JOIN my newest crypto QUIZ TODAY [for crypto maniacs only]
INTRODUCTION
This has been so far an interesting week. Pretty much all markets around the world turned into a bloodbath and crypto space was no exception. Bitcoin fell down all the way from 64k USD to 31k USD. Around 50% drop.
For many people, this situation seems to be a tragedy. Fear seems to replace greed. Almost with a blink of an eye.
And yesterday I had a talk about this topic with a few of our Project.hope members, just to realize that only some of them see the current crash as an opportunity. And most seem to be worried and seriously concerned.
My dear friend @ramsesuchiha even admitted "the truth is I am quite worried about that, it will be another 2018?
I personally would rather compare current times to 2017.
However, his question prompted me to organize some small QUIZ TODAY. And I hope I got you curious and interested already :)
My own "2 cents"...
Before I will explain the rules of our quiz, please allow me to share my personal view on the current crypto market condition:
- it's almost the middle of 2021 and this is the first serious correction. The market was already very unhealthy. Driven greatly by the greed of many new investors who get scared easily. Such corrections are necessary and I consider it to be very healthy. After all, no markets can go forever ONLY UP.
RULES OF QUIZ
The goal of this quiz is quite simple and straightforward: I hope that it will reduce fear of some of you once you will look at the "market bigger picture" instead of focusing greatly only on the current deep correction.
Part 1) YEAR 2017
I would need to ask each one of you, to do some research and find out how many deep corrections (30% or more) did we encounter within the entire year of 2017.
And list them all (by mentioning how many % markets plummeted and what month did it happened).
Part 2) YEAR 2021
How many corrections deeper than 30% had happened in crypto markets so far in 2021? Including the current one. And in what month did those corrections took place?
What can you win?
5 randomly chosen people, who provide correct answers will be rewarded with 10 steem each (on the day of post payout).
Also, all the most valuable feedbacks will receive a 10-20k SP upvote on such a comment.
Side note:
Please drop a comment below, explaining how do you feel about current market conditions. I read and I appreciate all the valuable feedback.
who can participate?
Everyone is welcomed to join the following quiz. The only condition is that those who participate need to have at least 10 published posts and min. 100 comments so far (that is to reduce the number of fake accounts joining the fun).
RESTEEM please
I would appreciate every resteem, as it will help me reach out to the wider audience.
Yours, @crypto.piotr
@project.hope founder
check out our community: https://steemit.com/trending/hive-175254
I like this type of challenges ;-)
So I made some chart analysis compairing 2017 with 2021.
2017
source: coingecko
In 2017 we see at least 3 instances where we had course losses of BTC/USD of more than 30%.
2021 (Jan - May)
When looking at the price development of BTC in the first 5 months of the year, then we see that there is only one correction of more than 30%.
For both years, the first correction happened in the end of May and lasted until July. If we have the same development... check out where BTC went in December...
Volume
When looking at the volume, in 2021 the trading volumes are much higher than what we saw in 2017. This shows that crypto has become more widely adopted. What has to be said here is that the dominance of BTC was much higher in 2017. Nowaday, other cryptos take a growing part of the crypto trading.
how do you feel about current market conditions?
I have been dealing with crypto since 2014 so I have seen my shares of up's and downs. When markets go down, I see this as an opportunity to accumulated more tokens. I honestly don't care much about prices in fiat. One BTC will always be one BTC and there will never be more than 21 millions of them...
Thank you for participating in my little quiz @happyvoter
Amazing comment. And as promised: 10 steem will be transferred to you shortly.
Cheers, Piotr
An interesting quiz question I've observed in every market correlation the rate of FUD increase and most investors/traders panic and sell out their holdings which also increases the market to further dip.
Before any dump will occur in the market there are some certain FUD that causes panic sell which leads to price dump regulations from some countries like China and FED news
The above graph gives a summary of the price dump in 2017.
Below is also price summary of Bitcoin from Jan to Dec 2017 and that for 2021
7 corrections of 30% or more in 2017, so we have had a great year so far - just 2.
Also, corrections are healthy and are part of the process. If people expect a 5x, 10x return, they should expect 50% corrections. It does not feel good because the P/L looks bad but this game is for the long run and people should only invest as much as they can afford to lose. I am quite ok with current market conditions. The positive tailwinds are still intact and although I too feel sad when such massive drops happen, I am not getting out of crypto.
The details of the corrections are below -
Jan 2017: 1147 to 734 (36%)
Mar 2017: 1360 to 919 (32.5%)
May 2017: 2806 to 1913 (31.8%)
June - July 2017: 3000 to 2043 (31.9%)
Sep 2017: 4980 to 2975 (40.2%)
Nov 2017: 7898 to 5511 (30.2%)
Dec 2017: 19891 to 10400 (47.7%)
Jan 2021: 41986 to 28732 (31.5%)
Apr - May 2021: 64899 to 30000 (53.7%)
Some interesting points -
By May of 2017, we had seen 3 corrections as opposed to just 2 this year, however, the size of the correction in May this year is massive.
The only correction close to 50% in 2017 was the onset of the bear market! :)
Thank you for participating in my little quiz @karamyog
Amazing comment. And as promised: 10 steem will be transferred to you shortly.
