The Correction, as most people predicted it has come, many alt-coins have dropped well between 10-30%, bitcoin it self dropped around close to $500 today about 20% value lost.
Even our beloved steem suffered a brutal beating, now this is going to be a tough beating for the community but I do coins pushing through this and hopefully this will clean up the crypto community and get only the true fans. Although I am worried about this scaring away potential investors and people looking to join the community they will see so many red numbers and think its all a scam.
The problem here is not the coins or the technology, it was the amount of speculation and hype going on around these coins that was causing them to be over valued. People simply didn't understand what they were buying or why they were going up , they just saw big green numbers and were doing there best to throw as much into it. They didn't take time to understand the coins, the backing, or how it truly worked.
I do believe this will do good in the long it brought attention, innovation, and investors to the cryptoscene which once prices stabalize out will everyone to get into the ground floor of the new wonderful world of crypto.
Everyone's in the red but thats okay!
It's a bloody massacre. The value of cryptos just vanished into thin air. this shit is way too scamy
Why do you think its a scam, its the same thing that happened in 2008 with Real Estate, Over Value. Then there comes grandpa who has to set everyone straight.
The real estate bubble was a scam too. They were setting people up for destruction, look into the investigations done. In every crime look for who profited from it. It's all manipulated, cryptos more than anything else. All driven by pure greed, nothing tangible, nothing being produced, just hype, pumps and dumps.