18th November 2021 > > BTC meet-ups.

tl;dr

Would you sell BTC in person to someone who you've never met?

Market Snap

Market Wrap - Technical analysis (TA) from our resident techie Larry

BTC trying to hang onto the psychologically important level of $60k.

Yesterday’s technical analysis (TA) highlighted the possible presence of a bear pennant, but as Larry pointed out, we can only know that for sure once it has been validated. Once it has been validated, there is nothing one can do about it, as the validation means that the sell-off indicated by the bear pennant has occurred.

It is equally likely that it isn’t validated, and there is no sell-off.

I do understand that lots of people put a lot of store in TA. I don’t, but that’s just my natural scepticism coming to the fore.

Curious Cryptos’ Commentary – Hong Kong and in person crypto trading

I don’t really understand why this is the case, but there is some enthusiasm in Hong Kong for buying and selling cryptos in person.

You will recall that the CCC has previously reported that one rather naïve couple transferred $500k of BTC to a contact they met in person, and then waited several hours for the cash to arrive, before they realised it was a scam.

I think if someone offered me 10 or 20% above the going rate for some of my crypto hoard, my initial reaction would be one of distrust and disbelief, rather than thinking I can make a quick turn.

Now one chap has met a buyer in person, been kidnapped, beaten up, and tortured with “hammers and other tools” until he gave in and gave up his various passwords. After stealing $3mm of cryptos, the kidnappers then asked for a $4.7mm ransom for his return.

Suddenly DeFi doesn’t seem quite as Wild West that I keep claiming it to be.