Cheers, Piotr
Hi @crypto.piotr
interesting quiz and now after some research I am here to share the answer-
in 20127 there were 4 major corrections and here is the chart that is showing the %.
In 2021 this is the first time we are seeing this correction and it was expected to happen since the market was going upside more. THis correction has happened in May 2021 and its the biggest correction of the year.
I am a long-term holder so this correction did nothing wrong to my planning with crypto since I was not about to sell anything and I still keep on holding everything. I expect that this correction might go up to 30,000 USD price mark and then I expect some rice which could go beyond 40,000 to 50,000 in between however this time of deep I am buying more and more every day with a small amount of money through my SIP and its helping me to get more BTC every day.
I know that in the long term BTC price will go a long way. thanks.
Thank you for participating in my little quiz @alokkumar121
Amazing comment. And as promised: 10 steem will be transferred to you shortly.
Cheers, Piotr
INFRASTRUCTURE
We have the infrastructure for independence. Bitcoin has its own satellite system. We have things like Filecoin to help with database solutions. Several projects actively seek to develop a sort of independent internet. Brave browser runs a lot of what Google does. Several wallets have built in swaps across very different blockchains. We have competition at key levels. Markets for real world goods (e.g. EOS Markeplace) already service economically shattered places like Venezuela. Gaming is getting ready to take off. I can go on and on.. really.
In a word:
INFRASTRUCTURE
So what if fiat devalues crypto. Mayhem would not ensure. It'd just impact those who depend on turning crypto into fiat. I myself would spend less time if I couldn't draw out money toward daily living. I try to post at least once a week on Steemit, but I cannot cash out where I live. Ergo, other crypto opportunities contribute toward my bills. I did recently complete a Tron transaction from Steemit.
Lesson to take is that, if one looks with an honest intent, crypto invariably offers value. Add amazing communities, and we are clearly light years past 2018.
Crypto means a better future. It's inevitable like credit cards were. The term "using plastic" referred to the acknowledgement of wealthy that credit systems were undesirable, but the ease of digital money was not.
Blockchain starts out right.
Thank you for participating in my little quiz @MachnBirdSparo
Amazing comment. And as promised: 10 steem will be transferred to you shortly.
Cheers, Piotr
@crypto.piotr this is certainly a great way to make the community discuss and learn. personally for me I haven't thought of the tip so far as an opportunity to buy and stock more coin. infact I have lost more than I have ever hoped for but this journey isn't just a year journey, its a lifetime journey.
on that note, the quiz got me doing some research and this is what I could come up with ;
2017 has seven correctional situations but 2021 has two so far. although the correction of 2021 in may is massive as it almost or equal to 50% of the BTC price. all in all this year has been a great one so far and with recent great news coming from south and west, I can say that this year will see BTC ending on an higher note
in summary, below are the figures by which btc dipped in 2017
Jan 2017: 1147 to 734 (36%)
Mar 2017: 1360 to 919 (32.5%)
May 2017: 2806 to 1913 (31.8%)
June - July 2017: 3000 to 2043 (31.9%)
Sep 2017: 4980 to 2975 (40.2%)
Nov 2017: 7898 to 5511 (30.2%)
Dec 2017: 19891 to 10400 (47.7%)
while for 2021, it has just been;
Jan 2021: 41986 to 28732 (31.5%)
Apr - May 2021: 64899 to 30000 (53.7%)
In this graph that is in monthly format of 2107 and we go to 2018 we see how there was a single great correction in 2017 and then in 2018 came the unforgettable disaster, from November to December and continued in 2018
This year there has also been a single big correction that started from April and the graph should be lower but the format is monthly and not all the data for the month have come out
I believe that the crypto world has proven to be strong, I understand that any price can go up forever and that leaves me calmer, they are simply price corrections.
Thank you for participating in my little quiz @ramsesuchiha
Amazing comment. There has been many entries. More than I expected. So I decided to add few more rewards of 5 steem.
Cheers, Piotr
We look to the past to predict what will happen in the future, but similar trends don't happen one-on-one because we learn from the past. What happened in 2017-2018? In 2017, we had a bull market that seemed to never end. So much so that Bitcoin price had increased 18 times in a year. In the following period, we encountered a bear market of about 3 years, which lasted until September of the last year. It was such a tedious period that people like me despaired of the crypto market. In the past 8 months, Bitcoin prices have increased 6 times this time. We've seen similar increases in other cryptocurrencies, including Steem. As a result, the bull market lasted shorter than in 2017, and there were fewer (6x compared to 18x) price increases because we learned from the past. I think the correction that follows will also be relatively short-lived because everyone knows that the 2018-2020 recession has ended with a new period of uplift, no one will want to miss the next party.
On the other hand, in 2018, we had few real-life benefits beyond Bitcoin's ability to store and transfer value. These days, a huge decentralized financial ecosystem has been formed, and there is a much more mature blockchain infrastructure.
I believe that the correct recipe is HODL!
Thank you for participating in my little quiz @muratkbesiroglu
Amazing comment. There has been many entries. More than I expected. So I decided to add few more rewards of 5 steem.
Cheers, Piotr
I am glad to hear that. Thank you!