Still seeking answers why the crypto markets crashed in 2018? Tom Lee says there are two main reasons why...

jonmaim (63) · 6 years ago

This video was great, thanks for sharing.

The demographics argument about millennials being the financial decision-makers in the next 10 to 20 years and them disliking banks is very convincing. Crypto is the next FANG!

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$0.36

2 votes

jrcornel (84) · 6 years ago

Yep, I agree.

$1.28

6 votes

ew-and-patterns (70) · 6 years ago

1000$ in FANG to be a millionaire 20y later. Now have a look at what we already have invested in crypto^^.

Yes, it was a great video. Yes, Millenials don't trust banks and governments and will be buying most of the financial products in the next 20y. So if you can guess what they will buy because of their generational preferences, the profits will be like investing in FANG 20y ago. Interesting times ahead for HODLers.

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2 votes

jrcornel (84) · 6 years ago

Yep, I agree. Just need bitcoin not to leave a bad taste in their mouth!

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7 votes

jonmaim (63) · 6 years ago

Yes, it seems surreal to be that early adopter. We just have to invest in hardware crypto wallets now if not already done.

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jrcornel (84) · 6 years ago

Yep, custody is a major issue.

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ew-and-patterns (70) · 6 years ago

Is there a company that produces hardware wallets and can be bought as shares? If so I will take a look at those companies. Interesting idea, I don't know why this did not come to my mind yet, thanks.

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jonmaim (63) · 6 years ago

I was thinking mostly, protecting our coins with a hardware wallet instead of keeping on an exchange. But yes, someone has to build these 4B hardware wallets for sure.

But I think we will quickly get sim cards with embedded crypto wallet. That would be neat and cheap.

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$0.20

4 votes

ew-and-patterns (70) · 6 years ago

"But I think we will quickly get sim cards with embedded crypto wallet. That would be neat and cheap."
I am no fan of that. I would not carry a gold bar in public or when walking through the city, so I also would not like to carry my wallet on my sim card when the crypto on it is worth a lot of money.
I might lose the phone, or somebody steals it, or the sim card gets destroyed or somehow unreadable...
When you are your own bank, you need to be able to store it as safely as your bank would.
Thats one reason why I like steem. It is locked up and even I can't get to it fast, if I wanted to.

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jrcornel (84) · 6 years ago

Yep, I don't think people want to be their own bank when it really comes down to it. They like they idea, but they don't want to have to worry about the same level of security that banks do... again custody is still a major issue.

$1.14

ew-and-patterns (70) · 6 years ago (edited)

Yes it is. The first person to develop a safe storage(and/or custody solution), which is useless to anybody else but the owner of the crypto, is going to be a very rich man.
They have to make being your own bank easy and comfortable, or it will be very hard to establish a future world free of banks and middlemen.

kahookadad (42) · 6 years ago

Its called samsung. They built it right in their phones.

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jrcornel (84) · 6 years ago

Though if I am not mistaken, it's not bitcoin compatible yet?

$1.23

apshamilton (64) · 6 years ago

There are two reasons: Facebook & Google! Banning Crypto ads dramatically reduced demand thus prices fell. Simple economics!
If you want to recover your losses from the Crypto crash then join @jpbliberty’s Class Action against the reasons for it. Www.jpbliberty.com

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$0.27

7 votes

jrcornel (84) · 6 years ago (edited)

Who are they going to recover losses from? By the way Facebook didn't ban bitcoin ads till over a month after bitcoin had already peaked and google didn't ban until close to 4 months after bitcoin had peaked... They definitely did not cause the crash, at best they were only small contributing factors.

$1.09

8 votes

apshamilton (64) · 6 years ago

Losses will be recovered from Facebook and Google. That’s the point of the class action lawsuit.

The market fell 53% in the week after Facebook announced their ad ban on 30 Jan and 30% in the week after Google announced on 14 March.

While it was below its peak, without the ban the market would have stabilized at a much higher level or even recovered.

While there are always many factors in markets, the sudden removal of 66% of the advertising market from use by Crypto projects has a very obvious and huge impact on demand and thus price. The whole purpose of advertising is to stimulate demand.

All other reasons for the crash are far less solidly based in economics and mostly are baseless conjecture.

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$0.27

5 votes

jrcornel (84) · 6 years ago (edited)

How can you possibly say Facebook and Google CAUSED this? You just made my point in your statement above...

"while there are many factors in markets..."

It can't be proven what caused the drop!

Which is going to be a major issue in any court.

Not to mention markets go up and markets go down. Should short sellers sue Facebook and Google for allowing crypto ads in the first place that (by your logic) allowed prices to run up like they did?

By your logic, they should!

Plus Facebook and Google are not required to show ads of anything they don't want to... They are a private company! There is basically a zero percent chance this lawsuit holds any water in the slightest.

$1.31

7 votes

englishtchrivy (72) · 6 years ago

He thinks it's just a reversion.
Hmmm.. dont know but imho, it was late 2017 that it went to the main stream, got accepted by the many and so it was expected to descend.
On the other hand he has a point, it went all the way up of course it has no other way to go but down, next but that's just the market it would hit bottom and once again rise.

am glad you're doin well !
haven't seen you a long time!

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steemitri (64) · 6 years ago

I just finished to watch the video... yeah, that was super interesting ;-)
Big Hug from Switzerland
Steemitri The Mannequin

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jrcornel (84) · 6 years ago

Yep, it is a very good watch for any crypto/bitcoin investors.

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stackin (78) · 6 years ago

When he talks, I look the other way 😂

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jrcornel (84) · 6 years ago

That would be a mistake. Just because he missed on his price call for end of 2018 doesn't mean he is not one to pay attention to...

$1.11

stackin (78) · 6 years ago

I just can’t listen to a mainstream dude. 🤷🏼‍♂️😂

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jrcornel (84) · 6 years ago

You'd rather listen to someone with no experience in financial markets? Whether we like it or not, bitcoin and crypto is a financial market and will start to trade more and more like other financial markets as time goes on.

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polad (40) · 6 years ago

My first post on steemit platform
https://partiko.app/@polad/today-i-am-on-steemit-ikleftzl

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jrcornel (84) · 6 years ago

Cool.

$1.21

newageinv (70) · 6 years ago

This will be what brings it back as well as the mean should be higher given the amount of capital still flowing into the underlying infrastructure.

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jrcornel (84) · 6 years ago

Yep. At some point the sellers will be done selling. Just not sure when. Sooner rather than later would be nice.

$1.18

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jrcornel (84) · 6 years ago

Thanks.

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