Introduction
One of the questions I have been getting a lot from people who are new to cryptocurrencies and naive to the volatility within these markets is why everything is tanking right now.
In fact my mother who never talks about such things was telling me that she read in the newspaper (they still exist lol) that Bitcoin was going to go bust or something along those lines.
Some new cryptocurrency users have also messaged me on chat, FB and Twitter as they are anxious and wondering if this is the end of "the party".
This is a quick (or as quick as I can make it) explanation for new users about what is happening and WHY YOU SHOULD NOT PANIC.
What is causing this?
There are a number of factors at play but the main one is uncertainty.
The cryptocurrency markets are highly speculative and whilst all markets have some elements of speculation bitcoin and altcoin markets have a much larger degree of speculation within them.
There are multiple reasons for this (such as the relatively small size of these markets). The more important point is the source of the uncertainty:
Why is there uncertainty?
The uncertainty is caused by fears over a couple of Bitcoin scaling solutions (Segwit 2X/BIP 148) that may or may not activate towards the beginning of August 2017.
Why would these scaling solutions cause uncertainty?
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- People are scared that these scaling solutions may "break" bitcoin in some way.
- People are afraid that the community will become more split on ideological grounds and that we may end up with multiple chains i.e. more than one type of bitcoin.
- There is fear that backing the wrong chain may cause people to lose bitcoins if it ultimately ends up failing.
- The last few months have seen very rapid and very large rises in both bitcoin and altcoin prices without (until now) any significant corrections. This creates a background of uncertainty which the scaling issue builds upon.
Why is this making the bitcoin price fall though?
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As a result of the fear and uncertainty people are selling bitcoin to cash out into fiat in preparation of a price fall.
The more this happens the more it pushes down the price.
Why are altcoin prices falling?
Altcoin prices are closely tied to the bitcoin price since in most cases the only way to buy and sell them is via bitcoin.
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This means that as the bitcoin price falls altcoin prices follow too.
In addition many people may be trying to get out of cryptocurrencies altogether until this period of instability passes. They will be selling their altcoins for bitcoin (which will put downward pressure on prices), and then selling the bitcoin for fiat.
They may be hoping that they can then buy back at a lower price and increase their long term holdings when the market normalises and the uncertainty has passed.
Are there other factors involved?
Yes.
Some bitcoin businesses may suspend operations during the period of greatest risk in order to protect themselves from blockchain problems (e.g. chain splits).
I have heard a number of business suggest this although I have yet to see any specific details.
It makes sense of course - you don't want to risk sending or spending money on the wrong chain if a split occurs.
This does add to the feeling of doom within the markets and also further reduces demand for bitcoin during the critical period.
Some businesses may already be ramping down their bitcoin operations in preparation.
Should I sell my bitcoin for fiat?
That is up to you.
If you want to pursue the strategy of selling at the top and buying at the bottom this would make sense.
The problem is the "top" was a few weeks ago and there is no definite way of knowing where the bottom will be.
It is easy to get caught out in pursuing this strategy.
Some might say it is too late for it to work and it may involve a lot of work for very little payoff, particularly if the market recovers more quickly than expected.
Should I sell my altcoins for bitcoin?
Again there is no way to say if this will work in your favour or not.
In some previous crises bitcoin has weathered the storm better than altcoins, in others altcoins have fared better.
The logical answer would be to keep a combination of both so you can spread your risk.
Should I be afraid?
In my opinion, no.
Cryptocurrencies and blockchain are going to replace the current monetary system - I think most people involved see that, the only question is how long it will take.
I am quite confident that once the scaling issues are resolved the bitcoin price will recover (surpassing the $3K ceiling it set before).
When that happens altcoin prices will start following.
Not only that, but we will be in a much stronger position as a successful resolution of the current scaling issues will prove that the community can overcome such obstacles.
I think we may even end up seeing a $5K bitcoin not long after that if things go well.
What if it all goes wrong - will bitcoin and altcoins die?
In a word - no.
It is easy to catastrophize - things could go very badly but the ultimate result of that will be that prices will stay suppressed for a little longer.
It may even benefit bitcoin/altcoin adoption as some of those who felt "priced out" of the market may see it as their chance to get in to the market.
Things are rarely 100% positive or negative.
What should I do then?
I can't answer that.
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Personally I am using the opportunity to buy more of the altcoins I believe in, in anticipation of when the crisis resolves.
I prefer to invest in altcoins as I believe that when growth does return, they will have greater profit potential (due to their lower relative valuations).
