Coinpocalypse: Is This The End of Cryptocurrencies?

in #cryptocurrency4 years ago (edited)

The selloff in cryptocurrencies continues today with bitcoin now falling below $2,000 to a low of $1,841 after hitting its all time high of $3,108.54 on June 11th, marking a 41% drop in the last five weeks.

And the total value of all cryptocurrencies dropping to near $60 billion, down from their all time high of $116 billion on June 20th marking a nearly 50% drop in the last month.

Those are big drops in just one month, but were to be expected after such a massive runup. In fact, we have been recommending to subscribers to take profits for the last month.

And there were massive profits!

Those who bought when we recommended buying bitcoin at $3 in 2011 made a 100,000% gain when bitcoin peaked over $3,000. And those who bought Ethereum at $2 in 2016 when we recommended it, made a 20,000% gain when Ethereum hit $400.

A pullback of about 50% in the cryptocurrencies here is very healthy… and very needed. Even at today’s levels, if you had bought a basket of all the cryptocurrencies a year ago, you’d still be up 400% in the last year.

And one year ago today, bitcoin was at $680. At $1,900 currently it is still up 180% in the last year.

A look at the all time chart for all cryptocurrencies shows that this is just a reasonable pullback after such a massive runup.

In fact, I have never been so bullish on cryptocurrencies.

I said numerous times in the last few months how shocked I was at how high many cryptos like Ethereum rose.

I was not expecting this kind of market interest in the cryptos this quickly. I was expecting it maybe a year from now, but not now.

And so this major move higher has shown the market interest and demand for cryptocurrencies. As I’ve said numerous times in the past, the cryptocurrency (r)evolution is the biggest thing to happen since the invention of the internet.

It changes absolutely everything. Bitcoin has already changed the world of money and banking. Ethereum has already changed how decentralized applications and smart contracts work. Steem has already changed social media. And we are JUST getting started!

For those who missed the massive runup in the last year you have just been given your second chance by the market!

Is this the bottom? Possibly. Although we could see a rebound and one more leg down before the next bull move. But, while I stopped recommending buying cryptocurrencies a month ago and advised subscribers to sell them… I am now thinking it has dropped enough to start wading back in.

I’ll advise subscribers to The Dollar Vigilante newsletter (subscribe here) exactly what to do in our next issue coming out this week. They should be very cashed up after taking profits at the peak and ready to reinvest at much lower levels!

And yesterday, I just told subscribers which cryptocurrency I think can overthrow Ethereum. It is trading below $2, just like Ethereum was when I recommended it last year, and I think it could surpass Ethereum in the next 1-2 years… which would mean at least a 5,000% gain from here.

You can get access to it immediately by subscribing now HERE.

And if you still don’t understand why cryptocurrencies are the biggest thing since the internet, check out my free four video webinar HERE. If you accept our offer at the end I’ll even personally send you your first $50 worth of bitcoin.

As well, this week I’ll be speaking in Las Vegas at Freedomfest. It is from July 19th to 22nd and I’ll be on a panel with my mentor, Doug Casey and others on Saturday as well as speaking on Saturday at 4:30pm on, “The Bloodless (r)Evolution: How Bitcoin Will Destroy Government And Central Banking.”

You can get a discount of $100 off registration by registering at Freedomfest.com with the discount code “VIGILANTE”.

You can see more here:

And, at 5:30pm, right after my speech, we’ll have a free and informal Dollar Vigilante meetup for anyone who’d like to drop by at the Beer Park bar at the top of the Paris Hotel.

I’ll look forward to seeing many of you there.

