Loving The Loss In BTC Conviction

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I woke up this morning and to my surprise bitcoin hit 38k gang, the only thing better than this news would be the 28k gang. I naturally funded my account and went in to set some limit orders and pick up a few of the cheapest sats we've seen since the China mining ban in 2020.

Why is bitcoin going down? No clue, of the stories going around we hear negative stories such as:

Personally, I think the Fed rate hike talk was the catalyst as all risk assets sold off on that news pushing down stocks, bitcoin, and crypto. The rest of the news mentioned just seems to add a little more uncertainty which can easily shake out those who only see it as a short-term trade or get bullied out of their bitcoin position.

No more dry powder

Bitcoin has been trending downwards from its all-time high. Especially towards the end of the year and the new year. I feel most retail investors are tapped out spending their money over the festive season and the wait for that January paycheque means there are not enough extra funds for them to save and invest.

The bitcoin game is all about dopamine, when there hasn't been a price pump in a while, you will see speculators and traders spin-off into shitcoins to try and pocket spreads or stable coins and hide out there for yield.

The longer the price trades sideways the less attractive it is to speculators who are often price insensitive, since they buy on momentum. Whereas hodlers tend to nibble at the supply hoping the price trades downwards or sideways so they can pick up more bitcoin.

It's a game that has repeated time and time again, when bitcoin is boring it's moving from weak to strong hands and as the float dries up, and prices move up, the speculators jump back in.

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Rekt Pal only owns one Bitcoin?

Bitcoin is a long-term game and as people who have a low-time preference come in, they tend to fall off the bandwagon. I remember back when Raoul Pal first discovered bitcoin, he spoke about it with such conviction. That he found an asset class that can back the unfunded pensions and provides an investment opportunity for Millenials.

The Pal of today, however, sings a different tune, his intellectual dishonesty has been on full display on Twitter as he panders to his shitcoin sponsors. Traders like Pal aren't interested in bitcoin, they're interested in taking their dollars and rehypothecation it to flip them for more dollars in the future.

When your goal is more dollars, you're optimizing for less bitcoin. He apparently now owns 1 Bitcoin and claiming that ETH will be the trade of a lifetime.

If we have a look at ETH since launch priced in Bitcoin, yes it's way up from its launch price, but it's down more than half its all-time high in satoshis and doesn't look like it's ever going to get back to those highs or surpass them.

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He clearly feels at home in the shitcoin space where no one questions him, whereas in Bitcoin plenty have schooled him in a public forum.

I find these spats hilarious, but it's not going to distract me from the end goal which is stacking more sats. There is a clear loss in conviction in bitcoin which is great for holders looking for stack. You've had to pay a premium for the last few months to store your wealth in BTC and now is the chance to average down your cost per satoshi.

Have your say

What do you good people of HIVE think?

So have at it my Jessies! If you don't have something to comment, "I am a Jessie."

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19 comments
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I haven't been paying a lot of attention to the Bitcoin crash but could it be a part of what's making Hive crash too? I feel it is, but some people tend to disagree with me coz I usually don't know much.

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All other coins are tethered to bitcoin, it's the most liquid pair for all these coins in most cases, in some it can be USDT but for the most part it's bitcoin, so what bitcoin does they do.

Alt coins are all leveraged bets on bitcoin

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That's what I keep telling them without the smart words though. But yeah, it's all on Bitcoin!

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Lol everyone with a few tokens thinks they're a genius, don't try to convince anyone place your bets how you see fit

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Just bought some with fiat as well... funny how everyone wish they had bought more at 70k but few are buying now when there's a senseless dip.

