CRYPTO BLOODBATH

in cryptocurrency •  2 years ago 

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Last days Crypto market is dropping really hard and guys who do technical analyses (I'm not a fan of TA) say that if BTC support line of 8400$ is broken, we will revisit 6000$. Altcoins are dropping even more and if BTC really revisit 6000$ than we will see some incredibly cheap altcoins. Like every market, Crypto market has Ups and Downs and all this what is happening is normal.

What is not normal for me in this situation is human nature and how we behave when market is dropping.

When market is Up and prices of all coins are high, people regret why they didn't bought when prices were low. Now when we have low prices, almost everybody are afraid to buy.

For me, it is very hard to find real reason why people are selling their coins when market start dropping.
Only thing that is understandable is margin call but in my opinion you should never buy with borrowed money.

For example, EOS is at 5$ and STEEM is around 2$. It is really hard to find reason to sell this coins at this prices. STEEM already have important use case and Steemit is growing its users every month.

WHY would somebody SELL STEEM at 2$?

EOS is my favorite token and I believe that it will have huge usage. I don't wanna talk now about it's use case.There are lot of articles and videos about it, if somebody doesn't know what EOS will be used for.

My point again is, if you have invested in EOS than you probably know what will EOS be used for and how huge potential is in it.

If that is the case then again WHY would somebody SELL EOS at 5$?

Sometimes is really hard for me to understand human nature and behavior in market drops. On the other side, that is good for me and I will use this prices to buy more EOS and STEEM.

There is few more quality coins out there ( in my opinion 90% are shitcoins without any current or future use case) at good prices and if you believe in its potential, maybe this prices are good for you like current EOS and STEEM prices are good for me.

I would like to here your opinions about current crypto market situation.

This is not investment advice, if you wont to invest you should do your own research.

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I have only one advice during such messy days:

HODL

it is HODL

HAHAHAHA this is the greatest video ever made! HODL!!!

agree ahaha HODL to the MOOON!! HAHAHA

@doomsdaychassis - excellent vid! HODL the line... the Spartans will be the backstop for BTC. IMO volatility in the Cryptomarkets is increasing- just like volatility in the stock and bond markets in the US and world exchanges. It's really a supply and demand thing, although when some big traders sell it can move the market & that's what we are seeing I think.

hodl_the_line!.jpg

LOL

LMAO...nice one!

Hodl!!! Fino alla fine

Oh, man, I had a laugh : ))

That was awesome!

we are all in this together so we gotta HODL and resist the urge to panic sell.

video of the month

you spelled it wrong....it's spelled "HOLD"!!!

If you read as English then it’s wrong but some how it’s gets popular and people in crypto world always use term ‘hodl’ instead ‘hold’ that meant to be hold.

You are correct, and the full form of that word "HODL" is "Hold On Dear Life"!
Which essentially means buy and hold for longer period.

HODL isn't an abbreviation, it was a typo (for HOLD) that stuck as a meme in the early days (like "magic internet money").

Could have sworn it was HODL

No, he has it right. Hold is a very basic statement. Hold on For Dear Life is something very different.

In the crypto world it is spelled HODL !! It looks wrong but to crypto enthusiasts , its spelled right ! lol! 😊👍

In traditional asset ecosystem: you HOLD,
but this is next generation of assets, money, currency and next generation of Democracy as a whole. that's why you: HODL there!

Thanks, very good post !!!!

Awesome Work!

Keep it up!!!

@cryptoinvestinfo

What is your favorite Hardware Wallet?

