F**K The FUD: Here Is The Truth!!! Crypto Kicking A** And Taking Names!!!!
Price action is the biggest liar in the world. If we look to markets to tell us what is going on, we are going to be sucked into what the establishment thinks.
We need to be clear here. Cryptocurrencies are a threat to the banksters. There is no way they can stop what is taking place and they (the banksters) are well aware of this. For this reason, their only chance of holding onto power is to use their "arms" to bash them into the ground.
What are the "arms"? It is the one-two punch of the government (regulation) and media (FUD specialists).
So what is happening in the cryptoworld? What is going on with Bitcoin?
If we look at pricing action, they are going away. Things are terrible. We have 3 red days for each green day. Buffett must be right, this is not going to end well.
Of course, this idea is reinforced by Google banning all cryptocurrency ads starting in June. This is on the heels of Facebook doing the same thing last month. Both these institutions account for 80% of the Internet traffic. It is going to be near impossible for any new project to get the word out.
Is this realistic? Are we nearing the end? Is this experiment done after 9 years?
If you base your perception upon the MSM and the garbage they are spreading, then you might believe that.
Before we buy into that, however, let us take a look at a few more things.
Let us start with something I wrote about yesterday.
Wyoming passed a bill that became law that says cryptocurrency, as long as it is not marketed as a security, will be considered a utility token and treated as currency.
I guess CNBC missed that one. Nobody cares about Wyoming anyway.
Bitpay and Bithumb just partnered together to enter the international remittance market. This is a $200B a year market between Korea and the West. Basically, they are able to turn customer invoices into Bitcoin. It should come as no surprise they can settle faster and for less than banks can.
Judging by the market action on Bitcoin, this one was overlooked too....even though the chief commercial officer appeared on CNBC.
Coinbase opened an account with a major British bank to become the first cryptocurrency exchange to gain access to the UK’s Faster Payments Scheme. This gives British citizens a much clearer path for converting their crypto to pounds, saving them time and exchange rates.
Turning crypto into one's home fiat is often a major drawback to this industry. This move is a big one because it allows British citizens to skip a step. They had to convert crypto to Euro then to GBP. Now they can do it in one step.
Playboy is getting into the cryptocurrency game. While it is not developing a token (at this time) it is going to start taking payments in cryptocurrency. The token it is accepting? Vice. This should be wonderful news for those with STEEM. While the Vice group is forking the blockchain, it does show the interest that other content creators will have in what is going on. SMTs are going to be really big for this blockchain (and for Vice too).
https://www.coindesk.com/playboy-tv-to-accept-crypto-payments-for-exclusive-adult-content/
Playboy is going to roll the use of cryptocurrency into its other lines of business too. I would guess that it will use the SMT protocol to create a token on the Vice blockchain.
Circle also released its cryptocurrency app in 46 states. The company is offering accounts with no minimums, instant access, and no commissions. If you remember, Circle also acquired Poloniex which allows for all kinds of tokens to be traded.
https://www.coindesk.com/circle-opens-access-to-investment-app-in-46-states/
These are some major stories which you do not hear the mainstream media discussing. There are some major companies making moves that are going to really increase their position in this industry.
The pricing action on cryptocurrency sucks of late. It is total carnage. However, the development and advancement of companies is spectacular. The stories I mentioned are news for one day. This is not a situation where I had to search for a couple months worth of stories. It is one day's headlines.
I cannot predict what is going to happen to the price from here. Ultimately, we are going to see an explosion. Nevertheless, with all the FUD out there, we could see lower levels. As I write this, the price of STEEM is dropping like a rock. That makes a lot of sense as we are nearing 1M users, a very nice milestone.
Either way, long term hodlers need to ignore pricing actions. Traders can follow the minute by minute ticks of the tape. Getting too high or low about price movement on a HODL serves no purpose. Sure we all love when the price goes up rapidly. Nevertheless, a big part of cryptocurrency success is weathering the down times.
Simply put, blockchain and cryptocurrencies are kicking a** and taking names. You will not hear that on the mainstream sites but that is exactly what is happening. Price action sucks yet the development of this industry is going very well.
It is still very early in a long term game with a tremendous upside. Do not buy into what the banksters are selling.
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Wow...It's funny we have all these going but we never get to hear about them. The news will never carry them and they get buried underneath the bad news. This isn't fair but nothing is actually fair in this world though so crypto can't be an exception
Does anyone know the reason why Google banned all crypto ads? Could this have been a paid job?
No mate. USA did ban ICO and after when they talked about crypto there were pretty positive about it. USA government just wanted to protect it's citizens. That's what google tries to achieve as well I guess, as facebook, they just want to protect their customers. Thus they are talking about opening their own crypto currency.
