I absorb some things through osmosis of being exposed to it over and over again. BTC price is one of them. 20K on BTC is a hard floor. It is a level of support I have not seen held in any other instrument for this long. I mean, this is an equity play. BTC has simply refused to stay under 20K, and is prancing that level. That 18K dip? Talk about a magnet to a support level, which is 20K. If I traded BTC, I would have no compunction about buying in now. It may take a while for it to start rising again, but damn, that is a floor if I have ever seen one.
Good post and good call. Ive been trying to identify why BTC is being outpaced recently in fluctuations. I think I can explain why ETH is advancing and retreating with more volatility but I think your second paragraph nails it in terms of BTC's recent lethargy. I still see an upside from here but the combination of a market flooded with alt coins and crypto being seen as a get rich quick by many will mean a slow recovery,indeed a BTC recovery relies on the failure of much of the rest of the market.
There is still a small probability chance, that BTC will at one point go through a Taproot II update taking it off PoW consensus. While there may be an initial disgruntlement about this by the bitcoin-maxis, eventually this is likely to cause a major catalyst to the upside. I find it interesting how many die-hards are against this. There was some initial pushback about the original Taproot upgrade, but come on. Anyone with a half-decent brain knows that it was pretty much all improvements. It is ironic, that even those in the new age of digital assets seem to be reverting to resistance against change. Maybe that is a sign that even some millennials are already getting old?
No change from POW to POS for Bitcoin. I will die on this hill However, we will all be happy for another free Bitcoin fork POS. Yummy free $$$ like in 2017 At least one Bitcoin core dev already twitted he will support and provide code contribution to a Bitcoin POS project if anyone starts that project Would you like to start it? I promise to tweet and retweet and get the word out for that project
Europe's woke ESG fanatics already managed to get Bitcoin banned this year by the entire European Union, only to have it immediately over-ruled. Once/if they ever get out of their troubles that ESG wokeness has put them into... they'll most likely conveniently forget about that disastrous outcome, and once again come lobbying and protesting for another ban on BTC.
Bitcoin is decentralized I do not think you know what that means It does not matter if Europe is threatening to ban POW, Bitcoin says fuck Europe Even if USA says they will ban POW, Bitcoin will say the same thing, fuck USA Even if Satoshi Nakamoto himself comes forward, signs the Genesis Block with his private key and he wants to switch Bitcoin to POS, Bitcoin will say fuck Satoshi Nakamoto ------- No one is stopping anyone from creating a Bitcoin POS algo. You and I mean literally you or RedDuke or anyone with a coding skill can go on github and fork the code and release it Charlie Lee did it in one night to create Litecoin, a fork of Bitcoin with 4x more coins and algo is Scrypt A bunch of forks in 2017 occurred at a certain block height due to block size disagreements with the biggest Bitcoin miners and their backers, Roger Ver, Craig Wright and a bunch of other people After yo ucreate the Bitcoin POS coin, the only thing you gotta do is convince 250 Million Bitcoin Core users and owners and builders and hodlers to start using it So what's stopping you?? I will support you by getting the word out. I want the Bitcoin POS free coins that I can swap for more BTC or more USDT. I got free BCH and BSV in 2017 and I say thank you to Roger Ver and those guys for the free airdrops
F*** bitcoin, although if you short it here ($23k now?), you're probably going to get f***ed by bitcoin.
Governments can (and have) blocked the on-off ramps. Without on-off ramps, you can't convert to/from fiat. Not to mention all the other legal repercussions that can destroy your life.
You're trying to induce fear to get me to your side, but you are wasting your time You clearly did not understand my post. Why don't you read it again and let me know if you have any questions ------- On a related note, POW miners on Ethereum are threatening to initiate a fork chain of the Ethereum to stay on POW They are trying to convince the USDC/USDT to stay on the POW chain Coinbase already tweeted support for the Ethereum POS So, here on Ethereum, you have the opposite of what I'm trying to get you to understand with my post All the Ethereum users, projects, hodlers and buidlers are going to follow whatever Vitalik and friends want them to follow. EIP-1559 already proved that Somehow, when I told you that Bitcoin will say Fuck Satoshi Nakamoto if he tries to switch to POS still did not register with you??