Are We Going Through The Bitcoin Bubble Burst?
It's 3 years that I've been full-time around cryptocurrencies more or less and in the time frame one thing is clear. Majority of users in this space barring a very small percentage are here not for the technology but only for the speculation. Frankly speculation is what brought me here but innovation by few projects made me stay.
Being able to trade-in a bit of your money to reap a larger share of it is a greater motivating factor for many to invest more than they can risk into this space. We're in a bear market, make no mistake and it's going to get worse before it will get any better.
These hard times have shown the resilience of just a few. Most people panicking in this space have no other resolve but to either stay put or exit at a loss. There's no quick fix in a market scenario like this. If you invested at the top, you can either exit at a loss or wait for the market to go beyond all time highs again and sell it there to recover your funds.
In the past year or so I've consolidated my portfolio from over 15 coins, to just a handful. I've stopped investing any funds into any new ICOs completely and i'm now only focussing on projects that are innovating in this space.
If you spend some time and cut through the noise you'll find very few such projects in this industry. But, fortunately for us Steemians, Steem blockchain is one of them and the other is probably Tauchain!
You can read more about Tauchain here! I've been hearing about Tauchain for a year now but I never found the time beyond Steemit to look at other projects until now.
Tonight I sat down with some reading material on it and it seems as though Tauchain might just be one of the most revolutionary blockchain projects to come our way. This is a project that I look forward to learning a lot more about in 2018.
I'll leave you to do your own due diligence. But Steem even with issues in its economics is probably one of the most if not the most used blockchain today. The on-chain transactions and token utility of STEEM on Steem blockchain exceeds everything else. I've been holding BTC and other tokens for a while and haven't found any real utility for them, except for STEEM.
BTC has been a good store of value but STEEM is so much more than just that. Unfortunately many new users don't consider the technology aspect in this space and as a result cryptocurrency prices are largely driven by hype and sentiments instead of fundamentals and objectivity.
I came across this video earlier today and it's interesting to hear the opinions of the interviewee. I recommend you to watch it and see it for yourself.
STEEM or BTC or AGORAS and any other serious project in this space is only going to benefit from investors taking a long term view. Short term speculation is probably going to seem like fun for a while before everything crashes down as it has in this year.
Sit tight, the ride is far from over. As for the bubble, in pure marketcap terms we haven't reached there yet but if you classify bubble as unrealistic expectation of a noob investor expecting massive overnight returns, we've surely burst that bubble one too many times already!
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Let's Watch This Fun Video From International Steem Meetup #1—Malaysia
- Why You Should Vote For @firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #39
I like your writing style. It’s a touch of personal experiences and insight with added value by mentioning Tauchain. I will definitely read up about them since you seem to have some years of experience under your belt.
I joined Steemit in Feb 2018 because I wanted to learn more about the crypto world without investing any fiat. As with all things in my life, I was late to the party for this scene as well.
I pulled the trigger to enter the crypto world when BTC dropped below $6k and caught it as it was climbing back to above that key price point. What I should have done was kept it simple and holdr my initial BTC investment. But because of the nice easy little bull run, I exchanged into BTC and ETH alt coin parings where I gained some and loss some. Then of course you know what happened these past couple of weeks.
I am trying to make sense of the drastic downward movement and all I can come up with is perhaps explained best with your post title. The hype on top of hype to the 10th power has dissipated and the huge gains of late 2017 are a distant memories to most people. Did people get tired waiting for their payday? Without the media assisting to boost the hype, people are taking their money elsewhere with their heads down and slumped body postures.
I just placed a stop loss yesterday and will re-evaluating my goals. The price of STEEM is so appealing right now but the sour taste in my mouth from the last two weeks are still vivid and I fear the current price point might not yet be the bottom.
I am open for catching small waves or 3-5% gains at this point, but how feasible is that in this bearish slump?
Anywho, enough rambling. Thanks for sharing your post. You broadened my thoughts and helped learned some new things.
I wish steem succeeds, but first mover is not always the winner
@firepower I think so we should say to others or gave some idea to hold digital crypto. May it will take its good time to be secure investment.
Mostly invester have huge amount have invested on it. And they are just waiting for time.......
I’m doing my best to maintain the long term view on here as it is really the only thing in crypto I’m refocused on now. I enjoy my time and talking with people on here enough that I haven’t been thinking about the financials either.
The utility possibility in the future alone should help maintain or raise the value Hopefully.
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Hey, who you callin' a bubble? Is this a bubble or normal volatility for crypto? If you'd have bought BTC this time last year, you'd be up 50% -- and if you'd bought in 2016, you'd be up 1,000%
We're long-term investors not traders. Swings -- even those lasting a few months -- shouldn't matter!
Are We Seeing a Cryptocurrency Bubble Burst
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FYI not sure if it's in the news...large US investment institutions have avoided cryptos while they worked on regulatory, legal, and logistical frameworks for entering. Much of that framework is complete, including custodial and insurance solutions. These aren't $100 million VCs or hedge funds looking for quick profits, but huge investment companies (billions of dollars) with a lot of capital and long-term outlook (many of whom already have exposure to riskier assets like foreign currencies and commodities). If they come into the market, the price will explode.
Not saying they will but they've put a lot of time and effort into creating a pathway for moving money into cryptos...it'd be a real surprise if they simply gave up.
What a great video. Once people realize Steem can actually be utilized it the price will go back up. I also believe that shaking out users who were just here for the money leaves more people on the platform focused on content.
As they say every cloud has a silver lining.
A few months back it cost me 0.00024 BTC/ 1 STEEM to buy a 500 SP sliding voting bar. My guess is that it would be close to the same exchange rate today. The crypto market has been fairly static in relation to one anothet. It is my suspicion that it is fiat being pumped and burned by the Fed. 😎
I AM ANGRY((
I loved STEEM. I THOUGHT THAT STEEM IS BETTER THAN BITCOIN because it grow better when bitcoin grows((
NOW I face that bitcoin should have stable growth to steem grow better and better.
Past eight years was really unexpected for Bitcoin and during these eight years Bitcoin many times gone up to 70-85% correction after touching ATH.
Once Bitcoin was $25 after touching ATH of at time $1235.
And same situation is here..
But no one can stop Bitcoin rather than end of internet and last piece of digital gadgets.
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Like a lot of people I too came here for speculative investment. It took me a few months to look through the fog and understand what tokenized money based on blockchain could actually do for me and people at large.
I wont deny the fact that I love any profits that I have made in crypto. Truthfully my dosen't come from investing in crypto as much it comes from reinvesting in crypto. I gained massively investing in November and cashing out in December and then reinvesting in January.
I don't really regret it because if I wouldn't have bought in Jan then I would have done so in Feb and so on.
What the woman said about recovery period for Amazon and Microsoft is very true. But I think in crypto, the ten years is a lifetime, whereas in stocks it is just one cycle. I think we will see recovery but much sooner than a stock cycle.... this is the time for buying and accumulating the dips :-)