Downtrend in crypto market is making many people nervous, especially ones that have bought their cryptos at peak. I know that it is not easy to watch how your investment is melting and some cryptos are trading at 10% or less from their peak value.
If you just think that, to become positive at your investment your crypto need to rise 1000%, of course that many people are worried. I wrote in my previous articles that if you have invested in projects that will have or currently have important use case, you don't have to be worried.
Problem is if you have invested in cryptos based on TA, because price is going Up, and project have no sense and it was going Up because of some pump. Then, I wouldn't like to be in your skin...
There are many cryptos that are made just for fun or for making easy money with last summer's altcoin bubble.
This is free market and you can do whatever you want, but PROBLEM with this young crypto market is that all cryptos are treated same, doesn't meter if they are serious projects or fun or scam projects.
These kind of projects are damaging serious ones, because for regular investor who is just entering crypto market, all cryptos are same. Of course, at stock market also there are blue chip stocks and on the other side stocks of bad companies with bad business, but stocks of bad companies are not worth hundreds of millions or sometimes even billions of dollars like in crypto market.
Because of over hipped bed projects, lot of people are talking about crypto bubble. I don't think that we are in bubble, even at peak valuation from January if we look only major crypto coins.
This is why I HATE stupid data about total crypto market cap. We should take nice things from stocks market and at stocks market they calculate Dow Jones Industrial Average.
Dow Jones Industrial Average has consisted of 30 major companies.
This is how we should calculate crypto market also. MARKET CAP OF 30 MAJOR CRYPTOS. It would be much more realistic and much less dependable of shitcoins market cap.
This drop at crypto market is bad because interest in cryptos is much lower than before but for me it is very good long term, because it will shake off weak hands and it will separate good from bad projects.
PURIFICATION is necessary and it is not quick process. This needs time and not only bad projects will fall. Some good projects will fall also, because many of them are targeting same goals and only few of them will succeed.
First project made for fun was Dogecoin. I am sure that creator of Dogecoin couldn't even dream that at one moment, Dogecoin was worth almost 2 billion dollars!
Followed with exponential rise at DOGE, we got whole ZOO of different coins:
- Oyster PRL
- Ravencoin RVN
- Monkey Project MONK
- EagleCoin EAGLE
- Piggycoin PIGGY
- Tigercoin TGC
- MustangCoin MST
- Bee Token BEE
- Maverick Chain MVC
- RabbitCoin RBBT
- Birds Coin BIRDS
- Sharkcoin SAK
- SnakeEyes SNAKE
- PinkDog PDG
I could probably find few more coins for coin ZOO if I did more detailed search.
These coins are treated same like BTC, ETH, NEO, EOS... and many other serious projects.
Beside ZOO coins there are many other shitcoins that are destroying reputation of crypto market but I will not write about them today. I believe that you got my point and why is important to separate good and bad things.
First thing what we can do until projects develop and when real use case separate good and bad projects, is to calculate crypto market cap like DOW Jones, Top 30 Crypto market cap.
As of today, Top 30 Cryptos are:
Today's market cap of Crypto Dow Jones - Top 30 cryptos is 240 Billion dollars.
If you have any suggestion or opinion to share, I would love to discuss :-)
I’m just sitting back and relaxing. Collecting as much cheap coin as I can. Come June/July. Those who sold will be pretty upset with the results
Ethereum is badly flawed and will be superceded by NEM in China and ADA everywhere else. It can't die quickly enough.
Bitcoin has limitations, but at least it does exactly what it's supposed to do, and has an eight-year track record of doing just that.
It's true Ethereum has some limitations when comparing it to other coins, however the infrastructure is second to non, which is better for developers to build services, which will generate an intrinsic value for eth. I believe this is why you see investment firms backing it, such as OMERS. Moreover ethereum devs are working on improving the underlying tech, the coin is a work in progress.
Don't believe ever youtube who is trying to pump a coin that they bought.
As with all things, perspectives differ depending on where you stand. I saw Ehtereums popularity rise (value) when people who were entering the exchange markets were getting hammered with big fees to move there BTC. That along with speed, made ETH a better vehicle.
The Crypto Dow Jones is a Genius idea. Props to that and I’m going to start looking st it like that as well.
I am honestly just hoping we get 4-8 months of sideways grind bullshit action that will give the patient more time to accumulate. This isn’t even the big move either.
Now that people and the public “know about it” the next one you will have people in disbelief from the ground up to the top fighting the whole way. Most people and public jumped on board around 11k and missed the bulk of the move really.
bitcoin itself it got fighted by elite very hardly if it survive be sure that will be the future currency if not survive as it look now just resist then all cryptocurrencies is ends forever
What will happen June or July?
June/July most people take summer vacations so they don't have money or they liquidate their cryptos
Lol
I have my eye on a couple too. If you know what to look for they're a steal!
