Wow, understand that today is a great pivotal moment for cryptocurrency (not because the price dropped) because bitcoin will now be regulated in china. This will also give the US and Japan a chance to take control of the bitcoin influence.
Other exchanges in China WILL temporarily shutdown during regulation so it shouldn't come as a surprise if a couple more major exchanges go dark today. That is a blip in the road and should make this a great time to buy. No one knows how much lower this will go but not sure the news could get any worse at this time. I am buying now so I don't try and get the very bottom and miss. It's low enough.
Honestly, I am buying Ethereum (ETH) at the moment because I think there are a lot more experienced investors in it than Bitcoin. A lot of the speculators and early adopters are cashing out of BTC but ethereum will correct faster in my humble opinion.
Ethereum is also about to experience a major hard fork near the end of September called Metropolis. This will increase security and make it harder (almost useless to mine) to make money mining except from major mining rigs.
While I am messing around with some other alt coins such as Monacoin (Japan major crypto coin) and Monero (the dark lord of crypto) I am sticking with ETH and BTC as alt coins will rise and fall with their movement. In my opinion this is not the time to speculate too much on other alt coins but to infuse Ethereum with a shot of badooow.
I believe a lot of speculators and guys holding BTC from the beginning recently sold in fear of the sky falling. Where will they re-invest?? Well obviously BTC but I am hopeful a lot of that cash will go into Ethereum. My belief is that this correction takes out a lot of the mined coins. Bitcoin was going up,up,up and all of a sudden BAM, "oh no, I can't buy that second lambo with just $2 mil, I have to sell some". After they get tired of driving that old lambo and the bottom starts to form then BTC and ETH will rocket right back up. GET ON THE ROCKET.
Interesting point of view, thanks for sharing
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