When reflecting on whether one has been naughty this year, or whether whichever dip of the day is just normal volatility, it can be good to step back and again consider the question being asked by many - is crypto in a mania phase?
If people accuse the cryptocurrency market of being in a mania, there is at least one sub-sector of it on which there can probably be no debate. I call it the "Companies That Add Blockchain To Their Names" sector. Riot Blockchain was probably the most noteworthy example, but if you'll forgive the indulgence, I found the most recent at least 250% more hilarious: (charts per Zero Hedge)
Just to be clear, these companies are quite literally simply adding the name "blockchain" and seeing enormous gains in market cap.
To be honest, it's tough to blame whoever was responsible for this decision. Regrettably, the "Alcoholic Iced Tea" market is one of the many topics on which I am not exactly an expert. However, I can surmise that is it likely not an industry that is experiencing the kind of media hype and surging capital that cryptocurrency currently is, so I can see why a suit in an office somewhere thought that pivoting from bottling the results of mixing boiled mush-leaves with cheap swill into "blockchain technology" couldn't possibly go wrong.
The movements in these stocks look manic, but they are relatively small in total market cap. What we could be seeing here is some fiat that can't easily get to crypto champing at the bit to get "blockchain" exposure. They'll buy anything they can get their hands on, if it doesn't require a Coinbase account, selfie, week-long buy delays, etc....you get the idea. There could be a legitimate (legal) explanation for these pumps (mania). Ever tried getting your typical "financial advisor" to even purchase a crypto? They want to know if it's on ETrade.
Of course, there is clearly illegal insider training also going on. That bump above was definitely an insider. The SEC is basically toothless and will do nothing, but there's no way that wasn't inside information. C'est la vie.
In light of recent accusations of pumping-and-dumping coming to places like Coinbase/GDAX, it's wise to remember that this nonsense happens in every market, because every market has money involved, and people engage in garbage behavior to get more money. Further, financial markets allow humans to divorce themselves from their "victims" by more than the 6-degrees-from-Kevin-Bacon required to feel even the minimum degree of human empathy. This is why creatures that appear to be human beings can remain confident in their self-worth as a "good people" while simultaneously employed by Goldman Sachs in the daily manipulation of agricultural futures that result in starving entire countries.
There, we've finally come full-circle.
I'll cut this off before I get too ranty, but if you want to see more about these pump and dump stocks, check the Zero Hedge link at the bottom, as it contains more links within.
We also have a Radio Station! (click me)
...and a 5000+ active user Discord Chat Server! (click me)
Sources: Zero Hedge: http://www.zerohedge.com/news/2017-12-21/long-island-iced-tea-soars-500-after-changing-its-name-long-blockchain , Google
Copyright: Lemon.ly, CoinMarketCap, Bitfinex
Your mention of Goldman Sachs sparking food inflation through Gary Cohn's commodity index reminds me that I should probably update my GS venn since Cohn became director of the National Economic Council this year.
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Do you ever feel like a salmon, endlessly swimming against a tide pointlessly that will never let up?
/cynicism
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you nailed it.
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Self-vote your cut-and-pasted comments in your own blog.
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Nice graph. I imagine we will know in hindsight if the maniacal appearances were just sheets in the wind or tigers on train.
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That was awfully poetic!
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Goldman sach has intelligent leaders, and they have no scruples, they only have one goal, to win and keep winning through the opportunities they get at the price of a skinny chicken. Recently bought most of the bonds of Pdvsa, company of the state of Venice, imagine! If even the same state is responsible for opening the doors to pass and take everything. Anyway, maybe soon they risk themselves and they submerge more in this world, or perhaps they are afraid and not, dawns and we will see.
Greetings
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"they have no scruples"
This is probably their key competitive advantage.
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Happy to see you posting again every day Jason!
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Thanks Jerry!
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This is very interesting and I know so little about how all this works, but I just keep powering up. Iove the tongue-in-cheek humor and is there anywhere that Bacon doesn't show up??
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There are many Bacon-free locations, but very few that aren't connected to him by 6 degrees of freedom (or less!)
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Yep when I read this I fell out of my chair. Ridiculous...
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In retrospect, it only got worse as Ripple touched $2+ temporarily.
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The Big Players Cash Out There Money To Dump The Markets :) Now Btc 12k & tHAT what The Want To Buy Bitcoin With Lower Price :) & altcoin too To make a Big Big Profit :)
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This actually works.
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I just got in most of my positions just a few minutes ago feel pretty good about my buy's at this stage.
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Since posting, the altcoin market has generally done quite well, at the expense of Bitcoin dropping below 30% dominance for the first time.
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Just a needed correction thats all. We are all fine don't panic. You don't lose if you don't sell. If you have money nows time to buy buy buy
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I agree, generally speaking. I'm also not personally bothered by paper losses.
However, it's still good to have a plan for every (inevitable) downturn.
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These are the kinds of posts I appreciate from people with influence on this platform, so thank you. It bums me out when I see factions bitching about the reward pool, as if that were the only thing on this platform that mattered.
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Unfortunately, Steemit is a vehicle for a lot of jealousy and Communist/Socialist thinking.
Hopefully it fares better than those two latter ideologies.
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I'm thrilled whenever there's a dip like this because it allows the friends and family I've been begging to try to get involved to pay less and potentially pull the trigger to enter. I can then also show them what a correction looks and feels like so they're ready for the next time.
While I don't want anyone to lose money, you only lose when you sell and realize the loss. Hell, I'm even torn between powering up some incoming SBD and diversifying when the sea of red washes in like this, except Ripple (hilarious), but it doesn't last long.
