July 13, 2022 04:46 PM ET (BZ Newswire) -- Cryptocurrency Andrew Left, founder of Citron Research says the idea of decentralization, where power is shifted from the hands of centralized entities is the “stupidest thing ever” and pointed out that the only utility Bitcoin has is that it is a collective consciousness of people, with people buying because others are. Web3 a big illusion In an exclusive interview with Benzinga, one of the world’s best-known short-seller, also said that Web3 is a big illusion, and it is only aimed at taking power away from big technology companies. “I do not see any value in cryptocurrencies, especially altcoins. They do not have any utility. And Web3 is a big illusion aimed at taking power away from big tech companies… In a world where the Internet needs more governance, it is the most stupidest thing ever that nobody controls anything, while billions of dollars are being thrown towards it,” Left said. BTC at $10,000 and ETH at $200 He added that he would not be surprised to see Bitcoin (CRYPTO: BTC) at the $10,000 level and Ethereum (CRYPTO: ETH) and $200 and that they neither have any utility nor are accepted as a means of payment. "BTC and ETH are different. BTC is perceived value, so that can stay up as long as people want to buy it. It seems like it has a future as it is already part of our collective consciousness. ETH on the other hand is supposed to have utility, and it has none. I expect that price to go right back to $200," he said. “The only people involved in buying Bitcoin are of the same community, as they see it as an asset. But it has no utility. On the other hand, there are companies that have real utility,” he added. Asked to explain what real utility means to him, Left said there are companies that do things in the real world and generate profits. Digital assets are solutions in search of problems “Assets like NFTs on the other hand are only collectibles, solutions in search of problems,” he said. He added that people are expecting that Ethereum will have real utility once it gets an upgrade. “But once they realize there is nothing to it, they will be like – Oh Gosh!” Left further said that the usage of blockchain technology is marginal compared to the “hype” being generated around it, and the technology has issues that still need to be addressed. “I know companies like Oracle and IBM are using blockchain technology. However, there are several problems with it, and it is being experimented upon.” Photo: Courtesy of citronresearch.com
Did he seriously say that? Because, the majority of the entire DeFi is being built on Ethereum... This is like meeting God, and then saying he has no supernatural powers.
Some folks prefer to call it DREAM Anyway, this is what makes the market and makes trading possible. Otherwise, we'd all have to go out and find a REAL job in a REAL world. DREAMS and DELUSIONS make that possible.
Key Bitcoin chart ‘will confirm bottom is in’ by July 15, says trader It's all about two moving averages crossing over as proof that BTC price action is done with the dip. 14382Total views 61Total shares Listen to article 3:56 MARKETS NEWS Bitcoin (BTC) is due to give a definitive signal that a macro bottom is in this month, one analyst has concluded. In a Twitter thread on July 6, popular commentator Wolf eyed key moving average data as proof that BTC price action will not be going lower. Key chart crossover eyed as end to bear market losses Amid repeated calls for BTC/USD to revisit levels not seen since Q4 2020, one simple historical trend is now saying that the pair has already seen its latest macro lows. Analyzing the 3-day chart, Wolf argued that the 100-day moving average (MA) crossing the 200MA will act as a price floor signal — just like in previous bear markets. “Negative 3d MA100 will cross positive 3d MA200 by half July, that would confirm that bottom is in,” he wrote. Specifically, the crossover of the two MAs is due on or by July 15 — in just a week’s time — after which future trajectory should be confirmed. Should Bitcoin avoid major downside in the meantime, $17,600 will thus remain as the latest long-term BTC price bottom. Despite historical precedent, such an outcome is nonetheless far from certain. Prior to the July 15 deadline, crypto markets will have to weather an ongoing macro economic storm, which has so far proved deadly for risk assets across the board. July 13 will be of particular interest to market participants, this date marking the release of Consumer Price Index (CPI) data from the United States for the month of June. As Cointelegraph recently reported, inflation is already at 40-year highs, and CPI readouts have shown a consistent uptrend throughout 2022. The faster inflation is shown to be accelerating, the more likely a reaction from the Federal Reserve, with monetary tightening having a direct negative impact on risk asset performance. Moving averages stack up as resistance BTC/USD meanwhile circled $20,500 at the time of writing on July 7, approaching wapproaching weekly highs. Related: World's first short Bitcoin ETF sees exposure explode 300% in days In a thread of his own on July 6, analyst Keith Alan flagged various other daily, weekly and monthly MAs as zones of interest should Bitcoin manage to sustain upwards momentum. “Continued rejections at the 21 DMA would indicate there isn’t enough bullish sentiment to push higher, which brings downside targets into focus,” he explained. He noted, however, that should a resistance/support flip (R/S) occur, the 50-month MA would come into play, followed by the essential 200-week MA which has formed a key focus in prior bear markets.
Canada jacked up the interest rates again today... equities expected to keep falling. This won't be helping crypto assets I'm afraid. But let's see what happens.
The Fed will be forced to pivot or else we will go into a dept death spiral, and they will more than likely not allow it to happen
Having the ability to send unlimited amounts of money to anyone in the world at the speed of light 24/7 sounds like it's got a lot of utility to me. And why people keep trying to compare Bitcoin to a company is beyond me. Bitcoin is not a company! It was never meant to be! It just goes to show you how narrow-minded some people can be, meaning that they can't even get their brains to function outside of "company world" for a minute to embrace something different.
speed of light ? lol, what isnt the speed of light in 2022? not worth 3 trillion. uh , 1 trillion, uh , 800 billion. at best , a tool for the existing robust infrastructure , not a new industry . its a money grab and a con . wen lambo ?