What is Money?
Money, what is this thing? Is it gold, well it used to be. Is it love, well, it has become that. Is it a need, well Buddha lived without it. Is it a weapon well it could be used to buy them. Money is evolving and it is helping and enabling whole large ass chunks of societies with it. It is some creative, outer space incepted, unicorn-poop, dangly cluster-fuck of a creation that has driven countries mad and turned the world into a concrete jungle. No, we are not haters like that, it is just what it is. Money turns the world bonkers, while it continues to fuel things, empower people and help charities do all their good work. We have no intention of being a warmonger, just shining some light into the true side of things.
What has changed now?
We are stuck up people who have evolved from apes. Similarly, our money has evolved from barter, trade, giant gold coins, gold bricks, copper, metal, to paper money backed up by an international gold standard, to fiat and now to bitcoin and its descendants. That is a hell of a journey. The journey of the first bank by the Medici family in Spain, during the late 2000 BC, to the case of a 100-year-old bank by the Leeman Brothers failed, to today’s state of the art blockchain developments that are identical to banks, has been harder on its own people.
Perhaps this is the way that capitalism and meritocracy works. Or the myth of meritocracy and as some ancient medieval souls call it, fate has done more harm than good, but today technologies that empower self-employment and decentralization are ready to put forth an unprecedented battle. And people are shaken.
Something like 30 years ago, when Mario Kart first came out our notions of money were shooketh. A kid from that time would have had a heavy time explaining to their parents how does the game money matter, why are we collecting that gold, what for, why when there is no value of it. Sure, yes, it is a game, sure it is fun to play, sure Pacman eats cheese and this is a tad bit more creative than that, sure this is the new narrative and all the Atari’s, King Kong’s and Family computers can be cooler but we are liking ourselves right now and its all because of Mario, his girl, and their gold coins.
the fuck is transparent money?
No, it is not physically transparent, although it can be argued that it is, that beautiful and pun-loaded argument is for another time. Transparent money is crystal clear and written in stone, a digital stone. The etching in stone here really means that no changes can be made to it, well, you can try, as people try, but at some time people catch up and they find what the fuck is happening after all. The system is self-guarding and the participants work as a team not as a team working under a person, authority or ruler, but as a democratic and truly decentralized team that agrees on a consensus that gives it all the intellect it needs to be self-sufficient and effective.
Digital money, internet money, cryptos, whatever you call them, whatever people may call them, they changed humanity. This was the biggest disruption of a lazy industry that wouldn’t change itself that mankind has seen so far in the history of disruption.
Money is now transparent, i.e it can be asked about who has done what to it, with it, when, how, why and what not. It has all the answers people need that fiat fails to provide. The record keeping is kept forever. It is decentralized, this means that bitcoin is not owned by some Leeman Brothers, so the double spending really is not possible, it is smart that way.
Bitcoin is for everyone. Finally, Martin Luther King Jr. can have his dream. Finally, the Lincoln Memorial can be visited with lesser guilt, pain, and shame. Because, bitcoin does not differentiate people and discriminate them on the basis of their color, creed, caste, status or nationality. It is the true essence of a world of tomorrow and it means major political and social changes are to follow us. Because now money can be free for all to use, even if banks fail people, communities, refugees, and countries, bitcoin does not.
Bitcoin will drop to $3,500 before we see a major bull run, says trader
While Bitcoin has managed to hold above $4,000 according to Coinmarketcap, one trader believes that BTC will drop to $3,500 before the next bull run.
Speaking to CCN, crypto trader known as The Crypto Dog in the community said that it’s still possible Bitcoin sinks to $3,500 in the short term, adding that market conditions haven’t changed over the last several days.
“I think we could still see $35XX,” the trader said, adding, it [Bitcoin] hasn’t changed much. It wasn’t a particularly significant move. It bounced at a clear support, but there’s been no positive reaction yet. If this support holds, I expect a sweep of the highs near $4,100-$4,140.
“Decent chance we just saw that ‘one more leg up.’ I greatly reduced exposure up here above $4,000. Waiting for $3,5XX for long entries. I’d love an opportunity to short $4,1XX, but not sure if we’ll see it,” he said.
Bitcoin’s struggle to maintain momentum is likely the reason for cautious optimism shown by traders and analysts.
Recently, technical analyst knew as DonAlt explained that we can’t safely conclude the bear market is over until Bitcoin breaks out above $4,600.
