For the ones that don't know, in my country of birth we celebrate liberationday today. That is not the reason for this text, although I do believe that the timing of what I see unfolding is no coinsidence and related.
Yes, I got my special tinfoil partyhead ready in case I happen to be right. I'm referring to my earlier predictions about bitfinex and tether, we are getting closer to the conclusion. Let me explain what I see happening.
First of all, there is now a 350$ (or 5%) price difference per bitcoin between bitfinex and all other markets. I've seen that one before, it was called MtGox, the only difference is that 5% back then was 30 government debt units and now its 350 of them. I can't believe the lack of understanding some have about it when they refer to a monero price of 70 dollar while it is currently trading around 1,2 bitcoincent, but ok, that's for another story. I think this point doesnt need any more explanation. The fact that the Bitfinex price is higher proves to me that there is less trust in that priceticker, just like predicted.
What is more interesting, in the last week after the New York attorney general released an indigtment all altcoins are tanking. Yes, most af them had seen a nice rally in the weeks before, but I believe that some big cryptoplayers are selling now, even for a lower bitcoin price, because they expect to be able to buy the coins back at a lower price, after bitcoin has crashed, even if the price in bitcoin is going to be a bit higher then what they sold it for.
I really think we are getting ready for some amazing action and just so you know, in case it really is about tether and bitfinex then this is the biggest buy opportunity in bitcoin since a long time. because in the end, an exchange is not Bitcoin, but what happens when a coin loses an exchange can be seen in the history of EFL and more recently EGC, but also bitcoin already experienced it once with MtGox. In the end it is only a good thing, because it will shake out the weak hands. I personally believe the media are going to be used to have the buyers of december '17 sell their BTC on this news which will form our bottom before we can look upwards.
Then the timing. I believe this case was ready to be rolled out. Lately the sentiment was improving and with a breakout from 4000 to 5000$ in seconds something needed to be done in order to contain Bitcoin. The name of Bitcoin has already been attacked so many times, but I guess we have to go thru it once more. I will repear what I said before, this event will be another attempt into misinforming the masses about crypto. I personally believe that Ripple is going to be presented right after the Bitcoin crash as a safe alternative to it, without all the criminals, drugabusers and childmolesters that you sponsor with Bitcoin, atleast, that is what the newspaper is trying to sell you.
The crash will also be a perfect opportunity to crack down on fintech in general. Yes, we need regulations, because this is something we really want to prevent from happening in the future. Well, not me, I prefer to have an occasional cryptsy, MtGox, Cryptopia of Bitfinex. In the end, crypto should not be traded on online exchanges, but from peer to peer. For the western world I still see a better use case for crypto as a store of value, then for a means of payment. Ofcourse, every coin is different, but especially the creating proposition is of influence when I chose my favorite one.
These regulations will make sure that nobody will ever think about starting anything related to crypto, because you will have so much work in applying all the rules and to make sure you can prove it, that your overhead costs will surpass any small business profit.
In general, there are too many things that count towards a crash then there are for a positive outbreak. we'll know soon enough though, let's watch patiently to see what happens. If it all goes down like predicted, then it's a shame that not more people get to read my text, because with last year in mind I could have reached a lot more people by now. But this is the way it goes and if you want to show support, I think by now you know how to do it, if not then I will give you a hint:
If you enjoy reading my text you can donate EFL to address: LRh29BMqKR1dVM2E2gys3YRUXeBQMfAADB
EFL is traded on exchanges like altilly.com