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DollarVigilante The Dollar Vigilante tweeted @ 17 Jul 2017 - 03:12 UTC

Coinpocalypse: Is This The End of Cryptocurrencies?
#Bitcoin #CryptoCurrency

steemit.com/cryptocurrency… / https://t.co/fWZHsRvLXF
https://t.co/r1cr4ucWmA

Disclaimer: I am just a bot trying to be helpful.

up vote me @zacly, thank you.

itl come back. it always does, too many people invested, too many different projects, too much money invested, time invested

I only have a bit of steem dollars left , should I buy steem now with it or wait !?

probably wait until the end of July to buy any Bitcoin, Ethereum or Steem. then spend all your money left and see any coin rising again to the moon in 2018

As we've seen in the last 12hrs after this article was posted big gains are being made again, leading us to think that the last week or so of 'coinpocalypse' is just a lot of red markers made from a natural correction due to a profit taking period by savy investors. Will this continue though or is the micro-bubble crash over for now.?? I would say buy now is still not a bad idea and you could always attempt a well executed short trade in the market if things still look bad for the value of your coins! Good luck!

there should be more articles like that^^
Bitcoin is doomed. Cryptos are broken. Coins are useless. all based on nothing but panic, so I can keep buying for cheap ;)

Hahahaha I'm with ya buddy :D

I think you don't even have to wait that long for the rise.

Thanks , I appreciate the advice ! 👍👍👍

hust my thoughts. wish i had that glass ball^^

haha ! Don't we all !! 🔮🔮🔮

Good plan, I am thinking along the same line ....

It is not the end, but the beginning, of cryptocurrencies.

Only thing you need to cling to in life is your crypto investment.

Crypto is done... lol

Hey @dollarvigilante, great work there!
You must have made a numerous millions in the past 1 year. People who would have listened to you last year would be reaping their sweet fruits of right decision.
Indeed with crypto industry having seen a correction of 50%, has given an opportunity to new entrant,so, like myself, to invest and make some money.
Do you think this is the right time for us to enter or should we wait for the next dip, as told in your post, and then invest.?
Thanks ✌️✌️ peace

If there ever was a time for crypto in the world it is now. 100 Billion dollars is chump change. Crypto WILL be worth over a trillion dollars. It will push on and continue to disrupt the current centralized systems in place.

This is just a healthy market correction allowing for new higher lows which builds the foundation for new higher highs.

I like to think Apple represents a good 20 year chart to reflect Bitcoin (and cryptos) future. Apple is almost at 1 Trillion dollars. Crypto can do it :-)

look at btc compared to gold.. i posted in another comment and on my blog here

I saw your comment and I agree to a point... Gold is a very old market.... bitcoin is am emerging market... Bitcoins chart used to reflect golds... still kinda does... except gold has flatlined for past 5 years

Sweet avatar, broseph.

bitcoin could flatline for a while too (doubt it though). But there is likely a fully regulated clearing house coming soon. So the futures market may affect BTC price and stability.

Be careful predicting bottoms.

Just the beginning!

Bitcoin is doing in 7 months what took gold 17 years (give or take 5000)

btcgold.png

Follow me here and on twitter for more crypto news, comments, memes, questions, and shittalking... https://twitter.com/bitchimlying

Following yoi for future questions.
Hope you do the same

It's almost time to start stackin those cryptos 💪🏼🙌🏼💯

This!

Thanks for the update!

@dollarviglante would you agree with Andreas Antonopoulos and Aaron Rodgers?

(Click on Aaron's nose!)

LET'S ALL RELAX

LOL nice post thanks... I am sitting in the Yogi position right now taking deep breathes

Deep breathe in. Hold! Exhale! Again!

@dollarvigilante
I'm sorry, but I am going to have to disagree with you when you say that Cryptocurrency is the biggest thing since the Internet. It's bigger. That was just emails, advertising, and video games. What we have here is the ability to destroy the fear-based, debt-based central banking system - break the Oil/PetroDollar system, and replace it with a Graphene/Crypto system that is far more transparent. All money-exchanging, or nearly all of it, will soon be done without the middle-man (banks) in the way. Cryptos are literally going to kill the banks, given enough time. Banksters will have to join up with cryptos, and be exposed to the blockchains' transparency - or they're going to get left behind. They never considered the possibility of the people creating such a durable currency out of virtual coins. When this thing catches fire, the world will never be the same. This is a time of radical change.

