Market Manipulation
Authored: by @hetty-rowan
Biggest Bitcoin dump in history
May 19, 2021, a day known to everyone because many people's dollar portfolios were halved, millions were liquidated, and Bitcoin experienced the biggest dump yet in a bull market. And soon many people pointed an accusing finger at Elon Musk. Because Tesla suddenly stopped accepting Bitcoins as payment, the China FUD that came after it, and then Elon Musk went one step further by blaming Bitcoin's energy consumption. To this day, about 2.5 weeks later… Bitcoin is still trying to recover, but it's not quite succeeding yet.
Suddenly everyone is an "EXPERT"
Meanwhile, there are many tweets to read on Twitter. One 'expert' after another is making themselves heard. And as a 'non-expert' it is difficult to decide now where we stand in the market. We are still in a bull market. Opinions are divided. One says, “No, we have a Bear Market now. Bitcoin has had its run, and the Bull Market is done.” Others are more positive and say, “We still have a Bull Market and the next leg up is gonna blow minds”. Still others are neutral and say, “We don't know if we're in a Bull or Bear Market right now. So we just look at it day by day.” That seems the most sensible to me at the moment.
Is crypto for adults, or is it a Joke
In the last few weeks my idea of the crypto has changed a bit due to the whole thing. I seriously have no idea if it was the same in 2017. The Bull run of 2013 and 2017 were both over before I first came into contact with crypto. But in the last few weeks I've started to feel like we're all extras in a bad movie. And what strikes me most of all, and also disappoints me… is that people who all say they are big supporters of Decentralization, still put so much power down, assign it, to ONE person. Elon Musk!
It should have NO effect at all
Because even though it is now said that the effect of his tweets is diminishing. If you ask me, his tweets should have no effect at all. To be fair… he's just a man. Just a man, nothing more, nothing less. And yet this man can upset the crypto market every time? What nonsense is that? What do I care if I can buy a Tesla with Bitcoin or not? In fact, I wouldn't even consider it for several reasons. First, the fact that the Tesla I would buy from my Bitcoin at the time will only depreciate over time, where my Bitcoin is supposed to increase in value. That is not nice to know that the Tesla that you would have bought for 1 Bitcoin at that moment, does not even yield half a Bitcoin later, and that the Bitcoin you gave in exchange for a Tesla, when you bought that Tesla bought was worth about $50,000, (I'll make it a nice round number). But that the same Bitcoin is worth 100,000 dollars 4 years later. Just to name a few. That is a very bad trade. You have lost your Bitcoin, but your Tesla is also worth much less.
High fees and slow transactions
A second reason why I would never use Bitcoin for this kind of transaction is because on average the fees are high, and the transaction speed is low. Take the case of a Tesla. Then it is not so bad if my payment takes half an hour, but it is not pleasant if my payment is delayed for 12 hours. Imagine how many times you will try to speed up the transaction and what extra Bitcoin that would cost me! Not to mention the time I would sit in the office waiting with all those people because my Bitcoin payment just wouldn't go through. No, sorry folks… that's impossible!
Blaming Musk? Why?
So you see, I wasn't shocked at all when I saw Elon's tweet. But I was shocked by the response. The market that collapsed, and the many reactions from people who suddenly blame Elon Musk for everything. First he is highly regarded by the crypto community, and then all of a sudden he is labeled Judas by that same crypto community. And while many people were, and still are, blaming Musk everyone seems to forget that they have their own responsibility!
Oh no! He tweets again!
Well, now 2.5 weeks later you think we have finally found our way back up. And what happens? I won't say "Exactly the same", but to my utter amazement, Bitcoin is going down again, and again, coincidentally, a tweet from Elon Musk is involved.
And that honestly raises a number of questions for me…
How is this even possible?
- We are all adult people who believe in crypto currency, aren't we in favor of Decentralization? How is it possible that so much power is placed on one person by this group of people?
- Why do people only sell their Bitcoin because Elon Musk first stops accepting Bitcoin, then tweets with a broken heart and Bitcoin? Has Bitcoin's Fundamental Principle Changed With This?
- How come people are all blaming Elon Musk for the market collapse and they and lose their money when they themselves are the ones selling? What happened to self responsibility. I don't believe that Elon Musk has even said to anyone "You have to sell your Bitcoin NOW".
