Good evening my sweet Steemicans, I will give an opinion why DigiByte didn't have the expected boom. Below this article is a link to the YouTube video I made.

False rumours

Minecraft was going to implement a payment system and it would be possible to pay with DigiByte. No sources whatsoever supported and confirmed this but the hypetrain was unstoppable (choochoo). DigiByte would also have a major conference and people were so hyped up about it. Rumours were spreading that Digibyte would easily double, maybe triple in price. Nobody wanted to miss out on that! And so everyone hopped on the bandwagon.

Market is highly volatile for either good or bad news

When the conference was over and when it became clear the high expectations weren't met and only a private server would support DigiByte as a payment the coin collapsed. DigiByte was shorted and sold heavily. The biggest example of a coin with halted growth, because of bad news spreading, is one of my favorite coins called Ripple (XRP). When the mainstream knew that a huge part of Ripple was held by the banks people suddenly panicked. Everyone got afraid and said no, we can't let the banks steal and control our money again! So everyone shorted and when panicks starts to spread a currency goes downhill really fast.

Don't believe everyone, not even professionals

The rules of economics are pretty straightforward. If a product or service is heavily in demand and good news is spreading, people want to buy it, increasing the value and price. When bad news is spreading and the coin is not in demand then the value or price will disappear and drop heavily. The most hateful thing that can occur is people with a huge follower base recommending the coins they own and marketing for it. Reason for this is simple, they want the hype to continue and the price to increase. They probably bought it at let's say 10 satoshi's and you will get on the hypetrain and buy it, for let's say 300 satoshi's. When the coin reaches an all time high of 350 satoshi's the one that recommended the coin and people that bought in low will stop being greedy and cash out. Maybe they will not sell all of their portfolio but the coin will drop and who will be left empty handed?

The show must go on

The algorithm, codes and system need to keep running or else the system will collapse. It needs to be maintained, hence why Proof of Stake and Proof of Work are very popular systems being implemented in currencies (XEM, bitbean, PIVX to name a few). It's a new kind of implementation to give everyone the change to support the network.

The banks don't own a monopoly

A monopoly is when a service or product is fully owned by a company and when there is no competition. A monopoly exists if you want to buy a certain product or service and you need to buy it from that company or else you will never have it. A great example would be Coca Cola if they were the only ones producing Cola. Or a pharmaceutical company selling the only medicine against let's say backpain or itchy toes. So the conclusion is that Ripple and the banks don't own a monopoly.

Not only cryptocurrencies are volatile

Stocks and every other investments are volatile and can be influenced by press releases. Samsung their explosive S7 Note made them lose $22 billion of market value over two days. The value of a stock or company can even decrease if personnel treat their customers badly. That's why the golden rule when investing in cryptocurrencies or stocks is to read the news and to do your research. The market can shift dramatically in or against your favor. You want to be on top of it and know the news before it hits the mainstream.

It's not too late

Everyone uses money, yet how many around you use cryptocurrencies? Even worse, how many around you are even aware it exists? Yes millionaires are already made but there are so many opportunities lying ahead of us that each and everyone participating now is a trendsetter for the coming ages. The market is new and this is the beginning of something wonderful. But in order to have some stability we are in need of instances regulating the in- and outflow of money. Do you think we can maintain and regulate the cryptocurrency market by ourselves? What is your opinion about this? Is it called greed to take all the power into our own hands or is it justified?

Spreading the love since 1988 <3

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