Bitcoin dominance is rising again, and this may just be the start. I've voiced my concern over this in the past. The next run up could be largely dominated by Bitcoin, while the alt-season my have to wait for BTC to taper off again and trade flat before it gets any action.
This happens all the time. Bitcoin is the Anchor. When the market is afraid, it latches onto the anchor for dear life and alt liquidity bleeds into Bitcoin pretty badly.
We got another new moon yesterday so if the pattern continues the market should be suppressed for another two weeks. At this point I'm pretty certain that $30k will hold, but again, Bitcoin might have to stomp on alts pretty badly to stop the ice from cracking.
This would also be an interesting time for a reversal, even from the Goddess Moon perspective, as during the new moon yesterday we also got a "ring of fire" solar eclipse:
Weird shit happens during eclipses so the mega-bull in me wants to think that this is the start of a Goliath summer run. It would make sense considering everything else going on in the market. From El Salvador to all the fake manufactured FUD to the fact that most of the weak hands have already been totally shaken out.
Speaking of El Salvador, it's no surprise that the International Monetary Fund is making a big stink about Bitcoin being legal currency on equal ground with USD. I'm shocked. Again, this political power play is going to see a lot of blowback and quite possibly a complete reversal. A lot of powerful entities out there do not want this to become a thing. Might be too late though considering a dozen other nations are already talking about following in El Salvador's footsteps. Pandora's Box may already be opened for the banking sector.
El Salvador Demo-crazy hacked!
President Nayib Bukele is going to come under a lot of scrutiny over the coming months due to trying to make these big boy moves. I find this article particularly entertaining as to how blatantly biased it is.
Yes, lets show him looking totally unprofessional wearing a backwards cap. LOL, Jesus Christ. Parsing this story was quite interesting.
El Salvador is in crisis after President Nayib Bukele on May 1 fired five Salvadoran supreme court justices and the attorney general.
Wow, baller move.
Yeah, he's got some dictator vibes about him.
I'm getting major Julius Caesar energy here.
Remember what happened to him?
Killed on the Senate floor publicly for trying to take away the power of the elite.
Salvadoran lawmakers supported Bukele’s purge of his perceived opponents. And recent polls show more than 90% of Salvadorans still support the president.
Yeah okay, that's insane.
Some people seem to forget that strong centralized leadership is the absolute best way to go IF you can trust the person in charge. Big IF, but it's still true.
When you can run around acting like a dictator and still have a 90% approval rating, that's insane. When you can do it while not even toeing the line of a main political party? That's even crazier. There's a lot more going on here than meets the eye.
It's comical that we would criticize the lack of democracy in El Salvador when literally there is no functioning democracy anywhere in the world. As far as we know from this report, these people he got rid of were total dipshits and El Salvador is even better than it was before. We don't know because the author doesn't care, they have an agenda and that agenda is to attack Nayib Bukele. They clearly don't actually give a shit about democracy. And even if they did, democracy has already been demonstrably hacked beyond recognition all around the globe, so again the point becomes irrelevant.
I'm very curious to see where this is all going.
It's certainly not going to be boring.
At the end of the day if Nayib Bukele allows Bitcoin and other cryptocurrencies to flourish in El Salvador, that automatically means he's allowing opt-in government to flourish in El Salvador, which is exactly something a brutal dictator wouldn't do, as they would want to retain as much control as possible. He may end up being a primary example of how a country can transition from strong centralized control into a robust decentralized system that benefits everyone.
Again, decentralized systems completely lack leadership and direction. If you can get the best of both worlds: you do it. Easier said than done, but it looks like El Salvador actually has a chance. Of course it will be interesting to see which countries impose harsh sanctions against the country because they opted for freedom. All the while trying to justify imperialism by making the claim that imperialist domination is the path to freedom. People are starting to wake up to the bullshit. The propaganda might not work this time around.
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All the photos of that El Salvador dude look fake. It's like he's got a digitized pixelated face in real life.
BTC is cool but I would like to see a country declare gold bullion money.
Not knowing too much other than casually following the headlines over the last couple years, a dictator removing his competition is a scary prospect. I also feel El Salvador (with its almost non-existent currency and huge economic strife/social upheaval) green lighting crypto is about as globally influential as the African prince looking to send me money.
Still just another brick in the wall and uptick in the volume of the crypto conversation towards early majority adoption.
As opposed to removing the competition by paying for propaganda and data manipulation?
I think it's a mistake to think that anyone is going about this any better.
Honestly that is the exact environment that crypto was meant to thrive in.
Just have to wait and see.
Agreed.
I believe there is no such thing as a benevolent despot anymore and have yet to see centralization of power result in anything good for the people or the planet. There is always hop I suppose!
The crypto move is probably more of a corporate play for the government rather than an empowerment of the little people but adoption is great no matter how you slice it.
True to my name I don't think that purging 'opposition' is a bad thing. Power should be focused. It's more a question of which direction the country is focusing.