Hopefully newer investors will learn from this type of price action that holding during these times (unless you're trading for fun), is the best way to go. Don't fall for manufactured panic attempts to sell for a loss. Don't try to catch dips. You get lucky at times, but more often then not, you'll regret it. Just think in units, like poker chips, not fiat value. The latter is a dying concept.
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"friends and family I've been begging to try to get involved"
Be careful - they have a tendency to ignore your advice, then blame you for the results later...
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Fair point. I do make them verbally agree that they accept the high potential that everything they invest could go exactly to $0 to try to set expectations low up front. I also make sure they're aware that they should only allocate money that they don't care about losing in the event that happens. I don't talk moon with them at all.
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Is this reflection of market correction ?
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This is the market correction. The article is literally about the correction. Did you read any of it?
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nice article and a fun read, followed :)
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Yeah, what Steemcleaners said. At least write something that doesn't apply to any article.
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Spamming comments is frowned upon by the community.
Comment spam is currently defined by @steemcleaners as:
10 or more generic comments per day that are not in response to a question posed by the post or comment. “Thanks”, “Great Post!”, “Great Photo!”, “Good”, “Like”, “Nice”, “Wow”, “Cute”, “Follow me”, etc.
Commenting on old posts to hide self up-votes or a voting trail.
Copy/Paste comments that serve no purpose or the purpose is self promotion (including copying and pasting similar comments in rotating way).
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Fantastic analysis I've proved you deserve a hat lift
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I take it this made more sense before you put it through a translator.
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Extremely insightful
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I hope you didn't get carpal tunnel from that novel of yours.
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I was away for months, and just saw your reply. I liked your article, but I didn't get carpal tunnel from my reply.
As a matter of fact, I believe you suffer from low self-esteem judging from the way you write to people in the comments section while hiding behind a faceless-profile. And, it is also reflected in the way you find the opportunity to give yourself an upvote after every reply by writing nothing worthy yourself. It shows the kind of person you have chosen to be - a mean, calculative coward.
The world would do better without obnoxious people like you who probably have demented childhoods, and have chosen to use the social media to wield hatred to others because they feel their arse is always itching to resolve the anger within. Try therapy, and save yourself from an implosion :)
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Doomsday bitcoins dec 22.2017
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I have no idea what this means...are you a Dragonslayer believer? It would seem it did not happen.
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Very interesting article. It seems to me that now is a great time for replenishing its crypto currency reserves. Good luck to you and good.
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One will always do better buying on dips than willy-nilly.
Thank you for taking the time to post your comment in both languages, and also for translating it.
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This post has received a 3.36 % upvote from @buildawhale thanks to: @lexiconical. Send at least 1 SBD to @buildawhale with a post link in the memo field for a portion of the next vote.
To support our daily curation initiative, please vote on my owner, @themarkymark, as a Steem Witness
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The dip will last for at least a month or more. But when it comes to the crypto market no one can be sure of any thing.
Almost all the currencies are going down except Ripple. People are just going crazy about it. Some one posted last night that Ripple will be $15 within the next 3 months.
Let's wait and watch.
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Your prediction appears accurate, at least for Bitcoin, which is still lolling around 11k.
As for Ripple, $15 would give it 8x the market cap from the previous peak. I don't see that as possible, and there are no shortage of crazy predictions out there (like BTS @ $342...)
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This post has received a 10.92 % upvote from @aksdwi thanks to: @lexiconical.
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Great post man upvote comment resteem done ✌✌✌
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I appreciate the resteem, but please try to make a comment that actually adds something to the discussion.
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💙 Great post. Very good writing,i like this post 💙
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Adding an upvote meme does not make a cut-and-paste, spammy comment into a good one. Just FYI.
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Wonderful publication Greetings I wish you a happy year
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Honestly, these generic copy-comments are getting really old. I'm surprised you're still doing them at 59 rep.
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"The day's attitude was perfectly encapsulated by the banker's shit-coin being the only thing green in the top 30."
Another classic rant, ahem, commentary on the state of the crypto market. Much mirth. Well done.
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$2 Ripple is a crime against all that is holy in cryptocurrency. Pre-mined, centralized coin that you don't even need to transact on the Ripple" network".....grrr.
Crap, I just realized most of that applies to Steem.
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You are spot on buddy. The manner in whixh the cryptos have rallied, it was matter of time they came crashing down like this. I hope people booked some profits from selling at highs. In my opinion 12,000 levels on bitcoin should hold but never know since futures can play any game now. Regards Nainaz
#thealliance
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Here we are, a month later, and still bouncing off of that 12k level. The trading range seems to be about 10k-12k for now. The heights we reached were a bit too high.
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11.71% @pushup from @lexiconical
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You got a 5.00% upvote from @postpromoter courtesy of @lexiconical!
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Thanks For Your Info of Cryptocurrency i Appreciate it @lexiconical
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I bet you could put this comment on 80% of the articles on Steemit, and have it "mostly" apply.
I bet that's also exactly what you do.
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This post has received a 24.18 % upvote, thanks to: @lexiconical.
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This post has received gratitude of 4.73 % from @appreciator thanks to: @lexiconical.
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Thank you @lexiconical for promoting this post together with https://steemit.com/budget/@jerrybanfield/introducing-steem-budget-proposals
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You got a 11.00% upvote from @allaz courtesy of @lexiconical!
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This post has received a 6.90 % upvote from
thanks to: @lexiconical.
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You got a 2.02% upvote from @upme requested by: @lexiconical.
Send at least 1.5 SBD to @upme with a post link in the memo field to receive upvote next round.
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