a ‘guess’ by the masses what Bitcoin should be worth once it actually starts contributing its value.
If you’re a Bitcoin believer and are about to lose your mind on me defending Bitcoin’s virtues, please read this. I don’t want to repeat myself, and I certainly don’t want to hear you defiantly regurgitate the standard verbal upchuck you heard from someone somewhere that you don’t understand at all, “But Bitcoin is amazing!! Bitcoin can do anything!!”; like a chimpanzee waving a tricorder.
Bitcoin has no value. It’s got a ‘price’ on the market, but there’s no underlying value. It’s a fucking corpse. A dead broke-neck lifeless body that has PROVEN that it CANNOT deliver on a single promise; not liberty, not a currency, not a store-of-value, not scalable, not modifiable, not cheap, not fast, not environmentally friendly, not user-friendly... Fucking nothing.
The crypto winter has served two purposes: to re-stage a litany of new sheeple to come into the space, and to allow global amnesia to settle in. People ‘forget’ that Bitcoin DIED in 2017. They not only forgot about it, but they refuse to even be REMINDED about it!! It just didn’t happen!
As I was stating earlier, denial of DEATH is an extensible attribute, and sheeple just refuse to acknowledge that their beloved Bitcoin is already DEAD! They refuse to look directly at the facts, like opening the Ark of the Covenant, and are even today in complete denial that the same fucking neck-crushing debacle could repeat itself, despite that the recent volume increases have put Bitcoin precariously close to that glass ceiling again already! We’re a fraction of a volume increase away from smashing that fucking corpse against the glass-ceiling again! NOTHING HAS CHANGED!!
This entire crypto winter has been a fully-manipulated shit-show of BTC whales selling ‘tickets’ to the future of Bitcoin. Bitcoin’s corpse is plastered in all the news, all the conferences, all the new exchanges, all the ATMs, etc. They show Bitcoin riding jet-skis, surrounded by bikini-clad babes, hang-gliding, mud-wrestling, performing surgery, etc., cleverly disguising any ‘hint’ of the fact that Bitcoin has already died.
Even more amusing are the Technical Analyst ‘experts’ that attempt to make sense out of the random whims of a few whales, pretending that the crypto markets are in any way organic in nature. It’s fucking staggering to me that every single coin moving in near-perfect tandem, can be interpreted as anything other than blatant manipulation. I’ve seen so many of these TA jackoffs capitalize on a market downturn to try to isolate to just XRP and blame it on something about Ripple! Or even worse, drawing triangles to try to predict the future? Like the whales’ fuckery can be predicted by triangles? Lol! Omg, stop, please just fucking stop the stupidity; it hurts!
There is NO rhyme or reason to any of the prices, there’s just whales fishing for sheeple with lures and fears. This charade will end on the next bull-run however. You’ll see Bitcoin nailed to its propping chair, the chair slowly going up into the sky, sheeple from around the world climbing all over each other to get their piece of it, higher and higher, faster and faster Bitcoin will rise, and right when the Bitcoin frenzy resembles what it was in late 2017, GLOOK, Bitcoin’s corpse will once again smash into the very same glass ceiling, as the network delays mount, fees explode, and everyone once again will be forced to see that Bitcoin is already dead, and has been for a very long time.
Quite possibly, the whales will be able to sweep it under the rug again, who knows. I do feel this next runup will be different though because the unspoken expectation is that somehow, some way, it won't happen again; which is just hopium-induced nonsense. And I think the whales are afraid, because they know about the glass ceiling this time, and if XRP starts to shine because its glass ceiling is orders of magnitude higher, defections will occur not because of propaganda, but because of the inescapable misery that Bitcoin will bring to users everywhere around the world. The whales’ massive bullion of BTC will quickly lose its value.
Why don’t the BTC whales just trade out for XRP you ask? Because as they sell their BTC, even if slowly, the price would perpetually drop (slippage) simply because they have so much to sell, and this unavoidable slippage would reduce the overall value of their stash that has yet to be sold. They’d need to be able to make up for those losses when buying XRP by the price of XRP rising as they bought. Problem is, that won’t happen. XRP holders will see the price of XRP going up and will sell like crazy, beating the price back down, taking all the value out of the whales’ XRP.
In other words, moving a mountain of BTC into XRP, will incur massive slippage losses during selling, but during buying of XRP, there would be very little gains in price to compensate for those losses. They would effectively be giving most of their wealth to the XRP holders. This is why the BTC whales are stuck in BTC, and why they are fighting SO FUCKING HARD to keep the dream of Bitcoin alive, because once people really finally see that Bitcoin is a corpse, and the reality sinks in that dead Bitcoin will never Macarena with them, never fall asleep in their arms, never give them road head, and never be useful, they’ll just move onto the next shiny thing.
XRP is pretty damn shiny. The whales are endlessly doing whatever they can to foment the perception that XRP isn’t a good investment. They know people don’t pay attention to true ‘value’, such as Ripple’s expansion, or the incredible rate of ODL (On-Demand Liquidity) adoption, etc., no, people only look at that one stupid fucking number, the "price", and THE WHALES CONTROL IT, and by extension, they control the sheeple’s minds, because sheeple are fucking stupid and greedy, and will believe any picture the whales choose to paint in the prices.
Whales have been beating down the price of XRP for a very long time, which is facilitated by them procuring XRP in slow times, but when XRP starts to heat up, you can vividly witness both the Bitcoin volume pick up to match as the whales buy up BTC to increase the price, and simultaneously the XRP price getting hammered down as they sell their XRP war-chest. The whales just have SO MUCH FUCKING MONEY, that they can keep these invisible sell walls going until these price advances burn out.
The only thing that’s going to break us from this icy grip, is a fuckload of fresh money, coming specifically into XRP, and not from sheeple that just throw money at everything that moves, but from utility customers that have specific needs that XRP fulfills.
Utility is already happening folks. Remittances are a real thing on the XRP ledger chart. The ‘value’ of XRP is solidifying and will eventually be reflected in the price, because value and price are intrinsically connected, and any whale bastard that tries to suppress that will spend all their money in futility, because utility is not a psychological value, it’s a mechanical one; the difference between a sheep and a river. You can’t intimidate a river no matter how big the dam is. The river will keep mindlessly backing up and building until it finally bursts over the top; unstoppable. The river always wins.
So fuck you whales; your Bitcoin corpse is starting to smell like shit and people are noticing. Good luck trying to fool us a second time. Say goodbye to your precious Bitcoin value, because the next time Bitcoin hits that low glass ceiling, that maggot-covered head’s coming right off.
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