The Truth About The Latest Crypto Price Dip
On today’s episode of The Cryptoverse…
I have a theory as to why the crypto markets have taken yet another step down today, and I think it may have something to do with a decision by a federal judge about ICOs.
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●▬ Sources ▬▬▬▬▬▬▬▬▬▬▬▬▬▬●
Bloomgberg article:
https://www.bloomberg.com/news/articles/2018-09-11/u-s-judge-says-initial-coin-offering-covered-by-securities-law
Stats on Ethereum market share at 91%:
https://medium.com/@amincad/market-share-of-ethereum-based-tokens-grows-to-91-fdefadfd9f6e
My Truth About ICOs In 2019 and Beyond video:
The official court document:
https://drive.google.com/file/d/1c4TWAim7qf7QzBDriwSdiCe7O5iv30l0/view
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The courts are doing what they have to do with these cases of fraud. As a customer I welcome the fact that they are cracking down on these cases of clear fraud as they hurt the community and if nothing is done to stop them, they will continue to proliferate given how easy it is to use the Ethereum network for ICOs. We can say in the short term that Ethereum has become a victim to its own success.
I just hold because that's all I can do! It would be foolish to sell now. I'm in it to win it!!! I do wonder if John McAfee is feeling a little nervous right now? He did say he would eat his @#%*! if bitcoin does not reach 1M by 2020. 😁
He is never going to follow through with that claim anyway. I believe he will say anything to get press attention. He has done that for his whole career.
It has been an interesting year for sure. I think there has been a large drop of enthusiasm for the whole market in general that goes hand in hand with the price decline. The traditional markets keep going up - so there is less incentive to look for alternatives. The fall from all time highs burned a few, and made others wary of entering the market.
I have noticed a massive decrease in the number of comments and users on STEEM as the price continues to plummets, giving the whole platform a different feel lately.
I got on STEEM because of you - and found a group that made me want to stay!!
I use Steem because that's what a crypto content creator should do! Plus it's censorship resistant :)
Good video Chris.
I feel these days, there's a hypersensitivity in the crypto market. Just a rumor or rumblings of a regulatory threat to cryptos is enough to send the whole thing tumbling like a pack of cards. It's like everybody is hanging on every utterance of the SEC, what they might or might not do. This irrational fear proves to the regulators that the crypto market is easy to manipulate and control, authorities don't even need to legislate, all they need to do is to make some public comments and everything comes tumbling down. This also probably proves to them that it is not a good time to approve any ETFs either.
The lack of resilience in the crypto market is is getting tiresome, maybe its a sign that I'm capitulating :-) Last year, any FUD was quickly left for dust as the market shrugged off whatever negative news that was heaped upon it. Maybe that was because people believed back then that Bitcoin and cryptos are unstoppable? Do people not believe that anymore?
I just wish that the market could regain some of its former resilience and start acting once again like how cryptos are supposed to - sound money that is decentralized and most importantly - censorship resistant. People talk so much about how great institutional involvement is going to be for cryptos, seems it to me that the more institutional involvement there is, the more regulation that will follow, and then cryptos will just end up becoming more and more like the stock and commodity markets. If people want that, they can trade stocks and commodities, there's no need to get into cryptos.
In the long run, cryptos is only going to regain its resilience when people start believing in its unique qualities once more, so folks, let's start believing in it again and let's start soon.