Crypto Ramblings - Thoughts from the Ignorant

in bitcoin •  9 months ago

Looking at the charts for crypto values, it's hard not to be disillusioned.

I don't really understand how the market works from a psychological perspective. Assuming these sellers are not all bots or automated trading systems, people are making decisions to sell.

Who is selling at these prices? At what price did you buy that you're willing to sell when it's so low?

I've read enough conspiracy theories on how prices are controlled by people in power (people that hold a lot of bitcoin or eth or whatever) and are somehow driving the prices down so they can buy back at a lower rate. At some point they're going to buy back, right? At some point this will all go back up, right?

It's disappointing to see almost every coin in the space following bitcoin's path into the toilet, though. Even steem has tanked, just like every other coin. As decentralized as everything is, steem included, it's still led around by the nose by other markets.

I feel bad for people that have to live off steem or profits from crypto in general. I feel bad for people that bought into steem using their hard-earned fiat when steem prices were so much higher; they might've waited and bought in now when steem is trading at something like $1.25 and SBD near to a $1.

Obviously the market will bounce back (probably), but until then a lot of folks are probably making some bad decisions right now in desperation.

Image courtesy Pexels.

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Keep the faith. Buy lo sell high. The market is manipulated so dont let they get your coins.

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