Evergrande Drama Continues... But for Love of Crypto, You Do You.

The whole Evergrande sh*t show is back on table and we are gonna see posts and reposts of the same news over and over again. But before you fall into the pit yourself and earn the title of degenerate, lets discuss what is the media saying:

The New york times is reporting about the debt investors for Evergrande. So who's buying now? Some of the international investors are seeing the recent debt crisis as an opportunity and they are buying in more? Evergrande is also restructuring the advisory and they have hired two finance firms for consulting and negotiations. So? What's your take? Investors do what they do best try to minimize risks. But the prices on some of Evergrande’s offshore dollar bonds that mature within months are trading below 30 cents on the dollar, bargain hunters with a big appetite for risk will definitely try scoring a goal here.

Now, the Reuters and Financial Times are both pretty vague with the headlines. The world is ending, the economic crisis, fuck this shit, fuck that shit. The news articles mentioned that they missed the first deadline and there is a grace period of one month. Here is a piece from the article

A deadline for paying $83.5 million in bond interest passed without remark from Evergrande and bondholders had not been paid nor heard from the company, two people familiar with the situation told Reuters.

Who are these two people? Experts? Source? Whistleblowers? Ok let's just believe what these two people are saying is true and we trust everything they say blindly. Now in the same article they mention this:

China's central bank again injected cash into the banking system on Friday, seen as a signal of support for markets. But authorities have been silent on Evergrande's predicament and China's state media has offered no clues on a rescue package.

Yes, because that's what they do, silence before the storm. Now, should we be worried? of course. Should we consider this the end of the world? Definitely not.

Reuters strikes again: the Korean stocks decline. Woah Woah Woah, its spreading like the fire. OMG OMG, what now? but again, read the article first on what they mention:

The benchmark KOSPI (.KS11) was down 2.34 points, or 0.07%, at 3,125.24 as of 0630 GMT. For the week, the index declined 0.49%.

The won has lost 7.7% against the dollar so far this year.

So, now this is either a correlation or causation but definitely not a big decline, not even for stock markets. The Korean Won loosing its value hasn't started last week, it started in February 2021 (look at charts here). Now why it happened is another story but somehow, connecting everything to Evergrande is just awesome. If I am wrong, please correct me. The Evergrande stock price is going down for a long time. Nobody batted an eye until the loans are at verge of default. Take a look at there historical stock prices here. Now everything is correlated in the market and every analist analyst is an expert.

Update: So china has banned the crypto transactions. It's the same shit over and over again. Media is making it look like as if the world has ended again. Sell this sell that. But wait again, just last week whales were buying BTC and ETH. A lot of stablecoins has moved to exchanges in last few hours according to @whale_alert. A lot of stablecoins are moving into to exchanges as I update this post too. So, what's the FUD about? Has media become so degraded recently? While they cry crisis crisis these whales are buying the dips. I am out of logic and how would the analists analysts describe these phenomenon?

Now to the summary of the post. Yes, the situation is not clear, market may go up or down but it will definitely go to the right. As the title of the post, you do you. You wanna cash out, then cash out. You wanna HODL to your crypto, then HODL (might as well stake it for the love of rewards). You want to spread the FUD and ask everyone to sell, then by all means, that's what the internet is for these days. You want to ask people to hold the lines, then go on with the motivation. If you're in doubt you can zoom out or zoom in, slide left or slide right. Wait for a dip to buy more, or just believe in your investment. But most certainty, Nobody knows shit about fuck yet. So don't pretend.

Wish you all a happy weekend and believe in your own decisions.