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Hi everyone,
It's great to see asset prices finally coming off the floor this week. After many months of declining prices, I think there's a good chance we may finally have found the floor. The pattern on bitcoin's daily chart, known as a triple bottom, as its name indicates, may indeed foretell it. But as we know, charts only tell the past, not the future.
Another thing that tells the past is corporate quarterly reports, and the report from Tesla yesterday was a slap in the face to bitcoin HODLers everywhere. |
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This comes as quite a shock. Especially given Musk's repeated statements on interviews and social media that he and his company have diamond hands. |
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| I suppose everyone has diamond hands in a bull market, but I'm pretty sure the phrase also applies when prices decline. The term for someone who buys and then dumps is "paper hands." Sometimes we can use lettuce or spaghetti instead or paper, but from now on we'll just say Musk.
Whatever the vernacular, I'm not at all surprised that the richest man in the world is also a hypocrite. Most likely, we won't be able to count on Musk to make good on his promise to start accepting bitcoin for Tesla purchases now that mining activities have been confirmed to be greater than 50% from clean energy. |
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It's just a game
It's not the first time the promiscuous megalomaniac has been caught out lying to the public. In April, Musk's tweet thread where he mentioned the possibility of launching a Twitter rival was, in fact, a wild goose chase as he was already in the process of buying Twitter.
Now, it's pretty clear he has no intention of acquiring Twitter or fixing any of the platform's major issues. For him, this is all a game.
I guess social media is just a game for a lot of people, which is why some of these issues arise in the first place. |
Next social media
Not to look a gift horse in the mouth, the invention of the internet and social media has brought us significantly forward as a species. We're simply communicating more efficiently, and this hivemind reality breeds innovation.
Even though social networks have allowed us to decentralize our own communications, they're still happening on extremely centralized technology. As they grew up, the flaws have only become more and more apparent until we're now in a situation where their leaders no longer wish to lead, and corporate greed has basically taken over.
Before he abandoned Twitter, Jack Dorsey did push to make the blue bird platform more decentralized, but what he quickly found is that it's virtually impossible to upgrade a platform from Web 2.0 to Web 3.0. In order for the miracle of blockchain and digital ownership to work, it needs to be native. |
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| Have a wonderful weekend.
Best regards,
Best regards, Mati Greenspan Analysis, Advisory, Money Management |
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| Richard Dawkins: the OG meme creator. (Watch the workshop for more details.). |
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