Well at least July is over I guess.
Still August and September to go!
I seem to be somewhat hibernating lately. Very much in low-power mode these days as can be witnessed by my lack of posts for the last few weeks. That and I've also been dealing with an annoying money issue that's been plaguing me for about that amount of time as well. These things happen. I actually just stopped writing this post for like an hour realizing that I have a bunch of accounting to do. Luckily that matter is just about handled.
Of course I haven't sold any crypto in a while. How could I with prices this low? Every day I tell myself I'm going to liquidate more assets into crypto and every day I have to tell myself to just keep waiting until the end of Q3. It's quite annoying! Although not as annoying as watching my portfolio value dwindle on these red days while I just sit here trying not to think about such trifles.
So what's been happening lately?
The ETH exchange traded fund launch has come and gone. What happened? Ah well, nothing happened really. Small moves; typical buy the rumor sell the news action. It's a good time to remind everyone that REAL fundamental developments take A YEAR to materialize actual value. Everything else is a puppet show. Anyone looking for news as to why the price did this or that on any given day is fooling themselves.
Short term markets are absolutely DOMINATED by leverage. A degenerate trader can pump a million dollars into the market with $10k if they want to. Short term prices are just that: short. It's all vapor in the short-term. Real moves build over time and crash like a wave. The waves in crypto take 4 years to get from peak to peak, so that's the kind of timescale we are dealing with here.
Politics politics politics
Lots of chatter going down lately with Trump's vice president choice (couch lover?) and Kamala Harris making the rounds. Democrats seem to be newly invigorated now that Biden has dropped out of the race. I'm not sure why... well no I am sure that general consensus was that Biden could not win. Surely that must be demoralizing.
But you know what I find more demoralizing?
That so many people still think any of this matters. The books are cooked. The election is a festering neon distraction; a game played by the elite, for the elite. And they've tricked oh so many of us into thinking that the binary result of bipartisan imperialism is going to make a difference. Will infinite war go away if one side wins? What about the complete meltdown of the economy? Will that go away? Is the environment going to get better? Will we stop exploiting literal slave-labor so that I can buy a 10 cent pen at Walmart? Nah, I love my 10 cent pens let's keep the price cheap I say.
Blah blah blah!
The more things change the more they stay the same... and unfortunately that applies to crypto as well. I'm hearing that Russia is implementing a CBDC? A Google search shows they've legalized Bitcoin for international exchange to bypass sanctions. Took them long enough, lol. Not that I can condone their behavior (or my own country's), but these things shouldn't be ignored.
Just add it to the pile of evidence that screams that the next upcoming rally for crypto is going to blow all other rallies out of the water. Corporations, banks, governments, and institutions are adopting it all at the same time. In retrospect this of course makes sense but it's also something that wasn't really predicted. Most of us just assumed a gradual adoption rate. Slow and steady, not these rapid bursts. Such is the evolution of all things in the end.
Conclusion
Ah well just checking in after my long hiatus.
Don't let that sea of red get ya down.
All be better for the pamp.