Market Manipulation
If I go a little further I can probably throw more questions here in this post. But I assume you already have the idea behind this. I really can't believe that people get carried away in this market manipulation. And that they allow it, while pointing the finger…
Anyways ... I can say that fortunately there is still such a thing as LBI, and that fortunately LBI is increasing in value. That's a certainty. As long as we compare it in LEO. If we look at the dollar value, LBI has also lost a lot, because LEO also suffers considerably from this market manipulation. The only thing we can hope and pray for is that certain people take their responsibility and stop playing games. As the Binance CEO pointed out in his tweets.
But it's a fact that he only gets as much power from his tweets, as what is given to him because people listen to him. So for all those people he also has one advice. And I really hope that there are many people out there who see this, and take it to their hearts.
Decentralization right?
I don't feel like doing technical analysis on the market right now, because technical analyses doesn't say much these days. The market seems to have changed in a playground for one rich man. So yeah, learn how to read charts, learn how to use all the technical indicators is nice … but it doesn't mean much to me at the moment if the crypto market is populated by people who say they want decentralization, that they don't want to be regulated, but where there are many who blindly rely on what 1 man tweets. Unbelievable …
Not the richest man anymore
He may not be the richest man in the world anymore, he only had that pleasure for a very short time, but right now I would certainly dare to describe him as one of the most powerful men in the world ... if you look at that 1 tweet from him is enough to push Bitcoin's price back down. Then he has more power than he may have realized himself, and that power… dear people, it is not given to him by anyone but the people themselves who do exactly what he expects you to do.
He's buying YOUR Bitcoin
I do believe that he is sending these tweets out into the world for a reason, and it will not be because he wants to sell his Bitcoins much lower… it will be rather that he is at the bottom waiting for people's panic sell response to his tweets, so that he can buy more cheaply. Think about that the next time he launches another tweet. And the market reaction that follows. I'm a bit tired of this, and I have to see, if I can find a new gem that is not so affected by this market manipulation. If there are any.
Sorry folks I, didn't have a happier post this Sunday. But I really had to get this off my chest!
Still wish you all a HAPPY SUNDAY, and hopefully a GREEN Sunday!
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We have to learn to take advantage of it and not complain about it all the time. This is the only way to deal with it.
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I agree. I'm hoping for a bit more of a dip, as it's Sunday, so I can buy a little bit more. 😁
!ENGAGE 20
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Lol, me too, watching the market, ready to jump in when it's time :)
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Buying every dip is nice ... If you can do that and hold for another 10 years. I can't ...
But well, I guess you get what you want. Lol
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ENGAGEtokens.Don't get me wrong here ... but I think taking advantage is hardly impossible if you can't rely anymore on TA but have to go with the flow of one rich man's tweets. And I'm just tired of seeing my crypto going down every time again. YES, I know "Buy the dip". But let me be honest here ... I'm not in the position to just hold all the crypto I have for let's say 10 years. And neither can I just buy every dip ... So I guess it's a little different for everyone. And I don't want to complain either. I just wanted to get if off my chest, for the simple reason that I don't get it why people are so sensitive to his tweets. It doesn't make any difference what he tweets for me. The fundamentals of crypto haven't changed because he tweeted something.
And yes, I know crypto is volatile. But this has nothing to do with the usual volatility.
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I get what you mean and as I said, maybe in time people will learn not to jump every time this person tweets something. But the truth is, no matter what we agree or disagree on here or on other platform, there's nothing we can do about it. He says what he wants, tweets what he wants and no one can stop him.
I saw a poll on Twitter the other day, regarding whether he should be banned on Twitter, which is sheer stupid as he did nothing wrong.
People are the problem here, who are selling every time.
So since there's nothing we can do to stop the mess he's tweets are creating, the only way to deal with it is buy when the price dips. No worries, I don't have deep pockets either, can't buy every dip either.
So I don't know what else you can do. It sucks to see the market crash but there's nothing we can do.
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I fully agree on this. And of course he shouldn't be banned from Twitter. It's time people take the responsibility for their own deeds. Like I said, Elon didn't tell anyone to sell their Bitcoin. It's the people who sell because of what he tweets.
