Well that was disturbing
After bitcoin got over $8k and was holding nicely, the bottom fell out.
And when I say the bottom fell out, I mean THE BOTTOM FELL OUT!
Prices went as low as $6,200 on the charts very briefly!
Yikes!
I won't get into exactly what happened but it was some combination of bitstamp and bitmex messing with the markets after a large sell order got things rolling to the downside.
This tank was scary except something weird happened...
Prices recovered.
(Source: https://www.ccn.com/crypto-winter-is-over-25k-bitcoin-price-coming-perma-bull)
Not only did they recover some, but they took back the entire drop in about 2 days.
As I type prices are back up near $8k.
They should be around $7k and bleeding based on the charts.
The bullish sentiment is so strong prices aren't able to correct even yet.
Everyone is waiting for $6k, but it's not coming.
That may force people into buying up here if they really want to get in... that's called FOMO.
FOMO = Fear Of Missing Out
Yeah, so the 64 million dollar question is, was that the dip, and are we going up like a rocket from here? Or was that just a fluke and the dip is yet to come?
I just spent 27000 pesos, (sounds like a lot, but actually a bit less than 600 bucks), to renew the lease on my cockroach-infested little apartment, and that was all the money I had. I have to wait and see.
The thing is, I get paid in the USA, and I lose 18-20% of the value of my earnings in the process of moving the money to Argentina. (company name redacted) are greedy bastards. If I could manage to buy BTC online with the funds in my US bank, I could sell that BTC for cash here in BsAs and wind up losing a lot less than 18-20%.
But for that to work I need BTC to be stable. And the real fucking irony is, I am wanting to use BTC for its actual intended purpose, transactions. But it's risky for me to do so because of the instability caused by those who are trying to use BTC for what it was not intended to be, a profitable trading commodity.
Can you buy something else... something that is a lot more stable? I mean tether or some other stable coin would work. Heck or even SBD, it's not going to drop that much before then.
I could buy them yes, but I could not sell them here in Buenos Aires, which defeats the purpose of the project.
No exchanges there?
Not that will pay cash, no.
I'm an expat, and therefore not allowed by law to have a bank account here, because Argentina ;)
I've said it before, let me say it again. Argentina is to politics, (government, law, logic, etc), what non-Euclidian Geometry is to Mathematics - the rules are just different.
Well that is no good... You need to be able to buy things with crypto, problem solved!