Ledger Wallet protects your bitcoins

Only the LEDGER NANO-S. Don't even think of TREZOR

yeah keep up good work

Yer hodl and buy buy buy... do not sell..

lol its hodl meaning 'hold on for dear life' lol. but in answer to the post of why would people sell at a low price if people need the money now then they will sell some people dont have the luxury of holding invested money there are bills to pay lol! please upvote for visibility please thanks =]

  ·  2 years ago (edited)

Nice

It funny how people are eager to sell their entire life when btc is on a bull run because of FOMO but behave like a baby when the market is tanking out of FUD. In my own perspective people like these got into crypto selling their mortage or through bank loan. As any reasonable person would advice, "always use your personal money you can afford to lose into crypto investment", but believe it or not.
CRYPTO IS HERE TO STAY

Thanks for the great write up. You are totally correct about people's thinking they should have bought when it was lower and now they are scared to actually buy the dip. It's all because of the FUD. FUD caused the dip but keeps many from buying the dip even if they had planned or hoped to. The governmental FUD has caused many to sell and kept many from buying.

Thanks for the great write up. You are totally correct about people's thinking they should have bought when it was lower and now they are scared to actually buy the dip. It's all because of the FUD. FUD caused the dip but keeps many from buying the dip even if they had planned or hoped to. The governmental FUD has caused many to sell and kept many from buying.
![IMG_2123.JPG()

I do agree with you that there are some really good bargains in the alts right now. Steem especially is really cheap right now. It's a great time to buy if you are strong enough to not be scared of the FUD.

Follow us on Steemit! Feel free to try our arbitrage system at http://arbiswap.com

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thanks voting it!

blipwhat.jpeg

  ·  2 years ago (edited)

well at least we know the cause and effect and that it will end soon, after all they do not have an endless supply and the people to whom belonged those coins are hemorrhaGing from the thought that the guy is selling them off. Funny thought the same FUD as when the theft happened originally but now there's way more people involved and the market is incredibly resilient. The reality is that it could happen to any bank like in europe and the bank would have to shut down maybe go bankrupt if someone withdrew 3.75% of it's capital, but that didn't happen.

most people can't stomach the volatility of a market, that's why they sell, volatility is nothing for me since cryptocurrency is quite young and need some room of improvements. :)

its on a downtrend now for next few months

Maybe longer because of the ongoing Mt. Gox Bitcoin sale only a quarter of which is done.

It has been a many moons since bitcoin has hit the 200 dma twice in a short period of time, so more likely will be a slow recovery from here....FUD HODL.

Hold On for Dear Life

My thoughts exactly: HODL.

Some great points made here!

My thoughts are similar.............

Many newbies get involved and do not research coins before investing, seen so many crap coins get pumped and then many left holding bags at the top wondering where all the money went.

Please do your research and invest in coins based on road maps, team, pain it solves, coin supply etc.

Current coins way undervalued at the minute (In my opinion) include.....

QSP
AXP
TRAC
VEN
UTK
TNC
ACT
STEEM

Also regarding the continued drop we are seeing has a lot to do with this which I saw today from Alt Coins & Beyond..............

The Mt Gox lawyer/Trustee that is assigned to selling the Bitcoin per court order is doing it at the same time each day (most liquid time)....We're in this until he gets the amount he wants & seems to have a set amount for each day he's allowed to do.
He refuses to do off market selling/auction so as not to affect the Bitcoin price.
The fact that the market keeps trying to bounce back after such huge one time dumps is impressive (I day trade Bit so watching it 24/7 on my screen) but this could take us down a bit until he's done...It's good for the market to redistribute & lower the price but it's hard to watch & wait idle while this plays out...But at least we know what, when, how, etc.

It's going to be a while before another altcoin run. Bitcoin will rise first than Alts catch up cycle continues. Done this for year but ppl like to learn the hard way lol

Why does steem have to go through bitcoin? Why isnt there a service yet that allows people to buy steem directly?

Why would you create a super sonic fast, sophisticated blockchain

and then have its course be decided by a slow and old giant?

meme (10).jpg

ALTCOIN.gif

steem directly.jpg

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  ·  2 years ago (edited)

Would be nice if we could buy directly STEEM...

The most important thing here is to have aproper mindset. People who see crypto as a magic opportunity to become rich are in panic now. People who see it as a complex business that require a lot of work and expirience understand that losses are a vital part of it. Now is a good time to read more, get yourself educated on technology, marked conditions and etc.