There is not much we can do, that's for sure ... And yes, it sucks to see the market crash. Maybe I'll ask Elon to give me a 'heads up' when he's about to tweet again
😂
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Lol, what about today? :)
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Today? Did there something happen today?
Lol ... 😂
Noooooo, nothing, just the usual :))))))
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Aaaah you mean, did Bitcoin actually broke the 35K support level ...
Yeah it starts looking usual to see it going down instead of up. ;)
Wait as there's a chance to go to 20k 😂
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I know ... I freed up some dollars now. And now I'm waiting for that to happen ... :D
That is a good strategy. The majority of my trading portfolio is sitting in cash right now. Let's see what BTC does next.
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that is what i did too. Now waiting for confirmation to see where we go next
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We need to take it like that because that way market are structured, we don't need to complain more about it just to learn how to take advantage of the situation in the market place
Exactly. I hope more and more people are going to think like that. It's time to ignore him.
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Ignoring is what I completely agree with ...
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It's just that I don't understand why people are so sensitive to his tweets, and yes, taking advantage when I can, of course! But that's not the most easy thing to do when you can't rely on TA anymore.
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I wouldn't use my bitcoin to buy Tesla, if I had let's say one bitcoin, the value will eventually appreciate overtime. I tend to look at how energy consumption is the card Elon is playing but then I don't see myself selling my bitcoin because of what he's tweeting, I wonder how he's managed to influence a lot of people to do otherwise. Nevertheless, I don't know my assertions towards whats happening. I feel like the bu-er is something no one has seen, going through an Imaginable dip in a bull market.
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If I had, let's say 1 Bitcoin, I would never use it to buy a Tesla. That's one thing I know for sure. And well, for as far as I'm concerned ... you can say, we have a dip. Better call it a dump, or crash.
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Hahaha well I guess we're not used to experiencing a dump in a bull market, but then we holdl. I'm holding even if it's like very tiny fraction of bitcoin.
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Yup, hold is exactly what I did. And that's why I'm now disappointed to see my portfolio halved in euro value, and just when things started to look a bit more rosy again ... BAM there is Elon again with a new tweet.
And yeah, you know what happened next ... LOL
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The definition of crypto is crazy and illogical so nothing comes as a surprise anymore I just try to be prepared to make some monnies regardless of the direction the market takes.
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"Biggest Bitcoin dump in history
May 19, 2021, a day known to everyone because many people's dollar portfolios were halved, millions were liquidated, and Bitcoin experienced the biggest dump yet in a bull market. And soon many people pointed an accusing finger at Elon Musk. Because Tesla suddenly stopped accepting Bitcoins as payment, the China FUD that came after it, and then Elon Musk went one step further by blaming Bitcoin's energy consumption. To this day, about 2.5 weeks later… Bitcoin is still trying to recover, but it's not quite succeeding yet. "
Elon musk dissapointed alot of people with that decision which he made....
No worries, people will learn not to jump when he says something. His influence is going to fade away slowly.
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I think so ... But I really wonder how many people really would have bought a Tesla with Bitcoin?
Doesn't matter. But I think people need to stop giving him all the influence.
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You have made a valid point,i think alot of people give him too much influence..@hetty-rowan
I don't blame elon musk, he is simply just having fun with market. Shaking weak hands and filling his bags. The earlier people pay less attention to him, the better for them.
Every dip present an opportunity to get in. The smart ones know this. So instead of complaining about the FUD, it's wise to see the big picture and grab the opportunity it presents
I don't blame him either, but I just don't understand how people are so affected by his tweets.
I also wonder why anyone who is selling crypto is called "Weak hands"? But that's another thing. Lol.
Yes, every dip is an opportunity to get in, if you have unlimited cash flow.
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I guess they joined crypto because of him or see him has a standard. Cause I don't know why they panic after a little dip.
I refer to people who get shaked off easily after every small manipulation or tweet as many don't get back in. Meaning they are not in for the long term
This is crypto. The exchanges and banks will use whatever means are at their disposal to take people's bitcoin. This is nothing more than them scaring the long-leveraged buyers away and liquidating as much of those long-leveraged people as possible. Once the sentiment switches to more negative than positive, the market will move the other way and they'll start picking off the short sellers in the same way they're now taking out the longs.
