Wednesday, April 14, 2021

What happens when Bitcoin hits $69,420?

The price of Bitcoin hits an all time high of $69,420

"It's time" says Satoshi with a devilish grin, as he executes the biggest sell order the crypto economy has ever seen...

The order books on all the exchanges light up crimson red, as a titanic sell order begins to funnel through the system. A sizable red candle instantaneously appears across the charts, as if in the blink of an eye, the exchange just had some "calculation glitch", and all that would remain would be a long candle wick. But the candle remains. It continues to grow. Alerts and notifications of the gigantic move are sent out. A large number opportunistic investors try to take advantage of what appears to them, to be a fire sale.

"Buy the dip" they say to themselves, loading up as much as they can.

But the price keeps dipping, and their efforts to "buy the dip" are useless. The knowledge of the immense sell off has now gotten to a large majority, and they begin to sell in an effort to minimize their losses, adding fuel to fire. The price falls even faster as whales begin to unload their bags in order to maintain some, if any, of the profits they had acquired. The exchanges not having enough capital to pay for the volume of trades taking place, liquidate their holdings in a selfless effort to protect their uses from further losses. However noble their efforts are, they become ineffective.

News sources start interrupting their broadcasts to deliver round the clock coverage of the event.

"Never, in the history of any asset class has there been a price drop like this" they report.

With now even larger amounts of users trying to sell their holdings, all of the exchanges become over encumbered. Traffic at an unprecedented level, cause the servers to overload. Each individual server unit begins to heat up to the point where wires melt together causing confusion across the networks. Sell orders become buy orders, buy orders become sell orders. A feedback loop which overwhelms them even further. The shear heat radiating from the server rooms deem them unsafe for workers to enter to perform maintenance. This causes some server farms to even burn down.

The institutions that had been buying in large with the hopes of using it as a store of value are now at a loss leading their share prices to tank. Meanwhile, trusted Investing firms beg for bailouts while also facing massive class action suits.

With the price nearing $0, Bitcoin miners and Bitcoin mining companies can no longer cover the cost of operation and are forced to halt and shortly after shutdown.

A few days later, on a peaceful afternoon, at a beach on a private island, Satoshi sits, drink in hand.

"Satoshi, you son of a bitch, you did it." he laughs to himself.

A smile drawn across his face as he watches the sun set across the quiet ocean.

TLDR; Satoshi becomes the biggest troll with a pump and dump for a meme.


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