Why ETH is going to crash sharply this week. Why I'm NOT buying Status, Skincoin and CIVIC.
Ethereum price is fueled by one thing. ICO's.
People need to accumulate ETH before each ICO and we've had lots of them in past months.
But now when you look at any ICO calendar there are only three big ICO's coming and all of them this week!.
First one is tomorrow's ICO of Status: https://blog.status.im
Then on Wednesday we have two ICO's, one is CIVIC and the other one is Skincoin.
Status is potentially huge and the hype is going through the roof.
CIVIC is also potentially a big bet with max cap of 36M USD like the BAT token.
Altogether they might soak up to 100M worth of ETH.
But then the calendars are empty! Only some minor shitcoins that look like a scam which appeared just few weeks ago to benefit from this market.
There will be no more demand for ETH because of ICO.
Tezos is coming on 1st of July but it's not ERC20 so most people will choose BTC as an investment.
And Ethereum blockchain is already bigger than BTC! Imagine what will happen to block size and fees when all that ICO's will actually start working on top of ETH and making transactions! Or maybe they wont hahah.
My strategy is wait till people accumulate ETH for Status, CIVIC and Skincoin and dump my ETH on 21st and then open short position.
Why I'm NOT buying Status, Skincoin and CIVIC.
Because only few ICO's outperformed ETH! It was much more profitable to just HODL ETH because ETH price was pumped by all of them.
Plus now everybody wants ICO right? Because we all know that they can only give profits right? Well think again what happens when EVERYBODY thinks they are going to get rich. It's way too much hype and euphoria. And some of recent ICO's who lately went to exchanges gave really miserable profits. GameGO, ETT. You could have hundreds of percents in profits in ETH you'd put into them.
And there is one more factor. When you go to forums and boards you will se that topics and questions about MINING are booming. Everybody wants to buy rigs and mine. It's 2013 all over again. Remember what happened 2013/2014 when people were buying graphics cards like crazy?
My suggestion? Stay away from the mineable coins, most of them. Because average guys mining and dumping everyday millions of dollars worth of coins on investors head mean just one thing. Price will go down.
My latest articles you might find iformative:
How to find something interesting in this overheated market:
Investment idea:
Btw finally convinced my girlfrend to start posting :)
https://steemit.com/writing/@thegiamarcos/why-feminism-still-doesn-t-make-sense-to-others
good^^
Completely ignoring Patientory & Mysterium. I know for a fact the first beat ETH, and I imagine the second did. Those both opened for trading on Liqui on literally the same day as MobileGo so... I understand they didn't raise as much as MGO or Bancor or SONM, but it isn't like they raised that much less than BAT did or Civic will when the comparison point is $100M+. So I can see some sense to you skipping over them, but I hope you didn't just do it to make your narrative neater. Cheers either way.
$PTOY Looks promising but these ICO'S are getting crazy
People need to do a lot of research before investing in cryptocurrency
its a phrase that i never like to hear or read. but its sadly true.
ha ha. Look before you leap
All of this makes an awful lot of sense. Thanks for the insight!
I'm waiting for ETH to crash before EOS ICO. ETH is overvalued.
But isn't EOS going to be funded in BTS?
I think it won't.
It says here that it will be an ERC20 compatible token.
But there is still no date right? EOS might support ETH prices for a while.
Yeah, there's still no official date yet. There will also be a 2-week public trial once they finish the user interface for the sale. So we'll have to wait for more than 2 weeks for the sale.
I prefer for ETH to crash first. It might destroy everyone when ETH bubble bursts during the 1-year token distribution of EOS because by then, price of EOS token will be lower in terms of fiat. But I'm also thinking of putting some money in ETH 'cos I'm uncertain about what will happen.
It's going to be funded in ETH
very good read and good info on this adventure we call CryEx
So you're saying non-mine-able coins are a better investment?
Any suggestions?
To me, ETH / ICO's are usually not 'currency' coins like that of BTC...
Not mineable because every noob out there is waiting for his new Radeons and be dumping his coins in no time on you.
You can't mine GOLEM for an example.
Hmm. So you're saying noobs are mining ETH?
And true. Golem is a token, but people should invest in something other than Bitcoin, no?
I'm using coin = token.
Of course there are great projects out there but tbh most of ETH ERC20 tokens are pure bs...
Yeah, unfortunately - we're at a really weird place where it's possible for anyone to create a token on ETH and it will come down to marketing/PR ... and since there's no 'accountability' there will be lot's of folks who's greed will end up losing them money..
but, in my opinion the ETH platform has more potential than just to waste people's money...
I made some profit buying eth low and selling it at a higher price,then I invest everything,i have been lucky .
Dang. A lot of nice insight in this one, @dawidrams I'm a new follower. I like your advice on being leery of ICOs. I was feeling a lot of FOMO and your post helped me realize that my HODL strategy should pay off if I only stick to the best ICO projects and just dump a lot of my available fiat into ETH.
Question: How do you feel about EOS? How much do you plan on investing and how many chunks would you be breaking it into if you are?
EOS is a new technology so it's worth watching but I'm afraid hype will be too big and It will get overfunded.
Overfunding would result in? Overpriced tokens? A BAT situation post-launch?
BAT had a fair max cap and the sale ended in 24 seconds...
I suppose CIVIC to end up like BAT. So it might be a good bet if you like risk. And only if they will release tokens as quick as BAT did.
EOS = sky is the limit.
I think even with the hype @Dan would probably set it up to be able to scale in all the important ways including token value appreciation. I just really am long on everything Graphene right now and EOS just seems like the next big project of the next couple years. Then again, everyone is hyped to all heck on it like me so... that could spell trouble... hmmm.
I hold my Peerplays.
I still don't have any :( Need to cure that
This is a great article, look forward to more crypto/investment blogs from you in the future. The portfolio one was interesting also. Thank you very much @dawiddrams
Thanks for following my articles!
If you buy Civic for 100 dollars today, you will get a total of 503.043 CVC. Based on our prediction, a long-term increase is expected, the price prognosis for 2023-03-17 is 2.045 US Dollars.
https://coinpredictioncap.com/civic-price-prediction-2018/