Cryptocurrencies will not come to an end unless the Globalist Bankster Elites decide to nuke the entire planet, end the internet, or otherwise completely assume the ability of mankind to choose freely, for himself.

This is a complete "no-brainer" - CRYPTO SALE !!! I bought some cryptos 2 weeks ago. Meh. I bought some more today - and I got over twice as many coins as I did the last time!!! Both times, all they wanted for it was a few lousy pieces of paper that will soon be worth a little bit more than toilet paper.

It seemed like a really good trade - completely lopsided in my favor. It's great! Why would anybody be selling the hottest things on the market. I know, the crypto markets seem very, very volatile. Who cares? They're a little bit down right now - but they'll be going back up - hard and fast. Wait for the U.S. Congress to try and pass a new budget this fall. It's going to be another round of chaos on Capitol Hill. The U.S. Debt will be front and center in everyones' mind. People will be looking for an alternative to the falling dollar - much more than they already are.

Nice post!

crypto is the biggest financial experiment since the stock market over 400 years ago.

Very trueful! Following! Thanks!

Don't look now, but Satoshi just reached out from the grave and hardforked Bitcoin.
https://steemit.com/bitcoin/@belerophon/the-ante-has-been-raised-bitcoin-cash-announces-aug-1-hard-fork

@dollarvigilante - I am a newcomer to the crypto scene but I have always observed 38% &50% pullbacks in other trading instruments like stocks and commodities after a massive bull run. As you correctly point out, the pullback is indeed natural and healthy. The pullback prepares the ground for further bull runs. Thank you for your guidance. Upvoted and followed you.

I am more into wildlife and travel (having stepped back from the rut of being a successful executive), I continued my observations today of nuggets of wisdom from wildlife and wrote a blog 'Dueling Duo - How impalas manage conflict' with my wildlife photos and musings with a twist. I request you to take a look at it when you have time. Your comments, would be an encouragement and incentive for me to make better blogs. Thanks

@dollarvigilante without subscribing to the paid newsletter, I think I know which Token Jeff believe might surpass Ethereum in 1 to 2 year. He gave all of us a hint by saying it was around 2 dollars, I may know what it is. Don't want to say unless Jeff says it's okay for me to say it.

What do you think it is @itskushsharma? So curious...

haha

Please share which coin is that.. lol

I think I know the answer also! But we will see! Many of them can grow as well the whole crypto market!

Crypto will grow every time, because it is future!

I'll believe it when Christ returns.

Speaking of which, I've settled on the name for my first go at a crypto-currency -- Christ Returns!

We may be 30 years or less away from his return

Based on your own literature... "No man knows." So, no man knows. ;-) Better ask a woman I guess.

I asked a woman and she said should was going to ask her father

I still think we hit 1000 before 3000, But hey I am massivly short BTC/USD so I am biased

not out of the question but i dont think 1000 would last long. Really all depends what happens this summer.

Agreed. I think the 1350-1150 range would be a great support level. Of course it would take a lot more panic in the market to push it that low and buying back might be difficult after the ride down.

See my blog post "Bitcoin Balls" i think there is lots of truth in what is said here on this reply string. I however peg the re-entry @ $1600.00. but i also give the year end prediction. As for the Steem as an option i think it is a good one. there is also a few other worth looking at.

