Bitcoin, BCash, EOS & Dash All Hit Hard: Fasten Your SeatBelts - Crypto Airways Is Experiencing Turbulence.
Intense drops in price for Bitcoin, Bitcoin Cash and EOS will have left some with gloomy faces today - but Steem held it's own and it is likely that we will see some of the drop being countered by rises today, with opportunity to buy at relatively low prices being irresistible to many.
I recently wrote on how Bitcoin was possibly due for a rapid drop following a more mainstream exposure of it's failings in both a technical sense and apparently also in the plan for it's destiny and personally sold my Bitcoin and exchanged for Bitcoin cash. Very shortly after that Bitcoin started to plummet and Bitcoin Cash went on the rise. Unfortunately for me, a few hours later, Coinbase - one of the largest crypto exchanges, ran into either a major error in it's new launch of support for Bitcoin Cash or possibly got caught up in insider-trading or worse. The price of Bitcoin Cash doubled on their exchange unexpectedly, leaving them forced to stop trading it - this, combined with the drop in price of Bitcoin appears to have made many panic sell their Bitcoin Cash, meaning that my well timed transition turned into significant losses anyway.
- Bitcoin dropped from around $20,000USD to $13,000USD in 5 days.
- Bitcoin Cash rocketed up to $4000USD, only to then drop back to $2300USD the next day.
Amazingly, EOS - The new system/token from the creator of Steem/Steemit Dan Larimer took a massive nosedive in the early hours (GMT).
- EOS fell from around $9 to $3, only to then quickly return back to $8+ - giving a few well timed buyers an immediate profit of almost 200%!
While this turbulence on the high seas of crypto has continued all around, Steem has mostly, just like it's H2O equivalent in the world of physics, risen above the rest to resist the huge drops, only being hit by around a 20% drop from it's recent high in the last few days.
- Steem currently sits at a relative high of around $2.79
Dash also took a big hit from a fast high of around $1500, dropping down to around $900 - now sitting on around $1100.
Outcome?
This is not financial advice and I am not a financial adviser.
In my opinion, EOS and Steem will continue to ride high and this recent price issue was only a temporary glitch for them. The reason is that they are technically superior solution as compared to Bitcoin and other coins. I used Dash to transfer some value yesterday for the first time and it too, like Bitcoin, was subject to a long delay, which in this case cost me dearly due to the price dropping during the transaction. Steem and EOS are far faster and so as a method of exchange are vastly superior to most alternatives - it just seems that this has not fully been understood by many of those outside of the tech industry yet.
As for Bitcoin, it could go anywhere - but I personally (after listening to the recent interview with one of the Core developers for Bitcoin cash) would like to think that Bitcoin Cash will thrive, while Bitcoin Core will not. The list of reasons for this are quite long and complex, but you can check out my recent post on that here.
Wishing you well,
Ura Soul
View My Witness Application Here
How slow was it? I'm surprised to hear this actually...
I haven't used Bitcoin to transfer for a long time and I heard the delays there can be very long. Dash took about 15 minutes yesterday, which was enough to lose me a few hundred dollars!
Have you used #coinbase @ura-soul?
No, not yet.
Excellent commentary @Ura-Soul, especially on EOS + Steem...
@originalworks
I'll put my neck "on the chopping block" and say that Bitcoin has double bottomed and is now headed higher, same is True for Litecoin...
Again, Well Done @Ura-Soul !!
Cheers !!
Thanks! We shall see! :)
The @OriginalWorks bot has determined this post by @ura-soul to be original material and upvoted it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
If I had seen this price crash coming I would have sold some of my coins early this week, right now I don't know if the prices will ever go back to where they were before the fall.
I suspect some will return - the general interest in them is intense and these situations just show us how 'uninvested' many investors are in the short term.
Thanks, wish you an eventful 2018.
thats a nice analysis ura-soul ! thanks for this ! To be expeceted these readjustments after the heavy buying we have been seeing ! You might be right I think on Bitcoin ! I may well offload it myself and Im looking actually at Monero as I think the anonymous utility in the surely coming government attack on Bitcoin holders will make it very interesting I think for many seeking refuge !
You are welcome - as all-ways! I am gradually learning more about all the different options - I don't yet know exactly how Monero offers improved anonymity - it's on my list of topics to learn about.
Crypto trading requires fast transactions. Bitcoin has a lot bandwagon jumpers recently but when they see the insane fees to sell it they are going to less enthusiastic. Steem on the on the other hand is instant and no fees. It's better than bitcoin in every way. Too bad it's only us who realizes it
I agree, yes - I will be making educational videos on this when I have time. :)
I fail to see what the problem is; I got in at about $1.68 earlier this month and I love it here. I think the tendency to lump all crypto currencies together will also change once people understand the difference. Just like fiat currency, there is no reason that the Dollar would follow the Ruble down the hole should that happen. I think people shouldn't be so greedy; the real reason for bubbles and crashes is because even currency becomes a commodity rather than a means of exchange. Greetings!
Greetings! Part of the issue is that there are people here who have posted regularly for over a year and put a lot of work into building up Steem and it's profile - many (including me) have been forced to sell Steem at $0.70-ish to pay to keep living and keep building steem.. It's great when the price goes higher since we can realise a more healthy return on our investment into the system - but when it drops again, there can be a sense of loss for sure.
I agree that greediness is a problem and ultimately I'd prefer a world without any money at all.
In some Countries they only look at what it's worth on Jan 1st to calculate taxes, in that case a December crash and a February recovery could be a good thing. I've lived through a few bubbles and my biggest loss was the Housing crisis. My neighbor went bankrupt and the bank foreclosed her House; as a consequence my House went from $265,000 to $135,000 overnight. But wait, ..I paid my mortgage, so why do I have to take a hit? It's not the money that is the problem; it's the people manipulating it. Well, it looks like SBD is at $2.61 again. I hope it will head back toward $3.
I fully agree and did the same with Bitcoin, but everything except bankers Ripple dropped hard today - you know those days when you have to remind yourself that you win some and lose some, and yesterdays Maserati got repossessed today :) No worries though, it's all a game.
I will be looking more into Ripple as it is the main one I have seen that matches Steem for speed and is backed by large corporations etc.
It's not one to support because of it's backing - but the masses will think differently, most likely. It would be wise to promote steem now before ripple takes hold.
And before Bitcoin takes hold
excellent post but Bitcoin is the best coin to buy and hold.
Yeah man all of the cryptocurrency are going to far...
Wow nice, please vote me. @ura-suol