I've been in crypto since...
This is something that is heard a lot lately and it is what is called an appeal to accomplishment and leads into an appeal to authority. Make sense? Very basically it is someone saying I know what I am talking abut because I have done it a long time which makes me an authority on this. There is nothing really wrong with this if there is supporting evidence presented that qualifies the speaker as an authority.
How often does evidence get presented in crypto?
TL:DR
- False appeals to authority
- The game is changing
- Having patience is important
- The banking industry are not stupid
- They play a very long game
- Don't become complacent
This is the issue though as some people are actually both experienced and successful yet, they are often the ones not to advertise it.
There is another problem here also as time in doesn't mean skill in and if they really were so skillful throughout that time, they would have plenty more powered up here, just because they can. If you have been successful in Bitcoin since 2010, swimming with the largest whales here is pocket change. Well, perhaps people's definition of 'success' varies a great deal.
But, there is another factor that I find interesting and that is the ability (or lack of ability) to adapt to the changing marketplace. From the early days of Bitcoin, there have been massive changes in the way things work and there are always more coming. Those who learned to operate early but haven't learned to change their behaviours are likely going to run into some issues in time.
People also seem to think that if someone doesn't have time in, they are going to struggle but, this is again a fallacy as developing experience or the skills to be successful do not necessarily require to be in the marketplace a all. This is something that I think the cryptosphere does not grant the banking systems. Too many seem to think that the banks 'won't be able to do this' when in actual fact, they made this game and they have been playing it in a myriad fields for hundreds of years.
I always find it interesting when people who say they are not affected by the FUD being spread are constantly buying into and repeating the FUD. If you think the banks don't know what they are playing at, you have bought in to their play.
One thing that crypto people are terrible at is having patience as the market demands fast turn arounds on big dips and speedy climbs. It becomes a habitual process. What we see in the dips at Steemit is an indicator of how fast people get impatient and how quickly they lose their nerves and rage quit or demand this and that. Banks must love watching the squirming as people struggle to hold on as they watch the dip continue to dip and finally release the hand. How many times in history have the banks played this game before?
What people call a long hold in crypto is the equivalent of day trading in terms of the bank positions. They don't care about these daily ups and down as they are looking for years of growth and are willing to drive prices downwards for years if needs be. They are patient and for them it is just a waiting game to buy dips, drive a recovery and then cause more dips. And the current volumes and prices are tiny, insignificant amounts for them.
What some people seem to think provides protection from the banks is the technology itself as the banks do not know enough about the intricacies of blockchains and their capabilities. At least when it comes to market behaviours, they don't need to know details as it is driven by sentiment and they are the masters of game theory and manipulation of masses.
Do you think you can outplay them?
Who knows, perhaps some of us can outplay them, but people need to be a little bit more frosty and a little less complacent when it comes to their evaluations of the 'new players' in the market as it is quite possible that from day one, they already have your measure.
For those who have been in crypto all this time and have not managed to become very large whales have you recognised why? Did you hold or did you release your hand thinking you had a good deal? The banks never release their hand, they rent it out and put the masses in debt and then do you know what that makes them?
The authorities. And, they can prove it.
Taraz
[ a Steemit original ]
Banking have been around since the crusades . They have survived world wars , plagues , natural distastes and discoveries of new countries . They have their hands in all the conflicts , revolutions and governments . They give us the permission to go to collage , buy a house , car and even get a credit card .
We swim in a man made pond of their creation . An illusion of their making . The big boy are playing and we pick up the scraps as work . They are allowing cryptocurrency and can shut it down at their will . Crypto is just another game for them to play and were are so insignificant that we don't matter to them .
When the big boys decide to move all the charts , data and graphs are meaningless .
they financed them , according to records ,they financed them . no record indicates that they started any of the world wars .
From what I have understood, Banks will still have the upper hand when it comes to controlling and manipulating the market as they hold the funds and the knowledge to control the game for the no matter how long it will take. on the other side people are not that strong specially those who believe in crypto and can hold for long time. is that mean crypto need authorities that are as strong and experienced as banks to survive?
I think it is going to take some maturity on the crypto side to realise that they are not as smart as they think. Blockchain tech has the chance to do a lot of good in this world so hopefully no one screws it up.
The market uncertainty will eventually leave only mature crypto believers in the game, who are unfortunately a small portion of the market. The only way out is to focus on promoting the concept of blockchain and what potential it has rather than it's financial application and the profits that can be made out of it.