Yes, I agree. I'm hearing calm voices and some are in panic mode.
A couple of saying that help me in the past.. "This too shall pass" and remember the famous words of Joe Dirt, "Keep On, Keepin' On". That's exactly what we should do. Better days ahead.

Every time I buy I'm prepared to hold. I'd like to sell some to make more to buy more, but I'm not there yet so I'm following the when people are scared, they run and this is where I get bargains. Also learning about all the back stories and social media that comes with this.

people sell steem at $2 because poloniex won't let them withdraw it, so the price there is in freefall and other exchanges follow

Never hold your tokens on the exchanges if they are not DEX.

Most of the people invested into alts during the highs are people margin trading their bitcoin and buying into alts. When bitcoin starts to drop, everyone must sell their alt coins to put back into bitcoin so that they don't get margin called. At the same time people are taking their money out of Bitcoin and into fiat or fiat-pegged assets. Alt coins almost always drop to a certain point because all that are left are the long term investors. This is why I think BTC and alts rise and fall simultaneously.

  ·  2 years ago (edited)

Or maybe because Trump and Kim Jong will be having a meeting and everyone is taking their money out of cryptos and into ammunition stocks? lol

That is why I have said that never buy with borrowed money and then there is no margin call...

use your spare money is the word but many dont heed to it that is why there is always panick sell when bitcoin drops. but am so holding

I agree partially however Alts are only cheap if you think prices will recover to Dec 17 levels. If they continue to fall this price could prove expensive.
I also like EOS and wo t be selling. I may revisit my total holdings of other coins though.

Good article

Thanks :-)

People are just scared now with regulation coming into play but that will take us to the next level

I am new to cryptocurrency, but I admit it makes me nervous. Every time I think I bought at the lowest price , it has been going even lower. I am glad to see that you have a positive outlook. I have not thought about EOS, but will look into it......Thanks for you post

I'm new, and sometimes I feel a little nervous but I take that time to take another look at what I'm holding make sure I'm where I want to be. I hold EOS, Steem, Ether and Bitcoin. A few other Alts. Definitely had FOMO at the beginning and lost money with stupid coins. BUT I have to have skin in the game to learn!

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Thanks 😁

Well done! :)

I warned about this almost 2 weeks ago and it was ignored by everyone.
"Is Crypto another Dot com bubble waiting to pop" is the title you can't vote on it as it is 15 days old as of today but you can still read it.

I likend the crypto bubble to the Dot com bubble of the 1990's the truth is as you stated morre and more ALT/SHIT coins are being made daily and people that have no idea of how crypto works, and what it is used for.
People are seeing big gains in BTC and thinking everything will keep going up well the truth of the matter is BTC and a few ofthers like ESO have a value because they are used and 99% of ALT coins have little to no value because they are either not needed as the gap is already covered or simply because they are scam coins to take advantage of peoples lack of knowlage and greed.

Feel free to keep selling your BTC STEEM ESO ETH and so on for 2 reasons

  1. I can then pick up some cheap coins and hold onto them for a few years and make a killing (yes years I brought my house 25 years ago for 35k now it's worth 175k.) hold if not for you then for your kids and grand kids

  2. SHIT Coins will seem less and less of an investment to people and they will start to vanish (also great for real crypto that has a use) with less ALT/SHIT coins real investers can invest without some Fly by night ICO making Y.A.C (Yet Another Crypto) thats only there to spur peoples greed and leach as much out of them as possible before the bubble pops.

What is ESO

Capture.JPG

Couldn't have said it better myself
media source https://www.quora.com/What-is-EOS-cryptocurrency

For peope that have been hit by the 100's of shit coin and made the mistake of buying them I say sell them while they have any value and move it into ETH BTC ESO STEEM.
I know most of you think well whats the point i can't aford 1 bit coin.

0.00011 right now is $1 and the price of BTC will not may will reach over $100k or more may take 1 years may even take 2 but that $1 or 0.00011 BTC will be worth over $10 and if the people in the know are right who think BTC could climb to over $1m then your 0.00011 is worth $100 all for thats from just $1 and a bit of waiting while your Y.A.C is worth less then the electros it's made from.

