You don't have to be a cryptocurrency expert to know that something is terribly wrong with the market. If you are simply a Steemit writer, you can tell that the market is falling. When I joined early in 2018, the price of Steemit was anywhere between $6 and $8 USD. Selling SBD and Steem was worth it, even at low values.
Right now, many of us are saving our Steem for better days. Today we are looking at a dismal $0.20 per Steem. Don't worry, that isn't because Steemit is failing. Rather, the world of cryptocurrency is falling apart, no matter what the optimists or so called experts say. It's their jobs to keep us hopeful. The moment everyone realises that crypto is failing and falling hard, everyone will be selling their stocks and the market will crash. So the longer they can convince everyone that crypto will be coming back, the longer we will all play the game.
Many who have bought crypto stock are of course holding for better days. They bought stock when the values were still high. So they cannot possibly sell that stock now without suffering a severe loss. But of course, that plays negatively on the market too, since the rise in value was always effected by how volatile the market was, in other words, how much stock was being sold and bought on a recurring basis. And now so many just hold onto their stock, waiting for the value to rise. If they ever do.
You will have heard different news. Predicters who say that the price of Bitcoin will rise again. That Etherium and other altcoins will fight back. But will they? Crypto is now being accepted across the world in many banks and financial institutes as an acceptable trading currency. The one thing my keen eye observed is that every since this started happening is when the price of crypto started falling. I'm wondering if that is just a coincidence, or if the value was intentionally dropped for these institutions. Is something playing with the value of the market? Is the value of crypto really affected by demand and supply as we were led to believe?
I am by no means an expert in crypto. These are just the ramblings of a man who has watched the crypto news, who sees some of the false lies being spread about crypto, and of course those who are spreading optimism just to prevent the global panic and complete sale of all crypto stock. Was it the right move to make cryptocurrency a tradeable currency by financial institutions? What are the real reasons for the fall of crypto? Has crypto been a scam all along?
Feel free to share your thoughts in the comments below. I am opening the room for a lovely debate, so please don't be nasty or rude. I am aware that I don't know enough about crypto to possibly make statements like I have. But I would like to know your thoughts.
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I think this post will give you some perspective, crypto is fine and well, we just have to take the rough with the smooth and hold our positions in good projects. https://steemit.com/bitcoin/@youp/comparing-the-3-major-declines
Thank you so much for this! This makes me feel better about the current decline in crypto and is a refreshing perspective! With some solid facts and not just saying "It will get better." Much appreciated.
Anytime, glad it was useful for you :)
I think 2019 should be looking better for us - https://steemit.com/btc/@ew-and-patterns/btc-update-15-12-18