"bitcoin is down more than fifty percent from its high, and that fact alone is not even the bad news. historically, it usually gets worse. seventy percent drawdowns. eighty percent. this is not an anomaly, it is the pattern. the real question however is not why bitcoin does this, but why we keep pretending that this time will be different for us.

every cycle, people search for external explanations. leverage. regulation. china. quantum computing. the excuse does not matter. what matters is that the moment price falls hard enough, belief collapses. not because the thesis changed, but because the human brain cannot tolerate certainty paired with delayed reward under stress. when the future is clear but distant, and the present is painful, we choose relief now over reward later. always.

this is where monetary ideology dies and psychology takes over. under threat, we rewrite reality to avoid pain. we call it cognitive dissonance if we want to sound clever, but it is really just survival instinct. beliefs are luxuries. when belief becomes dangerous, it is abandoned instantly. peter denies jesus the moment belief threatens his safety. bitcoin does the same thing to its disciples. the king of hard money is worshipped right up until holding him becomes intolerable.

bitcoin’s fatal flaw, if it has one, is not technological. it is revelatory. it shows you the future too early and too clearly. a million dollars per coin is not a vague hope, it is a vivid image. our brains are not designed to hold that vision steady through violent volatility. we are not wired to lose money while knowing, with unbearable clarity, that patience would eventually make us rich. that contradiction fries the nervous system.

so the price falls, the new money panics, and belief evaporates on contact with stress. bitcoin is not failing. we are. gullible, imaginative, hysterical creatures who can glimpse the future but cannot emotionally survive the path to get there. the asset does not break. the holder does."

https://www.zerohedge.com/crypto/modern-money-only-works-cheating-if-youre-long-bitcoin-or-not-long-bitcoin-read




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