Can we please STOP calling it a CRASH? This is NOT the Stock Market.
Per usual throughout my daily activities, I get into more than one conversation on the topic of crypto. Yesterday was no different. For the past week a lot of these conversations have revolved around the recent "crash" of the market. Yesterdays conversation finally cemented my belief that we need to stop calling these momentary dips "crashes" and instead call them what they really are.
Market Corrections.
The difference between the two, in my opinion, lies on the basis of market manipulation. It's obvious to see how government policy (or lack thereof, if it even made a difference) can have effects on stocks, bonds, funds, the housing market and so on. What we saw in 2008 here in the US was most definitely a Crash. A house of cards, which a few savvy people saw years prior, just waiting to fall. It was market manipulation by handing out mortgages to people who couldn't afford them. The banks, knowing most of these bad mortgages would default, didn't care because they knew the tax payers would bail them out.....and we did. Or I should say we had no say in the matter, it was essentially forced on the American people.
A Market Correction regarding cypto's is quite different. There is no government in charge. No interest rates to hold down or raise up confusing the market. No Great and Mysterious OZ behind the curtain pulling the strings. Market manipulation in crypto is extremely difficult, in regards to de-centralized crypto's anyway.
A Market Correction is simply some people taking their share of profits. I'm not going to pump out my chest all high and mighty and think that people shouldn't be able to cash out when they want, it's their money. But to call it a crash is akin to saying that a chair didn't have 4 legs to stand on to begin with. It did have four legs to begin with, some people are just cutting off bits of the legs making it shorter. But it doesn't take long though for people to build it back up even higher in the coming days.
If we want crypto to be accepted by the masses, I think it is imperative to use the right terminology when discussing the benefits of crypto. One of the main ones I see, is the lack of opportunity for market manipulation. Once we can convey that crypto is NOT a house of cards and can't be (unlike fiat), I believe we can win over hearts and minds (and wallets ;)) to join us on this once in a lifetime ride.
imgs from google
I am glad to be an early believer. No matter the 'turn', I am not shaken. Once I get in at the right time, I sit tight.
HOD'L my man. Seems like you got your feet planted in the crypto soil. Good on ya!
I love this. I've only been on Steemit a month and know nothing about Crypto but I think that's a great distinction to make crash vs. market correction. It also gives me confidence so thanks for that.
Awesome! So glad you are here and trying to learn. I am happy you gained some confidence in this marketplace by reading this. Steem on!
@gillianpearce Just checked out your page! Glad to see you have been a very active content creator. I, however, did not see an "introduceyourself" post. You mentioned in one post that you planned on writing one. Those posts usually payout pretty well and the "introduceyourself" tag can create a lot of new followers. Some people don't necessarily like talking about themselves. Not saying that is the case, but I feel it would be a benefit to you to write one :)
Steem On!!!
Ha! I love it. Reminds me of a saying my great-grandma used to say (regarding fiat anyway) "Money is just paper, even pigs won't eat it".
"If we want crypto to be accepted by the masses, I think it is imperative to use the right terminology when discussing the benefits of crypto" great thought.
Thanks so much!
You make a very good point here. I agree it's way too early to be talking about a crash. We are at values that were celebrated a few months ago or even less. It will be a crash if values fall to what they were at least a year or a few ago. But people like panicking, it's a simpler narrative.
Sure, some value has been lost and people have lost money, but only if they have sold their assets too early.
Well said and written. I do think, for a good majority, the crypto environment feels too volatile for them. (At least from a hand full of people I've talked to). Also, I feel, once the implementation of the application that crypto/blockchain will deliver will/can flip the world over like a pancake. I am blown away by the fact I am able to send thousands in cyrpto almost instantaneous (ok, might take 5 or so minutes), but it takes a minimum of three to five days to transfer funds from one of my bank accounts to the other. This is slow and irritating.
Thanks so much for your reply!
Absolutely, no doubt about it. I don't watch TV much anymore since we cut cable, and I haven't watched MSM news for years. But the times I hear/see it at a friends or something, anytime they talk about crypto it is a FUD shit storm. "BTC is down **% today, it's crashing!", while not mentioning it just hit an ATH gaining over ****% the prior week. So much misinformation going around it's no surprise those not in our loop would shy away.
It aint even a crash by market standards, A crash usually sets the market a few years behind in market cap. Instead, it just set it up about a month behind.
Even more reason to use the term Market Correction :)