Crypto is DEAD! Long live Crypto!

Here I am again writing this out a second time because I deleted my saved draft. Don't you just hate when that happens. Well back today because there is just so much going on! As you all know yesterday I was on top of it! I had said FTX exchange was in a lot of trouble. Most people in the know were withdrawing right away. Of course the second everyone else knows there's a huge crowd at the door waiting to get out before they get trampled.

The good thing is we are near a bottom in my opinion. The bad things unfortunately are an over hanging shit-storm cloud. My blog hasn't just been about crypto. It has been about the over hanging economy that is a massive poop-shoot. Like we are talking fried burrito with extra hot sauce with uncooked chicken salmonella explosion!

18k has no support under it. This now really depends on how far down we can go. Many have been saying 10k-12k for months. In all honesty I know a lot of people who are waiting for this level and will be buying.

• Voyager
• 3 Arrows
• Celsius
• FTX

Who or what is next in the degen space? I mean let's be honest there has been so much leverage, so much hype that the fundamentals werre completely papered over. The only difference is that crypto is not too big to fail and will not be bailed out until the last uncontrolled domino falls. Could micro-strategy go under? Well Saylor said 'they' would be fine unless BTC went to $3000 USD.

In the end you can't trust any of these assholes. Nobody has a crystal ball and many in this space will be jumping off skyscrapers because they mortgaged their homes. Others will be locked up in litigation making lawyers rich trying to get coins off of exchanges and waiting Mount Gox years to get whatever is left.

Luckily I have taken my advice and keep no coins on exchanges. My losses are in paper but self custody has my coins safe. I won't keep repeating myself, but I will end this with some speculation of my own. Once a final capitulation comes in (we aren't just there), coins will be scooped up at fire sale rates. If you were patient and sat out this bull-market you might be finding the bottom soon.

Things derive value from the big picture. Macro-wise we are sitting on a major recession or depression. Generally cash can buy many things because there are fire sales everywhere. Just because we could have major capitulation does not mean the over all economy will justify a robust crypto space at least within the next 2-5 years. There's always money to be made, but sometimes you just don't know how long it will take to get there. Keep your cash close as the bottoms of everything could still be coming.

If you watched Avengers end game, you will remember that 'moment' where a something 14 million to one chance of 'winning' is there. Although none of us can see the future, this is a similar scenerio where we need to sit back and hedge our bets, but also see the storm clouds ahead. Patience is key.

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