Earlier today i was watching a video by BitLord. You might not know this but BitLord predicted that Bitcoin was going to rise up when it was in the four thousands.
He predicted that it would break $5000 and it did . In fact, it just broke $6000 not long ago and is sitting right around $6100.
Despite this nearly all of the alt coins are down. In his current video he states that we really should not be comparing the alt coins to Bitcoin using satoshis, but instead should simply be comparing the price to USD.
Therefore he says the price of the alt coins is not down nearly as far as one would think since they should be compared to USD in the same way that Bitcoin is compared to USD.
Although that does make sense I am not necessarily saying that you should do that. Personally I've been quite depressed at the price of the alt coins. There are some alt coins that I entered into at a very high price like XVG. I remember buying some XVG at something like $0.26. Well that's fantastic since it's something like less than a cent at this point.
It's not my main holding though. My main holding is steem which is currently $0.30 and I'm not feeling good about that either. One of the reasons I'm not feeling good is because we have dropped significantly on coin market cap.
One of the reasons I'm not feeling good is because I still see some of the early adopters posting a picture of a pizza and saying this is what my wife and I had for dinner last night and being rewarded with $20.00 for doing absolutely no work. They are not advancing the platform in any way shape or form and they are exactly what the new guys talk about as being wrong.
There's no way to stop them as far as I can see because I for one certainly do not have the ability to take away more than about $0.15 from someone . Certainly not $15 and anyway i don't want to **** these people off.
The other thing that bothers is the idea of the MEOS platform coming out in a couple of weeks. Is it going to screw us up? Well they don't have the big community like we have but I also know that cryptocurrency breeds a fickle race of people. Quite a few of us are holding bags of EOS and I wouldn't be surprised if some people that have already built communities on discord simply ship them over to EOS assuming that in EOS works and works well.
That could screw up steem. But you know steem is not the only alt coin that I hold. I have got a handful and they're all looking like garbage.
Of course I'm talking about stuff like XRP, XVG, cardano, yes i have some EOS. I could rundown a list of coins most of which you probably would not recognize. The bottom of the list has a coin called app coin and I bought that son of a ***** at $3.70. It's currently selling for $0.06.
So I'm one of the people that is worried about alt coins. However, I do think that BitLord is right. So many people are expecting Bitcoin to continue to rise and they're causing it to rise by pulling money out of their coins.... that eventually they're going to notice the incredibly low price on coins and that's going to cause people to want to put money back into them.
I think we might have the alt coin rise up within the next few weeks. I certainly hope steem is on board and that is going to be somewhat dependent on what happens with MEOS. I can tell you this much... buying at these prices is a pretty good idea, but selling at these prices is absolutely stupid.
Having said that, it is possible we could go down more. Taking your steem and putting it into USD and then putting it back when it goes down is a possibility, but it is a possibility that could literally screw you in the end because you might not be able to find the bottom of that falling knife and it's possible we are already at the bottom.
We could be back to a dollar within a month.
I wouldn't try that myself if I were you.
So I guess that's all i have to say. The alt coin season could be upon us soon.
Let's hope so.