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The Weekly News Roundup, ending 15 May 2022 – The Bear is Back

By Brian in Chicago on May 15, 2022 • ( 0 )

This week, the steep decline in prices that started on Friday the 6th continued. Bitcoin went below $30,000, ethereum went below $2,000, and pretty much the entire price market declined in double-digits. The coins that had the most speculative and hot money parked in them experienced some of the most precipitous falls. Out of all this the algorithmically asset-backed stablecoin Luna went from a previous decline to the $80s range down to less than a penny in just days.

(Luna imploded this week when it’s collateral assets dropped in value)

Given how quickly the supply expanded, that it should collapse just as quickly seems to fit, though there were very few people who would or could have predicted that it would collapse in so spectacular a manner.

If I’ve seen one thing emerge on Twitter, it’s the I-told-you-so’s who tout the strength of the bitcoin protocol. There’s nothing wrong with parking your financial wealth in the most conservative, steady, and decentralized network out there, but there’s no reason not to look at the coins and token of other protocols to invest in. Just do your due dilgence and manage your risk.

If there is not a quick recovery in prices, I guess it would be safe to say that we are in a bear market (which, if you wanted to gauge from past cycles would be rather on-time, given we just passed the halfway point to the next bitcoin halvening.)

That said, if you are new to the space, here are some of my thoughts and lessons learned from the 2018-2019 bear market. They might help:

-we’re going to see GPUs and ASIC miners go on sale as people with low margins, or unrealistic expectations jump ship

-if you are in this for the long haul, and/or you understand the fundamental nature of blockchain technology and how these protocols will be use to change our world, this is a great time to accumulate more tokens and coins. The best way to avoid having to time the market is to make weekly or monthly buys (dollar-cost-averaging)

-the lack of movement, especially upwards movement, will drive you to your limits and probably disgust you. It will move within a range and stay there longer than your sanity can hold on

-as the prices move sideways, now is a good time to channel that energy into education- learning about the technology, learning about the tech

-if you do not yet have a long time horizon, after this experience, you will

-all the weak hands, get-rich-quick types (and probably even some protocols built on the move-fast-and-break-things model will wither and close shop. Now that the tide has gone out, we’ll be seeing who wasn’t wearing any pants, so to speak. I refer you to an old video clip I came across back in early 2018:

So to close, hang tight, prices will recover, but it’ll take time.

Due to the nature of my work week, plus with main news being the decline, I’m short on articles worth sharing.

Be well, Everyone.

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Articles on Medium this week

Have We Been In A Bear Market This Entire Time? (seems it was coming, though)

Podcasts
The Cost of Crypto Podcast

This Week In Twitter

No
— Did Bitcoin Die Today? (@DidBitcoinDie) May 14, 2022

Class of 2017 vs Class of 2021 pic.twitter.com/TR1K3fB8lt
— Mitch Klee⚡ (@MitchKlee_) May 9, 2022

I’ve seen a lot of bitcoin crashes in my day and this has been the most enjoyable one by far. So much garbage being taken to the dump across the board. This flush was very much needed.
— Michael Krieger (@LibertyBlitz) May 12, 2022

Normies don't understand what the difference is between doge and Bitcoin. https://t.co/5nfRDtmZPo
— shaquille o'atmeal (@crypt0e) May 12, 2022

~ same footprint.
~ same noise.
~ same power requirements.

Mining #bitcoin @ home is not a crazy idea — it’s an inevitability. pic.twitter.com/JuSBVgySs1
— 🏔Adam O🏔 (@denverbitcoin) May 11, 2022

I used to be a supporter of globalism. It served us well to rebuild and renew after WWII. But due to recent events, I no longer think this holds true. It is now a power grab by various bad actors who do not have people’s best interests at heart. Globalism has become bastardised.
— James Melville (@JamesMelville) May 13, 2022