Regulation has nothing to do with crypto being down. Here's the real reason.

in #cryptocurrency7 years ago (edited)

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I've been reading a lot of garbage here on Steemit in hopes of finding people to follow. The most common load of crap that people keep recycling is that the talk of regulation is sending shockwaves through the crypto market and is bringing down cryptocurrencies. *If you truly believe this nonsense, I have a bridge in Brooklyn that I would like to sell you. *

WE HAVE SEEN THIS BEFORE IN OTHER MARKETS


While there is more than one reason the market is down, the real driver is that all those new traders who entered the market when the market saw a monstrous uptick during late December 2017 into January 2018 are now on the sidelines. This event not only caused new traders to buy at all-time highs but it forced a significant number of "old" traders to buy into shitty coins at all-time highs as well. The end result put a fuck-ton of traders under-water. I am not saying everyone who trades is underwater or that they are in financial ruins, but those who bought high are holding coins that are well below the current market prices on each exchange.

WEAK HANDS IN CRYPTO?


Believe what you want, but psychologically speaking, the vast majority of crypto traders do not have "weak hands" much like casino gamblers don't have weak hands. For those who haven't heard the term weak hands until now, it means someone who either sells to cut their losses or to get out during what they personally define as uncertain times. A tiny percentage of all crypto traders are weak handed. The rest sit on the sidelines with their bags of coins rather than sell at a loss because you haven't lost until you hit the sell button. Between market dynamics, volatility and the fact that every coin price is closely related to Bitcoin, repositioning yourself is extremely difficult. If you think you can reposition your holdings while your portfolio is under-water and make headway, I still have that bridge in Brooklyn that I would like to sell you.

In a future post, when I have more followers and commenters, I will dig deeper into my thoughts on regulation. I don't have a crystal ball but I have thought about this topic and I think I see where things are heading or how the SEC will attempt to protect investors strategic gamblers. If you are not based in the US, I have don't have thoughts for you. However, I am pretty sure other countries will follow whatever the SEC decides to do. **For those who think Crypto will be banned in the US, there's no chance in hell. How do I know? Our government, (US Marshals Asset Forfeiture) seizes cryptocurrency assets all the time and they conduct public crypto related auctions several times each year so they unequivocally recognize crypto as legal tender. **

**If you want more insight please follow. Any upvotes and resteems are greatly appreciated. Downvotes are cool too, but only if you leave a comment stating the reason. Feel free to call me out, especially if you have an opposing opinion on this subject. Teach me something, but bring your A game.
**
Peace,

@alakazam

PS: you know how whales charge 1 -3 steem or so to vote on your post. I think it’s time we charge them 3-5 steem if they want our Witness votes. If you can’t beat them at their own game, make them pay for your vote. God knows they have tons of money in their steem accounts and what you free Witnesses vote to get more power and more money. I believe Witnesses are paid for being a Witness. They must, since they seem to be highly motivated by rewards. Running campaigns shouldn’t be free just like upvotes are no longer free for minnows. Think about it!

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Thx for another informative post. Easy to read.
Please continue up with creating interesting content - it may be hard at the beginning to build reach and solid followers base.
Steemits needs solid content builders so just dont ever give up! :)

You know my issues bro! I will keep posting. I'd love to post more about the interesting projects I like, but I don't want people to end up buying tokens unless they have the means to do so. I think I have been on here posting for about 4 weeks and decided to not introduce projects to strangers but I'd like to do this as it would make for great content but then you are borderline shilling. Pretty sure I could introduce people to a few cryptos and they would see some nice gains. Did you ever end up researching that master node staking you were thinking about the other day? Let me know, I got something for you if you want in. PM me with what amount you are looking to spend in USD (all in) if you could this week. Not saying you can but if you could get in on the action this week, would you? I will most likely stake another ETH because things are humming along.

Ive been researching about masternodes but I simply cannot see any coin out there that seem to serve any real purpose and is offering masternodes. Im thinking about investing in smartcash masternode as it seem to be affordable now.