I have a contrarian view with regards to the google and facebook bans, I don't believe they issued such policies on the basis of 'fairness' and caring for the community but rather as a defensive play to protect their platforms that are at risk of being disrupted by blockchain/cryptocurrency.
Shows we are on the right track in my opinion.
Of course.
The last thing Google and Facebook are doing is being fair or protecting anyone other than themselves.
corporations and governments can always be counted on to protect their bests interests while trying to pretend its for the people. the harder they fight the more of a threat the blockchain is.
Yessir, it is a shame so many people can't see it.
Thank you, taskmaster for motivating us Steemians in the event of the STEEM downtrend that is happening currently.
These positive news will encourage those who are sceptical to ignore price action and look towards the light at the end of the dark tunnel. Upvoted!
I was thinking of posting something very similar this morning but you beat me to it! Haha, with a much better compilation of news and commentary. I love it.
Believing the MSM, especially Finance MSM is the costliest mistake most people do. I've lost several millions in lost opportunities because of this. You need to understand they HAVE TO LIE, they respond to their advertisers, owners and viewers. Finance news are always fuzzy, uncertain, so they will always lean on the side that makes their sponsors the most money. If an analyst is invited once that speaks an inconvenient truth, they won't invite that person again ever. They have to be rosy all the time because, in the end, they are selling you ads to buy stuff that's not necessarily good or timed right for you.
Warren Buffet is the same. He can't speak his mind on TV, it would be irresponsible for him to do that! Imagine if Warren Buffet came today saying he believes the Stock Market is about to implode... It would be chaos and most people would turn against him and even believe he caused the crisis, not the underlying causes.
Regards Task, Great post!
This is where smart people recognise their opportunity to change their life.
That is very true @mattclarke.
The ride to the top is rarely a smooth one. We are talking about revolutionary technology that upsets a lot of people....a lot of powerful people. They have the means (and desire) to make things very tough. That is what we are seeing.
In the end, we are going to see a much more efficient system since blockchain offers so many benefits. Cryptocurrency is already starting to process transactions faster and reduce costs. This is going to make things very difficult for those institutions that operate in that arena presently.
Getting involved in crypto is one of the best choices someone can make.
Totally agree with that. It's easy to say that cryptos will change the world when the price is up, but now... That is when people with vision beyond the short term has ability to get important advantage of the pessimists.
and let's hope they help others change theirs as well.
"Rome was not built in a day" !
I agree the price action lately is not representative of actual goings on in the crypto world. I recently did a post myself about Goldman Sachs and their shameless negative headline regarding bitcoin and all the other negative garbage touted on CNBC. At some point the table will turn though. Just gotta HODL and wait for brighter and greener days.
Absolutely @cryptokeepr.
There are greener days ahead. We just need to keep accumulating tokens and looking for down the road. The present price action is not indicative of where we will be in 6-12 months.
This is the important thing to keep in mind.
Absolutely. I'm seeing STEEM is under $2 today and am about to take advantage of this price...I know it could very well go lower but this really feels a lot like November of 2017 when people were freaking out over the 4-5 month bleed in price and questioning the viability of the platform model and the currency itself.
And then we all know what happened next. Not saying it's gonna skyrocket like that again soon but when it does it's likely to be when it's least expected and then we'll hear all the moaning about "oh I wish I had bought when it was $X". That's why I don't mind a few small buys being in the red for however long they need to be. It ain't gonna last forever (the red).
It's just rough for the people that put money in near the top, and it limits attention. People only talk about BTC when the price is going up, at least people not yet in the space.
I'm absolutely bullsih on crypto in general for the long term, I bet it starts picking up again as we near summer, but we really need some good news, some working products, and some adoption, whether from people or from companies using the blockchain. SMT's could be big for the whole cryptocurrency space
i see the falling prices as an opportunity to double down and get some more coins.... i really want 1000 steem at least
1000 SP will set you up very nicely for the future in my opinion. I cant blame you for wanting to grow your account. It is really a fabulous opportunity.
I am a believer that even a few hundred SP is going to be worth a lot of money down the road.
So good to read something like that in all this ‘carnage’ as you say. Really a struggling time right now. Particularly for 100% crypto income people like me.
By the way: your self-censoring reveals your nationality like nothing else. ;)
Crypto is here to stay for sure. And most of the people familiar with it should understand it. The question that causes FUD for the majority is whether current crypto capitalizations and prices are fair.
I'm sure we are yet to see multiple ATHs, but the more red days we have the fewer people continue to believe it.