Dr. K's Crypto-Corner
by Dr. Chris Kacher
Riding the Revolutionary Rocket with Cryptotechnologies... Entirely Evolutionary™
Ethereum Soars As Lubin Calls "The Cryptobottom" - Here is the article:
https://www.zerohedge.com/
My take is a big LOL to all these guys including him who have been calling for a major bottom in bitcoin, first around 10,000 then 6,000, then 5,000 and now 3,000. That said, my metrics show bitcoin is closer to a major bottom due to the recent bloodbath than it has been since it topped last December. A major low may therefore come within the next few months. Keep in mind that a wave of regulations are coming which may act as a headwind at first, but ultimately will spin into a strong tailwind as institutions come online.
The price volume as I showed here is not nearly enough for capitulation. The FUD that exists is still insufficient. FUD is more pronounced now than in prior crypto bear markets simply because this is the first time far more retail investors are involved, thus the media is that much more involved.
My comments in red on the 'Lubin Calls Cryptobottom' article with link shown above:
“ConsenSys remains healthy and is engaging in a rebalancing of priorities and activities which started about nine months ago.” This is a polite way of saying things have been hard, and they've had to make big cuts. No surprise, and not indicative of Consensys as a company, which is one of the leading ones.
He stated that Consensys continues investing in projects — in its role as a blockchain tech incubator and venture firm — and hiring for internal projects that “remain core to our forward looking-business.” Bitcoin's hash rate continues to climb all through the crypto winter. It is not an indication of a bottom in place... yet.
In the same thread, Lubin complained about “an epic amount of conjecture and preemptive paranoia” concerning “situations journalists and bloggers don't have real data for, actual insight into, or understanding of.”
Concluding, Lubin reiterated his optimism about the future of ConsenSys and Ethereum, stating:
“The sky is not falling. From my perspective the future looks very bright. [...] Peaking [sic] into 2019, if you could see the landscape through my eyes, you'd have to wear shades.”
Reports surfaced this week — citing sources familiar with the matter — that ConsenSys is spinning out startups it previously backed, some of them without financial support. The sources reported that the number of employees to be laid off could be anywhere between 50 and 60 percent of ConsenSys’ 1,200 person workforce. Standard for most cryptos who have not gone under.
What could make Lubin's call of a major bottom in place correct by coincidence? A major tailwind headline news item such as the passing into law of a bitcoin ETF or regulatory winds blowing into the cryptosails of the cryptospace. I suspect neither will manifest until well into 2019.