Plus as I have stated before I am no good at day trading and prefer to hold long term (for projects which I believe in).
Individual strategies will vary depending on your own personal experiences and situation.
In addition I am doing other things and paying less attention to the markets - why stress yourself out over things that are beyond your control?
Conclusion
There is a good reason for why I chose the title here - not only is it true but it is also a Battlestar Galactica quote - "All this has happened before and all this will happen again".
This is a concept that comes from a variety of spiritual belief systems. One could also look at the occurrence of fractal patterns in nature as an example of it.
This is not the first cryptocurrency crisis and this will not be the last. Each crisis may have its own peculiarities but much of what happens and the way that the market responds will be similar.
I firmly believe that bitcoin and blockchain technologies are the future - they constitute a revolution that will not only change the financial world but many other aspects of life that we may not even be able to envision right now.
Like most revolutions it will not be easy and it will come with some degree of turmoil. That is the nature of disruptive technology.
Those that keep this in mind and refuse to panic will likely do better than those that give in to fear.
As I have said many times before there is no great reward without an accompanying risk.
Thank you for reading
I think this is the fifth major crypto price decline that I have weathered.
The collapse of bitcoin, from $35 to well under $2, was the worst lol.
Compared to that one, this is a cakewalk!
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@onceuponatime,
That's very true! People complaining too much about this price drop... Because, they don't know the history :D
Can I screen shot your reply to show to the people who complain about the price drop?
Thanks~
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exactly. we had way bigger drops before and we're recovering much quicker nowadays
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Great points. I think we would have been due for this pullback even without the scaling issue entirely. As you noted, we've simply gone too far, too fast. With the scaling issue as well, I wouldn't be surprised to see $1000, but I think $1200 might be a more likely bottom. Anything could happen really, calling price points still requires an awful lot of luck.
"I have heard a number of business suggest this although I have yet to see any specific details."
There was a post yesterday about one Bitcoin ATM company, I think in the UK (Shire maybe? I forget) announcing they will shut down operations prior to Aug 1st and "wait and see".
Didn't even notice the Battlestar reference until the last section, oops.
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Yes I think we might see a bottom around $1200 or $1000 according to other who know about the TA side of things. Hadn't heard about the ATM company but it does make sense for them.
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Still, 50/50 guess so......50% now and hold 50% for your guess. If you're wrong you just be buying in a little late with the other half.
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Why not break it down into 10% increments or less and buy over time.
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dollar cost averaging is an excellent strategy imo
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great strat, thank you
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Again fantastic blog post @thecryptofiend.
I would like to describe my strategy. I do not believe that prices have touched the bottom. In other words, prices will fall even more in next days and weeks. So I do not buy any crypto right now, but wait. I will invest in three to five altcoins plus bitcoin.
At the moment I am writing series of texts about cryptocurrencies I believe in. If you are interested where to put money consider following me.
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I think a better strategy is to spread out your buys since nobody knows for sure where the bottom will be.
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I agree that nobody knows but in my opinion prices are still high. There are many reasons I believe that prices will fall even more.
@thecryptofiend do you believe that all of these influences are already imputed in prices?
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That's not what I'm saying. Yes prices probably will fall more but where do you draw the line? That is why I buy in small amounts over time. It is a different strategy but neither is good or bad, you just have different risks.
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Agree!
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I always tell folks that the alternative to crypto currency is what? So I really feel that after August it's about to be a mad house again. This is a new market though, less than what, 3 years old? Yeah...that's why I really don't listen to all these fake analyzers and crypto currency predictors. The market is just too new to start doing all of that. Now I will say this, the prices are still much higher than they were in April, so even if Bitcoin drops below 1400 along with other coins, technically it is still higher than normal.
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Yes and that is also why there is still the possibility for it to drop down to around the $1000 mark.
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Whatever it does, I'm with it. I don't plan on going back to the dollar for much investment or o make my money grow.
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Lol 3 years old??? What are you drinking cuz I want some... BTC was created 2008 went live 2009. $1 bought about 1000 or so BTC back then on the first exchange.
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I stand corrected. So 2010 about...So the market is 7 years old. SO it's relatively new. ANd only since early Feb has really seen this type of growth. It's hard to speculate what the heck will happen in a market like that.
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It's still a young market, but many prices are seriously inflated or based purely on speculation. With value investing (the best kind of investing in my opinion), an asset is weighed against its underlying value. To say that the EOS platform is worth $400 million right now... that's tough. When prices reflect so much of future expectations and so little of actual use, that's when its important to be wary. I don't disagree with you regarding more investors getting in in August, but just providing an alternative view.
