In this bear market, pump and dump runs supreme: BCH, BTG, BTCD up!

So, BCH is getting another useless fork. Traders are excited not about progress on technology, but opportunity on pump and dump. Pro and smart traders have already bought BCH, and looking for the dumps when there will be no momentum left. Guess what it pulled up Bitcoin Gold and Bitcoin Diamond, useless fork of BTCs.

Who will be gainers and losers from this PnD. Shrewd traders who has already took position and probably pumped it first time. The noob traders who will lure into this pump and buy at the very end of the momentum lose it big. Either they will kept holding bags or leave cryptos by cursing brutality of the PnD. This is current state of crypto-market: no respect for fundamentals. We have seen DOGEcoin was pumped into rank 19. Now it is descending to its rightful place below 50.

In the meantime, Steem is ranked 6th Chinese Government's well research report, Steem had successful hardfork and Steemfest#3 is upcoming. There will be no pump and dump. Since Steem is not marketed aggressively such as TRON, Cardano or EOS, nobody notice this good news outside of Steem community. In fact, during last steemfest#2 there were lots of good news related to Steem, no pump or dump happened either.

Interestingly, cryptocurrency market is too far from a mature market. It is still a pump and dump game for pro-traders who came here to take profit sneezing the opportunity to fool the noob investors. It may take decades and dozens of exchanges such as Bakkt, ETFs to finally mature to a market. However, investing in Steem should be a long term prospect. Imagine, what could be rank for Steem in the Chinese Government report after SMT is released and 100s of DApps have their own SMT. Steem can easily rank one, it was two just behind ETH few months back. Along with WEISS report, this Chinese report, there are the future driver of the market. At some point, the real wallstreet and institutes will chip in and take stake in coins with strong fundamentals.

Until then it is a great time for buying Steem. Steem was depressed during last Steemfest#2, it is now. Who knows will it repeat? However, loading Steem at this cheap price does not heart since Steem has one of the strong fundamentals and highest prospects (e.g SMT, Oracle, Community).

Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions.

Cheers!

Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.

Thanks for reading.
@riseofth
Cryptominer since 2013, occasional trader and tech blogger