Democracy isn't the best system just because we happened to be born in what seems to be the zenith of its popularity. Turns out history hasn't ended.
They definitely need at least a couple more countries to join them. Who knows, they may be able to put together a sort of coalition between all of the "Bitcoin currency" countries and act in concert. Get 15 of these small, underdeveloped countries mining bitcoin and building an economy and they may end up with some real power down the road. Very interesting times indeed. I'm rooting for them.
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Yeah that would be pretty incredible.
I don't really look at the Bitcoin dominance much but I find it becoming a topic quite often around here. As for Nayib Bukele, I think that is an interesting take and El Salvador will be definitely be something I have to pay attention too. I just hope he can toss out all the foreign interference.
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Q: What do McDonalds, Walmart, Apple and Google have in common?
A: They all do business in El Salvador and now have to accept BTC as legal tender.
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Too bad Tesla is not doing business in El Salvador though.
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I honestly can't say, some days I expect the market to recover again, other days, I'm afraid we're entering the bull markets. But that's only based on what I see happening, I read (and watched) many articles (and videos) where they all say this is not a bear market. I'm very curious to see where the market is at in a month from now, the market crashing as hard as it did made me learn (the hard way) to take profits and put some in stable coins :)
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We all expected the attacks to come based on the decision. Let's see how it all plays out, if he can hold his ground and a few other nations join in - particularly from one of the wealthier ones then I fancy we might me onto something
I've always been a fan of the benevolent dictator - definitely the best way to get anything done... good or bad.
Nothing last forever, now is it the time that we have you been waiting for, Bitcoin will be climbing till it reaches the peak✌️
Aren’t we all waiting for 100k+ And moreee
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time to start putting assets into BTC? :)
Can we just go back to Bull Season please? I don't want to be dominated.
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Okay fine, I will allow it
Damn..
This could ironically work out!
Isn’t that how DPOS starts out as highly centralized and through the upvote system and the sale of stake by early adopters to make a profit, stake gets s-read around to more and more accounts, who upvote more and accounts, further decentralizing and distributing stake around.
And isn’t it resistance to this very mechanic which kills token price, harming all and killing project, ala Steem?
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There is no rule that says that DPOS has to start out centralized and give out money to a bunch of people that don't actually care about the network. At the end of the day price is determined by liquidity, buyers, and sellers. There are dozens of reasons why Steem saw a declining token price. The main one being poor leadership in combination with a Bitcoin bear market.
FUD versus News. We are in a FUD market.
No matter what happens. FUD will come around with fakenews.
I'm with you. At some point, the FUD end. And after this, I see no barrier.
Remembers me on the Hive fork JS FUD in a much larger scale.
At a point in time Bitcoin was just the talk of the town before it falls a little bit,but defined with time to come and with the way the market is now,it is going to get is dominance back in days to come
This. I've been just waiting to see how the international community will react.
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It will be seen at the end of the day but from inside here, all the non-coiners are terrified and the others are laughing having fun observing nothing else in the shadows, now we make fun of those who called us crazy for being procrypto, they all say to talk crazy they called crazy to the coiners, and now they have had to go into madness, and it is only the tip of the spear, wait for the DEF to enter, they will die to see what is coming, thank God and Kal and his team of leo cub and all those things we are already exposed, and it allows us to go as futurists seeing how things will go in the future, then
there we go waiting as the country evolves with neron or cease at the head, the truth is that we are in the fore and our small country that did not exist a week ago today is in all the titles of the world.
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You said it.
I'd like to be able to say you said it. It's all to play for.
Very nice written.
Very good work on this. Bitcoin always takes alt with him some up some down.
Yes, i think simple and direct to the point question: Bitcoin don't have a Boss. The new normal is Bitcoin standard. But, many peoples are around the illusion make by State, Banks, Agenda 2030 and not see the real thing behind this momento. Great text, my friend.
I hope other countries will soon follow El Salvador so that the USA don't come up with a plan to implant their "democracy".
Other than that, the world is changing for the better!
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When I saw the dominance rising I was thinking pretty much the same thing. Alts have to suffer for Bitcoin's "well being". We still got the "epic episode" in play. Some bears are gonna be left mouth open, that's for sure. I'm amazed to see so many already calling for a 2018 like bear market.
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Yeah everyone is acting like we just had a mega-bubble, which is laughable.
We still have amazing unbeatable support at $20k.
If we hit $20k we are immediately in a bull market.
Also, Bitcoin bear markets only last for 1 year.
So calls for a multi-year bear market are ridiculous on two fronts.
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STOPThe train of thought in this post kinds of cushions mine especially regarding to what the media won’t tell you, I invite you to check it out if you have a little time,
https://hive.blog/hive-167922/@mistakili/permanent-residency-with-bitcoin-what-the-media-did-not-say
mine focused on the permanent residency aspect and the possible snowball effect Bitcoin will have starting with El Salvador and of course how the media only wants you to see the ugly stuff, talking about how unsafe El Salvador is, like anywhere is really safe...