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I always say to people, look at the lifetime price history of Bitcoin. This kind of drop has happened time and time again, and each time, Bitcoin has bounced back stronger. Now that's not to say it's guaranteed to do so again, but it's what's happened every time so far!
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Exactly.
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Bitcoin has died 140 times and counting..(Bitcoin Orbituary)
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time flies ! 140 already !
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Exactly!
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Amazing article and well explained. You shouldn't have fear with the prices falling now. Everyone is just scared but it will bounce back up again. All around the world people are accepting cryptocurrency's already. Although it's with baby steps, it are still steps.
This is actually a great time to invest en buy some currency's while they are 'cheap'. At the end of the year they will be worth more than they were 1 month ago!
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Thanks - yes I agree. Now is a good time to buy but given most people's psychology they will instead be selling.
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Thats true. They are thinking short term. But if you think long term you will be a winner. Just like Steem, you have to hold it now and if you are a persona that likes to have it payed out, you can pay it out in a few month's to have a lot more cash!
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Exactly.
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This post received a 3.0% upvote from @randowhale thanks to @rkrijgsman! For more information, click here!
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Amazing commitment, this took substantial time to format and create. Professional grade, not blog grade.
You deserve the professional grade pay out you will get with this work.
STEEM On!!
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Thank you!
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I think the best option is to stay calm and to wait. After all 1 Bitcoin for example was just 600$ last year, little drops now are not a big deal. ;)
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I agree.
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This comment has received a sweet gift of Dank Amps in the flavor of 25.00 % upvote from @lovejuice thanks to: @styleyfrancky. Vote for Aggroed!
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@styleyfrancky got you a $0.19 @minnowbooster upgoat, nice! (Image: pixabay.com)
Want a boost? Click here to read more!
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Excellent use of formatting, headers, etc. I think it's the best article I've read here in terms of styling - makes it very clear and easy to read. Content is great too. Thank your for sharing your views.
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Thanks glad you liked it. I try to make it clear and easy to read.
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This is another bitcoin doomsday hype and I believe nothing will happen although people can cut their loses by selling now and buying low. After 1st of August I hope we see uptrend of all coins until the winter. Especially Steem/SBD/EOS/Bitshares.
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why do you think these and not one of the 800+ other ones?
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Yes people seem to love saying the world is ending.
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The mayas predicted Bitcoin doomsday 1st of August lol. It's funny how many people are panic selling. The people who will lose the most from this ridicilous panic are the miners. Their roi on their equipment and electricity or cloud service is diving and they can't do nothing.
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I think most of it is done on such a scale and with such big players that they can take the hit and wait for things to settle. They might not like it but they won't go out of business.
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The main problem that I see after 1st of august is not some doomsday crypto but huge percentage of btc and other currencies will be overtaken by the whales so we will have quite controlled market price. If too many people panic sells to them, it's a gg for all small to mid players on the market exchange.
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Only if people fall for it.
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an insightful post, reassuring investors about returns by appealing to the concept of eternal return - I'm amazed by your curious learning, my friend, relating even the vagaries of financial cycles to fractals in nature and explaining everything in simple terms.
Perhaps T.S. Eliot was right: “The historical sense involves a perception, not only of the pastness of the past, but of its presence”
This too will pass and as you so wisely said, there are other things in life besides the markets.
Such a thoughtful and balanced outlook
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Thank you so much:)
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You know, as a PM stacker that sounds eerily familiar to me. That is basically the same what PM bugs tell each other - and themself - for years now. And the prices are still rediculously low, after all those years.
My recommendation is: don't invest unless you can afford to wait for a profitable - or loss free at least - payout for a long time. Perhaps even years.
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I have no idea what that (PM) is. That is the difference.
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Sorry, PM - precious metals, as in gold, silver ect.
Sometimes the "gang slang" comes through... :)
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Of course I knew it would be something obvious! I think the thing about precious metals is that they aren't a disruptive technology though.
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Oh, they are very disruptive too, to those who control the fiat currencies (paper money). They always have been something like a mirror that reflects the true value of a fiat currency. For that reason their price gets supressed and maniputated down, to conceil that the value of the US$ (and other paper currencies) is sinking for decades.
Crypto currencies are just another annoyance for the powers that control the money flow - simply because they are difficult to control. But they will try, I'm sure.
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The same worries and uncertainties were with millenium problem. A lot of people were scared by possible computer system crashes when move from 1999 to 2000. IT sector earned a lot of money "solving" that issue, although there were no real threats, as it became clear later.
