This Is What Manipulation Looks Like
Class dismissed.....
Those are some deep pockets to break everyone's back that bad.
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https://cryptoslate.com/dread-pirate-roberts-whale-wallet-activity-hints-toward-800-million-bitcoin-market-dump/
Oh man! That is crazy...... the plot thickens!
I remember reading about the FBI guys who investigated rip off quite some bits off the guy. hmm..
Yeah ...... it is possible some of their contacts still have control of the money or that the scenario where there was another Dread Pirate Roberts who controlled most of the funds who wasn't Ross Ulbrich
You're right. There was no reason for Bitcoin to increase so I knew something was up. 2017 was the year of hype. I don't see any cryptocurrencies increasing just because they think someone will pay more for it. To me it seems that crypto now needs to deliver and provide something that people find valuable.
The thing that was nuts is there was little to no improvement from 2013/2014 to the 2017/2018 hype cycle. There was actually regression in a lot of ways. As much as I'm pissed off about STEEM. Technologically it is one of the only real world crypto projects that did anything meaningful.
Even though I think Bitcoin is good to have some of, let's be honest I do better with ROI on STEEM POWER and Delegation. I just keep Dollar COST Averaging and that works. What works even better is a New System with the Federal Reserve DEAD.........
If a person is able to time it right and not really need the money at all then it can certainly work out. The drops are pretty severe and all of these and since I have been around (2016 -2018) STEEM has dropped from #3 on CoinMarketCap to #38. It is a tough thing to time and figure out. A couple of months ago my account here was worth almost $20,000. Now has been destroyed once again. Hopefully I'm able to retain a little chunk and buy back in at a lower price potentially here soon but we will see.
Its not manipulation, its a shakeout, a nice shakeout....this is where you sit back and enjoy the show...37K by the end of the year
The are some big big players in this, I am talking about Central bankers, countries having close down meetings, the weaponization of the US dollar was the biggest catalyst, it isn't just Iran, Turkey and North Korea, the whole of Europe is looking for options, add South America to it... Sit back and watch the show man, make sure you not move by the emotion
My worry is that there have been so many similarities to 2014 it is crazy. Back in 2014 I went out to California to see the premier of Rise and Rise of Bitcoin and that day Bitcoin collapsed down to $300. It was a pretty unreal feeling. The slide continued until it was clear down at $176 and it was a slow painful creep back up. Hopefully that doesn't happen again.
I hope it does. I just started buying in May of last year! ;) I need to fill some bags
The idea of people praising their own investment losing value is one of the dumbest aspects of crypto and kinda whats turned me off to it a bit. Who cheers their owm investment losing money?
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Simple. Long term investors care little for current price, as long as its cheap! It's not a zero sum game unless you're a trader. Who wants the potential tax liability and headache. What is it, 95% of traders lose money? Gimme a break. Patience, wisdom and balls leads you to praise your own investment losing money. If its that easy to turn you off, then I guess give up and buy pallets of those little blue pills, and let the big dogs eat. ;)
Long term or not cheering for your own investment to go down IMHO is just dumb as hell. That's partly what's turned me off somewhat to crypto and partly why it's not taken seriously by the mainstream is some of the idiots in the space.
Many in the crypto space throw all common sense out the window when it comes to crypto. Things like taking profits are smart to do, people who took profits at 15k or 20k could have bought in 3x or 4x what they had had they taken some profits and bought back. I'm not saying it's easy to predict markets or time markets but some common sense money management would serve everyone very well.
Also the idea of people almost religiously following or believing in crypto is silly. I found myself doing the same thing and becomming sort of a fan boy towards the end of 2017. People say crypto is gonna come back in 2019 or 2020, but nobody can ever say why or what's going to cause adoption or that tipping point.
I think crypto is amazing the potential but Amazing technology doesn't always do well or get adopted, alot of times crappier technology wins out over better technology. Heck the electric car I believe was invented before the gasoline engine but the gasoline engine won out and then 100 years later were saying electric cars are superior or don't cause as much pollution.
For the foreseeable future crypto doesn't really offer anything better than credit cards. Sure it maybe best case scenario saves you 3%, that's not enough to get most people excited or to get them to change an ingrained consumer behavior. Credit cards are easy to use, people already have them, they get protection and rewards, what does crypto offer over that?
I'm in ecommerce and a high risk merchant, its almost impossible for me to get merchant processing so that is one use case where getting rid of a middleman ie banks and merchant processors is incredibly useful, however not enough people use crypto to even make it a legitimate solution for me.
That sounds altogether reasonable but remember people from very different backgrounds, financial situations, education/experience are in this space ATM. As a "high risk merchant" you've already chosen your selected exposure to risk and have the benefit of a potentially very dynamic income. Some folks might be landscapers, garbage collectors etc.....
Perhaps those that don't come at crypto from your angle need the opportunity of cheap coins/tokens to amass some semblance of hope & potential wealth but from an alternate source.
Mass adoption will come at some point and from your perspective its a joke, but when it does, it might be too late to jump on board.
There are many good products being developed aside from payment vehicles but the ICO boom really muddied the waters making it difficult to distinguish the hucksters from the legit ideas.
I'll stay in my camp as I'm sure you are happy in yours and with any luck it works out for the both of us ;) GL!!
I think you bring up some great points. I find the timing of the crypto boom to be very inconvenient in the sense that many people first getting into crypto's first experience was alot of bullshit scam ICO's, buying at the high and seeing their coins lose 70% to 90% value potentially, etc.
Now I think part of the reason for the boom was new people getting in but at the same time you have a lot of people who's first experience of crypto left a bad taste in their mouth and who may not be wanting to give it a second chance.
I think it will be very interesting to see.
I heard a theory the other day, unrelated to crypto but relevant, that stated something like for a new technology to bring people over it has to be 10x better than the previous or its not enough to make people change their behavior.
Part of me wonders what could crypto offer that's 10x better than credit cards, Paypal, Venmo, Stripe, etc?
Steemit seems to check the 10x better box, I think being able to earn and not having some corporation telling me the type of content I can create qualifies as 10x better but Steemit doesn't seems to be getting less popular more so than more popular
Take a deep breathe, walk away from the charts, everyone is painting this 2014 picture, the market makers would smile at this....BTC is a chess game with very deep pockets involve... Look at BCH, even with the amount of BTC they have, the market is nursing it away from them, at least they in the mining game but there comes a time when cost starts adding up for them, in other words, it may appear as its control or the destiny of it is in the hands of a few but the market has deeper pockets and skill hands....37k before we know it
Id be surprised if were sitting over 10k by year end
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Fortunately for me
1 BTC is still worth 1 bitcoin and
1 STEEM is still worth 1 STEEM.
watch for more manipulation, however, looking back, you won't be able to see these drops on the charts without a magnifying glass.
This dude is a prophet or something I swear! ;)
That is very true. just to see stuff drop off a cliff like that is pretty insane though. Especially real time.
Whales at play.
Still a very good time for dollar cost averaging buy ins. Needs unemotional discipline, and a focus on projects with solid tech, but a little each week for the next few months will be a smart long-term play methinks.
Yeah it is always hard to say how low some of these alt coins can go especially.
Maybe it is to weed out the weak so someone can accumulate
Maybe it is to
Weed out the weak so someone
Can accumulate
- ace108
I'm a bot. I detect haiku.
Most likely. It will probably have the right effect for them because people really get broken by these kind of drops and lose hope.
Major Shorting going on. Hope we have an upsurge when they close out their shorts.
Thanks for posting brotha
Yeah, it will be interesting how long it goes on until they close out their positions or possibly even get squeezed out.
At least someone is getting paid.