Why CryptoCurrencies are Falling

in bitcoin •  2 years ago 

There is a huge drop in the market. The underlying technology hasn't changed and there isn't any substantial news to explain this. There are a lot of theories put forward to why Crypto is dropping. I'm going to add my own argument to the debate - I think cryptocurrencies are developing fast enough to meet the public demands.

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Thank you for sharing your thoughts.

steem7635.jpg
Question, relates to the discussion here. What do we think?
(hope this picture inclusion is not too big or otherwise obnoxious)

haha no, good luck getting from steem/SBD to fiat without using another coin.
I would say that SC, Storj is "fully functional" and ofc BTC. Has high fees but you can still use it at alot of places.

Hehe, the blue on purple background is making it hard for me to see the letters

But yes, Steem has real world use as we are using STEEM now.
It still gets affected by what affecting in the market. But hold on and it will be the first to rise

Thanks for consistently putting out good, useful content. I've been a fan of your videos since I discovered them on YouTube a few weeks ago. Keep up the great work!

Crypto currencies are still in their infancy so I agree it is too soon for mass adoption. Use in the business world will take the lead and use by the masses will only follow after. Once businesses have shown how successful blockchain technology it will be good advertisement for mass adoption of the technology.

At the moment cryptos still limited to a small section of the population and funds are exhausted because of the recent ICO fever. Many as a result are locked in until the project come on line. Many of these project will become active fairly soon by Q4 2017 or by Q2 2018. If these blockchain based companies prove themselves to be a hit then I would say that cryptos mania would really pick up again.

so many things coming late 2017 and next year, so i'm not concerned, but for now its definitely not ready.

I am looking forward this!

"Once businesses have shown how successful blockchain technology it will be good advertisement for mass adoption of the technology."
Agreed, but how do we know that the business world maybe create/use their own cryptocurrency instead of using ours?

We'll just have to wait and see. Blockchain technology can make them honest because there is a high level of transaparancy. A lot of the recent ICOs ride on top of the ethereum blockchain so in effect they are not cryptos per se, but tokens. To be able to use their platofrm you need to use their tokens. The success of the tokens depend on the success of the business. For example - FUN, PPT, VERI, SNT to name a few.

Very interesting and a good reality check. It actually made me think that it wouldn't surprise me if new solutions would be released as an 80% version into the market even if the tech is 100% developed, and release the other 20% in chuncks just to keep the market happy! PS I never knew where FUD stood for lol, thanks for clearing that up. Looking forward to your Segwit assessment. Keep it up!

And just to build on what you were saying, although I don't think we're at the point of mass adoption yet, there is clearly an influx of new players into the crypto space (myself included). And with anything that you start out new, you're just finding your bearings and might not feel too secure about the workings of the market. Couple that with a softening in the market, and it creates a "snowball" effect. It wouldn't surprise me (if only we had a way of tracking this) that there is next to an influx of funds already a bit of an "outflux" as well. It's similar to investors moving into gold when the risk increases in traditional stock markets, people would move back into USD or EUR or whatever their local currency is. Having said that, if I were to do that, I wouldn't necessarily take the funds out of an exchange. I would be sitting on the fence so to speak waiting for a bottom and it would not surprise me if we would get a snowball effect again - but then the other way back into the cryptos. I don't expect this until after the potential Bitcoin hard fork though. All imo of course, DYOR and all that ;).

The weekend is getting close, prepare for another fall but don't panic, just HODL!

Weekends are now terrible for cryptos. On the weekends I can't feel my face, but if we stay positive it will be "worth it" because a bull run is around the corner because "I feel it coming".. sorry couldn't help it.

How about these Daytraders and cryptobots?
There is huge market manipulation going on.
The daytraders and bots always win going up or down. They will always amplify whatever movement the chart is doing.

Fact is, the first big rally this year is over. Now everybody is scared of what happens in August.

But i think for sure when August passed... Whatever the outcome - The price will go up. We are seeing more and more mainstream applications for bitcoin.

For all the guys saying HODL HODL.
I reply NO. USE USE USE.
Bitcoin has no intrinisc value. The value is what you can do with it....
So give away your coins to friends for free and make them use it.
Get them infected with the bitcoin virus!
This way you will win in the long run, when the price explodes. Plus your friends will thank you on top.

sorry for the long post.
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live long an Bitcoin! ^o^
Lembach3D

Cryptos have had a HUUUUGE run-up - this pullback is healthy and necessary - quit whining and keep stacking Cryptos and Bullion!
Great info - upvoted and following!

2nd

Boxmining bro keep doing what you're doing! Really keen to be part of this community you mentioned last video you were thinking of creating.

I think cryptocurrencies are developing fast enough to meet the public demands.

I think you meant "aren't", right?

Good perspective. Thanks for sharing. Looking forward to more of you

Thanks a lot for your videos. With so many charlatans and coin pumpers in this cryptoworld, it is a pleasure to get trustworthy and unbiased information and knowledgeable opinions.

Keep up the good work!

Is because greed has exceeded the technology. Only the good projects shall remain.
GOLEM FOR LIFE!!

Lol hes only first because my phone died while watching

I agree that Bitcoin is not quite ready for prime time. Not sure how practical it is as an everyday common currency with the huge price fluctuations. However it is now and will continue to be fascinating!

Interesting take and I agree with you, the new money in the market has unrealistic expectations regarding crypto. Also most people came way too late to the party, bought overpriced coins and ICO paper tokens on hype as "investment" as the market was about to deflate.
The real problem in my opinion is: 1) ignorance of basic market principles like market cycles, trendlines etc. 2) YOLO YouTube "traders" offering investment advice and shilling overblown coins and tales of getting-rich quick.

Greed created this bubble, fear will deflate it and I'll be buying the dumb money's bags at the bottom you can count on it :)

Yes , too much money coming in too fast and investors expecting quick results does seem to cause the downtrend now. But once the developments do come in ,whatever coin we hold will rise

Crypto currencies can´t deliver, we had too high expectations and now we see the results of them going down.

Beautiful insight. I have been in crypto for only 4 months and did expect to much at first. Starting to calm down now. I will share this to my noob friends.

Yeah i completly agree, but i still think the BTC scaling problem is the main reason. I believe that this in a good way has broken the bull trend for a while.

Before its gone fully parabolic alot of alts was bubbeling and BTC was on it`s way and has now cool down.

Which Charlie Lee talk were you referring to? Something about technology enabling the recovery of a paper wallet if lost?

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Love your videos, originally watched you on youtube, but I'm glad I found you on steemit! I'm new to the game, but definitely gonna sit back and wait to see what happens from now till Aug 1st, then make my moves either right before or right after :\

You draw up a good point that I haven't seen any other Crypto channels bring up so far, which is that throwing money at projects does not make development faster.