THE GRAND EXTHIT UPDATE . . . Bitcoin Dominance Reaches New High
The Grand Exthit (pronounced with a lisp and a weak wrist) pushed bitcoin dominance to a new high of over 55% with every indication this trend will accelerate.
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The anticipated sharp sell-off in Evil Eth and VerWu bCrash measured against USD and BTC accelerated also dragging down Bitcoin in a sympathetic selloff.
The million Bitcoin question remains . . . how much and how far will Bitcoin be impacted measured against USD? The impact on Bitcoin measured in alternative cryptos is already clear. . . as Bitcoin marches back to dominance.
The propaganda machine is in full force trying to reverse the trend with no effect.
Interestingly, even former Bitcoin maximalist Chris DeRose has abandoned logical argument and joined the propaganda machine . . . deRose has abandoned valid ad hominem argument (for which he is famous!). . . and uses the improper use of ad hominem argument to attack those using valid ad hominem argument. . .According to DeRose all ad hominem arguments are now invalid . . . those who attack bCrash are trouble makers, have lost the argument, should be dismissed from dialogue. . . and Bitcoin Cash is now also Bitcoin. (By implication using the term Bitcoin core is no different than using Bcash, except it is Roger doing it. So that makes it OK. . . according to DeRose)
Sorry Chris DeRose but we hodlers own Bitcoin! We do not own bitcoin core. There is no such thing as bitcoin core coin except in Roger Ver’s deceptive propaganda machine which you now perpetuate with your equivocation.
Ad hominem argument is valid so long as it is true and relevant.
While Christ fed the poor, healed the sick, and showed mercy to sinners, He had no mercy for the Pharisees who preyed upon the poor and ignorant in the name of righteousness. He called the Pharisees of his day “hypocrites”, “son of hell”, “serpents”, “blind guides”, “fools”, “ whited supluchres”, “full of dead men’s bones and all uncleanliness” and “offspring of vipers”. . . all valid ad hominem argument.
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Even more interesting is the description (and agreement by deRose) how so many former bitcoin companies expanded to other alt coins and ICO offerings because bitcoin is so deficient, completely ignoring the fact that these companies abandoned bitcoin in favor of scams out of shear greed fleecing the poor and ignorant with the canard of “better than bitcoin” and phony altruism of “banking for the un-banked.” Roger Ver truly believes this crap, but DeRose knows better. Shame on you Chris DeRose!
It will be interesting to see just how much Evil Eth and bCrash these companies are stuck with as bitcoin rises from the ashes to 90%+ dominance once again. . . and how many of these companies survive.
Here is DeRose’s latest snowflake interview with Decred founder Marco Peerboom
It is time to expose these snakes for who they are. It is very sad to see Chris DeRose move to the Dark Side.
Remember, many large traders become small traders, most small traders remain small traders, a few small traders become large traders, and the wise large traders choose to become small traders again.
With the Exthit we are witnessing the demise of some very large traders in real time. To those that have ears to hear . . . to those small traders who successfully transition to become large traders . . . do not forget the lesson you are about to learn in real time. . . wise large traders choose to become small traders again.
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THINGS TO WATCH FOR
So far the sell off in bitcoin is sympathetic much like the selloff we had to 6720. In terms of evil eth and bCrash, Bitcoin has rallied. While I did not sell any bitcoin on the last rally I did re-enter the short Eth and bCrash I trimmed on the previous decline and again trimmed my short position on this decline. Interestingly, my equity continued to rise despite the BTC selloff.
If the market recovers, my expectation for a continued bull in bitcoin will increase. . . and as the Exthit becomes more evident look for sympathetic bitcoin selloffs to diminish. . . and eventually rally even as Eth and bCrash continue to tank.
Again, the driving force in the current bitcoin market is the Grand Exthit (pronounced with a lisp and weak wrist). . . . the Bitcoin trend remains up while Eth and bCash remain down. . . the trend is your friend until its not.
Hope this helps.