Well, it looks like the bubble has officially popped
It was fun while it lasted.
I had thought that we might be able to hang in there and make another leg up before the FOMO ended, but it looks like I was wrong.
Anything and everything is being sold at this point.
With most altcoin prices already down 90% from their highs.
I wish I could say that we don't have much further to go down, but we probably do.
There was no reason many of these coins were worth billions of dollars, let alone hundreds of millions.
There can only be so many payment options in the world for them to all have value.
The way I see it, greed killed it.
Too many coins were created and too many ICOs launched.
Everyone after the quick buck.
Had there been a steeper barrier to entry and only a few really good projects were launched we probably wouldn't be seeing this.
Yes we would have had booms and busts but not to this extent.
(Source: https://www.flickr.com/photos/708718/6388635573)
The good news if you are a steem holder is that steem actually has a product.
Steemit.com has over a million users and is a unique website.
Is that website worth hundreds of millions like the current marketcap? I am not really sure.
Though there are several other decently popular apps built on steem as well that likely have some value.
Which means the price of steem is not going to zero.
So, we have that going for us.
Not much we can do at this point except wait for the dust to settle and see where things lay.
The other good news is that unlike a couple of the other crypto winters, we know that bitcoin and cryptocurrency are still going to exist after it is over.
That couldn't be said during several other major crypto winters.
Stay informed my friends.
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https://www.criptonoticias.com/opinion/puede-ser-bitcoin-burbuja/
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~90% drop then returns to mean. Happens in every major correction. Jan. 2015 and before many times. Some bears last longer some shorter but the chart patterns are the similar. The greed and fear cycle is what drives any market. This is more extreme to say the least but its those boom and bust that got us to the valuations we are today. It's very likely in the future certain Cryptos you see today on CMC in the top 20 will not even be around next year. Only the strongest survive. Bitcoin is also in real long term danger if lightning network fails to scale which I predict the chances of that happening are greater than 50%. Only time will time tell but I have placed my bets accordingly and not selling here I can tell you that much! Best!
Good thoughts. Which coins are you thinking in the top 20 may not be around a year from now? Also, if some in the top 20 are likely gone, what does that say for steem?
Steem is one of the most undervalued in the longterm since we have the largest community of users and growing network effects in Social Apps. The updates to Steem have been a little slower than I hoped for but overall w/ the release of HF #20, SMTs, Communities. Steem blockchain is solidifying itself to be the base layer of many social blockchain transactions. What Steem is achieving is a true community owned social network that has many benefits compared to centralized systems. The money is the first and obvious benefit. None of the centralized systems pay out content creators directly and the money they do generate is very small. Then the censorship problem - Alex Jones, my friend @crypt0 and many more are getting thrown off Facebook without reason. Anyone that's critical of the system deleted. Personally, I've had banning and censorship in Reddit without any reason. I am Investor/Entrepreneur so it's my nature to point of both positive and the negative to improve things. For example, if you go on r/bitcoin and make critical comment about the routing problem with Lightning Network or for God's sake mention a raise of the blocksize. You will immediately be banned! So we have a system of centralized Social Media that's broken. Steem with the upgrades and growth of the platform is positioning itself for hyper growth. At least with Steem your account will always be there, on the blockchain forever. No one can take that away from you like what Facebook is doing to people.
That is true on many levels, though regarding steem and censorship, if you upset the wrong people there is the possibility that they downvote you to the point where anything you post on steemit is not visible in any way, which in a way could be considered censorship.
Irregardless, there are many positives here. Like you I have been disappointed with the slow and lack of development here. I feel steem had a huge head start that was their competitive advantage that they have mostly squandered, though not completely.
Communities and SMTs could certainly turn things around on here and make steem one of the best coins around. It's up to the developers to actually get those things done.
Yes, Steem had a huge head start but if the these major releases come out will still be way ahead of the heard.
I agree with you there. Just have to start executing now.
At least we have a hard date now that will be fulfilled. No doubt the Smt's, communities and the HF #20 will make a tremendous difference. I confident by early next year the Crypto markets will have recovered. To much adoption and news is happening. Going through the bear market of 2014 there's was hardly anything going on. Only ETH ICO and Overstock accepting Bitcoin for payments. Everyday I am blown away at the pace developments happening in the Crypto space. Just getting a recovery to the normal would bring Steem back to $4+. With more growth much higher Steem. The key is getting apps and SMTs on Steem. Dtube is a great example of adding value to Steem.
If you think this is a tough time - it is absolutelly clear you have not been prepared to hold cryptos. Cryptos is not for everybody.
Ha! Oh I have been prepared. I don't think I specifically said "this is a tough time", but anytime you have an asset class go from $900 billion to $190 billion in 7 months, it could easily be classified as "a tough time".
That being said, prices could still go a lot lower from here on a lot of coins and just holding across the board is a good way to lose all your money.
For sure some coins are going away, they never deserved these valuations in the first place, the problem is that it isn't abundantly clear which ones will survive and which ones will never recover.
It was more than a bubble; it’s been a Bubble Bath 🛀 😩😖😩
I think you mean blood bath!
