Andy Hoffman
Andy Hoffman 2 minutes reading from Bitcoin

The Decentralized State of Bitcoin

1) Here are a list of BTC's major bottoms in the nine years I have been here, and what my feelings were at the time...

2) Jan/Apr/Sept 2015, 225 - the aftermath of Mt Gox. Few had any understanding of what the hack meant, but most believed BTC was done forever. Essentially no analysts/commentators/Twitter to follow.

3) March 2017, 950 - Block Size wars, 1st rejection of (Winklevoss) ETF. Scary, but nothing compared to second wave of Block Size wars, later that year...

4) July 2017, 2,000 - MAJOR Block Size war battles, before S2X rejection, SegWit activation. Genuine fear that the BCash hard fork could destroy BTC.

5) Sept 2017, 3,200 - China "bans" Bitcoin and crypto. Uncertainty, but nothing like the fear of the block size wars.

6) February 2018, 6,900 (at the "Hoffman Line"; i.e., 100B mkt cap). Block Size wars back again, but more annoying than scary now that SegWit locked in and the BCash fork failed to damage BTC.

7) Dec 2018, 3,200 - Blood in the streets following eight-month consolidation at Hoffman Line, catalyzed by CSW attacks on BTC via its BCH fork. Maximum chaos and fear.

8) March 2020, 4,900 - COVID breakout, maximum fear and blood in streets. BTC down 50% in a matter of days. That said, the fear was that the WORLD would end, not BTC.

9) July 2021, 32,500 - Not a shred of fear, as clearly just a TA pullback after exploding to 66,000 in April. "Scariest" (LOL) headline was Elon trolling BTC AFTER BUYING IT.

10) Nov 2022, 15,500 - Not a shred of fear, as the decline had NOTHING to do with BTC, but forced liquidations due to yet another sh-tcoin scam (3rd of the year!). In fact, the SBF/CELS/LUNA fiasco's only prove BTC's superiority. Not to metion, at a time of ATH BTC hash rate.

This post is based on this twitter thread.


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