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RE: Bitcoin gives back the $10 000 mark ... Time to get long?
Well said. Like you, I'm very bullish in the long term and I'm still waiting for the right signal to pour in my fiat. However, this dip is very mind shattering for those people who impulsively invested in because of the recent hype. I bet there are a lot of people put in their money without even researching about cryptos. And these are also the people who have lost faith and is losing faith because of this "crash". They are now scrambling to sell thinking that they will lose more if they hold on. Though I pity them, I guess one man's loss is another man's fortune.
That makes a lot of sense. The media always reports on bitcoin so sensationally. When it goes up in value they all talk about the millionaires, and when it goes down they act like we are all doomed. Not sure if it's because the media doesn't want altcoins to do well or if it is because they genuinely just don't know what the heck they are doing. I do also pity the people who only hear these stories and go in guns blazing, only to panic sell. On the other hand, it does reward those of us who do research.
Exactly! My theory in this is that the mass media spreads FUD because they are controlled by the government and central bank. As you know, most (if not all) cryptocurrencies are decentralized. Meaning, no one control these coins. And what do banks and government want? That is to control everything. Creating a system which cannot be controlled by the banks or governments and is FREE create conflicts with these organizations. Banks and government want a piece of commission from everything (in the form of taxes and fees). That is one reason why I think that media spreads FUD. FUD confuses the people so that they stop using cryptocurrencies and return to using banks so that they keep a portion of your wealth. Another reason I am thinking of is that this is for the benefit of the few. What I mean by that is those in higher position in banks and governments also invest in cryptocurrencies. What I think they do is they spread FUD so that the value of cryptos will fall, then they buy. After some time, the value will go up, and then they sell. The cycle will repeat and just use your imagination how much money they make by doing this scheme. So I wish people don't immediately believe in FUD, do their own research, make their stand firm, and eventually they will earn what is due to them.