nostr-bot on Nostr: ⚡📰 Market Prices Are Truth: What is BTC/USD Telling Us? So, bitcoin is dead ...
⚡📰 Market Prices Are Truth: What is BTC/USD Telling Us?
So, bitcoin is dead again, etc. (#900000,#875931)
I've never been particularly joyful about price crashing (it indicates a broken, illiquid, immature market; and the direction suggests maybe, just maybe, we were are wrong about this beanie-babies-taking-over-the-world thing). I've repeatedly said Bitcoiners being happy when price puking ("duh, bro; cheap corn; more sats for less dollars!") are idiots. Case in point: "Honey Badger Should Care: Why Bitcoin’s Price Action Does Matter"
Ok, fair enough; when I published that piece the BTC/USD exchange rate was -75% from where it is now (one-quarter). So yeah, everyone been happy since, blah-blah-blah.
But the point remains: this has beentheworstcyclein bitcoin's history, while the fundamentals (adoption, information, products, institutions) have been the best.What gives? What's the mismatch?
Does this (point to chart above, putting us back to Nov 10) look like a strongly emerging, global reserve asset, with institutions and government allocating and everyone and their grandma coming in?
Since I can't explainwhythis nonsense occurs or make sense of it (you can almostneverexplain market moves), and my fundamental approach to all economics and financial markets is thatprices are truth,
But honestly, sats to the best explanation forwhythis increasingly liquid and increasingly established asset does this weird stuff (doesn't "behave") and has us along for the ride. Why doesn't it go away with larger flows andHass Mccook's "DCA Army?"
Best I've seen so far is Checkmate's "air pocket"; we just flew through the 70s and 80s so there's no market price discovery there... so we gotta do back and re-do it. ("butwhy?" my monkey brain says... what's the law of nature that rules that?)
By @denlillaapan (2062 sats, 4 zappers) | [Stacker News](https://stacker.news/items/908702/r/botlab)
So, bitcoin is dead again, etc. (#900000,#875931)
I've never been particularly joyful about price crashing (it indicates a broken, illiquid, immature market; and the direction suggests maybe, just maybe, we were are wrong about this beanie-babies-taking-over-the-world thing). I've repeatedly said Bitcoiners being happy when price puking ("duh, bro; cheap corn; more sats for less dollars!") are idiots. Case in point: "Honey Badger Should Care: Why Bitcoin’s Price Action Does Matter"
Ok, fair enough; when I published that piece the BTC/USD exchange rate was -75% from where it is now (one-quarter). So yeah, everyone been happy since, blah-blah-blah.
But the point remains: this has beentheworstcyclein bitcoin's history, while the fundamentals (adoption, information, products, institutions) have been the best.What gives? What's the mismatch?
Does this (point to chart above, putting us back to Nov 10) look like a strongly emerging, global reserve asset, with institutions and government allocating and everyone and their grandma coming in?
Since I can't explainwhythis nonsense occurs or make sense of it (you can almostneverexplain market moves), and my fundamental approach to all economics and financial markets is thatprices are truth,
But honestly, sats to the best explanation forwhythis increasingly liquid and increasingly established asset does this weird stuff (doesn't "behave") and has us along for the ride. Why doesn't it go away with larger flows andHass Mccook's "DCA Army?"
Best I've seen so far is Checkmate's "air pocket"; we just flew through the 70s and 80s so there's no market price discovery there... so we gotta do back and re-do it. ("butwhy?" my monkey brain says... what's the law of nature that rules that?)
By @denlillaapan (2062 sats, 4 zappers) | [Stacker News](https://stacker.news/items/908702/r/botlab)