The Madman Speaks
Insights on blockchain and market analysis
The Madman Speaks
The madman said...
It's very frustrating for the madman to sit in the company restroom all day, so he admires those who can hide in the toilet to play games, trade money, and chat, because our company's restroom only has 2G instead of 4G and the internet is slow, causing almost all the apps in the madman's phone to be paralyzed. Without a strong mobile network, our smartphones are actually junk phones. Imagine if you only have 2G every day and nowhere has WIFI, what apps will you have on hand? Would there still be games like King of Glory and WeChat for video and voice chat? It is estimated that only Tetris and text messaging functions will be available.
After using the restroom, the madman gained a deeper understanding of blockchain. Who wants to ensure transparent accounts and unchangeable books? It must be the central bank. Recently, the central bank issued a new policy: from next year, third-party payments exceeding 50,000 must be reported. It is precisely because of the opaque accounts that a large amount of black money flows outside the banking system, making it difficult for the country to control the flow of these funds. Therefore, blockchain can be included in the 13th Five-Year Plan and occupy a place in the future financial innovation field.
What is the current state of blockchain? Isn't it like a smartphone with only 2G instead of 4G? We have many beautiful dreams, but because the underlying technology of blockchain is not mature enough, it cannot be realized. Most ICO tokens last year were such beautiful dreams: good ideas but impossible to implement, so we also call them bubbles. If we insist on using a program designed for 4G networks on a platform that is only 2G (current blockchain technology), it will definitely be impossible to implement. Therefore, we still have high expectations for the future of blockchain, but everything must be based on the progress of underlying technology. The underlying technology of blockchain is grafted onto the 4G base station of the internet world, so we also call it the second generation of the internet.
In the next era, it is the era of application after the bottom technology (public chain) leaps, and only when the blockchain civilization can catch up with and even surpass the running speed of the internet, can it be truly recognized by the world and provide real application space for the government. Only then can we expect a long-term bull market!
After a steep decline, Bitcoin rebounded slightly today, but we can see from the transaction volume that the rebound volume was very small, reflecting the weakness of the bulls. Therefore, the overall trend of the market is still downward. The madman has already clearly stated that in the short term, it will not be easy to release the trapped investors after crazy speculation. After the market underwent a beheading, it has resumed a weak market, so reductions are still the main strategy, waiting for the market to find the next support level. The next support level will probably be around 3500-3550, which is not very strong, so if there is a significant volume decrease tomorrow, it is possible to retest the previous low.
The trend is basically the same as Bitcoin. The volume of today's rally was very small, and the market's direction is basically oscillating or downward.
The probability of a sustained rebound is not high.
For BCH, there was a large rebound, but the lack of trading volume means there may be selling pressure from those who bought at higher prices.
LTC's leaders are currently inactive, so there is no recommended action.
EOS bounced back to a resistance level, but overall is likely to remain volatile.
ADA may have some rebound potential but mostly will experience oscillation.
The mood among traders of small altcoins is still positive, which indicates there may not be an immediate market-wide crash. Short-term trading is likely to remain volatile, and caution is advised as most of the market's small coins are highly speculative.
In general, it is recommended to wait for a clear signal to buy before investing. The views expressed in this article are those of the author and do not represent BlocDesk's opinions or positions, and the content is for reference and not investment advice. Investors should make their own decisions and trades, and neither the author nor BlocDesk is responsible for any direct or indirect losses incurred in trading.