HOLY CRAP ! We are DOOMED ... so some people say
Talk of the last 48 hours
There has been so many people talking and saying hey the entire cryptocurrency is doomed and the market is crashing. I'm sure that its part of your concerns with so much news you are reading.
Here is my 2 cents worth , I've never labeled myself as a crypto expert or trader expert , but like what John McAfee tweeted that all these news are just propaganda to create fear and panic in the markets which is then just to delay whats coming.
What is crypto valued against ?
When the price of Bitcoins rised in mid December to a staggering $19k USD , there were already a lot of speculations that it would shoot further up and also there were talks of it crashing. I chose to believe the later due to believe that any "currency" needs to have a strong value which pushes up the price. For Bitcoins .. there was supporting technology which gave it the value but was it worth up to $19k ?
Let me try to explain in a more layman term. If you are a brand ... and that brand suddenly announced a "possible partnership" with a large company. People will straight away start buying that brand's shares causing the price of its shares to rise. However if there is no progress on the partnership after months .. people will loose faith and start to dump its shares. Why ??? This is because that brand was unable to sustain the hype and bring the value of the shares to be worth the price it was trading at.
So what have been implemented to BITCOIN to increase its value over the past few months ?
We all knew that towards the end of 2017, there was an issue with Bitcoins as the transactions were slow due to a tremendous increase of transactions and the fee was expensive due to this. Making trading with Bitcoins for small amounts almost impossible. Imagine trying to pay for something with Bitcoins which cost $10 but the transaction fee was $20 .
Here are two of the upgrades which were implemented to help with Bitcoins challenges
So why is the price still dropping like mad ?
This is due to govts and media in sync throwing all sorts of news to the market causing mass panic and fears. With this comes the a massive dump of cryptocurrencies suppressing all the other news.
Will it go up again ?
This is the biggest question and I can't give a definitive answer however my personal opinion is that HELL YEAH ! Why ? because I believe in the use of the technology and not only for its financial gains.
Look at STEEM and its use case. We use it for blogging and authors are rewarded from creative content. There are not many cryptos in the market which people can clearly identify the platform or purpose of that coin.
What do we do when the price is low and I have no more fiat ?
Take this opportunity to increase your Steem Power .. this is one of the best chance to do it. Keep on blogging and your SBD rewards, just POWER UP ! Remember STEEM is a long term investment and not for a quick buy and sell. If your ultimate motive is quick gains , there are many other Altcoins which you can make faster profits apart from STEEM. Do your research and you'll quickly identify those coins.
Summary
These are just my views and opinions, once again I'm not an "expert" and its something which I would just like to share with you all. Its the weekend ... have a blessed and great weekend !
well done dude very nice article hope people understand dnt panic
This comment has received a 0.28 % upvote from @booster thanks to: @jassi.
I have just stopped looking at our wallet, I'll look again in a month, the only way I can see the fluctuations is in my steemit wallet value lol. No use worrying about now, we are in it for the long haul and I have faith it will recover and power on and up.
My exact sentiments .. it's all about the long term gains
Those weak hand need to chill. They might as well put their money in Steem and power up it all. So they got no chance to panic sell lol
So true ... But most of them don't know the potential of STEEM.
Nice piece. I was amazed when the price of bitcoin went up to 18,000 dollars, it didn't seem right. I think Steem will be fine, Bitcoin will survive this but there are a lot of very speculative coins which just represent pure greed and an overhyped market. Let's see how it all works out.....
Damn that tweet is profound. You know for all of John McAfee's ridiculous PR stunts, the man has something special going on.
Hahaha ... Yea man . It's insane how the markets react to his tweets . I wonder if he is going to talk about Steem , I doubt he won't as he seems to only tweet about low volume altcoins
lol
Every keep calm and Buy the Dip!
Did the bank buy bitcoin recently and they are against crypto. Now all there bitcoin are dumping to the market to create mass panic.
I doubt that the crypto mania is anywhere near over, but I'm one of the people who believes, with good reason, that it will end badly for a lot of people who bought into it. It's the modern day tulip mania, it's gambling, it's going to have winners and losers. I'd never but STEEM and I'd never recommend that anyone else does because I don't advise people to go out and gamble their money.
I've seen posts on Steemit where the rah-rah brigade (which is huge!) say "crypto inherently gets its value from [this or that]" - other people buy into it, but they're completely clueless! There's never ANY inherent value in any crypto - it's just 1's and 0's on a computer disk.
Thanks for the tips! --> "Take this opportunity to increase your Steem Power" :D Powering up! Although very little, haha
Noted.