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CRYPTONIC VOYAGE #07
From:
Johnny Blue Star Johnny Blue Star
For Immediate Release:
Dateline: American Fork, UT
Monday, January 10, 2022

 

October 28, 2021

Welcome my friends to another report from my rather beaten-down starship from the Cryptonic Galaxy.  I am happy to see you and, if you wish, please put your comments down below the screen. To start off, please understand this interstellar traveler is a complete amateur and newcomer to this region of deep space and although, he likes to make comments on various areas of crypto, thinking he has anything of value in terms of financial advice would be critically mistaken. He is not and probably will never be any kind of crypto adviser.

Many people in the cryptocurrency world have faced significant challenges owing to the bull run that never seems to happen. There seems to be an endless dance in the 40-5000 range as bitcoin descends and ascends daily, more or less surrendering to the same dance that occurred recently above the 50000 range. The explanation given for this is generally that certain large trading history patterns unveil themselves over time and we are in a dip not that unfamiliar to veterans of the crypto world. The second and most often mentioned in a case like this is the action of whales (large crypto holders) who manipulate the market by stimulating buying and selling activities aimed at encouraging price hikes and panicked selling by retail clients. Right now, I believe I perceive some confusion by fair-minded crypto commentators, who for months have been acknowledging the disturbing downturns but always (and quite naturally) try to shed a ray of hope for investors. I definitely would not say they are panicking, but I would say that are not happy.

But sometimes there are special incidents or events that spur a spike or a downside. Elon Musk is now legendary for the downslide he started with BitCoin based on his sudden revelation that there was an energy problem with the production of BitCoin with mining. Now that situation has faded for various reasons including the pro-active stance he has taken with energy management in Crypto, particularly with BitCoin. Another special problem is the comments of the Federal Reserve which can ripple down all markets in the United States and throughout the world.

One of the YouTube commentators that I like the most is George at CryptoRus. I believe George has a wide-ranging view of markets in general and a grasp of the world economy that makes sense to me. He is quietly an advocate of long-term investments in BitCoin but he is also a student of the short-term opportunities and challenges in Crypto. Here is his analysis of the effect of the latest comments by the Fed on the major dip in BitCoin and crypto in general.

Besides these short-term factors, there are other factors that could affect the future well-being of the crypto space and even accordingly cause a short or long-term downslide of crypto prices. They are the narratives of various types of critics who have chosen to target crypto. One of the most amazing of these attacks claims that crypto was started by the government in order to prepare the foundations of “more honest” government digital currency, presumably on the blockchain but entirely controlled by the government. I personally find this claim to be ridiculous because the government, however, wary, has been there during an incredible, complex, and widespread expansion of cryptocurrency and blockchain technology. If they were so full of foresight and ready to pounce at the right moment, what were they waiting for? No, I do not think that the government was the creator of crypto.

Another claim, possibly not so relevant to its immediate decline in value, is that cryptocurrency is super dependent on the dollar- and if the dollar loses its value so will cryptocurrency. This concept is triggered by the fact that you can’t buy a lot of things easily with BitCoin and other cryptocurrencies. There are now a number of ways to spend cryptocurrency (including Shiba Inu) but Bitcoin has now the Lightning Network which allows for transactions- and it is widely known that a tremendous number of institutions have invested in BitCoin and I believe the day is approaching that buying things directly from crypto is on its way. Further, if the dollar tanks, I think crypto will define its own value based on the marketplace- perhaps a little better than the manipulated fiat dollar.

To learn more about the Lightning Network, go to an article published in Coin Telegraph. See the link below. .

https://cointelegraph.com/bitcoin-for-beginners/what-is-the-lightning-network-in-bitcoin-and-how-does-it-work

Is Crypto fading because people are disillusioned with its value as a token to buy things. I say, “No.” BitCoin in particular has been universally accepted as “a store of value”- but one that over time is quite volatile. People and institutions have made millions and millions owing to its amazing grow in value since its invention.

But along with a critique of the limitations of crypto as a currency, which does exist at this moment (because people buy with the dollar and other currencies), there is the idea that this makes crypto literally worthless in the long run. But those critics fail to realize that, in fact, crypto doesn’t just act as currency from time to time, it basically allows small (and large) investors to put their money into expanding the blockchain and cryptocurrency technology and other diverse technologies, support causes of interest they have whether, in effect, charities or special projects, have created an explosion in the world of art with NFTs, are at the heart of the growth of video gaming and dozens of other projects where small investors can put their money and actually make enough to be of value. Those who rail against crypto and speak of the need for investing in things of real value- like gold and silver, real estate, collectible art objects, the still relevant stock market, etc.- forget that thousands of people with relatively small incomes can use crypto to boost their downsized lifestyle  by profiting from their investments in crypto. So crypto functions like money but it also functions like stock and other types of investments to support projects.

This is not to say that I think crypto should not be regulated. I think certain regulation is important- but the intent of the regulation should not to be discourage or destroy crypto but to create a fair and trust-worthy environment to trade in. Like the stock and precious metals market, certain practices give the large investors tremendous power to control the market. I think needed regulation might function like anti-trust regulations that could control excess control by the large players and allow  them to absolutely crush smaller players.

But, in terms, of  manipulation of the markets, I have other concerns. They lie in my and other’s observations about the the way that precious metals have been so brutally manipulated and my wondering what else might be afoot here in regards to cryptocurrency. Precious metals have often functioned like safe havens as a way to push off the consequence of the inflation of government fiat currency- but now, although commentators often assert that as the government loses control over inflation owing largely to the money-printing craze that has overtaken the Central Banks, the effects of inflation, which are now dramatically affecting people’s lives will not vitiate the hold the government had on precious metal prices. Crypto should act in the same way- as a safe have- but certainly isn’t now.

Owing to the volatility of markets, the rampant inflation and the uncertainty for the economy generated by the lockdowns and restrictions on business- many people are nontheless forced to concentrate on their own personal business to move forward. My company honors their direction and is organized to help small business as well as creative adventurers develop content for websites, videos, press releases, speaking engagements etc. We have a special interest for those who feel their business, small or large, is a key to their personal mission to help themselves and greater humanity.

We will be discussing more in the next exciting adventure in the Crypto Galaxy. Thank you for listening.

DISCLAIMER:

In our New Galaxy Blogs, we share various types of videos for you to scrutinize. Unless we specifically say so, we do not necessarily agree with their content, in whole or in part. Sometimes, we will present written or audio/video material concerned with health or financial issues. We always recommend that before you try anything, you check with your medical or certified health professional before engaging in a health protocol- and with your best qualified financial advisor before embarking on any financial adventure,

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Name: Johnny Blue Star
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Dateline: American Fork, UT United States
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