I'm sure I'm not the only person who notices this but every time the price sinks in the crypto world a bunch of pretty cookie cutter posts do really well essentially cheerleading and telling everyone to BUY.
Now don't get me wrong. It's a FACT that crypto is here to stay and that it is the future. No questions asked but the same users accumulate thousands upon thousands of dollars out of the reward pool just giving the same cookie cutter advice without in depth analysis. Plus even though crypto is the future the whole sector isn't going to go up in an continuous accelerating rocket ride to Alpha Centauri and beyond.
Let me sum up what 20 highly paid posts that will come out will say.
- It's a buying opportunity!
- Buy low and HODL
- This is a great price to buy at
- Don't worry about the FUD .....BUY....BUY....BUY!!
- To the MOON!!!!
There is nothing really wrong with people piling in the upvotes for the cheerleading....... I guess the market has spoken.
A lot of people might say that I am negative but I have tried to be as honest about what I'm seeing as possible despite the fact that I don't hardly get any support for those posts.
I made an indepth post about my feelings regarding the pull back 7 days ago being the dead cat bounce and that we wouldn't return to $5,000 for an extended time potentially years.
https://steemit.com/bitcoin/@brianphobos/bold-statement-we-are-headed-for-the-dead-cat-bounce-a-must-read-for-every-steemian
I would rather the market keep going up and STEEM going to $10 / coin.......etc. But as a whole I know how messy it can get out there and I know that it is likely we see some vicious lows before we see higher prices. It could be painful.
The Way I'm Playing It
I'm not committing large amounts of new fiat capital to the markets anytime soon. I will keep cost averaging in but the reward could be years away. Like with EOS. I will just keep buying but I might not catch a ride for over a year.
I am also doing shorter term trades with smaller amounts of fiat and taking the profits to mainly cost average in on some of the longer term plays.
I May Be Totally Wrong
There is still a chance we see some insane surges in the entire market but the reason why I don't think that will happen is because there are already a lot of n00bs who are upside down on their investments. First they get upside down on stuff like ETH, XMR, DASH......etc. They start getting scared and they need the money for bills. Suddenly their mining rigs aren't profitable anymore and they don't know if they should keep them running or turn them off. They then sit in their closet in the dark and eat a whole tub of ice cream to comfort themselves. They weren't ready for this rodeo.
There will be diamonds in the rough and you can still make money. Ultimately you can keep building your STEEM Power buy blogging, curating, and doing challenges. This is a very long term strategy game.
You can still get bitty rich!!! Just keep learning and picking your strategies. Don't throw in the towel and eat a whole tub of ice cream in a dark closet.
Earn $10 Of Free Bitcoin From Brian Phobos!
Thank you for reading my post and please consider following me @brianphobos
Great post and it is refreshing to see a different take on the market. I disagree however on the crypto market as a whole. I think we will absolutely be back at $5000 BTC or higher before the end of the year. And if you add BTC and Bitcoin Cash (a la Jeff Berwick) we are still hovering around $4200. But cost averaging is always a good idea. I have slowly increased my crytpo holdings including STEEM while it is "on sale"
I have never bought into ICOs initially. Although I have started stacking some EOS and OMG to diversify. The main coins BTC, ETH and Litecoin I think still have untapped growth potential. And STEEM when it catches on.
I am not a professional and have no scientific evidence to back up my position. It is purely speculative right now. Just like stacking gold and silver, I have more confidence in crypto than fiat. If nothing more than a hedge against inflation.
Followed your STEEMIT and Youtube. Keep up the good work homie.
Thanks for your response and following me on both platforms!
It very might be right that the whole market surges again and BTC goes past $5,000. It has been a pretty extreme rocket ride already but this space has surprised me more than once!
I think you're spot on. It might look like bitcoin will have a slow run the coming months. I also really like EOS, whats your take on it? Keep up the good work!
EOS is going to be a longer term play because the whole system won't be live until next summer. We are less than half the way through the distribution of the 1 Billion coins so I just keep buying as it gets lower.
Ultimately it will be able to do 100,000 transactions / second and like STEEM and BitShares it will be able to host real world applications like this blogging platform. I believe that they will make good on the promise because Dan Larimer has produced STEEM and BitShares which are two of the only real world applications beyond a currency or token for speculative investment.
They seem to be hitting their milestones and there is even a partial test environment live that programers can start building on. I also think it is going to be way easier for developers to create applications on it because they won't have to learn a new language.