Damn i would have just posted my own but o well lol.

I follow the simple rule " Buy the fear and sell the greed" , Indeed I'm not a fan of TA and mostly make my trades depending upon the updates . Really market started moving down , may be we could see another blood bath , but the glad thing is that I could sell my Alts getting some profits in recent times . Whatever may be the game always crypto is the love , no panicking :)

That's a great philosophy, I like my TA just to find good buy ins and sells. but things just seem to work nicely when you see the market is up and you are in profit, look to sell, when the market is down, you are gonna want that cash spare to buy in. I follow a similar rule, If i am liking what I see, sell at resistance, if i see a bargain, buy at support.

There can't be much more to be had can there? I'm hoping it will settle down today and continue the same on the weekend like it usually does but what do I know?

So many people are in crypto for quick gains, without understanding the crypto. So weak hands. That's the reason.

Some ppl that got in very early may be taking some profits. Should run out of sellers eventually.

  ·  2 years ago (edited)

i dont think most of the Cryptos will reach the value they had in dec2017 again.....people have started losing interest again well most of people right now who are holding CryptoCurrencies right now are new people who have seen alot of growth in market and bought and after seeing whats happening right now this people are getting desperate for selling their Cryptos.

I really do not think the Crypto Market can be stable for at least next 4-5 months sad thing but i think thats exactly whats going to happen.

I am sure that only high quality cryptos will revisit previous highs and that is exactly what we need. To separate good and bad projects...

RESTEEMED | UPVOTED | FOLLOWED | THANK YOU

This is nothing new. We have been here before, numerous times. Just have patience because this is just fud and healthy consolidation. If you do not know what to do the best thing to do is "Do Nothing." just hold, put you phone away and enjoy the weekend. If you have the funds to add the this market the you should be all up in this mother...

My advice is to follow the surname of one of England's most cultured midfielders:

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Im old enough to have been working through 5 big corrections / crashes in the stock markets....The situation there was that there were older investors who understood what was going on...For me I kinda know what to look for and do...And I'm salivating to take advantage of it all....

Arbitrage, flights to quality, purchase of artificially undervalued coins, leveraging and riding the bounce backs, reverse correlations, and simple risk analysis... All things to do...

But the wild west of the Cryptocurrency has many many low income young investors in it who obly made money because a bubble boon. And they are going to lose their shirts this year. Because its going to be very volatile

Here's my thoughts chime in and let me know what you think of it please:
BTCvsUSD.jpg

followmesteampower.jpg

price of steem which is now really broke people heart

Congratulations cicbar. Hope you will reach soon.

I see this year as being bad for crypto.

I see all these posts.. bitcoin will hit 50k this year, blah blah blah.

Now we are in the third month of this year.. and prices have still fallen.

Last year we has a huge amount of new money coming into the crypto markets, from large investors - The Saudis for example.

For the price to continue to rise, we will need to see more investments.

Another problem i see is all these new altcoins.

While i do like altcoins.. i can see these new coins diluting the market. There is only so much money available to be invested.. so the more coins available the less amount of investment each coin will receive.

I agree, more money needs to come in. Volume seems low and it has been.

Thanks for the great write up. You are totally correct about people's thinking they should have bought when it was lower and now they are scared to actually buy the dip. It's all because of the FUD. FUD caused the dip but keeps many from buying the dip even if they had planned or hoped to. The governmental FUD has caused many to sell and kept many from buying.

If I also think the same as you, I'll follow you

People sell for various reasons. Currently my belief is there are three types of people selling. The biggest being the MtGox Bitcoin holders which want to liquidate no matter what. Next you have people who have too much of their money in crypto and due to upcoming bills need to get out soon. These people panic sell sometimes for valid reasons for instance maybe at sub $9k bitcoin prices they couldn’t pay taxes on last years profit. Finally you have the weak hands who see the first two people selling and lose their faith.

a forth type of people selling at dips: Those forseeing the dip to go further, and making their plan of selling now and buying latter at a more cheap price, a way of collecting some profit this way.

