I've been following crypto from the beginning...but I'm far from an expert
Sadly I wasn't smart enough to mine some bitcoin like some others I know... but I did mine some alt coins pretty soon after :)
I can say with confidence all the early wins I made have now been gobbled up... And right now allot of people would be shaking their heads if they looked at market cap.
but you know what...I still believe in the technology
I believe its the first thing that has come close to a 'cash disruptive', something to break down the wealth of the few and potentially spread it to the many. Something which can help our people and planet to survive.
..but alas everywhere I turn, individuals keep looking for individual benefits. The high value which has been put on Alt-coins is fake, it always was way to high! call it FOMO or whatever you want, but to me it's simple..the banks and the rich want you to believe it's a lost cause and if possible steal your money and make themselves even more wealth at the same time. Don't believe its about the wealth though, what they really want is for you to sell and destroy the concepts reputation.
Individual greed will make us sell..and so they prove their point.
For me the battle has always been 'decentralised, global currencies' vs. the rich/banks and centralised control.
It might be a naive view, but the war panned out like this in my mind
- Bitcoin brought the technology, the banks in fear tried to copy it with ripple (but make it centralised). The couldn't care if ripple works or not. If it does, they get rich and then they dump the tech and take a dump on those who invest in it. Either way they win.
- The banks try to collapse alt-coin and bitcoin pricing and try to offer people a fall back like ripple.
- Once everyone is consolidated around the 'central currency ripple' then sweet, sell it off - then that's it, cash wins again.
Every possible alternative has been calculated and the markets have been rigged ready to turn either way, one purpose in mind (destroy crypto currency).
Think about it, think about the long term decline and when it first started to turn. It was the moment the rich/banks looked up and took real notice - They are very good at keeping money with the rich (themselves), very good indeed!, so good they will play the long game.
If you want to know why your coins are going down in price, it's really simple..the banks and the rich are winning. Not only are they killing the price and tech, they are taking your money as well...it's easy, all you have to do is sell....Sooo easy!
They know as individuals we are weak and easy pickings, any time you try to push the price of your favourite coin up, a bot is there to sell and scrape the profit for its rich master. Trust me these guys are better then you, they know how to take your money.
There is only one thing to do right now in my view...Nothing!. If you did the right thing and didn't invest more then you could afford you should have no trouble doing that eh. Stop worrying about playing the market and trying to make a buck and instead focus on the tech and having fun!
It's time to fight back
Simply buy and Hodl into your favorite tech with what you can afford and play the long game. Somewhere along the way I think people lost sight of this tactic...just buy and HODL.
If you have a little spare cash and you can afford to lose it, buy and HODL - I recommend Steem...well at least until mid next year, when some of the future tech is fully baked (like Steem for example :))
I wish all Steemians the very best and strongly suggest, just focus on blogging and having fun. Let the money side be a bonus and stop thinking you can beat the big boys at their own game.
Take care out there
Cheers
Sound advice. Cryptos aren't the only thing crashing at the moment. Stocks and precious metals are too. So it's nothing personal to cryptos, yet people are talking as if it is. If you believe that other investments will come back around again, then there should be no reason to believe that cryptos won't do the same.
If you look at things from the point of view of the wealthy, there is a reason they don't want a wealth spread amongst the many. If everyone had enough money to live comfortably, there is a risk that no-one would actually want to do the jobs that would supply everyone. Then money would be worthless, because there is nothing being supplied for you to buy and we reach the same situation where people need to be enough in need to choose to do the menial jobs. I don't personally think that it is necessarily that simple, but the wealthy certainly do.
Ironically, the jobs that provide us the necessities of life should be the ones that pay the best in order to encourage people to take them on, but it's topsy turvy. Our food providers are some of our lowest earners. Toilet cleaners and sewer workers should be rich! Sorry, I'm going off at a tangent now...Lol
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Great write up, @lordnigel!
Nailed it.
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My strategy is also HOLD, but I would recommend if you want to enter the market wait to see where the market floor can be.
At this moment I think that the big institutions are pulling the price to be able to enter cheaper.
This is achieved by buying in the OTC market and selling to the market, waiting for BAKKT to be launched in January.
In conclusion, between January with the launch of BAKKT and in February with the possible approval of the ETF of BItcoin by the SEC, I believe that the money will enter the market in large quantities. That will be a good possible entry point, this is ONLY MY OPINION. Good Luck
We need to see which alt breaks free from Creepy Cousin Bitcoin.
Everyone is hit hard right now but the community on the steem blockchain is thriving!
Steem seems seemlessly systematic .
Say that five times fast