Nah 1600 the most, sell volume weakening on a weekly and daily charts , good sign. Im very bulish on BTC, we may see Bitcoin at or close to 5k this year

Agreed

1600? Nope we are going lower to test the previous weekly high at 1350. Here is what I am seeing. https://www.tradingview.com/chart/BTCUSD/yX2h5PVG-Major-bearish-RSI-divergence-Plus-possible-H-S-Bitcoin/

I hope you are right, that would be a great price to buy back. Time will tell, for now its a waiting game.
Good analysis and thanks for replay

Great post i think this is the fomo people should be hyped about whe the price is dropping not when the price is skyrocketing i think even he hardfolk has contributed a great deal to the drop in price people with huge money and other regular bitcoin holders are also most likely pulling out at this point atleast those are my thoughts for now after august first thats when will see a clear picture of where we will be i the next few months in the cryptocurrency market.

massive runup in the last year

I have been asking everywhere about this - possibly this is the thread that has the right expertise?

What happens if BTC hard fork happens?
What happens if BTC Unlimited is born in August 2018?

Share your expertise please!

Chaos will happen...

I agree, however, Doesn't answer my question!

hi there don't you this move down will continue till the bitcoin upgrade is solved ....i think bicoin will move to as low as $150. then it will go to over $6000 in the next 8 months

That is interesting statement! What leads you to estimate to such low bitcoin value estimate first? Then 6000 is nice! I was thinking about it that way from history. But do not you think the scaling issue will not be solved soon? After August 15? Or in December latest? Your opinion? Thanks very much!

If bitcoin hits 150$ it will never recover, because there will be better alternatives. People is not stupid, just big ignorant morons.

This low prices where all predicted, so i hardly think its "the end" of cryptocurrency, its actually the barely beginning in my point of view...

Perfect timing to buy bitcoin, the price will probably be much lower.

Crypto is done

Hello everyone, first time here thanks to Mr. Berwick and dollar vigilante. Been putting my savings "off grid" since before the turn of the century which basically translates to silver stacking, lol. following dollarvigilantes advice for years, and just made the jump to crypto after what now seems like forever sitting on the sidelines, watching. Look forward to being a member of this community, and support any way that I can. I tend to be very good at holding back during manic/panic, only money i can afford to loose and to hold for the long haul. Being a very prudent buy and hold investor, I have to admit my greatest weakness would be profit taking since every penny i saved i hold on to like a collectible.
I look forward to the next few years, meeting my kind of people and learning as much as possible on the future of money. Perhaps i can humbly give some knowledge/insight in time also.

Every time i read the book the tortoise always wins the race!

Please watch this and share.

last night,I bought a lot steem and btc in bittrex.I believe that it will back soon with the high rate

Good call!

Don't be duped by the false advertising to buy into the Dollar Vigilante
Newsletter on the Crypto tip to replace Ethereium if you live in the USA. You can't buy into it if you have an American address. Don't be fooled.

I'm not saying it won't replace Ethereium, I am saying YOU CAN"T BUY IT if your an American!

I subscribed for the tip, I was deceived.

Hopefully they will give me my money back. I actually like the Dollar Vigilante.

Where there's a will,.....there's a way. Tor Browser is your friend. Etherdelta is too.
Thanks for the clue. I had my suspicions but now I know.

Nice article, it was a brutal pullback and across nearly everything which was a surprise to me. I was expecting Bitcoin to take the heat with all of the hard fork possibilities. Though perhaps a lot of people were so confused (it was rather difficult for non techies) that they just pulled their money out of everything. It was very interesting to see what the bottom was going to be because it was always going to be a buyback point. Never thought it would go this low, lots of cheap coins though and like you said an opportunity for those who felt they missed out to get in. Looks like things are recovering now but how much of the losses we will get back I am not so sure.

It's not the end of bitcoin or many other cryptos, just the way it goes with cryptos, high then low, high then low. Buy and hold, buy and hold!

I believe that this massive drop is only temporarily and people should not panic and sell off all there cryptocurrencies. After August 1st we should start seeing prices to increase and those who has hold their cryptocurrencies are the big winners. Always stay positive because this market has still huge potential and a brilliant future ahead.

you put out such great content. thank you for sharing this with us. i might not always agree with some of the stuff you say (who likes everything about someone anyway?) but these FACTS are important and keep me level headed about including crypto currency in my daily life. thank you.

hi,I voted you,back.me.