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That's a very good example.
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Yes, this is a classic example of market psychology. Market do not like uncertainty and that is exactly what we have for the next couple weeks.
This is a buy the rumor sells the news opportunity if I have ever seen one. No guarantee it will work, but the scenario for a success is certainly there.
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Yes.
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@thecryptofiend
you just hit the nail on the head beautifully. Am new in crypto world but you just gave me some sense of hope and believe all will be ok. Am very glad to be following you in steem to partake from your wealth of knowledge...
i have one question...
I powerd up most of my steem...few weeks back it was double the amount of US$ but now my Steem power value is depreciating fast...Is it because of the same August first fears? Should I have any cause
to fear?
Thanks in anticipation fo your response...
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Yes it's because the bitcoin price is falling and every altcoin including Steem is falling too.
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And there is 100% hope things will come back to normal...which includes value of daily blog posts like yours hitting over $1k plus daily and steem power to?
I joined few weeks back and the value i saw on posts whch inspired many to post is no more as such, many bloggers are withdrawing...so will all these revert back?
thanks for your answers
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The value for blog posts fluctuate over time as they are based on a number of factors - they will probably go up but I can't say they will go back to previous values because there are more factors than the Steem value which affect them.
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ok...thanks..am learning because the steem seminar i wanna organise will require question and answer time...what those factors which caused the blog posts value to drop and what are being done to ramp it up to a better level...what level do we foresee and how soon...
thanks once more for your guide
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It looks like many people are just panicking and think they have no choice than just taking their money out of the markets. There is nowhere better to store their coins so they think rather than holding and gaining in the future, they are going to take the loss to protect the huge profits they may have made so far.
I don't think the 'end of crypto' is coming anytime soon.
If anything there may be a boom of crypto after this hardship.
We all just need to be a bit more patient and remain calm.
Thank you for reassuring people @thecryptofiend
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You're welcome!
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Great post. This is the kind of perspective I like to find when looking for information about what is happening. There is too much negativity out there, that is starting to get boring getting information about this subject. When it comes to the crypto space we all must learn to think in bigger terms with a broader perspective.
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Thanks - exactly my thoughts. It is easy to get caught up in emotional thinking but that can sabotage us in the long term.
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That's a precise explanation to all these crypto questions people are asking nowadays.
First things first, Bitcoin will further fall for sure because everyone considered 1 August as a deadline and no one is purchasing anything in the market right now, as a result without no purchasing power, Bitcoin will further decline.
Secondly, there are 80% chances of Segwit implementation but still 20% chances exist for failure, and people generally fears negativity and they are just considering the neativity now, selling all their bitcoin shares and converting them into fiat.
Thirdly, Crypto currencies came into existence recently, so there's no way the are going back to again at zero. People always need something to play speculation for. So crypto's are the best option for short time investors, they will never let them die.
So, the best time to invest is within one week and after that price will get started to increase because of buying pressure. So, grab the opportunity before it passes.
Anyways a big thumbs up for the article @thecryptofiend
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Thanks.
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Can't keep a good thing down! We're almost back to where we were at the top.
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Exactly in a few weeks when Segwit activates it could break to new levels.
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This article should be definitely published in a newspaper!
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Lol thanks:)
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Solid analysis with various factors considered. I will keep an eye on your blog.
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Thanks!
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great post, thank you! I am new to crypto and this has answered lots of my questions.
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You're welcome:)
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Thanks you for sharing. I think August 1st is considerable and may cause chain split to Bitcoin blockchain.
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It could but I don't think it will happen.
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some very interesting points
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Thanks!
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Excellent post. Hopefully more people will read it
Upvoted and resteemed
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Thank you.
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Fantastically informative and helpful post especially for those of us like myself who are extremely new to cryptos. I will be looking on from Augusts 1st with wide eyed interest.
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Hopefully it doesn't take too long to resolve :)
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Hopefully not. Although if I'm completely honest, a slow turnaround gives me a bit more to scratch together some meagre funds to invest.
I picked the wrong time to invest. Not in market time but time in my life. If only I'd known when I had an income. 🙁
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Bloody great article and summary mate!
I'm buying small amounts in the dips on the way down for Bitcoin and a couple of other cryptos.
As you say, nobody can pick the absolute bottom!
One thing you may have touched on is storing your cryptos in an offline hardware wallet while this is going on. That way you are not locked into any particular online exchanges if things get a bit tricky. (and if there is a split, you can control your destiny to some degree).
