Happy Crypto Massacre Day!
Lots of blood pooling up on the markets today as bitcoin has been repeatedly stabbed again and again. As we all are aware, when Bitcoin crashes - It takes down the entire market across the board.
Yup... That is sure bleeding out bad.
Then again, this is really nothing new. The recent explosive bull run that lasted the past few months had to come to an end, I mean - nothing just goes straight up without taking a break to make a correction.
Then again, we got Korea making Bitcoin headlines with potentially banning Bitcoin? Oh yeah, and China banning the Bitcoin too....
Yeah, I don't take this crap news seriously anymore. How many times have we heard this crap already? 2, 3, 4? Is this the 10th time a country wants to ban Bitcoins?
And how many have actually succeeded in a ban? How many times does the market crash and then rebound higher?
Anyways, these are the questions I ask... So this news is just Fake Market Manipulation in my opinion.
But you can make you own decisions. Here is couple articles to induce panic if that is what your looking for:
https://nypost.com/2018/01/16/bitcoin-price-skids-after-south-korea-suggests-crackdown/
https://www.wsj.com/articles/uproar-as-south-korea-plans-cryptocurrency-crackdown-1516010494
https://techcrunch.com/2018/01/16/bitcoin-crypto-crashed-hard-part-deux/
Although many bitcoin fanatics are only happy when the markets are moving up, this guy over here is actually happy this correction has taken place.
Am I crazy? Well maybe, depends who you ask... But, my reasoning is based on a longer time frame and it is simple.
#1 - I want bitcoin to make me rich!
#2 - I don't have enough Bitcoin to make me rich
Basically, I would like a nice correction and the markets to tank. Take a damn break.... We already made it to the moon, why do we need to reach mars right away. Seriously Bitcoin, hang out for awhile, enjoy the scenery!
Plus, it's not like anything is actually dying... Just a few months back bitcoin was under $5k and only a year ago bitcoin broke the $1k mark. That is still 10-11x higher valuation!
Altcoins have done even better than bitcoin - some reaching 100x+ this year alone... Even with the correction, 100x is unreal!
Bottom Line
Bitcoin is fine - no need to panic
I'm not advocating buying; catching falling knifes has been something I gave up along time ago. Although, the most profit can be made if you possess the skill of actually catching the knife at the right moment... I tend to get cut-up.
So instead, I just like watching the markets bleed out all over the streets until that moment when things start to stagnate and everyone starts screaming "DEATH".
My cryptocurrency trading strategy is highly dependent on the markets over-reacting as It seems it Always does.
- Sell once there is a spike and everyone starts screaming "MOON"
- Buy after the crash when everyone is screaming "DEATH"
What is your strategy?
Do you take this as an opportunity to buy?
Or will you follow the crowd and exit at a bottom?
~Keep on - Steemin' on~
@generation.easy
Bitcoin & Silver Fanatic
I've bought over $1,000 worth today and I'll be buying more later in the week. I feel bad for all the people who went into debt to buy at the top and are now panic selling.
One thing I keep reminding myself, I'm still well in the green on most of the coins I've bought in the past six months. I'm not trading any coins I already hold, I'm buying new ones with fiat.
I do the same
Cant really feel too bad for someone taking debt to buy something that just went 600% in 3 months...
But, i have a friend who bought a $17k when I told him to buy for the last 3 years.
What do ya do? Eh.
Cryptos have to gain some sort of stability to be taken seriously and useful to anyone. They're just too volitile. Retailers want none of this, I have orders waiting to be processed from a couple days ago for silver and gold that that company has already lost money on. Wouldn't surprise me if they drop cryptos as payment now just like Steam did for video games after all of this. Hype has driven the prices to their heights and now we're warching panic take them down. Wouldn't surprise me if big firms and powerful groups with tons of $ are manipulating digital currencys now the way they've done with precious metals for decades. Glad the only money I have in them are what I've earned from blogging, I saw sbds hit $13 and i sold them and powered down my account a bit to buy gold and I'm so glad I did now! Ppl that watched as BTC hit near 20k a month ago and didn't realise some of their profits are dummies, how much profit is enuff? Greed blinds ppl, BTC going from 1k to 20k in a single year should have been a induction the bubble had to burst eventually and I'd say the majority of crypto investors are inexperienced investors that probably learned a costly lesson from last few days! We're not done yet, BTC could very well fall under 10k. It's a good awful currency anyways but ppl have been blinded by its gains. It should be obvious it's slow, mega costly to actually use and far behind other better cryptos. I hope for the best to all my friends here that have real $ into it, I hate seeing good ppl lose money but nothing goes up forever
Your in the same ship as me when it comes to crypto. Its the best ship to be in by the way...
"Earning crypto" - i dont invest ;)
Well. Actually i do invest but its all profit or free or blogging rewards or bounty rewards or mining payouts or staking payouts.
The money I personally put in has been cashed out years ago. Everything is profit/earned.
I spent my time with crypto finding those ways to get it without investing money... now it just falls from the sky.
I hate seeing people loose money, but then again, its part of investing. They had to of heard it was risky. When i got involved everyone told me it was a scam... so, we were all warned plenty in advance
Massacre does not explain what is going on today lol. Genocide and Annihilation sound more like it!
I’m just hoping this is not sign of our SBD party being near to a close.
Its getting brutal out there...
Im still used to bitcoin under $1k.
Im fine with $10k. I highly doubt it will retrace much lower
Wow, I’ve not check in a few hours. Interesting seeing some exchanges go below that 10k mark. RIP steem it was nice knowing you today. Maybe tomorrow you won’t feel so red in the face.
Yes, you missed the flash ether crash to $800!
Its crazy to think Eth is where bitcoin was only 1 short year ago...
Shit I have a lost CEX account with 1 eth and 1 litecoin i bought for less than $4... lol, i should probably try contacting support one of these days ;)
You should do that sooner then later. They have a habit of "eating" your alt coins due to "wallet maintenance fees" and "other" things.
I would like to see the technology succeed first and foremost, and become established. If then my investment proves sound, cool. But believing in the technology is surely what we all want to see in the long term. This volatility will burn out at some point..surely?
Yes that is true. Bitcoin has become more established in the years since i became involved. Ive watched it grow up, probably why im not too concerned.
Well said. Market manipulation and cyclic drop. Btc dropped in the second week of January every year for the past three or four years. And then it hits new highs. All good in the good. Buy if you can. I’m stuck on hodl.
Ha, the last 4 years.... i never realized that. Good catch!
I get that feeling this year will play out like last year... big move for btc around may.. altcoins follow in june.
Yes. Fortunes rise and fall on BTC still. Not across the board. But in broad strokes. March to May should bring smiles. It’s been a crazy year! Thanks for sharing.
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I just wish I had some more cash to invest right now, lots of great buying opportunities. It will all turn around long term and I just entered the market at the start of December and despite the crash I'm still up quite a bit.