I took a few days off over the holidays. I couldn’t tell you the last time I went that long without a chart or a tweet. It felt good.
But you know what felt even better? Getting back to those charts and digging in on what’s been going on around the world. It’s not work for me. I mean it is, technically. But as you probably already figured out, this is something I really enjoy doing.
So what stood out the most upon my return?
I think it’s got to be the victory laps from the bitcoiners on tilt. They’re acting like they’ve never gotten a trade right in their lives. And that’s dangerous.
Sure, we’re happy bitcoin is doing well. It’s already up 35-40% since our latest entry point a few weeks ago. That’s great. And remember, this is after it doubled immediately after our last buy point this summer.
So no complaints here. But we don’t have to make a big deal about it. This is just a trade. It’s not a religion.
The people who are long bitcoin at all times are just as dangerous as stock market permabears. Also See: Are You A Permabear? 12 Questions To Ask Yourself
You can’t have a real conversation with these people. For them, the bitcoin “lifestyle” is more important than making money. They’d rather ride this all the way down to zero than admit that they’re wrong. It’s become theology for them. [Read more…]