Good job and well done!!
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Thank you so much. Yes you should never keep everything on an exchange. Obviously if you are hoping to trade you need to take that risk but keep everything else on your own wallets.
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Very good insight for the fearless. Bitcoin probably will bottom out further for a short while. Like your post states 'Don't Panic'. I'm just waiting for the next big boom of which, I am confident, it will come.
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Yes me too.
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Very well explained, the reasons of current market situation. Some will see it as an opportunity and some a signal to leave. Who wins in the end, will be told by the time only.
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Thank you!
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Congratulations @thecryptofiend!
Your post was mentioned in my hit parade in the following category:
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I like your post, honesty and the fact that nobody's knows. My option is not to sell. DO NOT take your lose. Just sit and wait. Don't check everyday, this makes everybody crazy :) I know cause I have 16 different coins lol.. Buy if you can afford it. I am here for the long run and must say it do not really like the day traders or the people that hype a coin in a community, online or on youtube. You buy, they sell. Currency will drop.. Every time All the best.
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Very well said. Thank you.
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Left: Marijuana
Mid: Meth
Right: Watching Bitcoin dump below $2k
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lol
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:)
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Thank for putting good effort on this blog ⬆️ Upvoted 👌🏻
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You're welcome:)
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Nice writeup! Format was superb!
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Thanks!
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A logical explanation for what's going on. Excellent post. :)
Resteeming this to 12,000+ followers.
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Thank you:)
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Great to hear another opinion, I'm trying to decide right now whether to do a little buying or wait
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Yes that is often the question. One alternative is to break down your buys and spread them out.
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Yes, all this has happened before. Google "Beanie Babies". Internet fads never last forever.
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Bitcoin and cryptocurrencies are not an internet fad. Strange irony that you would use a blockchain platform to compare them to Beanie Babies - it is a nonsensical comparison since they had no actual utility or purpose.
Further your response suggests to me that you just read the title and nothing else.
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Is Litecoin safe?
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Safe in what way?
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this is a great piece @thecryptofiend. excellent style of writing. this is really a great post. thanks for sharing
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Thank you!
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Super thanks for this article mate!
I have gone through a couple days worth of crypto posts and put together a special episode of ~(Q2C2~)~ featuring my favorite crypto related posts in this super volatile time of which scares many.
Thanks for all you do for this community and your honorable standards.
You can check out the post here if u like.
SteemON!
https://steemit.com/money/@quinneaker/quinn-s-quality-content-curation-q2c2-episode-5-special-edition-best-posts-on-crypto
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Cool I will check it out:)
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Thanks for all you do. Your a hero for sure.
Bless~*~
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Really enjoyed this and I agree. Concise :-) I picked up more Golem today at the silly price of 18 cents. I'm using the crash to get more altcoins I like at silly prices. The only issue I have is getting more liquid FIAT to get more crypto.
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Yes that is always the big problem. Would be nice to be fiat rich so I could buy more.
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Yes! I love this point. I've been thinking about diversification as it relates to crypto quite a bit lately, so I started writing a series a series of articles about it. I think it's going to be even more crucial as the market matures more and altcoins start following their own paths, rather than simply mimicking bitcoin's price curve.
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Diversification is almost always a good strategy.
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Very nice article ! I totally agree with your analysis.
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Thank you!
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Very great blog. You captured the essences of a cryptocurrency love affair lmao. Well, that's my perception of it. You did an excellent job providing details and I find the market now to be the best time to purchase any coins. As we all know the market is just resetting and preparing itself to take off to new heights. ImI'moubling down on all my current coins and patiently waiting for that great return. Keep on steeming steemiteer
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Thanks - I think even if it takes a couple of months (or longer) it will get to new heights.
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Great post. I think the FUD is all hype and as you said, things will sort out and crypto will continue on. I also love the idea of buying altcoins low and HODL. Just added more STEEM for example :)
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Cool:)
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I firmly believe that bitcoin and blockchain technologies are the future - they constitute a revolution that will not only change the financial world but many other aspects of life that we may not even be able to envision right now.
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I agree.
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It pisses me off that altcoins must suffer at the instability in Bitcoin, that for some reason coins that have direct fiat pairs and no scaling problems are dumped just reeks of speculation and collusion. I hope the space can grow out of that.
I'd like to see more people in the crypto space getting involved with core communities and spend less time speculating on price.
Rant over :)
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Agreed - in fact the tie to bitcoin is in some ways a form of centralisation. What we need are more fiat gateways to disconnect bitcoin from altcoins - everyone has known it since altcoins have existed but the regulatory framework in most countries makes it difficult and risky.
