Too Much Optimism Still in Crypto? Prices Heading Way Lower? - Let's Discuss
A common argument that I've seen a lot on social media, is that there's still far too much optimism and dumb money still around in the crypto space, signifying that the bear market could last much longer than what many people expect, and that prices might head way lower too.
I thought it would be worth discussing this line of reasoning, and sharing some of my thoughts on the matter. Let me know what you think!
DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make.
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pretty hard to say.....I was thinking btc would go down to 2500 but right now I don't know....is hard to say....we probably have seen the bottom....
Too long moving sideway....the bull run is close!
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I believe so, too many guys are still moon boys 😅🤣
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I think there are more pain, before the price will go back up again. Long winter 🥶 brother.
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I watched the video on YT, as always love your viewpoint and input.
Im not sure where we stand but I am praying we are at the end of the bears, and preparing as those we aren't.
Buying monthly. Looking for trades to make in the few coins I trust. Building my name and wallet on Steem.
Hope for the best, prepare for the worst.
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IMHO all this talk about "dumb money" and "smart money" is an attempt to explain / justify price movements after the fact. Crypto like any other asset class is governed by probabilities not certainties so going forward it might go up or it might go down. However what we can say if we analyse a simple metric like moving averages is that the long term trend is down. Until that trend reverses I think we will be stuck in a bear market.
TA is like reading smoke signals, oh it can work, because people interpret the signals similarly and act in unison.
For my money, fundamental analysis is the only way to play this game. I trust in fundamentals of the few projects i buy, and i wait.
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i'm loving this long accumulation phase
Dumb money is emotional. I think the ceaseless barrage of FUD from mainstream press and the year-long bear market that has provided crypto enthusiasts nothing but grief should've flushed out dumb money by now. I'm not saying we can't dip even lower for a short time but I think it is becoming increasingly obvious that we're looking at a rounded bottom in the grand scheme of things.
The developing world is in deep shit and completely without hope of developing an honest society to any degree without honesty being enforced at a protocol level which would have to be distributed consensus. My African and Latin American Steemian friends have informed me of a level of corruption in their countries that makes me think those countries are hopeless without radical solutions. I'm thoroughly disgusted by the likes of Roubini because he seems to fail to understand the power of distributed consensus to smash corruption which is the main thing allowing rich countries (increasingly China) to exploit and financially enslave most of the world. Roubini is either ignorant or corrupt. I'm talking about really radical stuff along the lines of what @stan (Stan Larrimer) is a proponent of. @cryptoandcoffee from South Africa has interesting stories about what the Chinese are up to in his home country and elsewhere. What I think is that there is no hope for the likes of SA without removing a single point of bribable failure (the government) from the picture. There is no trust or trustworthiness in Africa and many other places. It has to be replaced with a prosthetic and that prosthetic is distributed ledger technology.
The next big catalysts are the block reward halvenings in LTC and BTC!
LTC: 08 Aug 2019
BTC: 25 May 2020
The custody solutions should also draw in some of fresh capital, maybe.
Maybe is the key. If only we knew. In any case I'll be here, working and stacking.
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