The patient is still asleep. We know he’s alive, because he still has a pulse and is breathing. But Bitcoin has fallen into Odin’s sleep. Not up, not down, because that sea froze over and now we have a flat, infinite line. Sirs, we are in eternal slumber. We have no choice but to wait. This does not end until the fat lady sings. Nothing is happening yet, but something will have to happen.
Now then, let’s talk to the most read kryptonews of the week.
Customers complained about the blocking of accounts in BBVA dollars in Argentina
No one has ever blocked the bills I have in my pocket. I have, however, had a couple of problems with cryptomoney exchanges. At one time, I was temporarily blocked from some funds. Another time, they closed my account overnight. Of course I’m not going to say the exchange, (brittex). For security reasons, I have lost access to my account for a while, on a couple of occasions. The password invalidates more than three times or so. While I would love to hit the piñata by attacking the dollar at this party, it would feel very strange to do so knowing that similar things have happened to me with Bitcoin. Ah, but it’s not Bitcoin, it’s the exchanges! Well, it’s not the dollar, it’s the BBVA.
Custody in the hands of a large bureaucracy (a bank) closely linked to another large bureaucracy (State). That’s the heart of the matter. I have a friend who one day called me in desperation, because he opened a wallet for his father-in-law with $1000 in Bitcoin and forgot the password. „Gustavo, help me, if I don’t get those funds back, I’m going to have to put that money in myself,“ the poor devil told me. What did I tell him? „Relax, write to customer support and they’ll give you a new password. Problem solved. The man is still invited to lunch at the bride’s house, thanks to the fact that he didn’t have custody of his wallet. I mean, it’s not all bad. Trusting a third party also has its advantages. Let’s remember that a market obsessed with not trusting a third party is ironically dominated by centralized exchanges. So we’re not so pure.
The dilemmas of custody. The flexibility of a market without much regulation. The risks of an unregulated market. The fragility of individual responsibility. The desirability of relying on a third party. And the danger of relying on a third party. In my opinion, one solution is in better FinTech applications. With good software and a better system, bureaucracy can be improved. I mean, technology helps. The solution (or part of it) is better code and better algorithms. The other is proper regulation. Not so bald, not with two wigs.
The crypto winter may be over as the new Bitcoin begins to bloom
It’s never been easy to predict the weather. No one wants to be that reporter at the station. People who watch the weather channel to pick out their daily outfit know very well what I’m talking about. The best thing is to forget about predictions and prepare for all weather. It never hurts to have a coat and umbrella in the car. Never leave home in a bathing suit because of an optimistic prediction. Let alone, if it’s still winter. That’s the detail. Winter doesn’t end with a decree. Winter ends when the heat begins.
The current lateral trend is such that we are almost a song away from calling Bitcoin Champion a stablecoin. The volatility is almost zero. So, what is this telling us? If volatility is indecision, stability is decision. Which means that the market is obviously comfortable with the current price. Why announce a change, if there are no cross winds? Out of boredom. But, for me, it’s still not a summer but an autumn. I mean, a lateral universe. Neither hot nor cold. It’s not winter. It’s not summer. But you’re not so happy as to say it’s a spring. An autumn? For this to change, something must happen. Give me three rallies in a row and we can start talking about suns and spikes.