Weekend Update: She Loves me…She Loves me NOT for FTX:SOLUSD by maikisch

Solana is an exciting crypto currency. I would go as far as to say, “It’s the Rock-n-Roll side” of the crypto currency market. It’s technologically superior to any other crypto instrument out there. When mere mortals discuss crypto currency, they mention Bitcoin . The first. The genesis of Bitcoin , and therefore crypto currency in general, is one of the intellectual characteristics that I hold out hope for digital currencies to one day rival fiat.

What was that?

The financial collapse of 2008. The events of this era so defined someone called Satoshi Nakamoto, or at least a pseudonym to disguise someone, to suggest that there was a better, more efficient, safer means of currency. Since Bitcoin’s inception, thousands of different crypto tokens have emerged. In my opinion, only a hand full have merit . The vast majority of crypto currency is in my opinion an utter and complete scam. Why is that? One can create anything and attach value to it. That value can be communicated to others who share the same sentiment and a trading vehicle is born. Seriously think about it. Back in 2007 the Collateralized Debt Obligations market was worth approximately $386 Billion. In 2009 there were consider TOXIC. Toxic, at the time, was a euphemism for worthless, a scam, an un-investable financial instrument. My point is anyone can make stuff up and says it has value and it appears even the smartest of US humans will fall or the same scam over and over and over. You think I’m being pessimistic? Well, today the SCAM CDO market is now back to being worth $70 Billion. These are complex derivatives…and today I do not think holders of CDO’s still know if the shenanigans of 2008 are still the “Devil in the details” scenario.

So what does this have to do with Solana?

One word. The only one-word that was consistently missing from the value proposition of CDO’s.

UTILITY.

Unlike CDO’s, this utility is simple to understand. It’s so easy a caveman can do it. (Geico LOL) In today’s society most of us walk around with debit and credit cards in our wallets. Make no mistake…what you have in your wallet right now, was digital currency Version 1.0. There are very few people on Planet Earth who do not know the basic premise of crypto currency and its utility because of those cards in your wallet. The problem is, smart people like to over complicate things. The utility of those cards in your wallet do not require you to know how cash clears the Federal Reserve banking system. They require you to reach in your wallet and jam the card in a slot. THATS IT.

They do not require you to know that the two largest organizers of these card transactions (Analogistic to a Blockchain) Master Card and Visa, can ledger record and process 26,000 transactions every single second, of every single day, 365 days per year. Upon the conclusion of this transaction, they charge the merchant up to 3% of the total price in fees and interest. So, if you buy a large screen TV for $2000 US, as much as $60 of that transaction for to the blockchain owner… (Master Card or Visa. What makes Solana unique is that this crypto currency can record and process 50,000 per second…and that same TV for $2,000 would cost the merchant a total .50 cents. That’s utility for the buyer and that’s also significant value retained for the merchants. So, the utility to merchants across the globe is literally unimaginable in terms of boosting profit margins, employment, etc. We can talk about security and safety another time…because I know you’re thinking about Solana and hacks, etc. 8% of all fiat currency transactions are fraudulent. I’m am not talking about that percentage used for criminal means…I’m talking about a fraud transaction not with the owner’s permission. Use the Google Machine if you don’t believe me.

Ok, I have ranted on enough about Solana and how unique it is. I have discussed enough about the impact to buyers and sellers all over the Globe. But I started this post off with the daily chart because I don’t want new investors to get mired in will we make another low? Should I sell here with the hopes of buying back lower?

Below is my micro count on Solana .

This micro count fits perfectly within the rules of Elliott Wave Theory. I will re-evaluate the chart below…ONLY IF WE MAKE A NEW LOCAL LOW. Until then, I have a completed pattern to the downside. Stop stripping off the rose pedals saying “She Loves me, She loves me not”….In the years to come, Solana has to the potential to be one of the most revolutionary technologies in the Financial world, since debit cards. When that time comes…you’ll be saying….SHE LOVES ME.

Best to all,

Chris