Permit me to say I’m in full support of what the market is doing right now, from a totally different perspective of what the media is pushing out and what majority are thinking, the idea of crypto that I had formerly and what we were recently experiencing was beginning to contrast themselves.
How many of us will admit that we were pushing it too far, spinning off baseless projects from left to right, and pumping them to oblivion in the name of bull run and “cryptocurrency”, definitely at some point the market was going to purge itself off the parasitic elements holding it down.
When people ask me what attracts me to a crypto, it used to be the noise, but now I’ve gotten accustomed to being attracted to developments, the quality of it, rate, uniqueness, commitment, timeliness, delivery, it goes on.
That’s a lesson I’ve learnt from being on Hive for 3 years and has kept me going.
The markets needed the purge. The space was getting infected with parasitic elements, and people were gobbling them up like apple pies because they wanted to get rich quick.
My bags are filled with the type of projects that fulfill my development objectives, so because I know where they are coming from, where they are and where they aim to be, I’m the least worried about this market dump for as long as it’ll take.
Wallets are taking a hit no doubt, it’s not nice to see but it’s the price we have to pay for accommodating the shenanigans perpetrated by the bad players in the sphere, for example, buying Safemoon to ride safely to the moon, not for any other intricate utility.
I bought some Doge to flip a dolla too, I also bought some shiba and sold, like it or not, I’m part of the people accommodating the shenanigans, many of us contributed to allowing shitcoins see the light of day in the name of chasing profits.
Like I said in the beginning, I’m sharing my thoughts to explore some perspectives I haven’t seen much about else where that may have led to this dump, it may or may not correlate to what’s actually going on,..I hope everyone takes this dump to reassess their positions going forward.
The old joe says.....follow the money....new school says....follow the development. I hope we learn to take our own advice.
Thanks for reading
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I played a lot in 2017 and saw everything crash 90% or more. That’s why this time I’m just sitting on mostly btc hive and ether now. I will probably be looking to invest in some undervalued coins after I take some profits but I’m waiting for the second leg of the bull run for that.
I totally agree with you and I think your stance isn’t that unpopular, it just shows that you’ve been here long enough to build a more mature plan.
I wouldn’t fault anyone for flipping them shitcoins, but its unsustainable and unrealistic to build a plan around, and to build an ecosystem around so I won’t miss the people that sold.
Still I think this is all according to whales in the end. We just need to do our best to predict their games with the knowledge we can gather. It’s about tech, hype and how big money and power will react to the two
Smart. Also word on the street has it that onchain analysis shows that most wallets selling now are newly created wallets...I think they’re the noobs that just got into the sphere to flip a dollar. Perhaps we OG’s aren’t doing enough to spread the word but then again we have people like Dave Portnoy with over 1million followers on Twitter shilling safemoon, will Safemoon guarantee a safe haven from inflation like BTC? Is Safemoon as safe and decentralized as BTC? Can you use Safemoon globally compared to BTC? Is Safemoon programmable like ETH? Is safe moon as fast and feeless as Hive? Is Safemoon trying to relieve Ethereums fees by offering cheaper services like BSC? But yeah, Safemoon is the choice to shill to over 1 million users.
Interesting view, and yes we need a cleanse from the shity projects out there, even if we have some more that still get pumped, it is maybe a good needed correction. Of course I don't like it as I was growing like mad this year, but this is the life.
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I actually don’t see any problems with growing fast, foresight is seeing important things others aren’t, I remember our discussion early January before BNB pumped, how you loaded up on BNb, when it mooned, it was profit well deserved, you saw the potential and tapped into it early, that’s different from allowing shitt coins fly to flip a dollar by pumping based on nothing.
We can both agree on this, I'm still loaded with BNB for the long run and use them for the pooling options that are present on the site, just to have a return.
And yes, shibadogemoonmilf coins are just toxic for the crypto enviroment.
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Exactly....so when the growth comes and does come fast, it’s a growth well deserved. Like me as well....I know one day hive will be worth much more and it’ll be a fast growth...,a well deserved one at that. Not some overnight pump and dump shitcoin type of growth...
Always nice sharing thoughts with you
What exactly are these developments and utilities we ought to pay attention to? I don't think I understand that.
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Continuously developing features that the industry needs. Some projects are barely done with their roadmaps, some have halted it entirely, certainly such projects will have issues with meeting up to industry standards, the Blockchain space is continuously evolving, you want to be involved with projects who have shown the ability to be continuously grow, develop, expand....
Utility....is the why, for example, Hive, what is Hive used for, voting, gaming, curation, streaming, you can send it in 3secs feelessly, it is censorship resistant so your blogs are immutably on the blockchain,......and more....even though Hive is one of the most Useful chains, the price of the token doesn’t reflect it. Another example is Bnb, you want to own BnB cause it is useful in many ways, so are a lot of coins. But there are some that don’t accomplish anything other than hold and wait for others to buy so that you can make profit and sell off, these are the ones that get pumped the most, and also dump the most, they’re the noisiest, and a lot of people like to follow them to flip a dola
Thank you. I get that Doge and Shiba Inu have no utility perse. I can connect a few dots to understand Ethereum's utility, bnb is kinked to Binance, I get that. What then is Bitcoin's utility? Is this where POW comes in? Or??
I love your questions....you’re on the way to unlocking a lot of knowledge in this sphere, please keep them coming...
Bitcoin is the most decentralized asset, and due to its deflationary nature, it acts as a store of value and as an asset with potential to keep increasing in value as it has a capped supply. So people, large/small corporations, use Bitcoin to hedge against inflation and dwindling economies.
For example you save 100k for 4years, but in naira. After 4years, your 100k naira cannot longer buy what it could 4years ago, because of dwindling economy, whereas, if you put that 100k in Bitcoin, after 4 years, it would have increased in value. Simplest and maddest utility. Get it?
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Yeah, so Bitcoin's utility is Bitcoin itself as a store of value?
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On a very basic level, yes
I like basic. Thank you, Sensei
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Volatility is Part of the journey but damn this is always so « surprising » and so sudden.
I believe I will never get used to it hehe 😉.
Are you?
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Lol I can get used to the ups trust me lol...the lows I will never get used to...but I have accepted both
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Buying of shitcoins with no actual real life use , quality , uniqueness all for the sake of profit causes detriment to market . This coins make us forget the real uses of crypto .
Buying useful coins will not only improve the market but also gain you profit even though it's over a long period .
You get it! That’s all I’m saying
They could have chosen a better time to purge. From my perspective, anyway as I have to make use of some of my crypto to make ends meet this month. And the way it's plumetted, it's clearly not what I banked on!
I know right, sorry about that, one feeling I’m banking on is this.,,.higher highs lead to lower lows, we’ve been seeing Bitcoin hit all time highs through out April and other alts rallied as well to new all time highs in early May, the markets had to correct at some point, however, for it to have gotten this low means we should be expecting some higher highs again, in the next run up, and the markets are beginning to look healthy, so maybe there’s still some interesting action coming 😊