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LOL it's always the case, people look at the all time high and want to buy in to squeese the last juice out at the top and then avoid buying in when its dipping. Well done on collecting your sats, lol I am not complaining one bit, this is lovely

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I've been laddering down quite happily but was surprised to see 4 limit orders had been filled over night! 😱 😂

Every now and then a thought passes through my brain questioning my sanity at continuing to buy. My weekly DCA has gone out the window but, hopefully, I'll look back on my lack of discipline with a huge smile on my face. 😁

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Wow 4 limit orders, that's great I hope you picked them up at an absolute steal, which I think will prove to be the case with time. I've had 1 fire off still have 2 to go, set them pretty low Im hopeful that their are more liquidations on the way

I am still doing my DCA thing daily but if I see a juicy price I have to try and grab some, not greedy just what I can afford to save long term. I also hope my bet will pay off, everyday I wake up feeling like I am short bitcoin and if this price moves up to fast I am going to regret it, like I did when it was 3000 bucks and I thought I can wait to buy lol

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I ladder down by £500 ($750?) and have 5 orders in at anyone time. Sundays is my DCA day so I try and buy then and adjust my orders to ladder down from the buy.

It's only little amounts but, perversely I find it more fun and easier to buy when it's going down. 😁

I forgot you were doing daily. Even with my small amounts I think I'd end up spending way too much if I did that. Having said that I got 4 buys overnight but the previous one was 6 days before that. 4 fills in a day is a new record for me!

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Sounds like a good strategy, what I do is I look for the biggest order in the orderbook I am using and place my bids around there since I know that would be a big price to break through so I get my piece when it gets close to those big walls.

When it goes up I just do my daily small buy, when it goes up, I get way more excited lol

I've seen a few people on Twitter who use strike app or amber app and buying every hour for. a few cents, its crazy

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This is a great entry point in my opinion. As the mining “bans” are complete bullocks. You can close them down in China, then they pop up in Kazakhstan, same for Europe and Russia, it will pop up somewhere else, no matter what. As for the rate hikes, those are a noose around the neck of every lender in the USA, which will eventually lead for another housing bubble to pop. But it will only make crypto stronger in the long run!

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Yeah I don't see an issue with mining bans, if you want to give up the chance to mine bitcoin or not take advantage of things like Europe with colder climates then so be it, you allow the rest of the world to compete.

I think that if we do see rate hikes and it does hit the stocks hard and real estate, we will see them come out with even bigger QE to compensate, so your situation or mine would see bitcoin benefit, either way its a win

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It's interesting that I didn't even hear about this negative news!? It looks that my "mainstream media filter" works flawlessly... lol... On contrary, I heard some very positive news about the possible expansion of BTC to other countries, following the example of El Salvador...
1 Bitcoin is still 1 Bitcoin... Blockchain didn't change, isn't hacked, cryptography works, supply is still limited... Fundamentally, nothing changed... Enough information for me!


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Lol oh believe me I had to go searching for these myself, I do see it on Twitter but I don't usually take note of it. I heard Turkey's President met with El Salvador President to chat bitcoin, not sure if anything will come from it, but we wait and see. Costa Rica is also mining now and I hear Tonga is in the process of legal tender by November this year, so there are good stories too, the FUD just tends to get more exposure which is fine with me ill be stacking either way

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(Edited)

I'm loving it as well dude! More sats for the dollars I'm putting into it. I'll take that shit!

A lot of people go nuts for Eth and have wicked hard-on's for it. I hold some Eth for good measure but I'm not a hardcore Eth person. I just see it as a vehicle for an investment that could take off more than it has. Best part about it is that I only paid 100-130$ for my Eth! :D

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Well the Rands is getting crushed against the dollar so for me it's great news I can flip over to sats and get out of this mess, and a temporary discount is a welcomed relief

I've gotten rid of most of my shitcoins, I've given up on them, but thats a great trade, I hope you get to store it long term or realise it into the future

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I have seen that before, where a passionate smart person sells out for the money.

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I think that fear and greed are powerful emotions and hodling is easy to do but tough to be consistent it tests you all the time. I don;t sell because I don't need the money and I refuse to pay taxes to the government on my savings I am sorry

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In American History, the amount of taxes the Colonials went to war over was much less than the taxes an average American pays.
That is some crazy Irony 😆

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