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Yeah that's what I like about what Lykke are doing, I hope as they get registered in more locations and can lead the many to many revolution.
Still the centralised 'trading' exchanges influence will still be very powerful. It just takes some time I guess.
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"The problem is the "top" was a few weeks ago and there is no definite way of knowing where the bottom will be." - Totally agree with you!
The main thing now is to wait a little bit longer!
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Yes it will be a while before we get any significant rises.
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Great post! Just stay calm wait.
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Exactly.
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You've been UpVoted via the UpVote Experiment 002 Bot. Depending on my VP & the price of STEEM you should get a $.01-$.03 for your trouble.
Read more about this experiment here.
Thank You - @blueorgy
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how does the upvoting work...can one get higher value than 0.1 to 0.3$
need best options for my posts @blueorgy
thanks for sharing this and your comment
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Thanks!
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we will se what crypto are strong BTC or BTU ?!
i think BTC isstill the king of crypto,
we will see in 1 august sir.
I will buy more in the lower price.
good news thank
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good comment and choice to buy while the chips are down @johnlim17
i also think btc is king of crypto and will bounce back
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I'm not convinced there will be a split.
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i think so.
BTC is thing. other is garbage
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I don't think it is garbage.
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are your trader altcoin/crypto?
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I doubt there are many people here who aren't.
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youre right. they withdraw there SteemDollar to bittrex or poloniex for trading .
but in just moment i was save my money for safety.
how about you ?
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I keep most of my holdings in my personal (local) wallets anyway.
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I agree with everything mentioned in your post, I have no fear and I'm taking the opportunity to purchase. History has a way of repeating itself and pretty soon the prices will rise again. I don't think alt coins are going anywhere but in my wallet ☺️
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Exactly I think we are in agreement.
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Wow, excellent post! Really helpful for newbies like me to get a bit more of an understanding of it all. I'll certainly be watching with interest, and like you say, it's more than likely the future and there are always cycles and seasons in everything!
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Thanks glad you found it useful:)
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Great post.
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Thanks!
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Thank you, you reassured me. Although such a sharp fall still gets on your nerves.
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Yes it is natural.
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A good friend and advisor of mine once told me that when things are chaotic or uncertain, the smart man is the one that looks for opportunities. While others are panic selling and worrying about the sky falling, I'll be buying.
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Yes in fact a lot of wise investors (many billionaires) have used that strategy. If you just follow the markets you are never going to profit very much.
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Thanks to quiet me... I am very doubtful about what it is going to happen, but for sure this post will help us to get through this in a better mood! Thanks @thecryptofiend!
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You're welcome.
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just HODL.
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I think a lot of people are doing that.
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Being a total noob, I should probably be panicking. But seeing as many of the experienced people in cryto are having a field day waiting for the prices to dip more so they could go shopping, I don't feel too bothered. Although I'm wondering how low STEEM price would dip to as I've read in discord it had dipped to 0.07 before.
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Dude, I was here when it was 7 cents.
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O.O woah. So it wasnt a steemit (urban) legend! I thought for sure it was an exaggeration.
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I don't think it would ever get that low again - if it did I would immediately buy about 20 bitcoins worth (assuming I could get hold of the money). I have a few bitcoins of low buy orders set for Steem and a few other currencies already.
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Oh. Nice! I didn't know pre-sets can be done. Thanks for another tip :D
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Of course you set the price when you put in an order.
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I will have to look at the decline per day to make a rough estimate. Someone mentioned waiting for at least a week more or until 26/27 (another 28). But yeah, thanks for this new info :) I really appreciate it
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No problem:)
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Nice post @thecryptofiend! i'm think too that buy and hold for the longer term is the best strategies! so, which alts you think have great potential? Thanks in avance! i follow you
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Well I would say there are a lot like Ether, LTC, DASH, ZEC, STEEM, WAVES, STRAT, LISK, XEL, STEEM - there are many more but those are the ones that come immediately to mind.
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It is interesting that bitcoin is one of the cryptos that devaluated less (so far) in this crash, even though its fork is most likely the main cause. I like to think that this is due to the fact that the investors of the other coins are more mature and understand better what is going to happen soon.
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Hard to be sure about that.
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Right, maybe this is just a meaningless market movement
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I agree your comment,The uncertainty is what makes it all risky, however without the high risks there would not be high rewards.
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Great!
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Excellent post because it's right in line with what I'm thinking! Following and upvoted.
