RE: What Are You Most Afraid Of In The World Of Cryptocurrencies?
Bitcoin is dying and its dragging the entire market down with it. The markets are literally joined at the hip with BTC, and when BTC falls because people have realized how slow and unreliable it is, the larger market ( the new money, people who have been in the game for less than 5 months) panics as they believe that bitcoin IS the market, and if bitcoin fails, then everything else does. This is part of the issue when people like Warren Buffett go on record saying that "Bitcoin is a bubble and will burst" That part is true, for the most part, not many people are willing to pay $36 for a transaction, especially one that takes an hour or more to confirm, and even more so when the developers make little attempt to fix the BTC network -
But when everyday people hear things like this is causes a massive amount of irrational fear...coupled with news from South Korea which was false, as well as news from traditional outlets that claim the market and Bitcoin are constantly dying. We risk going into a free fall in prices within the next few weeks if people don't stop spreading false information. The market dropped by 30% just on false news and an assumption that Korea MIGHT POSSIBLY COULD BE MAYBE be banned from the markets. What would happen if over a 3 day period Fox News and CNN falsely reported that "Bitcoin" was going to be banned in the US, without any proper sources to back it up? The market would implode all based on a rumour. This is why its VERY important to not follow false channels, or people looking to hype coins, its causing the market to expand in a direction that it shouldnt be going, which is the hype, pump, dump and the market is burning scenarios. This has a lasting effect on the human mind, and we'll pay for it eventually.
I don't necessarily agree. I don't think the price is dropping solely because those so-called banning news. Recall over the weekend, there was a rumor that came out about banning and then was quickly denied. If BTC had the momentum, it would have shot up past its previous resistance once the banning news was denied. Instead, it keeps on making lower and lower lows. It's just textbook type technical indicators flashing red signs.
See below. I have written a long comment as well. I think the futures market was done in purpose to snatch the pricing power from the exchanges to the banksters.
Yeah Bitcoin dying I can't agree at all laugh at this post love the way to the bank next week after buying the dip Bitcoin has just begun buddy
Of course the bubble will inevitably burst and destroy any projects without sufficient action behind their blockchain. This does likely mean the death of the most original coin chain software Bitcoin, people still know the blockchain is where the money is at, we will still attach value to digital assets in order to trade them in as free a market as has ever existed before.