The Wolf Den #243 - Sick Of Talking About Elon Musk Yet?
thewolfden.substack.com
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COI truly wish that we could stop talking about Elon Musk and Tesla, but we can't. The crypto community has gone absolutely haywire, responding to his every word like a rabid lioness protecting her cubs.Elon has clearly lost the plot, no question. His obsession with Doge, whether genuine or trolling, is illogical. Doge suffers from the same potential issues as Bitcoin as a proof of work protocol. It's a joke, and we all know it is inferior to Bitcoin in every way.He has a right to criticize the energy consumption of the Bitcoin network. It's a problem, but one that is nuanced and certainly being addressed. Further, all of those problems already existed when Tesla bought 1.5B worth of Bitcoin - nothing has changed.What is more interesting is his willingness to engage with members of the crypto community on twitter in a defensive manner. He even responded to an account that is a known scammer - a tweet that implied that Tesla would sell their Bitcoin because of the insanity of the crypto community. He later clarified that Tesla had not sold any Bitcoin, which marked the bottom for now.Now there are rumors that Tesla has been BUYING Bitcoin during this dip. This is completely unsubstantiated, but allegedly stems from multiple research firms tracking Tesla's wallets and seeing 10K coins added. That would be quite the purchase. I heard this rumor from a friend, and then saw it all over twitter hours later.I believe that the Bitcoin dip would have happened with or without Musk, that it was a catalyst for whales to move price easily. While I did not predict this large of a dip at all, I did discuss all of the top signals that we were seeing, even daring to tweet it. Celebrities with laser eyes, SHIB coin going parabolic and then being rug pulled by Vitalik, people believing Doge was the future of money (that's still happening)... there were so many signs of irrational exuberance.We quickly went from extreme greed to extreme fear. Now we have bottom signals - people saying the bull market is over, that crypto is going to 0, that it's all manipulated by Musk etc.I have no better idea than anyone else if we have bottomed or where the bottom will be. I just know that we are seeing irrational anger and frustration around the market, which is usually a sign that the bottom is near. I am still buying more Bitcoin.Live stream today at 2 PM EST - https://www.youtube.com/watch?v=P942IlWxpI0In This Issue:Sick Of Talking About Elon Musk Yet?Bitcoin Thoughts And AnalysisAltcoin ChartsBanking Consumes Twice As Much Energy As BitcoinBiggest Bitcoin Correction Since March, 2020Bitcoin And Ethereum Usage Fees Drop DramaticallyMILC - Tokenizing The Media IndustryMy Recommended Platforms And Tools
The Wolf Den #243 - Sick Of Talking About Elon Musk Yet?
The Wolf Den #243 - Sick Of Talking About…
The Wolf Den #243 - Sick Of Talking About Elon Musk Yet?
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COI truly wish that we could stop talking about Elon Musk and Tesla, but we can't. The crypto community has gone absolutely haywire, responding to his every word like a rabid lioness protecting her cubs.Elon has clearly lost the plot, no question. His obsession with Doge, whether genuine or trolling, is illogical. Doge suffers from the same potential issues as Bitcoin as a proof of work protocol. It's a joke, and we all know it is inferior to Bitcoin in every way.He has a right to criticize the energy consumption of the Bitcoin network. It's a problem, but one that is nuanced and certainly being addressed. Further, all of those problems already existed when Tesla bought 1.5B worth of Bitcoin - nothing has changed.What is more interesting is his willingness to engage with members of the crypto community on twitter in a defensive manner. He even responded to an account that is a known scammer - a tweet that implied that Tesla would sell their Bitcoin because of the insanity of the crypto community. He later clarified that Tesla had not sold any Bitcoin, which marked the bottom for now.Now there are rumors that Tesla has been BUYING Bitcoin during this dip. This is completely unsubstantiated, but allegedly stems from multiple research firms tracking Tesla's wallets and seeing 10K coins added. That would be quite the purchase. I heard this rumor from a friend, and then saw it all over twitter hours later.I believe that the Bitcoin dip would have happened with or without Musk, that it was a catalyst for whales to move price easily. While I did not predict this large of a dip at all, I did discuss all of the top signals that we were seeing, even daring to tweet it. Celebrities with laser eyes, SHIB coin going parabolic and then being rug pulled by Vitalik, people believing Doge was the future of money (that's still happening)... there were so many signs of irrational exuberance.We quickly went from extreme greed to extreme fear. Now we have bottom signals - people saying the bull market is over, that crypto is going to 0, that it's all manipulated by Musk etc.I have no better idea than anyone else if we have bottomed or where the bottom will be. I just know that we are seeing irrational anger and frustration around the market, which is usually a sign that the bottom is near. I am still buying more Bitcoin.Live stream today at 2 PM EST - https://www.youtube.com/watch?v=P942IlWxpI0In This Issue:Sick Of Talking About Elon Musk Yet?Bitcoin Thoughts And AnalysisAltcoin ChartsBanking Consumes Twice As Much Energy As BitcoinBiggest Bitcoin Correction Since March, 2020Bitcoin And Ethereum Usage Fees Drop DramaticallyMILC - Tokenizing The Media IndustryMy Recommended Platforms And Tools