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Thank you!
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I just wrote a post about the Golden Ratio that BTC has found support at. Check out my article here:https://steemit.com/bitcoin/@hotsauceislethal/three-month-technical-analysis-graph-of-bitcoin-7-16-2017
I also write about altcoins and BTC news 😄 Steem on Steemians!
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Interesting.
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I wonder if the shutdown of Alphabay has anything to do with this too.
The weird part about BIP 148 being one of the reasons for this drop is that BTC dominance is actually rising. I am sure this is partly to do with people exiting alt coins, because of the drop, however this seems counterintuitive if the majority of the market is speculative of BIP 148 to put your money into BTC.
When Silk Road was closed it caused BTC to drop, but then I have to wonder the market share Silkroad had back then compared to what Alphabay has now. However Alphabay is the world's largest BTC marketplace.
So many reasons to ponder.
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I think it all has an effect. Altcoins are more niche and they are mostly sold in the form of bitcoin - that naturally creates more demand for bitcoin.
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Am also holding for the long term and not panicking as am sure everything will be fine. The prices will soon rise,maybe even higher than the past 5 months. Thank you for sharing
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Yes the problem is that in the cryptoworld a few months seems like a few years:)
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To me it is quite strange that the developers at Bitcoin cannot say what is going to happen on 1 August. They should know exactly what is going to happen and communicate it widely to stop the uncertainty. It is bad for the industry, when this happens, and might stop investors to invest.
Thanks for the post
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I think you are misunderstanding the decentralised nature of bitcoin.
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You are going to have an issue with decentralization when you find out - the developers are not "in control"
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There has been too much investment and too many businesses built around Bitcoin and blockchain for it to disappear over night.
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Exactly.
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"Like most revolutions it will not be easy and it will come with some degree of turmoil" you said everything ! I upvoted your post, thanks !
I think one crisis like this one is good to find a good entry level. At the end of the day, the blockchain tech have still endless possibilities
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great comment @abou
you also added value to the update from @thecryptofiend
So what you mean now is its ok for one to buy ...and will it drop more..i mean btc and altcoin...is etherium , poloniex and steem also having same issues...my steem is geting less value to dollar!
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Thanks yes, I think so too.
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Most important is to know what is the purpose of investing. If it is long term investing then the low prices should be seen as a good thing.
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Excellent way of putting it.
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What goes up, also comes down. but by how much is where the uncertainty comes into play.
The uncertainty is what makes it all risky, however without the high risks there would not be high rewards.
If it was all certain everyone would be in already and there would be no reward to gain for taking no risk.
I'm keeping hold of what I have, these cryptos bounce hard when they bounce back
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Yes I think they are two sides of the same equation - with great potential reward you also have risk.
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Nice and informative post , understood the reasons and factors of fall of crypto currencies , but it will soon get rise....
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I think so too. We can't say exactly when but it the growth will return.
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Its right....
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Thanks.
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Welcome....
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Where is the head of a lady! Too much magic today. It must be inside of the ball...
Oh yes, prices dropping... oh well. Whatever. Let's just wait and watch Game of Thrones.
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:)
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August 1st the war between the two communities of the bitcoin will reach its peak :) 3 years but it is the pic of the mountain :) so advice when it drops it must buy it is easy :)
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Is there anyway to convert dollars into steem directly. Poloniex isn't allowing me to do this neither it's allowing me to withdraw steem from it.
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@murtazasyedm
cant you buy steem through your bitcoin wallet account?
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I can buy steem through my bitcoins. I'm just wandering, is there any way to buy steem directly without converting USD to bitcoin first?
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ok...if you find answers, let me know
i think the crypto market is extremely volatile now...
so what do you blog on...? crypto & EOS?
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Crypto mostly.
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great...you have enough experience on what is going on then...
can i check some o yur posts?
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yeah sure, most welcome!
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thanks...read your blog posts and you explained it well for me as regards the problem faced by btc
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Not that I know of. Poloniex doesn't have dollars on their exchange. I would suggest avoiding Poloniex as I have mentioned many times before. Their behaviour is very odd and does not inspire confidence. I would also suggest that if any time would be a trigger for them failing it would be right around now.
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My steems are stuck in poloniex. Now I'm searching for another exchange through which I can withdraw and deposit easily. I would be grateful if you can recommend me any.
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No centralised exchange is without risk. My personal favourite (due to their customer service being very good) is Bittrex.
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Thank you Sir!
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You're welcome.
