A few weeks ago I wrote an article titled, “About That Whole Bitcoin Thing” In it I made the following statements. To wit:
Over the last few months it’s been hard to have a conversation without someone asking me for my take on the entire BitCoin™ phenomena. My standard response has been, “I believe it all to be a mania, currently. But the underlying technology known as blockchain may have something to offer further down the road, because it works on the distributed ledger principle. After-all, the IMF itself has been issuing working or white papers on the subject for years. We’ll just have to wait and see how this all shakes out. But as far as the current ‘crypto-mania’ thing? Let’s just say – color me skeptical.
This was usually met with either disbelief that I could say such a thing, or the usual, something along the lines of, “You just don’t get it!” type of dismissal.
I was also reminded near infinitum, precisely and usually verbatim what James Altucher the now self promoting, wildly proclaimed Bitcoin guru retirement strategist had used as a response to any naysayers. So much so I usually would abruptly end the “conversation” midstream and ask, “Then why are you asking me anything if he’s the expert?”
The impetus for the above was, at that time, Bitcoin and its ancillary brethren across the entire crypto space had suddenly come under duress in a sudden out-of-the-blue free fall type event. Here’s the chart I used to depict it, again, to wit:
After the aforementioned published, the following took place, again. Here’s another chart showing the resulting price action via daily price intervals. I have marked it via two red arrows: one making that bottom range depicted in the above, and the resulting scream higher over the following days with another. To wit:
During this period, once again, anyone I seem to encounter their first question before any niceties such as, “How are you?” were much more along the lines of, “So now what do think about that whole Bitcoin thing, huh? Pretty impressive, right?” All I would basically say is “Nice to see you too.”
Then I would basically shrug and say the usual, “We’ll just have to wait I guess, right? But so far? Hey, it is what it is, but if you’re comfortable doing whatever within that space and it’s doing well for you? I’m not going to argue with you, have at it and best of luck. Personally, I still feel the same way – but then again, I guess that’s just me.” And I’d either move on, or at the least, move the conversation along to something else.
Then – this began happening…
The above chart represents the current value as of about 9:30am ET as I’m typing this. If this is the first time you’ve heard or seen anything about Bitcoin today? Hint: Yes, it’s now sporting a 9 handle, as in under 10, not the 900,000 variety everyone was presuming (and selling that presumption I’ll add) it would be in no-time flat.
As a matter of fact, so heavy does this current selloff seem to be weighing on it that when I was first trying to capture and post the above chart – I had to lower my original arrow of today by some $500.00 before I could take a screen shot. It was falling that fast.
Where it ends up, I have no idea. But there are going to be a lot of people waking up to this and what they’re going to be screaming, rather than thinking, is “WTF!”
But if there’s one thing I’ll issue in conjunction as some form of anecdotal evidence, which I’ve experienced as of late that may shed a little light on where it might all be going in the near term, I’ll just offer you this….
One: Over the last week – no one has asked me my opinion. As a matter of fact, I can tell you I know some have avoided me entirely.
Two: These, and ads like it, are suddenly absent from my news feeds.
(non working screen shot)
Funny how that happens, yes?
© 2018 Mark St.Cyr