I will send you PM today :) thx

What's the 24hr volume on that? Something like $150k. I don't know much about it. What's the upfront cost and all in cost to get it up and running, and how many coins do you need to hold to maintain you master?

If you want passive income I have been buying into something I find really interesting. If you read the contract code it's brilliant by design. We can discuss in private but for the past month this bad boy is legit. With crazy growing returns in real near time... its a beast.

The open source contract code has been audited. the admins can't make changes to it and it just runs. It's well written and def playing into why ETH is down. I read the code and its great. In the last few days the project blew past crypto kitties as most popular dapp and its going to hit the top very soon. Old you do is buy some ETH and sit back, and collect everytime someone buys or sells. Nothing is perfect but this is interesting and every day you wake up and see dividends, sometimes you refresh the page and see divs. The more you own the more you make. It's for those who hold. Price doesn't go down, only up. It's that brilliant. When someone sells, the token(s) are burnt. The only problem is that I should have told you 3 weeks ago because the price goes up even if the market is red.

let's continue on email about all that stuff :)
it will be easier plus it's to important for me to lose any of those valuable infos

You are on my email list for important tokens to get in on.

I agree, thanks for the informative and alternative info as opposed to the easy reason of blaming regulation.

Interesting post to put it that way. Yes indeed there is a lot of rubbish on steemit thus far, quite polluted rather with garbage. Many post about crypto so that they make a dollar, get upvotes. Through that many cope - paste more or less same beans as others.

Disregarding that, you say regulation has nothing to do with bear market; although i'm not very knowledgeable about that, i'd like if you can go in more depth about it and tell me you r reasoning why you think that way, and from there we can further dive in and debate / talk . I like insightful conversations, and as i found way less than expected so far on this platform, i am glad to find a worthy post that displays a possible very good person to follow up and discover him / her .

Also if you can mention a bit more about the whales and the witnesses thing ? Cheers .

My witness comment was tongue and check but fairly serious. So if you are a minnow you are not getting much visibility on posts. But the whales get all the exposure regardless of the content they post. They can post something worthless and still be rewarded hundreds. These whales see the problem and the seem to take advantage of it but selling votes to minnows who will never get their posts notificed without buying votes. You with me so far? Now, these same people want to be elected Witnesses for the platform which gives them more power, money and control. They will send you a post vote once you pay them, then you will receive a a thank you note along with a message asking you to vote for them as one of your 30 Witness votes from them on the blockchain containing 0.001 SBD. In my opinion, minnows should be selling them a witness vote because nothing is free on this site. They aren’t voting for your post without you giving them money via bid bot service do why shouldn’t minnows be compensated if they want the one thing you have: your witness vote? Make sense?

I will go into regulation in another post.

Yeah true. I wonder whether there are other ways that we can make this whales more responsible about their activity and posts on this platform !?

Doubt it. Doesn’t seem like they care about the platform long term. If it wasn’t all about money and power they would spend their time engaging with new users not selling votes for steem to new users. They can’t upvote new user posts and protect their turf at the same time. It’s a fuck up situation to see first hand. If steem thinks SMT will catch on they better take a good honest look in the mirror because you can’t grow if whales abuse their power like they do on here. Or are the building SMT for whales. They are looking for whale businesses to emerge and could care less about new users. I’m a new user but it didn’t take me long to see what’s going on here. Its sad to see that this site runs almost entirely on greed.

nice article @alakazam
thank you for you re service
you get +30 upvotes

"PS: you know how whales charge 1 -3 steem or so to vote on your post. I think it’s time we charge them 3-5 steem if they want our Witness votes."

These two sentences made my day and put a smile on my face. Thank you! I absolutely agree with you.

Hey, it makes sense. The way I see it... In politics, you essentially pay to get votes. Witness votes are no different. You gotta pay to play. This platform is broken. So depressing. There are so many ways in crypto to make money. Glad I am not here to make money. This is not a good investment if you want monetary returns.

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