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It’s been a rough ride for crypto this past week or so, hasn’t it? Bitcoin has lost a fifth of its value in the space of seven days; Ethereum has lost more than a third. If you were to use the total “crypto market cap†as a metric (which you definitely shouldn’t) you would say that the crypto market has lost more than $800bn in value since May 12th.
But we must put this into perspective. Saturday May 22nd, after all, is the 11-year anniversary of the first ever bitcoin payment for something in the real world, when 10,000 bitcoins were used to buy two slices of pizza. (At current rates, that would be $200m per pizza slice. Pretty wild.)
So yes, bitcoin has come a long way since then. We are prepared to accept that (though whether that is a good thing is a separate question to which we think the answer, all things considered, is BAH NON).
What we are less prepared to accept, however, is the idea that the past week’s bloodbath has been a drop in the ocean. For the top HODLers in this headless ponzi scheme yes, sure, but for the poor newcomers who got in a week ago, this can’t have been much fun.
And let’s not make any mistake about it: the Brodom of Cryptoland relies on these people to keep the whole thing going, as they themselves acknowledge (in somewhat astonishingly overt fashion):
But what we are certainly never prepared to accept is chart crime.
Presenting a “lesson†from TradingView, a company that says it builds “financial tools, charts, and software for the 🌎â€:
Here’s a close-up of both of those charts.
And:
Do, please, note the interesting numbers on the Y-axis.
A lesson indeed! In how you can use charts to basically show anything you like. A lot of money might have been lost, but in chartological terms, everything is in fact A-okay(fabe).
Related links:
Happy birthday bitcoin. Your gift: a log chart in The Times – FT Alphaville
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