Overvalued Bitcoin Finally Gets Under Itself

Rejoice! The Bitcoin price is finally dropping again.

All the same: the blockchain future is fast approaching, it seems, but it doesn’t look anything like what anyone predicted – or so it seems.

We in altcoin land appreciate these windows of sanity, as millionaires and billionaires burn their coins off as part of their tax strategy. Or whatever seems to happen most years around this time.

We being me, of course.

Nonetheless, we enjoy these moments not only because it's nice to watch the carnival barkers STFU but also because it gives everyone an opportunity to consider the many things that are fucked up, retarded, or otherwise broken in Bitcoin.

This mouthbreather, for example, has been relatively quiet lately:

He's right. But it's also true that every time Ethereum or any other cryptocurrency drops more than 0.0%, Bitcoin Maximalists talk endless shit about how that's the inevitable future.

Which is true often enough to make them seem smart, instead of seeming like the bootlicking zealots they actually are.

A couple of years ago, a moment like this preceded a massive bull run to over $20,000. Which is to say, it is a vital period to pay attention to.

The Blockchain Proposition IRL

A few weeks ago a good friend floated me $500 to help with some specific problems in my life.

He decided to send Bitcoin, and knew I would be liquidating it immediately.

The process was arduous, but Coinbase worked as intended and things are better in my life as a result. I'm glad that I converted it then, rather than waiting to sell the dip, as it were.

Which sets the stage for a few of the things I'll say in this article.

Let’s start off by pointing something out.

Regardless what happens, it’s difficult to trust information from a source who might stand to benefit from your use of it. Therefore, let’s question whether the price is dropping due to big whales selling rapidly, or are large firms trading between desks in an effort to consolidate their funds?

Binance’s trading desk feature would make this pretty feasible.

But it doesn’t matter.

Personally I rejoice in this kind of moment. As that same friend reminds me, that's because I'm not a major hodler and may never get the chance to be.

There’s a chance I might have spare money to buy some BTC soon. For once in my life I may be able to buy, hodl, and profit – but that’s unlikely. As I once explained to Funkenstein, “I pretty much liquidate my shit every week to buy diapers.” As if diapers and other kid stuff weren’t enough, I have a ton of other first world problems to attend to.

So ya’ll’s loss could be my gain.

Speaking of losses – if you actually refuse to sell at this newfound “low” (rofl guys, $8,000 is still a lot for a representative digital token that you don’t even technically “own”), what the fuck did you lose?


But if your portfolio value matters in your life, then you should take a longer view if this little dip has you sweating. View it as an opportunity to explore other cryptocurrencies like, I don’t know, Woodcoin.

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