We are looking forward to it too :D

We hit 1760 on my exchange. Could go lower cuz of capitulation, but we've got buyers stepping in!

Lets see how long it takes before the media claims Bitcoin is done. THEN it will start going back up. ;-)

Definitely looking to buy in soon

#buybitcoins that's all I can think about since the last fed meeting

Jeff, Think the blockchain selloff could continue into the Bitcoin fork August 1. Then, I suspect as the Germany election approaches, Bitcoin will rise again as fear sets in on election results. At least that is the story I am telling and trading. Thanks for the deep insight and analysis in this space. Upvoted and resteeemed.

And here I am just started with cryptos, when everyone had their profit. Why am I always late. Now as a newcomer should I wait for bitcoin to go down or invest in it. How much should I invest that would be fruitful in upcoming years?

i think we are seeing the weak hands leave the market

I wish the weak hands would hurry their asses up!

HAHA

Not entirely true, maybe 50% is profit taking since thats what i had in mind as i started buying in at this moment in time. Other 50% is panic selling thats how ive made money in past years. I love the volatility of this market

I subscribed your channel. But before get through it I still need some time and knowledge to start to spend money that I'not doing with just a phone

@dollarvigilante time to cash out and invest in something real..... GOLD & SILVER!!!!

Very informative article and I definitely think it will turn around in time to many people involved and growing year on year . Thanks mike

The truth is nobody knows what is going to happen, gurus are seldom right, the fact someone predicted something was going to happen and it did is just coincidence, the person this time might be wrong, I'd give him a 50/50 chance perhaps we have luck and it turns around and goes sky high or on the other hand it completely flops, both scenarios are plausible, now should you invest? That is the tough question, my idea is if you feel optimistic and do have some money for investing just do it, but don't go all in, just invest what you think won't hurt so much if you lose.

Is this the bottom? Possibly. Although we could see a rebound and one more leg down before the next bull move.

How about this for hedging your bets haha.

We sure won't be able to say you were wrong!

I just tweeted this post. Thank you The Dollar Vigillante
https://twitter.com/nhskn_1/status/886823002741944321

nhskn_1 Neil Huskon tweeted @ 17 Jul 2017 - 05:40 UTC

Coinpocalypse: Is This The End of Cryptocurrencies? — Steemit

steemit.com/cryptocurrency… / https://t.co/DU1CPs72eP

Disclaimer: I am just a bot trying to be helpful.

These are exciting and crazy times!

Excellent read. Volatility is part of the game. I was holding onto my seat at the beginning of June waiting excitedly for BTC to crack 3K. But oh well...it didn't...but it sure as hell will :)

resteemed

Aptly put. But I think cryptocurrencies will still trade downward till this month ending. Normalcy may return September.

Yes... I'll hold my bitcoins as long as I can

Soo, money is flowing out of Gold and Silver and into the cryptocurrencies?

When the market cap of a youthful market like cryptocurrencies goes from 18 billion to 116 billion in few months, one should expect a major correction. No one knows how to judge the value of Bitcoin yet to a tee and that's normal. There isn't enough to base it on, but the fundamentals are that this will reach the sky and this temporary breather is much needed.
It also provides an incredible opportunity to buy right now. Will probably hit 1500-1600 before rallying again. :)

The title made my heart skipped a beat ;)

I think this is just the beginning! I'm very excited for WHEN (not IF)

Good to see some common sense commentary that reflects the maturing of this asset. Thanks @dollarvigilante. Time to take the hype down!

Thanks for the very useful information @dollarvigilante
don't forget to follow me @hattaarshavin

Nice post @dollarvigilante Just HOLD HOLD HODL !!!

Nice blog post, keep up the good work!!! My first day on steemit, so much to discover! Greets Cryptoinvestinfo

Short answer: No.

