Unfortunately we have to admit that the ICOs are ruining ETH, they are dumping into the market all the ETH they get in their campaigns to cover their expenses and this stops the growth of the ETH. This correction we are suffering now is necessary to clean up the accounts of these who seek to recycle the currency quickly. I think we will see an ETH growth in the middle of next month which will exceed $ 300 but then the fall will be steep and more accentuated each time as more ICO's come into the market.
I believe in the Cryptocurrencies, but I do not want to blindly fall in love with one and that this would hinder my vision and growth. Below is a handy chart of the stock market psychology. Ask yourself where we are today and draw your own conclusion. I'm personally afraid that we are in "denial" and before the drop continues I'm getting out.
Since "STEEM" is so cheap I have changed ETH for STEEM, my conclusion after analyzing the STEEM charts is that I would gain value much faster than ETH thus recovering my initial investment. I confess that I bought ETH at the value of $ 300 and I was worried, last night I changed it to STEEM at a value of $ 1.03 USD / STEEM and recovered my loss.
In my opinion I prefer to wait for the storm while I earn more STEEM here on this platform than to be with my hands crossed and the uncertainty to what will happen with my Ethereum. I clarify that I am not a professional and that this is my own opinion and not an investment advice.
Please upvote me if you find this helpful.
Power Up Stemians!
Ethereum is one of the few alts with a solid use case. Don't throw out the baby with the bath water. Its price got ahead of itself and the correction was overdue but as a concept its sound. Most of the other alts are based on nothing. Those with a solid use case will rise again and become more than they were before. Those without will slowly die off! I believe in Steemit also and if you bought in at 1.03 it looks like you have already done OK but be careful parking funds in other alts that could easily go to zero!
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@grizgal The concept is sound but the ICO's are scamming peoples ETH's and cashing out. This is the wild west of the new crypto era and there is no control. I believe in Steemit and this was a safe move. I will continue to buy more ETH as the price keeps dropping.
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I think this is a generalization. Are there good ICOs? Yes. Are there bad ones ? Yes. People really need to be doing their own due diligence when messing with cryptos.
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Agree @essaybrah EOS looks promising
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I completely agree. Ethereum was not created for ICOs and I agree that they are creating a lot of the volatility. A lot of them seem to be scams or at least wishful thinking!
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Ethereum has its drawbacks which may push people to Stratis but good luck here on the steem platform.
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Thank you @feelsomoon, following you now
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Thanks. I'll do the same
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It's been tough with ethereum. I am a devout advocate of it, but after 2 months of holding, even I sold my ethereum today.
I think the rash of ICOs exposed ethereum's achille's heel. I personally think the downtrend we've seen in the last 30 days, will be a downtrend that continues until 1. Metropolis is released and 2. The utility of metropolis is proven in a production environment.
Those are my two cents. Looking forward to buying back in at a lower price I hope.
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@essaybrah I hope you didn't loose too much and it will be way below $100 before August 1st and the best chance to get back in. In the meantime, I will wait the storm cozy Steeming here.
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@jarib , fortunately I didn't lose much. My average buy in price was around 205, and I sold at ~198. I can see the writing on the wall. Imo things will get worse before they get better. Wish I sold off just after the flash crash lol. I'm going to buy back in, but not right now.
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That's not bad, you did good in stepping out on time before it gets worse. You can even buy back at a much lower price a make a profit @essaybrah
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