Show Notes
Multiple Posts Online Admitting FOMO Panic Sell As Bitcoin Crashes To $53k
#Crypto #Cryptocurrency #podcast #BasicCryptonomics
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Episode Transcript
[00:00:00] Speaker A: Out of cycle update.
I don't like saying such things, but.
[00:00:04] Speaker B: It may be true that some of.
[00:00:06] Speaker A: You actually do belong working at life McD's Cryptotalk FM. My name is Lyster. I'm your host. I was browsing around. Bitcoin crashed to 53,000 ish, and I think it's trending further downward. I talked about on a past update, I did a short order for bitcoin at 50,000 a while back for $1,000. And I. I had forgotten it was.
[00:00:27] Speaker B: Out there on Kraken.
[00:00:28] Speaker A: I forgot it was out there. And then I said, maybe won't go that low. And then when I saw that it was going to, you know, like 60, I said, you know what, maybe there's.
[00:00:37] Speaker B: An opportunity on Ethereum. And so I went to Kraken, pulled.
[00:00:40] Speaker A: That, and then put to some Ethereum stuffs, and then I noticed that bitcoin went to 53. So I'm like, okay, maybe I was on to something with what I was sensing in general. And then there was the apparently jump. Crypto's got some stuff they may be dumping off.
[00:00:54] Speaker B: You still got. I think Mount Gox is still going.
[00:00:56] Speaker A: You know, I think Germany still going. I think some of these are still going. I think. I don't know. But there was a number of different.
[00:01:02] Speaker B: Large scale dumps, and then liquidations created.
[00:01:05] Speaker A: Kind of this domino effect or situation. I was looking around them, and I.
[00:01:09] Speaker B: Saw a bunch of people openly admit.
[00:01:11] Speaker A: They openly admitted, essentially, they're just fomo panic selling. They're just going to dump out. We're done.
[00:01:18] Speaker B: I saw people take legitimate projects.
[00:01:20] Speaker A: We're talking projects where there's, I would.
[00:01:23] Speaker B: Say, 0.001 chance of it being a.
[00:01:26] Speaker A: Scam and calling it a scam.
[00:01:29] Speaker B: I saw people swear that the devs were draining liquidity on a project, that.
[00:01:33] Speaker A: The devs aren't even involved anymore. I saw people just make them.
[00:01:36] Speaker B: And so this tells me, and this is my.
[00:01:39] Speaker A: I don't think anybody else who does coverage listens to Michelle, but this is, this is an indictment.
[00:01:45] Speaker B: This is an educational failure. We need to educate these people to.
[00:01:49] Speaker A: Understand if bitcoin is crapping and your.
[00:01:53] Speaker B: Project'S crapping, it's probably crapping because of bitcoin. It's not like cytochain coin, where it.
[00:01:57] Speaker A: Craps even when everything else is in the green. It's a different thing.
[00:02:00] Speaker B: You have to look at everything in.
[00:02:01] Speaker A: The market, and you understand that things move together. There's a very complex logic as to.
[00:02:08] Speaker B: Why things move together, but the bottom line, simplistic form is you have to.
[00:02:13] Speaker A: Understand that most smart investors diversify their portfolio.
[00:02:17] Speaker B: They're built into bitcoin, they're built into ethereum, they're built into some memes, they're.
[00:02:21] Speaker A: Built into a variety of different things, and when they're going to sell, they're.
[00:02:26] Speaker B: Going to sell multiple things at once. Second, you have to understand that liquidity.
[00:02:31] Speaker A: Pairs are a thing, and the value.
[00:02:33] Speaker B: Of one token in the pair drops the value of the other tokens in that same.
[00:02:37] Speaker A: So if you have ethereum, it's most common. I would argue you have bitcoin. It's one of the more common ones.
[00:02:42] Speaker B: On the central exchanges. They're liquidity pairs.
[00:02:44] Speaker A: So bitcoin goes down, and your token.
[00:02:47] Speaker B: Is listed on the exchange and the exchange has paired it to bitcoin.
[00:02:51] Speaker A: Your token is going to take a visual dump, but it's a stacked effect, because it also is likely paired to.
[00:02:57] Speaker B: Ethereum, and you have to consider all the pairings it takes for them to.
[00:03:01] Speaker A: Do withdrawals and deposits. So my point is, it's this domino.
[00:03:06] Speaker B: Effect with bitcoin, ethereum, and all the other main coins which are paired to your secondary tokens. And then when the main tokens go down, your secondary goes down.
[00:03:16] Speaker A: But then on top of that, you.
[00:03:17] Speaker B: Got people who are dumping said tokens.
[00:03:20] Speaker A: Both main and volume coins, as it were. And so it's this stacked effect. Like I saw Pepe.
[00:03:26] Speaker B: Pepe is way freaking down.
[00:03:28] Speaker A: It was crap that I think it lost like a billion dollars worth of value.
[00:03:32] Speaker B: I think it got close. It got a way close. Some of that was liquidation.
[00:03:36] Speaker A: But the point is, you got to look at everything.
[00:03:38] Speaker B: You got to look at everything going around.
[00:03:40] Speaker A: You can't just isolate on your project, see that it's in the red, and freak out.
[00:03:43] Speaker B: If you see everything's in the red, what do you think that means?
[00:03:46] Speaker A: It means something larger is going on. Now you got a choice to make. You can keep freaking out about crypto.
[00:03:51] Speaker B: In general, that's fine.
[00:03:53] Speaker A: You could say, okay, all the crypto is a scam, it's all dead, I'm just going to get out. That's perfectly fine, but don't come out and just say, admit you're going to panic. Sell your one, whatever, volcoin, simply because.
[00:04:05] Speaker B: It'S not performing the way you want.
[00:04:06] Speaker A: And don't, you know, accuse devs that don't even exist of ripping you off.
[00:04:11] Speaker B: What we're dealing with is a larger scale situation, and it's very close to what we were experiencing in the most recent crypto crash, where bitcoin went down to $12,000.
[00:04:20] Speaker A: See, I'm hoping that happens because I wasn't able to get significant of it at the time, you know? And if it gets back down to that point, I mean, I'm in a.
[00:04:30] Speaker B: Much better situation such that I can.
[00:04:31] Speaker A: Get that bad boy, you know, because I got home repairs and stuff I want to do. So anyway, I'm just sending the message. Public service, it's up to you what you do with your money. I'm not telling you what to do with it. You know, this is not a gamble thing.
[00:04:44] Speaker B: This is one of those decision points.
[00:04:45] Speaker A: So you're gonna freak out about your.
[00:04:47] Speaker B: Project every single time it goes red.
[00:04:48] Speaker A: I can't really help you. And I made the analogy. It's like, if you have a car and you bought it for $40,000, but you happen to see it for sale for five, are you selling your car at that moment?
[00:04:57] Speaker B: It wouldn't make any damn sense. So why are you doing it with.
[00:04:59] Speaker A: Your crypto, is my point.