Just like people will say i have been on steemit since 2016 and i know all the tools and methods of earning much . . . but then when you check their SP, it is not up 50. It is all about patience, hardwork and concentration. Great post man.
We change the game but we should never forget that as we change the game, our game will also be changed. It's the cycle of disruption, even the disruptors get disrupted. Some are smart enough to disrupt themselves.
Continual self-revolution, at least in mind.
Sometimes the cryptocurrency market would make you lose your cool but like you said, the banks have been playing this game for centuries. They are old hands at hodling, they invented hodling and hoarding and hugging and of course suffocating funds.
Whatever cryptocurrency investors think they know about the manipulation of money, they know it better. The blockchain industry is just another stock portfolio for them. They will rip through it when they are good and ready.
The blockchain technology on its own cannot save your finances, if you cannot be patient and outwait banks and big business. For they are in cryptocurrency trading already; even more than advertised. Banks have fronted many a shadowy enterprise so they are skilled hands at working from behind the scenes.
Patience, knowledge and hard work would definitely help one along. Also if the blockchain technology is introduced in more varied applications it will go a long way to cementing its relevance in world affairs and in the process build people's trust.
Things that should be remembered well.
There is a good chance that the banks and governments quietly support the crypto market since in the long run it will become a regulated and taxed system. Your success is measured by what you did today and not by what you did yesterday. Thank you for sharing
Great article, it is naive to think that banks don't have anything to do with crypto.
Conspiracy theory alert :
Maybe small banks don't have nothing with crypto, but the people and organizations that are standing behind big banks are playing with us. They gave us crypto world by that I mean they gave us a toy to play with. A world where "small people" can win a lottery ticket by buying a couple of coins. The more we think we are safe, the more control they get.
There are plenty of signs that point to several conspiracies but essentially blockchain is a tool that can track us all and we are the ones happily developing our future chains.
They say the two emotions that dominate behavior in trading is fear and greed.
When things are up nobody wants to sell because they think they're going to make more money.
When things are looking grim people's first instinct is to sell and count their losses.
The key to success is first and foremost to learn not to be greedy or fearful. Emotions shouldn't impact any of your investment decisions
If you think crypto is a good investment in January, and nothing has substantially changed for the worse, then it is still a good investment
This is something people don't seem to get. As of yet, not much has changed but price. It happened in 2008 as well where company stocks plummeted but, their day to day operations were the same. Many small traders sold, many large bought.
But then I can play devil's advocate, and refer a story of a company that I was invested in around 5 years ago, in the field of biomedical science.
They had a product that was far superior to anything else out there, that improves the accuracy of blood tests etc
They had a number of partnerships, proof of concepts, etc, and the feasibility of the tech never got debunked.
Stock price went from 2 cents, to 10, to 15 and touched 30 at one point. All on the hope that they'd sign a big deal with a multinational.
I bought in early. Held as it went up, fluctuated quite heavily, and when it touched 30 cents I hesitantly sold around 3/4 of my holdings. I needed the money, but I held on to that last 25% because I figures that they'd hit $5 or $10 one day.
The closing price on Friday was 1.4 cents.
The technology has still never been disproven. They have even found ways to apply it to other areas. Glues, batteries...
But their partnerships all came to nothing. Their POCs came and went and nobody signed on the dotted line.
Management made a couple of bad moves and the price went crashing down from the longer term median of 8-10 cents.
So HODLing doesn't always pay off, even if the tech is superior..
Let's hope crypto is one of those times it does..
Personally I think the only thing one should learn from being in crypto for long is that anything can happen. The shittiest technology can remain, but in the end it seems that those that have the best technology survive. It still remains to see if they win or not in the long run.
What I've noticed is that anyone entering the cryptospace probably has a better chance of finding the next big thing, but has a worse chance of finding those that will last long. The reason is probably that emotions drive crypto and the chances are that if you as a beginner like some idea, others will also. The more techsavy people will find the ones with true potential, but those coins might take years to surface, because they aren't emotionally charged. And then it comes down to patience.
It is all very emotional, even with the decisions made on what is the best technology as it is built on an assumption of what will be required in the future. Some will guess right, some not. Fun times :)
I want one sheet only 😁
I don't even know what that means.
Funny. Must be lost in translation.