Is there a difference with this crash versus previous?
The selloff slows down today. Today I wanted to look at the boom and bust cycles of Bitcoin, and if this recent one is really all that similar to ones we’ve had previously. On the face of it, there are a lot of similarities between $20k to $6k, -70% and $1200 to $200. -83%
Many people are quite certain Bitcoin will go up again as it always has in history. You remember that video about crash. And some people are saying the same negative things when Bitcoin crashed before. But is there a difference?
Let’s pick on this guy for a sec. Redditor for 7 weeks. In describing the differences. Was almost 700 billion lost? There is a huge value and volume difference this time. The change in value was mostly free money at that point. Now we are dealing with the masses putting crypto on a credit card daydreaming about lambos, that won't happen twice. And with new legislation, credit cards refusing service and whales influence on the market most people will stay clear.
This is a misunderstanding about how many people exactly got into cryptocurrency this year. Only 5 million wallets with 100 bucks in. That’s not a lot of people. If there are 7 and a half billion people in the world, 5 million equates 0.07% of the world. Does that sound like the masses to you?
Just because it recovered before, who cares? So did Enron, BOA, JC Penny, Sears, AOL and so on.... https://www.reddit.com/r/Bitcoin/comments/95pphs/the_dip_is_about_to_end/ Comparing Bitcoin to AOL. What? This is a lot like despair, which is great news. Where is that hope despair cycle pic? https://www.google.co.uk/search?q=hope+despair+cycle+bitcoin&rlz=1C1CHBF_en-GBGB727GB727&source=lnms&tbm=isch&sa=X&ved=0ahUKEwjq06Xr4d_cAhVJZVAKHUNZD3QQ_AUICygC&biw=1961&bih=923#imgrc=xLUVr-BT11nnEM:
Ok so I’ve seen prettier diagrams than this, but the bear market ends where the majority are in despair, and they’ve sold all the coins they have left to sell.
Now admittedly, the scale of the crash is way higher than previous. Looking at the all time high for the marketcap as $827 billion, theoretically lost $604 billion of real value. That sounds very scary right. Except market caps don’t equate fully backed real dollars at all, not even close.
What else did he say. Credit Cards refusing service to those buying crypto. Yeah banks can block the accounts of customers doing this. Imagine being that afraid that you resort to that? Like I’ve heard of YouTubers getting outright banned for promoting their Twitch streams. Why would they do that, if they weren’t terrified of the competition? Is that not a good thing? Clearly they know something that maybe this guy doesn’t quite get. Does that not make you bullish?
Truthfully this bust cycle theoretically has more volume than any bust cycle before, but each one as you go back in time would say the same thing. Truthfully the biggest difference this time is that Bitcoin has more on ramps than ever before. ETF Approval or no. That’s what the biggest difference is.
Let me know your thoughts on this, what is different this time to previous crashes if anything. Ultimately, I think people are just too caught up in short term gains. Now todays episode is sponsored by Kick ICO. Not an actual ICO anymore, but another lesser known platform in the blockchain space that does have a working product and some upcoming traction.
A long time ago I made a review for this project, when I was just a fresh-faced boy in the community. Which wasn’t sponsored, I just thought they had a good idea and I like working products to invest in personally.
Since then they’ve had no marketing, seemingly no activity, and have been pretty much silent, despite maintaining a respectable market cap and some growth recently despite the many bears. Having been in contact with the team myself recently, they’ve informed me they’re aiming to switch things up in the immediate future, and likened their story to NEOs legacy.
NEO was a project that laid dormant for a long time, that kept working discreetly behind the scenes, but started doing some noticeable things that eventually got peoples attention like wildfire. They see quite a few similarities. So, what are Kick going to do. Well the CEO has announced a new white paper is coming. They’ve been a few job listings as well as hirings for new team members, and a revision of the platform is going to be launched within the next month or so.
There is also a token drop for Kick coin holders coming up. A side project known as U. Community, a digital identity system on the blockchain, they recently got added to a new big volume exchange, and are currently running a competition for people who trade at the highest commissions with Kick coin to win a share of the 2.5 million Kick coins in the prize fund.
Let me know what you guys think of Kick, feel free to check out my old non sponsored video for a review of the actual platform. Thank you for watching and I will see you again very soon. And I put the hoodie back on, ok?