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I think anytime is the ideal buying opportunity if you have spare fiat to convert. After all the fiat is intrinsically worth sweet FA anyway.
That is why I believe people shouldn't fret over the price and just buy it. You are effectively trading nothing for something.
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Well the fiat is not worth nothing but the value is always falling.
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Well it is when they can use QE to print digits into oblivion, it is only a matter of time before the populace suffer a huge lack of confidence. Fiat currency only survives when people have faith in it. And currently across the planet people are losing that faith and governments are taking drastic measures to keep control, just look at Greece, Venezuela and India, to name but a few.
So at least if you traded now you would be safe in the knowledge that you have already purchased it. In my opinion this make sense for cryptos and all other asset classes too.
Or perhaps I am wrong and everything will just plod along as normal. I would like to think that this was the case but maybe that is just hopeless optimism?
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I think some kind of crash will eventually come for fiat. Not sure it will go to zero but there will be a big crisis of confidence beyond what we saw in 2008 and before.
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As a history enthusiast I thought that this was worth mentioning as a side note. Every fiat currency ever created has returned to its intrinsic value of nothing and there are A LOT of them. Will any of ours be any different? Just food for thought.
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Very well FAQ of cryptocurrencies
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nice article, thanks for posting!
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Thanks for commenting:)
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I hope it does for all of us, I have total faith in it so look forward to the ups again and I love that little kitty :)
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Thanks me too!
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What a great summary. You're right, the answer to the question on what to do (buy, sell, or hodl) must be an individual one. As for me, I'm still buying small amounts of BTC and interesting altcoins - Ardor yesterday, and plan on waiting it out. The bitcoin scaling issue seems to me to be more of a power struggle between the miners and the programmers. Once the miners saw momentum for Segwit2X seemed to be shifting to their side, all the backed up transactions in the mempool seemed to magically resolve. I guess the next development is expected 7/21/17 when, according to Bitcoin Magazine's Countdown to SegWit
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Thanks, yes we will need to see what happens on the 21st.
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Incredible postings you know from me @ abupasi.alachy
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woowwwwww this is very amazing what you show us I really like it this is very fun you are so amazing you may be successful always in steemit and get what you hope and get the achievement as you expect if there can help me tobemage my post though Also not as good as your post and I would be very grateful to you I hope you always succeed in steemit......thanks you very much.....!!!
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Thank you!
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Theres way to many weak hands in the market. The moment something goes down one point their heart exceeds Max and they Panic sell. I think everything is gonna level out after August 1st. Everyone always says oh its gonna fail, but in reality its only going to grow stronger. Just my 2 cents on the whole ordeal. I'm ready to get past August 1st tbh!
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I think you are right.
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Great post. These dips are a great time to buy...just got to remember to keep some funds ready to buy when the opportunity arises.
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Yes. That is the best reason to keep some dollars or bitcoin aside.
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i love this post
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Thank you:)
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With the price of ETH alone, a 400% rise in one-two months just doesn't seem like a healthy price increase. A pullback was due eventually after all the hype. I currently am holding ETH for the long run, and believe that the price will past the last peak and continue to shoot up before yet another pullback, then repeat the cycle only to reach yet another all tme high
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Yes I know. I keep wavering between thinking it is too fast or a sign that things are going mainstream. Hard to say what is right. Slow steady growth would be best.
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Your article makes sense.
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Thank you.
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Remember, the top in the end of 2013 was about $1100, then it slowly sunk to about $200 over time, i.e. a fifth of the peak value. Maybe then it will now head to about $600 slowly over time? Of course it's impossible to know.
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That fall coincided with a slump in confidence and new investment. I don't think it will happen again because more and more people are realising the potential of blockchain and getting onboard.
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I need to pay for write comments?
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No.
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Nice
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Great post!
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Thanks!
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okay, I'll give you that...as far as what the article said and the stance. But what about the concept that people are still trying to get over, and get free money...by gambling in a stock market fashion. What do you say when someone says that a time-based economy could be more of a solution? Ever heard of time-based economy?
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Give me what? This answer sounds like it missed a large chunk out. Further I fails to see what time based economics has to do with this.
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@thecryptofiend
This was a worthwhile read, but pardon my off-topic question - how do you align text and pictures side by side here? Share your magic with me, please. )
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https://steemit.com/steemit/@steemitblog/new-advanced-formatting-features
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interesting your post to follow, thank you for sharing, good luck.
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Thanks.
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pretty cool visit my profile too
https://steemit.com/politics/@nizamuddin/politics-an-unfair-game
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Follow me please
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