If you guys haven't been around since the 2013/2014 Mt. Gox was one of the largest Bitcoin exchanges back then that got "hacked" or there was an inside job that cost people a lot of money. The case is still going on and the trustee assigned to recover assets was fire selling Bitcoin and Bitcoin Cash which makes it more clear why the drops were so harsh and seemingly happened out of nowhere. It caught me off guard and I had even stared my plan of stacking NuBits then the bottom fell out like we were on a carnival ride.

It is pretty unbelievable that throughout the whole situation and the time frame that it took for them to figure out what to do then Bitcoin was in another surge and they also got the benefit of having all the Bitcoin Cash and potentially Bitcoin Gold as well. It is good if the customers of Mt. Gox can get some of their funds back but the situation was a big reason why this surge has been stomped out partially.

It isn't the only issue clearly. Now people's confidence is broken and a lot of people can't withstand the pressure of not selling out of some of their positions. It is really hard to know what to do honestly. Even for people that have been around through the previous surge like myself. Taking a totally outside look I would say that we are going to go much much lower with almost all the crypto currencies but there are a lot of unknown factors. We don't know when large institutional money will be building bigger and bigger positions.

@crypt0 Might Be On To Something

Omar said in a video that one of his indicators that things have leveled out and are back to normal is when the Steem Backed Dollar gets back to $1. That is actually an interesting strategy and it honestly makes a lot of sense. Every time things have went super crazy SBD has broken away from $1 and this time around it just went insane. It is falling back towards a dollar. ** It doesn't make any sense really why people were buying SBD. The only reason a person wants to buy SBD is when it is below a dollar and the witnesses have implemented an interest rate on it. ** It just shows total chaos in the market. So it getting back to $1 would certainly mean we were back to a more normal situation. The tough thing right now is that there is pretty close parity between STEEM and SBD. Let's say they both fall to a dollar that would be some major pain on this platform for sure. A lot of people will drop off and it won't feel good to see the account value dip way down.

Check out my video where I take a historical look into the past Bitcoin bubbles.

Trust me I don't want lower lows. This shit is painful but one thing I have learned about crypto is that there are unimaginable highs and unimaginable lows. I finished my NuBits stack 1 week ago and I'm partially upset at how much I committed. If I would have held back a little more then I could have purchased even lower now. Ultimately you aren't going to time it perfectly and with stuff like EOS we have a time horizon for when the main net is going to launch in June of 2018.

Whether the Mt. Gox sells caused this thing to topple and even if their sales are done for now a lot of people are broken at this point. People aren't watching crypto videos as much, people aren't searching it on Google, and there is just and overall cooling effect on the entire space. That has people like me worried because when people aren't aggressively trying to trade and put more money toward this then it causes a lot of issues and our time and money seemingly erodes away. It isn't a fun process.

At this time since I got over 5000 SP I'm going to start converting SBD to NuBits again and try to rebuild my stack. I just really feel that people's confidence will be broken and we are going to see some stuff go really low in the next month. Let's hope I'm wrong.

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