Shit, wish I had waited to buy last week.
Well there is always this week.
Well there is always this week.
Also next week? Probably?
Maybe, depends on Bitcoin. I have a couple of XMR buys further down in both USD and BTC pairs, but it seems $40 is the new $50 XMR/USD resistance level, for now and we may have seen the worst (unless Bitcoin dives again).
I think there will still be uncertainty and possible lower lows in BTC until end of January, unless there is a BAAKT 'bump' coming.
Bakkt continues to be a wildcard. With Caitlin Long and her constant rehypothication/comingling warnings about Wall Street's arrival as well as other things I think it has muted any front-running of price rise. I still cant figure if her constant warnings are purely cautionary or if there is a fud aspect. So I think the market is spooked there, as we are pricing in the sentiment that ETFs are NOT coming any time soon. I think once BAKKT and others are up and running we will see the real effects. And I think as usual this will echo in the Monero market.
I think Caitlin Long has a point - and if you've see her talking on it, it's pretty convincing. I do think the crypto market is equivocal about it, I am not personally convinced it will be 'all good' either. Yes, it involves real bitcoin, unlike the CME /CBOE futures and therefore should draw coins from the market. However, the habitual rehypothecation habits those behind BAKKT are used to are real - and these habits, if applied - risk challenging part of the the value proposition Bitcoin offers; that of it being hard money with a verifiable, fixed and limited supply.
I would like to think it will help Monero, but Monero is still in a crypto market driven by Bitcoin, so if BAKKT is bad for Bitcoin, then even if Monero is not part of it, it won't help.
Let's hope BAKKT is a positive, we can only wait and to see.
Yes, it seems we see this very similarly. As to Caitlin Long... I feel like she often plays the blockchain vs. Bitcoin game a little more than I like. The constant talk about how blockchain is going to revolutionize the financial world, but then in other interviews acting sort of like a Bitcoin maximalist. It makes me think she almost is saying what is expedient in that moment. On the other hand I think she brings a level of intelligence, professionalism, and Wall Street Experience to the discourse that very few others have. So I judge her message similar to her person... kind of mixed - kind of unpredictable and it makes me just slightly suspicious at times that she could even be some sort of industry plant spreading a little bit of fud to make the markets sort of look the other way while... Well I don't know... I'm starting to sound like a conspiracy theorist.
Am I reading this whole BAKKT thing right?
> Formed with the purpose of bringing trust, efficiency and commerce to digital assets, Bakkt seeks to develop open technology to connect existing market and merchant infrastructure to the blockchain.
Its hilarious. Bringing trust to trustless assets. Bringing efficiency to the most efficient form of money that exists. Perhaps the only thing it could bring is commerce.
Much like a lot of other malarkey I read, this just seems to be another "Dinosaurs try to build something so they can work with new technology".
Whats even more hilarious is that these things (monero, bitcoin) are *incredibly* easy to use at the personal level. Its just when you get the institutions involved that things get really complicated.