Yep!
It's a necessary evil that unfortunately affects true believers in blockchain products. Most altcoins are inherently tied/pegged to ETH or BTC, so as we flush out garbage/scam projects, so too will ETH and BTC suffer. It's the nature of the market. The larger question at hand, is how will the crypto space react post-cryto purge. Will altcoins rebound? Will new sub-par projects emerge (and people invest in them)? Ethereum and Bitcoin are 'too big to fail' at this point, and truly pose value-add solutions. At some point, believers and supporters will buy back in. Nothing you can do other than ride the wave, move your coins to tether (or some other stable coin), or panic and sell everything (not suggested).
Great comment. I couldn't have said it any better myself. That is likely what is causing the selling right now in my opinion. Much of the money raised via ICOs was in BTC or Ether and they are experiencing FOLA (fear of losing all) and having no money to build their projects. So, they sell it all while they can, helping crash the markets.
True, and a truly vicious cycle if scam-coins continue to appear. As much as I fear regulations, something needs to be put in place to improve market stabilization and give credibility to the crypto space as a whole.
I agree 100%. There needs to be a higher barrier to entry for this market if we want to stop scams. It costing so much money to get a company listed on a public stock exchange is one of the big barriers to entry for scams on stock exchanges.
Where did you think the money was going from the sell off? Into tether, ETH, BTC, stable coins - which explains in large measure the choppy price movements these couple days, as sellers try to find somewhere to ride out the panic. It's not left the crypto market.
This whole debacle did reveal one interesting thing -- it appears Ethereum has truly started to decouple from bitcoin. That said, I think money from the selloff was either exchanged for Tether, moved to a 'money market' placeholder via a custodian (Coinbase), or withdrawn completely. It certainly wasn't re-invested...yet.
I think very little of it was withdrawn completely. The market cap if you include tether isn't down as much as a crash out and withdrawal would come to. So it must be in money markets.
Same thing happens in every emerging market. It happened with IBM compatible computers, when home computers were coming in. It happened in the emerging Internet Market and it will happen here.
It's just part of the process and I don't know if I would call it greed or opportunity chasing, this cycle will repeat and likely soon.
Yes some coins will die, but you are right that coins with a real use case will probably win eventually, but there is still plenty of time to flush out the real winners.
That is a good point, the difference between greed and opportunity chaser is often very little. I guess my greed comment was mostly targeted at people developing coins for the sake of developing coins. Not really solving any problem or creating anything of value. Just creating money out of thin air. Though again, some might argue those were just "opportunity chasers".
Ohhhh....No,No,No. The bubble has not even begun popping. Bitcoin is still trading at $6k. LOL!
I completely agree with this. Steemit is one of the most successful blockchain projects if you look at daily active users and the amount of used dApps like Dlive and Dtube.
Ethereum's dApps barely have any users after hundreds of millions in funds and years in development. It's and embarrassment. Just look at the numbers on https://dappradar.com/
Oh the bubble has begun popping for sure. Regardless of your thoughts on bitcoin, $900 billion to $190 billion surely represents a popping of a bubble.
That being said, bitcoin could go lower for sure.
Though, if I had to place any bets at this point I think bitcoin has the best chance of any coin of losing the least amount from current levels.
That's true but many dapps just launched on Etheruem. Ether is also used as a currency and store of value , which gives it a much higher value since every exchange trades it. Scaling is coming to Ethereum but it's taking longer than many had predicted but it's already happening with games especially off-chain. Still very smart to spread that risk out and diversify some.
Also many exchanges price in Bitcion AND Ether, which gives it use case. Of all the coins that are overvalued and overhyped, Ether would not be the first one I would point to.
Woow its really amazing way to grow your self with the lot of investment via steem.
In the future certain Cryptos you see in the top 20 will not even be around next year. Bitcoin is also in real long term in furture. Nodoubt.
You can certainly buy cheaper steem now than you could at any time within the last 18 months.
I’m looking at the resistance at $5500 for BTC before I jump back in, really want to up my stake coz I’m in it for the long game! I agree greed and the promice of quick money has seen weak hands dump plenty of liquidity into the market and the real crypto peeps will take advantage
By "$5,500 resistance", do you mean you think prices will find support at $5,500?
Yes, that's what I think. But if it falls under $5,500 then wow I have no idea how far this thing could go down, it's a big psychological milestone could just see a ripple effect should it dip below it. This crypto think is really for the strong at heart
I think $5k is a good psychological point. I would be surprised to see it trade much below that level.
What I've learnt in the last few weeks is that you either need to trade in coins you don't mind holding, or when you are speculating you need to set a stop order to limit your losses. Don't get emotionally attached to a losing alt-coin. You can always sell it on a rise and buy it back again later when it inevitably sinks.
Yes, trading and investing are two very different things. In both cases though you likely need to set a point at which you will get out. That could be a price level, a deadline, a news event, or anything in between. If you are willing to go down with the ship, make sure that is established at the beginning so that you only are putting money in that you can afford to lose.
I used Bitcoin buying hosting same
Not sure what you are saying here...