The new year started several hours ago and many of us are waiting for a price increase in the crypto currencies last month but nothing has moved or at least not upwards.
One thing I knew for sure was that after the Btc reached 20k USD last year, there was going to be a big correction, it's always been happening and so, it's normal for this to happen, people need to make a profit after they've invested in something.
What many of us did not expect was the large number of regulations that were coming and the fear that these would cause people to start selling their crypto currencies and thus making the price go down a lot.
Another problem that caused this was the issue of scams and I think the best known was BitConnect. Many families had put all their savings into this "project" that was supposed to generate passive and taran income for them! Going out being scam. I went from being worth 400 Usd to not being worth anything in a matter of weeks.
Another problem that arose was that of the great world banks speculating in a negative way in the world of crypto currencies, putting people in fear and these then selling their crypto currencies so as not to "lose" the money they had invested.
But the general problem and/or the one that encloses to all the previous ones is that many people put money here without making an investigation, without trying to study a little on the subject, they only saw or heard that a person had won money and because they came and put money with the hope of winning also but in the end, they turned out to lose it, example: BitConnect.
Anyway! This great fall in the market of crypto coins definitely purged all those people who dreamed of becoming millionaires overnight and I hope that this has served as a lesson.
A great lesson that I leave this fall is that you have to take profits when the market is green (to take profits I mean to sell 10, 15 or 20% of your capital) and not have the illusion or hope that X currency will reach such a value, because we can not know that.
Ahhh and another thing..... Diversify your fucking money! Don't leave it on one side. This along with the previous lesson are the ones I learned the hard way.
Happy New Year to all and may we have a prosperous 2019.
Source
Nice summary. Yeah, I remember when I tell others to stay away from bitconnect. No, I was fool for them. I am sorry for their loss, but they deserve it take lesson from it. But not all will learn from this mistake and take own responsibility.
Happy New Year
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