Bitcoin Crash Accelerates

The top 26 cryptos are in the red, with the 4 majors down double digits. This week, 9 of the top 11 are down over 20%.

Chart from Investing.Com.

It's difficult to deny a bitcoin crash is underway, but the true believers will deny the crash anyway.

The HODLers' expectations of big bounces are being sold hard.

This post adds little to the discussion, but I have a couple of articles planned in which I will detail how and why the true believers are wrong about mining costs and miners supporting the price of Bitcoin.

For now, and contrary to true believer statements, buy the dip has morphed into buyer beware.

Belief in bubbles is fun, until they pop.

Mike "Mish" Shedlock

Comments
No. 1-22
Rayner-Hilles
Rayner-Hilles

This book is basically my ontological bible. It's a beautiful compilation. Let me give you the first page of Paul's chapter "Universe from bit" to show you what I mean:

"I refute it thus!" Samuel Johnson famously dismissed Bishop George Berkeley's argument for the unreality of matter by kicking a large stone. In the light of modern physics, however, Johnson's simple reasoning evaporates.
Apparently solid matter is revealed, on closer inspection, to be almost all empty space, and the particles of which matter is composed are themselves ghostly patterns of quantum energy, mere excitations of invisible quantum fields, or possibly vibrating loops of string living in a ten-dimensional space-time.
The history of physics is one of successive abstractions from daily experience and common sense, into a counterintuitive realm of mathematical forms and relationships, with a link to the stark sense data of human observation that is long and often tortuous. Yet at the end of the day, science is empirical, and our finest theories must be grounded, somehow, "in reality."
But where is reality? Is it in acts of observation of the world made by human and possibly non-human observers? In records stored in computer or laboratory notebooks? In some objective world "out there"? Or in a more abstract location?

Rayner-Hilles
Rayner-Hilles

@Ambrose_Bierce
"There are no unicorns, an electric charge in a memory chip is intangible. period. Money is of course real, and yes gold is money if you want it to be."
That argument won't land with me because I believe reality is fundamentally composed of information, and not anything you would consider materially tangible. Read "Information and the Nature of Reality: From Physics To Metaphysics" by Paul Davies.

klausmkl
klausmkl

In the end the new name will be shitcoin.

Carl_R
Carl_R

By the way, lest someone think I was trying to be critical of Mish for his timing in my post above, it was exactly the opposite. His posts on Bitcoin have been perfectly timed to transition points, where the "crash" was facing critical points where it could either turn into a rout, or it could bounce. Each time, so far, Bitcoin did bounce, but each successive bounce was more feeble. This bounce was the most feeble of all, and seems likely that a full scale rout is on.