Bitcoin and other Cryptos in a Correction: Keep Calm and HODL
Bitcoin and most other cryptocurrencies are currently experiencing a correction. Many coins are off by 40% or more off their all time highs. If anyone is day trading this stuff, you're missing the point of what's really happening. Cryptocurrencies represent a several millennia transformation towards the abstraction of value.
As such, this trend is not just something that's been developing over night. The first signs of moving toward money as an abstraction were more than 400 years ago when some bankers suggested accepting paper notes for gold bars. This eventually became cash because gold was heavy and was less valuable as a medium of exchange.
Then about 50 years ago paper was being substituted for plastic and shortly thereafter, money in its electronic form with the advent of computing started taking over. Cash as a digital asset is now actually almost 50 years old.
Now money is beginning to morph into the most abstract layer of all: nationless cryptocurrencies backed by nothing. While this sounds bad to old timers, the reality is that the cash you've been using for decades hasn't been backed since the early 1970's in the USA.
Only about 1.5 billion of more than 7 billion people on this planet have full banking privileges. What do you think is going to happen when the other 5.5 billion people who work across borders find out that they no longer have to pay 15% transaction fee to send money back to relatives using Litecoin? Western Union and remittance services like it are about to go out of business.
(credit - Andreas Antonopoulos)
Also, as the rest of the world starts using their $1 phones with a Mycelium wallet in remote parts of Africa, etc, the USD will begin to fade in necessity as being the worlds reserve currency.
If you just recently got into this market, realize that 50% swings in value are quite normal. Everyone getting into the market would do better to just buy and hold because in the long run cryptocurrencies are going to cause infrastructure inversion to the banking system.
This technology is going to be around as long as there is an internet and technology and the fake scarcity model of living still holds. Once replicators can produce anything that is desired, your crypto holdings won't be worth anything, but at the same time you will also paradoxically have not lost anything either.
Donations (public bitcoin address):
3FwxQsa7gmQ7c1GXJyvDTqmT6CM3mMEgcv
I see the market on days like this and can’t adjust my bids fast enough. Make sure they’re set low when the market is in a down swing like this because as soon as Bitcoin takes off like it always does again, those really low bids aren’t low anymore - they’re hitting.
good buying opportunity
Allthough it depends on luck, really good investors know about it . They are making big profits in a short time but now i m thinking of buying cheap coins and sell them after 1-2 years.
The goal is to gain or hold the amount of BTC you have, only take profits if needed or get your original investments out.
I'm actually buying new altcoins at this moment.
Prices are 99% going back up soon, and I believe that this is great moment to invest some money.
Some of the coins I bought were like 2 times higher few days ago than now.
I'm just expecting for them to go back up.
HODL!
If I had some spare money, I'd be buying today!
I have lived thru this before working and living in SF in 90's for several dot com busts... it was more about becoming an instant millionare than learning and growing ...everyone thought they were a day trader and could do no wrong in what they invested in . Just like BlockChain the Internet was a disruptive technology. However, just like the Internet startup craze of the 90's , 90% of the cryptos will fail.
It wasn't until about 2012 or so in SF that Internet 2.0 took off ... almost 12 years later we started adopting and embracing a digital world.
If your invested because of the philosophical consequences of the potential of what cryptocurrency could be I believe you will be dissapointed. If your invested with a short term view looking to make a quick buck you will be disappointed...
If I were a betting man I believe it will be another 8-12 year play for mass adoption but I don't see it replacing Fiat currency. But in the meantime I would be doing my homework looking at :
Keep calm and get some Steem! Thanks for the post, all the best.
It was a very fluent vlog. I just found you. And after that I will be one of the most strict followers. I'm sure that. I wish I saw this video earlier. Maybe you will see my comment. Very good, sir.
Thanks for a very interesting post, and for introducing me to Andreas Antonopoulos.
Thanks for share. helpful post.