True, traders will always exist :)

The best (and for me only) technical analyse methode is creating trend lines as much as possible on the graphic chart.

This dip has been a tough one :( OH well, it will go back up!!

Добар текст @cicbar, било би лепо да га пошаљеш и на српском за онај део популације који не говори енглески.

Hvala :-) Nisam siguran koliko ljudi koji ne govori engleski koristi Steemit. Naravno da bih sve svoje tekstove pisao i na srpskom kad bi to imalo smisla ali ne znam koliko ljudi bi to čitalo i pod kojim tagom to da postavim. Ako imaš predlog, vrlo rado ću te poslušati...

  ·  2 years ago (edited)

Има их, не брини. Тренутно само на мојој листи има преко 150 људи:

https://steemit.com/bitcoin/@lighteye/bitkoin-rudarenje-shirom-sveta

а на следећој листи биће још десетак нових имена међу којима ће бити и твоје :)

I just bought some steem today. In a few months people will regret not buying

Agree. Did same...

Me too. Seemed crazy not too. I bought Ether cheap and turned it into steem. How would you two do it?

I bought litecoin at the atm with cash and turned it into steem and a little sbd too

Should I buy a little SBD with steem? You have a LITECOIN ATM?? Where do you live? I want one.

Yeah Calgary Canada litecoin and bitcoin its like 3 minute walk

OMG! My virtual assistant lives in Calgary and got me into this in the first place! I have to tell her she won't believe it. She's Indian, her husband is Canadian so they were living in Nepal where they have property but moved permanently back to Calgary, this will make her very happy. :)

I am not a fan of technical analyse either but must admit that TA has prevented my losses for a couple of times... TA works very good especially when the market is not so volatile.

You raise some interesting questions here.
I agree why people would sell steem at $2?
It could be that so many people who have bought into crypto just don't know the first thing about investing.
Before anyone sells their crypto they should ask themselves:
why is someone willing to buy my crypto at this moment in time and what do you think they aim to gain from buying my crypto?

Another reason for the bear market in crypto since the new year can be linked to some degree to the dumping of over $400 million worth of bitcoins on to the market by the bankruptcy trustee for Mt.Gox between December 2017 and February 2018.
The trustee has a further 165,000 bitcoins worth over a billion and BCH worth over $150 million to dispose of.
Not surprisingly, many crypto investors are accusing the trustee of just dumping the coins on to the market instead of looking at other ways raise money from them such as an auction.
I am concerned, like many people who had bitcoins stolen from their Mt.Gox accounts, that we will not be fully reimbursed for our losses.
The bankruptcy proceedings have dragged on over 4 years with no sign of the much promised compensation.
You can read the trustee's recent report to the court in Tokyo here:
https://www.mtgox.com/img/pdf/20180307_report.pdf

Press reports on this are below:
https://www.trustnodes.com/2018/03/07/mt-gox-trustee-sold-half-billion-dollars-worth-bitcoin-bitcoin-cash

https://www.coindesk.com/mt-gox-trustee-sells-400-million-bitcoin-bitcoin-cash/

http://uk.businessinsider.com/bitcoin-price-traders-angry-over-mt-gox-trustees-bitcoin-sales-2018-3

https://www.bloomberg.com/news/articles/2018-03-08/bitcoin-s-latest-rub-is-overhang-ghost-from-mt-gox-bankruptcy

If trustee keep selling then we will have cheap coins for longer period but long term it is just small bump...

thanks for sharing my friend...

I am proud to be able to read every post your best 😊

thats the mistake all the newbies do, thats where we make our profits from. if i make a 50 dollars profit that means that 50 newbies lost a dollar each.

good point

EOS will explode to the upside once their mainnet launches and ico's start launching. In this myopic market, people are too scared to take advantage of the opportunity

People do not panic this is just a correction the market will not sink all the time and no the bubble is not bursting

A great post and an eye opener.

