Crypo trader’s diary 28 May 2019

Bitcoin hit a high of $8947 on Coinbase yesterday after breaking up a triangle that took 2 weeks to draw.

CME Futures gapped up 500 dollars on open and I am wondering if we get a fill of this gap before we continue to go up. We could very well see another price contraction here with an eventual breakout. Trend is obviously up.
It seems the honey badger really does not give a damn anymore and feels like going up, regardless of the news. After 10 years of growing it seems like BTC is just getting started.

Most people still don’t know more about it than its name or some random stories on the media which are often false or lacking any form of serious research.
A friend told me he wanted to know more about crypto and as he was googling he mentioned Craig Wright as the creator of Bitcoin. I immediately told him he should start with the whitepaper and that the only Bitcoin is the one with the largest POW behind it and that Craig is a mere conman.
We cannot disregard the steep learning curve that comes with Bitcoin and the bitcoin network but you don’t need to understand how the network works in order to realize the value and power it has.

The Bitcoin whitepaper has been released 10 years ago, and since that time many scientists all over the world started working on understanding and improving the workings of the largest crypto network in the world.
This global network is validating financial information of anyone joining the network and is being improved upon daily by enthusiasts all over the world. It is working independent of any country or government, president or twitter-expert.

The bitcoin network enforces every participant to follow the rules (math ensuring security of the network) and stimulates saving instead of spending. Traditional economies rely on spending and cannot continue to function when spending stops. This is why they bail out banks and or perform “injections” or “Quantitative Easing” or and so on. Always pumping more money into the system because it will fail if they stop.

Having power over an entire economy proved too much responsibility for a few people alone or maybe even any amount of people and it is clear that the creator of bitcoin had similar things on his mind.
The reason why I can state this as a fact is because of the power of the blockchain itself, the creator(s) put a message in the first block 10 years ago which nobody can ever change. (not even USA? Russia? China? Not even the best hackers in the world? No, nobody can and nobody will ever be able to.
I know this because this information is safeguarded by the bitcoin network which also secures our Bitcoin’s and this network is worth around 150 billion dollars at time of writing.

Thinking of this bit I wrote back in 2015 to show my view on bitcoin to my friends:

Imagine a world

where you can buy without a merchant, bet without a bookie, get insurance without an underwriter, access finance and loans without a bank, trade without an exchange, purchase commodities without a broker, have law without lawyers, courts and judges, create assets without an issuer, secure escrow without an agent, have internet without an ISP, verify records without a notary, establish reputation and credit without a credit agency, and create identity without a government. Imagine

a Bitcoin world.

Feel free to read up on the article that the bitcoin creator links to in the first bitcoin block:
The Times , 03 Jan/2009, “Chancellor on brink of second bailout for banks

Posted in Coinstreet Blog, Fundamental Analysis and tagged , , , , , .

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