What the hell is going on in crypto land - a novice viewpoint
Even though I have not been in the market long it is hard not to notice the huge shift in the markets. BTC and BCC have become the only game in town and the rest of the alt coins have taken a beating. What is going on?
When I started a few months back it appeared that all the alt coins were tightly linked to the rise and fall of the Big Daddy of Bitcoin. You could see it in the charts, most of the major Alt coins following almost exactly the graphs for bit coin. Then recently the whole market appeared to detach and fall away while Bitcoin and Bitcoin Cash have started to climb rapidly.
My take on this is simple although probably naive, I am interested in any feedback to see if I am on the right track :)
For me it appears people have seen the various Bitcoin forks and the new currencies that has resulting in. That couple with the fact you end up holding the same in the main and sub forks means it is a great chance to make money. My personal take is that the up coming fork has cause people to move all their positions in alt coins into Bitcoin ahead of the fork driven by greed of a fast profit.
Some people have started to wake up to this and the alt market has started to bounce as people profit take on the Bitcoin gains. This has become visible with the rapid pace of Bitcoin gains slowing and a start of a bounce in the alt market.
Personally I believe post fork will be a shit show and Bitcoin will take a huge correction as people try and take profit as quickly as possible. The parabolic growth over the past year can't continue without some form of correction. When this happens people will bail back into the alt markets and they will see rapid growth as the money moves.
Personally I have moved out of Bitcoin into Bitcoin Cash but if Ethereum breaks $300 I will move half my position back into that currency.
So what do people think? Am I reading this right?
Woz
It is as simple as you say indeed
Looks like it is coming true already. I bailed from Bitcoin Cash at the top and moved back into Alt. I think the correction is just starting
I think people are holding most of their cryptocurrency as bitcoin because of the forks. After the dust settles, they'll buy altcoins again. I will.....
Yep, It really is looking that way. It might even be happening now as BTC really has stalled for the past 10 hours and from looking at other posts with tech analysis it should have hit a breakout point now crossed the resistance lines.
I'd also say it's rather evident and I think you should move back to BTC before the fork. It will peak at the fork and then break. I'd play this exact game.
Head off for the UK day of fork. Not sure as when will have access to trading until home. Could make some during it but given the situation just avoid the whole mess and enjoy my holiday... and Chernobyl :)
Be sure to check steemit next week, I'll post a cool video.
Spoiler: I've written a Turing complete smart contract on NEO. A Turing machine interpreter that comes with an extendable and decentralized program library.
Don't tell before I'll release :)
PS: It's in C#!
hi, please take a look https://steemit.com/steemit/@votebank/attention-antention-this-is-a-new-service-called-microupvote
They're offering people the less-functional, less-original version of Bitcoin for more than 10x the price of the working one. I think we're living in a time where markets are testing the extraordinary stupidity of investors, no one know how long the charades can continue, and I personally believe BCC (``BCH") is the right move.
I have moved out all bitcoin related at the moment. Will let the dust settle :)
It sounds like the 2x fork will be ugly. No consensus yet and if equal share of the hash rate both will move real slow for 2000+ blocks. Fees will get ugly as people try and bail.