The FTX fiasco lifted Bitcoin to my $13,000 target. Was this the final result, or is there more to come?
And one more thing.
Watch out for my red flags.
- Billionaires from nowhere.
- Harsh "Messianic" PR.
- Offers that look like cash.
- All in all, great behavior.
- Especially Ashati's behavior.
- Opaque capital formation.
- There is no good reason for its success or size.
- Flax trading, market manipulation, circumstantial evidence.
- Concentration.
- Philanthropy (sorry, this is often the hallmark of scammers trying to buy legitimacy).
Sound like someone in the market right now? The one that hasn't failed yet.
Of course, timing is everything in a bursting bubble. It can take hours between failure and survival to become the giant corporation of tomorrow. It was previously rumored that Fox only survived after getting control of the hit Home Alone , and when he didn't show up that day, it was curtains for the entire Murdoch suit. Meanwhile, Murdoch's longtime rival ends up in the ocean by jumping off the back of his yacht.
So FTX may be over this fall, but reports suggest that all the big centralized players are networked in affiliates. All of this is nothing but sadness and stems from the fact that major companies have taken ridiculously large risks all along to get where they are. They are not the type of people to burst the bubble before it bursts, they have held it before and it has been a huge benefit.
Digital Currency Group is the biggest cloud on the horizon, but any of the two dozen companies could be the next domino.
DCG owns Genesis, which is basically toast. DCG owes Genesis a large amount of money. DCG owns Greyscale, which probably has 600,000 bitcoins.
This is my "most problematic" collapse scenario... it's not fate, but it's possible. Without it, this is still enough to push Bitcoin to $10,000.
It must be remembered that the whole point of cryptocurrencies is decentralization, but thieves cannot take over the market themselves without centralizing it, so the crab man tries to centralize cryptocurrencies, trying to steal large chunks to escape.
The focus is on what people do, and if you think of progress as essentially taking people out of the production process, where they are too expensive, too slow, too stupid, or too clumsy, you can see a huge tension between progress and groups in general. : that they are hoarding resources for themselves and their families, putting themselves between progress and the rest of us. However, the process of centralization is effective because the centralizers destroy exactly what they want to steal. Haters gonna hate, predators gonna hunt.
This is why CeFi is exploding because greedy sociopathic predators know no boundaries and end up killing the golden goose. These bubble market heroes aren't smart, they're just bottomless, so they're geniuses on the way up, but idiots on the way down.
And here we are, but not there yet.
But we will... and then it's time to buy.