If you're a trader, you can try to take advantage of this by using the charts and being contrarian. It's very difficult, however, because emotion tends to get in the way. This is why I'm just a HODLer. I know this stuff is going to happen but I look at my bitcoin NOT in how much it's worth, but in how much I actually have. I firmly believe it will go to $1M someday so all this stuff in between is just part of the ride. Buy the dips and stack those sats. In the meantime, you can do the same with LBI. As the markets mature, these will be the kind of investments that can bring about life-changing wealth. Build your main account with the "strongest" cryptos and then give yourself opportunities for potentially 1000's% returns with some of the "alts".
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I would do exactly the same if I had that opportunity ... and had the intention to hold it for at least 10 / 20 years from now. But truth is, I'm alive now, and yes I try to save as much crypto as I can, but when I need it, I take it! I don't know if I'm alive in 10 / 20 years from now ... Nor do I know what will happen in those years. But I know that I'm alive now! And if my crypto can make my life a little more easy in terms of less struggling to make ends meet. I go for that. There is a reason that I don't invest fiat and can't buy every dip.
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Cheer up Hetty! Few people are unaffected by manipulation, especially when it comes from sources they trust. That's because it's easier to swallow whatever your favorite influencer feeds you, then to analyze things logically and critically.
I loved the last tweet you showed in the post from CZ.
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Thanks Gadrian, I know. But it's just something that I really don't understand. For more than one reason. People who buy crypto do that with a reason. And for what I thought, the reason is that they BELIEVE it's the future. They believe in the fundamentals of Bitcoin and cryptocurrency. If they truly believe that, what difference does it make if one influencer tweets something negative?
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Good point. It looks to me there are way more speculators in the space than believers. The good thing about this is that believers stay regardless of short term changes, while speculators are in and out, they only like a project as long as the price action goes their way.
On the long term, believers who stick to the projects that will endure the test of time will win twice: first because they'll see projects they believe in flourish, and second because they will likely earn more than speculators of the same asset on the long term.
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Just ignore Elon and look at the long term view. Personally I wouldn't be surprised if there were some algos or whales who dump BTC when a bad BTC tweet comes along to buy it back cheaper.
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To be honest I don't think 10 or 20 years ahead. I stopped doing that when I was 35, and had to give up both parents at a young age. They had always denied themselves everything to have it easy LATER. They just never made it LATER. From that moment on I started living in the NOW. I live now, and use the crypto if necessary. Yes, I try to save as much as possible. Of course! But I don't look 10 or 20 years ahead anymore.
And the latter you mention, that wouldn't surprise me either. I wish I could find / write such an algo. Lol.
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I really do not care what that cz-biance tool has to say about anything at all and will never trust that individual to do anything but what is not right.
If people want to base their actions on the actions of one person, then they should know a little bit about the motivation of the person they are trusting.
Elon Musk may be rich, most rich people want to be richer. Most people want to be rich. In two and a half weeks from now what price will BTC be? No one really knows, I would think it will be over 43,000 but who knows.
Crypto is just extra play / gambling money. You cannot count on it to do anything. It is what it is, it's always been volatile, nothing changed. Elon is just stupid for putting himself in from of the freight train. Haha
I doubt Elon is to blame. I personally am happy with the price dip because I have been waiting for it for months with buy orders ready to scoop up some cheap bitcoin. This dip has been great for me, whoever caused it.
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One of the best interviews I recently saw was with Charles Hoskinson. His thoughts regarding Bitcoin resonate well with my own and we need to have more people hear from such genius innovators instead of some mobs and hype trains. After 14:38 he is pretty much asking for HIVE. Listen to it yourself (I have selected the timestamp):
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PS: I think 10:30 is an even better place to start. I will post an article on this soon. !PIZZA
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Well, everybody's "expert", like they are expert in "politic", "global relation", "corona virus"...
Some just have fun, some got paid; and social medias love those prophecies. We can't stop them
We just need to do what we know, from our own research, and not get affected by it. Smart thing to do is to turn a bad situation into something benefit to ourselves.
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This is time to stand up and take action no more complain