This blog started life as a thought bubble in noise.land, and I decided to flesh it out and run with it on my favourite blogging platform Pb0x.
Lately I have found to be spending too much crypto time in noise.land and neglecting the Pb0x community. Time to give back to the Pb0x community and my faithful, loyal and very patient followers.
Can You Be A Big Wig In Crypto, Yet A Relative Crypto Illiterate?
My therapist has recommended that for a whole month, I do not mention a particular Twatter Big Wig.
Mainly for my sanity but also you will not be throwing more wood on this Twatter fire storm and feeding the person's (we shall not mention by name) ego
Some thing I learned early in life. an easy and effective way to put out a fire is to starve it of fuel.
The person (we shall not mention by name) has been blamed for a lot of things lately. Ruining people's lives, crashing the market and many other bad things. On twatter they call it trending.
So I reckon I can still post about whats happening as long I don’t mention the person by name. After all no one will know who I am talking about.
The Circumstantial Evidence So Far
(1) At the time this thought bubble came to life this person (we shall not mention by name) had 56.5 million followers on Twatter but only followed 106. (As of today there is 56.8 million followers).
Only 4 have a crypto connection.
@CoinDesk - a cut and paste crypto news outlet
@southpark - they did an episode featuring crypto
@dogecoin - had second thoughts about whether this counted but for the purpose of this post I have included anyway.
@dogecoin_dev - didn't realise Dogecoin had any devs but have given the benefit of the doubt.
(2) Apparently this person (we shall not mention by name) did not realise that Bitcoin mining uses electricity. As much as a small country.
(3) The person (we shall not mention by name) is big on a joke meme shitcoin. Now no self respecting cryptologist would publicly admit to that. That would seriously erode any credibility the person (we shall not mention by name) may have had.
(4) The person (we shall not mention by name) only bought BItcoin after the CEO of MicroStrategy argued the benefits of having Bitcoin in your treasury. As the person (we shall not mention by name) does not follow the CEO of MicroStrategy on Twatter, it safe to assume that the crypto lessons were one on one.
So Who Is Responsible For All Those Bad Things
If we can't blame the person (we shall not mention by name), then who can we vent all our collective Twatter Rage at?
Maybe the people who are actually driving the price of Bitcoin down.
Imagine you are a real Big Wig in the legacy financial world who has spent the last few years bagging Bitcoin and indirectly all things crypto.
its all a scam and/or a ponzi scheme
just another tulip bubble
going to destroy the environment
all the criminals and terrorists are using it to finance naughty things (flavour of the day ransomware)
it's value is dependent on the bigger fool theory
So you are late to the party and don't want to be left behind. You need to get yourself a reasonable bag full. Why would you want to pay full price when you have the skills, knowledge and means to drive the market down and fill your bags at a considerable discount.
Conspiracy Theory Or What?
#WallStreetsBets gave us a sneak preview how this game is played by the legacy financial world.
It always intrigued me that Robinhood had the cheek to name itself after that guy how was made famous by stealing from the rich and giving to the poor. I bet the Robinhood board thought the irony was very funny at the time.
Destructive Selling
Thanks to @BitcoinBaby for providing the next piece to the zig-saw puzzle.
Destructive Selling is where you sell at the most illiquid time in a market. So with the minimal use of your crypto resources you can have the biggest impact on price. Least bucks for the biggest bang.
I haven't bothered to find out whether this is a home-made term or a real financial tech term. (I am on a plane and can't connect to the planes WiFi).
But If these small details interests you, please leave the answer in comments for others to read.
Destructive Selling alone is not enough:
the market has stalled and is travelling sideways and is about to correct anyway but you just make it a bit steeper. So you need a dose patience.
next you need to influence the board of a public company, to announce through their CEO on Twatter, that they will no longer accept BTC as a form of payment. Here timing is critical. Too early and it will not have the desired effect. Too late and people will not add 2 and 2 and get 5.
next there is the FUD that they may also dump their BTC. These guys are not that stupid. What be the only kid on the block without a bag.
you now have mainstream news (e.g. CoinDesk), Twatter, noise.cash etc with their scapegoat/smokescreen distracting/hiding from view your Dirty Deeds Done Dirt Cheap (song from Australian rock legends ACDC).
the rest takes care of itself.
When you are buying you don't want to alert the market or effect the price too much, so you time smaller parcels at the most liquid. The most bucks for the least bang.
Back To Our Person (We Shall Not Mention)
So we have established beyond any reasonable doubt that this person (who we shall not mention) is a relative crypto illiterate. No disrespect intended but his attention is elsewhere. Crypto requires your full attention. Going by who this person (who we shall not mention) follows on Twatter, the attention is more focused towards the stars.
Another small thing. Buying a shit load of BTC and accepting BTC as a form of payment has a minimal effect on the market value. Yet a tweet that BTC is no longer an accepted form of payment because it uses electricity crashes the market. Pull the other one.
The Person (We Shall Not Mention) Haters
Why is so much hate flowing being heaped on this individual? Who are these Haters?
some feel betrayed as they had trumpeted from the roof having this person (we shall not mention) on board, validating their positions. Now this person (we shall not mention) has done a back flip on them. How embarrassing for them. Let us not focus on our stupidity.
others people thought they were gun traders and got caught with pants down (or skirts up). Leverage can be very painful.
then there are those who only just bought their tiny bags of BTC and were flying high. The FUD works well on this group. With limited time in the game, they have yet to learn the important lessons.
better not forget the shills and influencers. At least these guys and gals get paid for their Hate.
if you are a Hater and feel I have missed you out please leave your category in the comments and I will try and update this post with your subset.
Conclusion
I have tried my best not to leave any clues to the identity of the person who I shall not mention.
Cryptoverse only has few inhabitants, so if you think you know the identity. Please resist the temptation to spoil it, just in case my therapist happens to read this post.
The End
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@Bragato18CCS
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|@southpark - they did an episode featuring crypto
Hahaha. I remember this episode from the image, one of my favorites. And it is very close to be considered a crypto episode as this is what is happening for a long time.
On the topic though, I was expecting Saylor to dump, yet now he is barely at profit on average. Musk didn't enter to profit from Crypto, he is just joking around, trying to increase visibility of Tesla.