Cardano Dan's Newsletter - Issue #123

In Charge

Quote of the Day

“If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand.”

― Milton Friedman

The U.S. federal government has a mess of a financial situation on its hands. More about this in the news section.

In the meantime, think about this quote. It’s meant to be funny, but it’s probably true too. Other than God Himself, give a central authority power and it will be corrupted, abused, and mismanaged.

It’s why decentralization is so important. And it’s one of the big reasons I’m so passionate about blockchain in general and Cardano specifically. Cardano is working hard to push power to the edges and is making great strides in this regard. It’s exciting to see and so very necessary.

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In The News

  1. Democrats are fighting amongst themselves as they try to pass Trillions of dollars in new spending while simultaneously trying to increase the debt limit all within a tight timeline.

    There are a lot of politics involved, but one thing is certain in my mind. The U.S. will NOT default on its debt - at least not this year. Any FUD related to the debt limit will be short-lived.

  2. A DeFi trading platform fat-fingered a transaction and paid $23 million in fees for a transaction that should have cost $5.

    The miner that received the transaction fee decided to return the majority of the funds! I love it when the decentralized world behaves with higher standards than our central bankers.

    Don’t leave these people alone with your sand, or anything else for that matter.

Cardano Updates

  1. Charles Hoskinson left the Cardano Summit and headed to DC to educate and advocate for blockchain and the value and importance of decentralization.

  2. Cardano news and information is spreading further and further into the mainstream. Check out this WSJ Video about Cardano ADA published yesterday!

    Pretty basic stuff for most of us that have been around Cardano a long time. But stop and consider how many people are being introduced and learning about Cardano as a result of a video like this!

Technical Analysis / Price Discussion

My Cardano ADA thesis remains that we’re blowing off steam amidst China, Regulatory, and Budget FUD. As soon as there’s relief from those situations (next two weeks or so in my assessment) I expect the move higher that I’ve been waiting for.

In the meantime, $2 is acting as key psychological support like $1 did before it. Also, looking at the Volume Profile indicator there a bit of a gap in volume from $2 down to $1.83 level. It wouldn’t surprise me at all to see that level if $2 breaks.

Below that, $1.50 appears to be really strong support from the prior consolidation. I don’t expect to see that level though.

Just biding my time waiting for the big move higher coming in October (do your own research to form your own opinion).

This newsletter is for entertainment and educational purposes. I’m not a financial advisor and you should do your own research and consult a financial advisor before investing in cryptocurrencies.

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