Bitcoin SV [BSV] Price Analysis: Bears dominate market as token’s downtrend continues
Bitcoin SV [BSV] continued its bearish run on the back of the collective market dropping below the $140 billion mark. After two successive bullish waves in the past week, the coin market turned red.
At press time, the BCH hardfork fell against the US dollar by 1.26 percent, and was trading at $65.88. The market cap of the coin stood at $1.16 billion, trailing Cardano [ADA] by over $220 million.
Bitforex took the top spots with respect to BSV trade volume, via the trading pairs BSV/USDT and BSV/BTC. The pairs accounted for 12.28 and 12.17 percent, respectively. Other notable exchanges on the list were HitBTC, IDAX, and IDCM.
The one-hour BSV chart showed a massive downtrend stretching from $68.71 to $66.32, with the coin dropping further below. The sole uptrend was prior to this drop when the coin rose from $67.71 to $68.71.
Bitcoin SV found immediate support at $64.55, which the coin was hovering above. The immediate resistance level stood at $68.77.
The Bollinger Bands pointed to a massive increase in volatility as the price declined. The Moving Average line indicated a bearish swing.
The Chaikin Money Flow tool showed a decrease in the money inflow to BSV tokens as the CMF line was below 0.
The Awesome Oscillator showed a significant decrease in short term market momentum, but the concluding bars being green indicated an imminent bullish change.
Bitcoin SV saw two downtrends, with the first downtrend shaving the price from $75.71 to $67.15. The second downtrend pulled the price down from $70.39 to $67.65.
The coin found immediate support at $61.72, which the coin touched in February. Bitcoin SV’s immediate resistance level stood at $75.65.
The Parabolic SAR indicated a bearish market, as the dotted lines were above the coin’s trend line.
The Relative Strength Index showed a notable decrease in investor interest as the RSI dropped down from 55.65 to 46.38, at press time.
The MACD continued projecting bearish signs as the MACD line pushed below the Signal line.
Bitcoin SV failed to hold on to the bulls as the coin’s price declined below the $70 mark. In the short term, the coin’s volatility was high, while the money inflow dropped. Short-term momentum was negative, further pointing to the resoluteness of the bears. In the long-term, the MACD and the Parabolic SAR indicated a bearish market.
Bitcoin Price Drops Back Below $4K But Bull Outlook Still Intact
- Bitcoin failed to capitalize on a bull breakout above $4,040 yesterday, but the short-term outlook remains bullish as the higher-lows pattern is still intact.
- A convincing break above the three-day chart resistance of $4,040 still looks likely and could be followed by a rally toward the recent high of $4,190.
- The immediate outlook would turn bearish if prices find acceptance below $3,920 (previous day’s low). A bearish close, if confirmed, could yield a drop to $3,700–$3,658 (Feb. 27 low).
Bitcoin (BTC) has dropped back from levels over $4,000, but the short-term outlook will remain bullish as long as prices are holding above key support at $3,920.
The crypto market leader jumped to a 25-day high of $4,055 yesterday, having secured a bullish UTC close above the psychological hurdle of $4,000 on Wednesday, going by Bitstamp data. The breakout above the crucial three-day chart resistance of $4,040, however, was short-lived with prices falling back to a five-day low of $3,920 before closing the day at $3,974.
Notably, the negative price action engulfed the trading range seen in the previous four days, which is widely considered an early sign of bull exhaustion.
That said, the path of least resistance is still to the higher side, as the bounce from lows near $3,920 has left the bullish higher lows pattern intact along the trendline connecting the Feb. 8 and Mar.4 lows.
For the immediate outlook to turn bearish, the engulfing price action seen yesterday needs a strong follow through in the form of a convincing break below $3,920.
As of writing, BTC is trading at $3,980, representing a 1.28 percent drop on a 24-hour basis.
On the daily chart, BTC created a bearish outside reversal candle yesterday as trading began on an optimistic note but ended with pessimism.
A bullish-to-bearish trend change, however, would be confirmed only if prices close below $3,920 (low of the bearish candle) today. A move below $3,920 would confirm a downside break of the ascending trendline and shift risk in favor of a deeper drop toward the Feb. 27 low of $3,658.
On the higher side, a break above $4,055 would reinforce the short-term bullish setup and could fuel a rally toward the recent high of $4,190.
The odds of a rally toward $4,235 (inverse head-and-shoulders neckline) would strengthen if the current three-day candle closes (today) above $4,040, validating the bullish engulfing candle created in three days to March 16.
Disclosure: The author holds no cryptocurrency assets at the time of writing.