I know that the technical chart said: "overbought, overbought, overbought!!" Blinking red... but I just want to express the fact that these chart movements really are caused by people who do not really believe in these crypto projects...
Hell, they do not even understand the difference between Ripple and Bitcoin, they just read charts and do not care a dime about what they are buying or selling. They do not even know about austrian economics or slow bitcoin transaction, as they only buy and sell over exchanges and transfer the money back to their bank account.
One told me a few days ago that Ripple solved the issues people have with their banks, by permitting quicker international transactions in seconds.
When it is rising people with these convictions go along... the trend is your friend.... but when it is falling they exit and never again want to hear anything about it.
This is what pisses me off... no interest in studying seriously why this is happening, what these projects are about... on the god side, they increase liquidity, on the bad side they increase volatility scaring some people to enter this roller-coaster...
So I think these people are not really beneficial to the community... they are a bit like a drug... they can get you high first, but then you have a really low low...
Can you imagine where these projects would be if people just chose to not liquidate and wait out of conviction until the market reached one trillion?
Most markets overshoot. The SPX500 did in 2000 in dot-com bubble, when any business with dot(.)com went for moon. ICOs are definitely in bubble and that bubble burst is affecting all cryptos. An ICO with a good looking website, a white paper based on simple upgrade from another protocol, a few well-known board members should not bring in $200M seed-money and can't rise for ever. It was similar to 2013 BTC bubble correction when even cat or bat coins were going for moon. However, crypto-market may see more bubble and bust than usual Markets due to big number of speculators who want be quick-rich and low barrier to entry. However, it is also breeding space for innovations such as new tech giants came out of 2000 bubble: AMZN, GOOGL etc., who knows what STEEM, BTS, EOS will do!
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you are right... there are many ICOs which do not make sense at all and people throw their money at them...
I was talking about the quality stuff like Steem. But the market behaves like tides... and the quality stuff goes under just like the shitty copycats... People do not distinguish...
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I hate the people that bring negative energy, they'll see. Great post
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people are looking for fast profit within days, they think if some coin drops 20 percent the technic behind is bad.In fact nothing changed just people hunting daily profit forgetting that crypto is a marathon not a sprint
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I find it really astonishing if someone after years knowing about this technology does not get the point of it... But I suppose we will have to live with them...
I guess now one has to wait until the volatility goes away in order to find the bottom...
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I find it really hard to believe people can just throw their money at this stuff and really believe it'll make them substantial profits. I'll admit when I started I wasn't nearly as versed as I could have been but I wasn't blind, I knew what I was getting in to.
I love reading about my new X coin that has a great team, good community, whitepaper, positive roadmap. Then if/when you get the return you want you feel good on two ends:
A) Profit
B) I called it
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You are not talking about the old XCoin from a few years ago which had a revival, do you?
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haha no sorry I just meant whatever coin I happen to be reading into
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No problem. Hope you liked the post as well! ;)
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@mexbit. He's going around and copy/pasting the same comment on all new posts. He most likely didn't even read your post. Just check yourself: https://steemit.com/@awpmaster/comments
I wouldn't give him my vote
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Switched to you! Thanks @simonarabian!
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