I think the quality coin will be deserved the amount of its worth. I also agree with your opinion regarding EOS. Because BTC is dropping now, the Altcoins follow the BTC's, but at the end, I expect that they will be de-coupling. If I have more money, then now I will invest! BUT I AM NOT and THIS IS ONLY MY OPINION. DO NOT FOLLOW, but FOLLOW YOURS.

Find your own voice, unleash the power within!

Human nature is is indeed a strange thing but I can imagine if you did buy steem way below the current prices you are tempting to take some profit while you stil can!

Agreed.

I cant even sell right now even if i want to cos my alt coins are really low. however i don't even want to sell. Rather positioning to buy more coins.. what i do in other to save myself from the heart drop is not to open my portfolio at all rather i keep checking coinmarketcap to know how low..lolzz

  ·  2 years ago Reveal Comment

If you believe in use case of token that you have invested then you have no problem at all...

I AGREE WITH YOU ,.,.,.,

HOLD! HOLD! HOLD! HOLD! HOLD! and BUY! BUY! BUY! BUY! BUY! BUY! BUY!

Just another day in the Crypto World I guess!

It's going to go back up so hodl

Well said. Thanks for sharing the thoughts.

Thanks a informasion

The market is a living breathing beast, there are millions of players now, all with their own game plan, some are veteran traders, some are FOMOers who bought in Decemeber 2017. Everyone has a different reason for buying or selling. A lot of people have limits on when they will sell, so they wont sell at 9k or 8k but when it gets to 7k they sell. Some people will never sell until their portfolio reaches a point where they can retire. People digest the news and FUD differently, so they act according the their perspectives. It's a crazy game.

makes you wonder

Keep spirit to bitcoin ...
Thank for sharing my freinds..
Good information

I wish I had money to buy in because it really is low and getting lower, but all I can do is hold and hope it goes back up big time soonish...

One must first decide if he wants to invest or he wants to trade. If you are trading then of course you will lose some times and win sometimes. but if you are invested only time will tell. So it is best not to start selling at every price fluctuation.
My feeling is that most everyone getting into Bitcoin and other cryptos should understand that the huge profits the early investors got will never be possible to replicate within the next 5 years even with the "infant" cryptos. This is only my opinion.

My thoughts are that a lot of people that don't understand the fundamentals of the underlying technolgy and those are the people that got burnt.

The people that invested over December are thinking to themselves that they want to put their tail between their legs and high tail it out of here...

The people that do understand the technology and how it benefits us are investing on the dips...

Agree. Some people follow technical analysis without thinking about tech behind coin and in crypto TA is still far away from correct... there is no TA if Mt.Gox start selling...

Definitely a combo of both this, and FUD or news. I think it's thinking about all things together. People have NO patience. It's been 3 months? Barely. I have a mutual fund from 2000. It's made 25% in 18 years.

Yeah exactly if he wanted to drop the other $1.9 Billion it could be some damage, but I don't think he will do that.

News Articles like this on CNN don't help the FUD:
https://www.ccn.com/people-selling-mtgox-bitcoins-discounted-rates/

In the long run, it is all about the technology and how it will improve our daily lives...

Because they feel like this

Haha true

For all the XVG (Verge) hodlers and lovers! We are in the buy zone to a expected 400% profit, very soon. Read my T.A, feedbacks are appreciated! XVG TO THE MOON!

https://steemit.com/cryptocurrency/@lucasfonseca/xvg-btc-ta-verge-is-forming-an-aggressive-9-perfect-time-to-buy-expect-400-profit

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I think that there might be a issue with the system when you have good posts that make .001 and mirror posts that make 400. The time invested to get to a higher profit for a new comer is way to slow. Only way I can see to have value is if you can get someone to give you 10000 power. Meanwhile the day one miners are powering down for profit..

Warren Buffet once said "Be greedy when others are fearful and be fearful when others are greedy" or in other words "Buy crypto at the dips and sell crypto at the aths"

dunno how long i can HODL if continue dropping :(

Give it a month before you do if you can.

I am sure the Currency is gonna rise soon