;)

Well explained!
It is time to go in
Also take a look on my post thank you!
https://steemit.com/money/@flyingcondor/let-us-shout-for-crytocurrency

Great post man ! Upvote & Follow you :)

I sold a bit later than I should, but still did ok, now I'm buying back in. Good advice and well said ,thanks,

Good call

Let it crash! When it went parabolic, I knew it couldn't continue at the same rate. I think its healthy that it pull back, at least 50%.

Just weak hands shaking XD

...

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You're on point with this blog here. I love the information you are providing and would love to share it with others. Thanks for the re-blog

It will come back, this shit is revolutionary, more and more people are and will continue to get into this space some people are just late to the party. Its had a nice correction now times for its next leg

Thank you information

YAWN.

yet another blanket post on how this is not the end for crypto.

Then let's switch topics. What is "synthetic biology" in one sentence, please?

Using existing or novel biological systems in new ways to solve problems; engineering with biology.

Basically GMO tech on steroids.
https://en.wikipedia.org/wiki/Synthetic_biology

Yikes, it's very interesting but I hope you don't go work for Old Nick, a.k.a., Monsanto!

Yikes to you maybe. The only real problem with GMOs today is they are being used by Monsanto to push their roundup-reddy crops so they can make money double dipping. GMOs are safe - spraying glyphosate is not.

There is some great research coming out of Monsanto but too bad most of it is wasted in search of profits.

I will avoid employment by that company like the plague.

Like cyborgs & Cylons from Battle Star Galactica, so say we all.
Like flying octopus Matrix robots on human juice.

Synthetic Biology is where you create life...using a computer

for me it sound like end of the world. someone plz save me....

giphy-downsized (14).gif

thanks for this post @dollarvigilante. thanks for sharing

I am new comer ! I have followed you, please follow back to me

how can this be the end we just started

resteemed!

@dollarvigilante Love your style, thanks for making this new world accessible to us lay people. Your youtube channel has helped me loads! Peace out!

“The Bloodless (r)Evolution: How Bitcoin Will Destroy Government And Central Banking.”

Have a good time in Las Vegas for Freedomfest with Doug Casey and others.

Gracias Jeff 😘

Maybe this could be a moment to invest.
What do you think guys?

Could be the bottom... could go lower. Maybe go in partly?

bitcoinflood Bitcoinflood.com tweeted @ 17 Jul 2017 - 03:17 UTC

Coinpocalypse: Is This The End of Cryptocurrencies? — Steemit

steemit.com/cryptocurrency… / https://t.co/HPYGVjdYDV

Disclaimer: I am just a bot trying to be helpful.

great article

Although I am ready for my crypto coins to take off, I am EXTREMELY grateful for this oportunity to be adding to my positions. As long as it lasts, I will be contributing and adding more. I love gold and silver as well and feel I am ready for that market to move also, but as long as it is cheap I will take as much as I can get :) Get the party started again!!! :)

today the cryptocurrencies is up

Good read & very insightful~~~

I have a very strong belief in bitcoin but with the fork coming, anything can happen. People should just remember to keep their coins in secured wallets in which they own their own private key, because third-party wallet services could malfunction or even disappear.

Great post dude, would love your feedback on my coinclub piece showing our trade action in the last 7 days. Cheers!
https://steemit.com/introduceyourself/@cryptocoinclub/my-first-crypto-coin-club-trade

Stay in faith people. This is all but in its infancy just like the beginning of the dot coms. Alot came at that point few though remained... Bitcoin and Ethereum will be just like Amazon and Microsoft changing the face of things. Exciting times...

Followed your tip to subscribers - already up significantly. If it matches ETH as you say it should - I will be a very happy and wealthy man!

Good article @dollarvigilante. Help me to resteem my article.

the end is near

More in depth research and explanation about the future of cryptocurrency and central banking can be found in Get Ready for a World Currency.

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