I believe there is some anticipation before the futures markets starts trading today. There is definitely going to be some FUD and perhaps a lot of FOMO :)
I believe it has been a much needed correction for Bitcoin, but that it is very very undervalued. A lot of people got sidelined at 15-20,000k because they don't even understand that they can buy a fraction of a Bitcoin.
Like Grant Cardone said to IvanonTech, we need to SELL the concept of Bitcoin and crypto currencies to people. We need to get them interested without being to pushy.
That means, that this Christmas, when you're around the table with your family - you don't change out the suit with a Bitcoin t-shirt and Steemit Cap. But when the discussion beings around crypto currencies, and it will, because EVERYONE knows something about it now (but most people are misinformed) it's time for you to shine and in a calm and reserved tone tell them what is correct and what is not.
I think it's more important for them to understand they can also lose money. It's an important part of the process. If you get in with a "I can totally win at this" attitude, you will make irrational bets. Other than that, I think the cryptos are already mainstream. In their own way.
I wouldn't say mainstream? Even though media wants it to sound like everyone and their grandmother is into crypto, not even my engineer and robotics industry family is into it. None of their colleagues neither. Approx 0,05-0,1% of the world population owns Bitcoin with an average of 100$ in their wallet. Only 400k wallets with more than 1 Bitocin in it.
And the number that owns other crypto currencies? I don't know, but perhaps 50% of those who owns Bitcoin are into cryptos as a whole?
Bitcoin stillk 30-35x smaller than the gold market and about the size of big companies and very wealthy individuals. It's just ridicilous to measure a currency against that like the media does to try and portray Bitcoin as overvalued.
I think people are biting the bait, and I think the media is running the errand of the financial institutions and politicians, like they do on everything else.
They are trying to make it sound like more people are into Bitcoin than there actually is. Why? To try and stagger the price and adoption. They want people to stay out of it. And the latest price move was probably a move to show how "dangerous" and volatile Bitcoin is at the same time testing how easily they can manipulate.
Sure, I agree that it's not a good thing when its just; "put money in Bitcoin and its a safe bet where you make 10,000% each year".
But there are two variables here. Bitcoin's popularity and momentum, and governments - the first which without government inteverntion certainly could make huge gains happen for investors every year for the next 5 years. It could easily take over as the worlds biggest currency if they solved scaling problems.
But even if governments were to accept that, they would need to buy time to implement taxation. It's not like governments are going to give up. At this point they are like a cat trying to get out of the bath-tub. They will do whatever they can to keep stealing peoples money. Unfortunately a lot of Bitcoiners have lost their way and are more socialist in their thinking than free market and peaceful transactions between people. They are no better than the communists that are in power.
And thats where I feel the friction is. Its like people are giving up the idea and "dream" of Sathosi just to try and protect their earnings in Bitcoin. Like..ok ok..Ive made 10000% gains, now let me pay my taxes, take out my money into Fiat and live a luxury life. I dont care if the governments continue to enslave people as long as I, the great social justice warrior and virtue signaler have become rich.
I mean, people talking about Bitcoin as it has reached its peak at this point are talking bullshit. Like we need government to stagger it because it is out of control. Please, cmon.(not you) Take a look at the fundamentals. Dont go running to daddy because you want to protect your little gain in Bitcoin.
This became quite the rant, but I dont like the futures trading or the government intervening. And I especially dont like Bitcoiners and crypto people embracing regulation; "We need regulations to continue growth" ...no, what is the first thought in your head when you hear futures trading? MANIPULATION. Exactly. These thieves and fraudsters, the institutions and banks and governments ARE the villains. Not Bitcoin. Bitcoin was pure. Now it has started to die slowly IMO. It will probably continue to 100k or 500k, and even if it survives, it will be as a hybrid bastard. And we've lost once again to our oppressors.
This was our big chance. I hate to see it fail once again.
Very good post, thank you.
You're welcome :)
A lot of new people just learnt this lesson.
Have you popcorn ready for the price action on bitcoin for the launch? I try not to follow the price but this launch is going to be interesting to say the least, Good or bad
I prefer that one with the Bitcoin T-shirt and Steemit Cap at Christmas :))