The ideological test of Bitcoin; yet another part of the cycle...

In my last post, I was talking about how the "tokenization" industry was taking over, and commercializing the ideology behind crypto currency and "sound money" on a decentralised, global scale.

It was centered mostly around the sentiment of the Consensus conference in New York and since then it's been more or less "downhill" from there, around almost every crypto currency in the market, and we can say for sure, that we do NOT find ourselves in the middle of a bull or hype driven market part of the cycle, at the moment.

Beyond the overall downwards sentiment of the market, this most recently being underpinned by a sudden $1000 drop in price of BTC, in almost exactly 1 hour - to the minute - on June 10th, around 2pm EST.
'Naturally' followed by an immediate and steep decline, to recent lows from march/april, in the ALT coin markets.

Now, for a large majority of people involved in this space, this is undoubtedly a unnerving time, no matter the fire-sale opportunity, some of us are undoubtedly seeing at the same time.

"It's the whales - the market-manipulation and FUD..!"

I won't touch on the subject of price-manipulation by whales, bot trading, institutional investors or large scale manipulators in general.

They are full and well in the know, on facts that many of us will never be prevy to - and they are not the ones being shook by the sudden movements in these crazy, high volatility, partially unregulated markets, and they are far from being done yet.

So given the fact that both those parties' best interest is, to make more money in the long term, the current prospects of price does not concern me, since I'm in it for the long haul, and have no doubt, that large investors will want the markets to return to all time highs...

Added to the fact, that the ideology of Bitcoin is what really matters to me, and if that ideology fails, it was all a failed experiment anyway.

Institutional investors can't change the underlying potential of a decentralized, immutable system.

What they are doing in my eyes, is to some extent in the best case scenario, cannibalizing themselves without seeing it themselves, and in the worst case scenario, underpinning the validity of certain systems they have no influence on.

The TL;DR would be - if market manipulations rules - we're good, since whales and institutions want the price to go up long term, so they make money.

So beyond thát I won't touch on the subject, I guess would be more true. :)

When speculative panic sets in, the ideology remains...

The people who are probably closest to panicking right now, are most likely the small and medium size speculators, that got into the market since septemper/october of 2017. Anyone who got in before then, and is not is profit, has played the market wrong, most likely over-diversifying, and/or not taking any profits along the way. The people who are now either heavily in the red, or headed towards break-even has some hard decisions to make, if they have not been through Bitcoin market cycles before, and even the HODL'ers who have been in this on a small scale for years, are having to decide what their optimal strategy for this market is, if they don't have an ideological foundation in simply long-term holding.

Which brings me to the point of the title of this article.

Personally - I don't think we will see a $1000 bitcoin anytime soon, if ever again.
A $5000 bitcoin though, would neither surprise or depress me.

This exhaustion of price-speculation is most lilkely shaking of, a very high amount of speculative investors, which is only a good thing in the short term.

People who have no idea of the underlying ideology of Bitcoin, and who are basically just playing the "get rich quick" - or even penny-stock investor angle, as a self-taught ALT-coin trading expert, which they were SO much better at in november and december 2017, since everyone can make money in a bull market.

And these speculative investors are facing some tough choices, if they haven't been shaken out already.

Are they in it for the gains or in it for more than that!?

These, initially, speculative investors, one can only assume, have researched somewhat what they actually invested in.

Personally I find it hard to believe, that every new investor in the last 8 months, just set up a coinbase account and pressed "BUY", and waited for the lambo to arrive...

Of course some people actually did, but - for the most part - we can assume these people to be either passive for some reason, or burnt enough to have left the market for now.

But a certain portion of the people who invested, even for speculative reasons, may have actually researched his investment, and found the ideology to be attractive, to some extent, for one reason or another.

And for a system like Bitcoin, and other crypto currencies, we need ideology, and human and technological evolution to be the main driver for a healthy evolvement, that fulfills the ideology of "sound money" that Bitcoin represents.

I myself almost got caught up in the hype of "mass-adoption is around the corner" which it admittedly probably isn't quite yet.

And actually THAT'S where my panic set in - a few weeks ago - so I'm calmer now, than I was a month ago - because we're not ready for mass adoption yet - not quite... and trying to push a toddler into an obstacle course, isn't going to help with proof of concept, of a not yet fully explored or developed technology, on a scale of what crypto currency is trying to do.

This is a sprint, not a marathon, and we have only begun to see the potential, price-discovery and long term ideological proof of concept of crypto currency - so I simply see this as yet another 'natural' part of the progression (along with my own TA and cyclical market belief) and that's what I base my choices on.

So back to reality...

Like I said - I don't think we will see a $1000 bitcoin again in the near future - if ever - but I would be thrilled to see a $3-5000 bitcoin, to find and maintain a new; sustainable, and reasonable base-floor to work from, from many angles and perspectives, so to speak...

And left among the "HODL'ers" we can hope to see, especially the ideologists, who have been here from before - along with a certain amount of speculative turned ideological investors - and so the cycle will repeat, until we reach the technical and societal point we need to find ourselves at, in order for crypto currency to live up to the potential it has.

And so - in spite of the currente overall sentiment - we will come out of this standing stronger, as we enter in to the next round of the cycle, whatever that may bring.

Brevity is the soul of wit - and longevity the soul of the contemplative!

#0.0 - Who am I, and how did I get here? [intro]
#0.1 - Who am I, and how did I get here? [pt. II]

#1.0 - How the DeepWeb made me a HODL'er
#1.1 - The power of addiction...

#2.0 - If something seems too good to be true...
#2.1 - Is Bitcoin the exception to the rule..?#

3.0 - The revolution that never came... [Pt. I]
#3.1 - The revolution that never came... Or did it? [Pt. II]

#4.0 - Is Bitcoin doing its job?
#4.1 - Is Bitcoin working... and are you putting it to work?

#5.0 - Why you should spend Bitcoin NOW, no matter what the price is...
#5.1 - The reasons for spending your bitcoin, constantly
#5.2 - Getting the most out of buying bitcoin by spending them - HODL'er edition

#6.1 - Crypto Currency; from anarchism to socio-capitalism..?

#7.1 - Why a $1000 Bitcoin could be a good thing