The fact of the matter is an application like Steemit or DTube wouldn't be able to run on Ethereum. They are saying they are going to scale and it will be able to do more transactions / second but personally I think it will be too late. It will still be around but even if EOS ends up equaling the market cap of Ethereum it would put it around $20 / coin. If I'm able to take the position I want to that will be a pretty sweet ride!
Nice post..couldn't agree more on the repetitive "It's a buying opportunity!
Buy low and HODL!" stuff
Thank you! I didn't know if other people noticed. I think a lot of other bloggers joined in and started doing the same thing because that is what was getting big payouts. Suddenly it was everywhere.
Your coins just dropped 30% but hey..its all good!! HODL!! 👀
Hahah, Yep! LOL
I sometimes like those posts and somehow they became a part of bitcoin and crypto that I wouldn't want to miss anymore.
I mean at least they have the right fundamentals, although I agree - they get very repetitive.
Anyways, better than the people who spread FUD because they just sold a few $ worth or missed getting in on a coin and want to ruin the party for others!
I can understand the thinking that all people saying they think the price is going lower are people spreading FUD because they are jealous they got left behind or something. For everyone holding large amounts they would like to see it continue to rise for sure. But I'm invested and have been building positions in coins including STEEM. I just think everyone needs to be ready for whatever move it makes. If STEEM Price went to $10 I would be happy because I could post more and the liquid rewards would be greater plus my account value would go up as well. If it goes down I'm prepared to take action in that situation as well.
I just don't want people to get blindly crushed. It can be a very depressing feeling when everyone out there is saying it is just going to keep going up and up and up.
I don't call everyone who makes a bearish outlook a FUDer. But at the same time not all people who are bullish are shills.
I appreciate every article, post and news which are based on evidence and data and do not try to influence the market.
I made my mind (for myself) that I am longterm bullish for crypto. I cashed out my initial investment a long time ago and now I hodl until I can spend my crypto directly on goods.
And with that mindset I appreciate the one or other hodl mean to show me that I am not alone in this and others are here because of the fundamentals too.
Obviously you shouldn't base your trading or investment decisions on the opinion of some memers in online forums, sorry if I came across like that.
Absolutely love the image at the bottom of your post:
Celebrating 20 years on steemit
I agree, this is a long road trip. Bound to be scenery along the way, but we can't let ourselves get distracted by the crypto version of the largest ball of string.
Thanks! The footer is pretty ridiculous. Hahhaah
The crypto space is going to be an interesting road trip for sure.
Correction was inevitable once $5000 was touched, and the uncertainty over Chinese exchanges just compounded this. We're not out of the woods yet, for sure.
As a hodler (of a few cryptos, not just BTC), I just ride out these lows. I remind myself that these prices aren't even that low. Just look at prices of all coins a year ago, to see how far the crypto space has come.
As you rightly say, dips are a nice opportunity to buy with fiat. Its a game of patience, and requires one to be able to wave goodbye to any money invested for a good long while. Think of it like saying goodbye to friend at the prison gates - you'll see them sometime down the line, they'll be stronger once the come out, perhaps with a 1000 yard stare...
Well, F the ice cream in the closet idea. I like the bitty rich path.
That's a good take I hadn't considered. Noobs are weak hands. It's easy for them to shake out and not return for a while.
The question is are the weak holders being replaced?
Do you believe the hype that hedge funds and institutional investors are entering the market? They could stabilize the downside.
Interesting times. We'll see if the ice cream munchers panic and how things pan out. Good info, again.
It is a good question but here is my thoughts. The hedge funds / institutional investors aren't used to seeing anything that moves this fast as far as gains and drops. So in this ride to the moon they would likely feel that it is a bubble and if they are looking at the data from the previous crypto bubbles and other bubbles in other sectors it fits a lot of the criteria.
As far as weak holders being replaced...... possibly but what happens to people is that once it runs really fast they fill like they missed it.
It has even happened to me several times. But to reference 2013 I have a friend who knew about Bitcoin before me back in Indiana. Once the prices shot up insane and were at $800 + I asked him why he didn't get in and basically he said he felt like he missed it. In a lot of ways he was right. some of those people take positions later but a lot don't. So as the price gets higher then it messes with people's head especially if they can't buy an entire Bitcoin.
Same thing in the stock market. When the price of a stock get's high it messes with people minds feeling like they can't play on that level.