Find and buy potential currencies but keep them low and keep them until June and July. You will see miracles
Thanks for one of the best Bitcoin posts without the term HODL 😂 I think the Crypto Dow Jones should be extended to include the top 31 coins so we can include Steem on there. You are right that purification is necessary. The bad coins will fall off and the good projects will bounce back strong.
Agree that Steem has to be on the list and I am sure with time that it will be among top 30 coins. Thanks 😁
It is difficult for people who bought at market cap price above 400 billion and now the price is almost halved. Most of them probably have sold already at a loss and those holding on must be in quite a stressful situation. It is not easy to get a return from a volatile market. Hopefully the market will rebound and we will see new all time highs.
I've asked you before @introvert-dime why you vote up all your own replies at basically full strength all the time, but the post itself at VERY low power (around 7% usually it seems) and here is the deal.
It is considered pretty scammy here to do that.
And you have been doing it a long time and it is time to address this poor behaviour.
Once in awhile is fine. Not all day, every day for weeks on end.
That is garbage behaviour here.
You seem to pick high profile posts, or users to do this on always and then vote your comments to the top increasing your visibility and you do this all day long, every day, all the time.
That is frowned upon here, not like you need someone to tell you this behaviour is scammy and poor.
I think I might start pasting this reply into your scammy replies to people, since your replies are all self-voted to the top for VISIBILITY. ALL THE TIME.
-- here is the proof just for today , the last few mins, on SteemD.com which I encourage everyone to check out on the blockchain.
This Reply posted April 3rd, 2018 to @introvert-dime, as I have done with them before..... without reply.
Honestly I don’t think traders/investors will come out smarter after this correction. They will still invest in shitty prijects. Even on a bear market, telegram managed to raise 1.7 billion.
Nice
In very nervous serious market this post is worth reading. The crypto is still on infant stage that something is always lacking like what you mention on this blog on dow jones. I hope many weak hands has shake up and only a few and true believers of Crypto are left now.Great read
if steem is by definition under the top 30 then ok... right now steem would not be in there... too many dumping now and waiting for Steem to reach last years valuation at 0.10 USD...
Thanks 😁
i think the more players the better, to ensure competition and to make the world a better place. :)
what goes around, comes around. Baseless digits no matter what.
You are 100% right, the way CMC works is misleading the market and the investors. And in my opinion, the numbers showing there are somehow manipulated/twisted in favor of someone. maybe the team members who are running the website are investors as well and they are benefiting from that.
Regarding the ZOO coins, there are some ambitious projects out there which are being managed by a great teams and carries a useful solutions. The good results will not appear soon, but once they are well presented and understood by they community, then they start to pick up gradually.
Thanks you very much @cicbar, i have been looking for such article. Allow me to translate into myanmar language as those people from myanmar are dying to know all about this.
Of course, I will be glad. Thanks 😁
I'm not nervous about this downtrend in cryptos. Only newbie would think that theres a straigth graph.
Thanks For sharing .....
The only weak people are the people with weak hands and sell at a lose... just hodl for 3-5 years and then come back you will be glad you did...
If you're a trader, you''ll know that BTC drives the market and general crypto sentiment, so that answers your question.
Holy shit right now some big moves upwards....last 15 minutes BTC has gone up by almost $400!! Some whales are smashing the bids...
aaand the profit-taking ensues....fuck me, what a shitshow.
Thats true 100% Agreed @ezimedia ... people now days are worried about their money .They dont know how to hodl .
unless you invest in a coin thats going to zero :)
But even coins that should be worth zero are still trading, it is possible that non will reach zero or maybe they will just vanish like some fake ICOs did, but even bitconnect is still trading for more than $1.
I agree! And worse it makes bitcoin domaince look bad but with so many poor coins and dead tokens the cap dilutes the numbers making dominance number low. Worse market cap ain't the best way to look at crpyto. What I think needs to be done is a combination between market cap and liquidity ranking system to judge crypto.
Whatever happens I just HODL.
Thank you for your post. :) I have voted for you: 🎁! To call me just write @contentvoter in a comment.
lol
Great points. It would also be good to have a Crypto Mid-Cap Index...say for coins 30-100 that pass some kind of vetting of how serious the project is. And an equivalent of a Small Cap Index for smaller coins. As coins grow and become successful, they'd move up to a higher division.
True @cicbar! Purification do really takes a long of time. It is not easy and quick as we know...
I'm glad cryptos are cooling off. A sort of madness has been creeping in. Everyone had some idea that they were going to be millionaires in the future because they bought Bitcoin. Euphoria clouded their judgement. Now we can all focus on the good crypto projects and core coins. Accumulate and accumulate and forget the worries.
Check out my recent article on my overview of the stock market: https://steemit.com/money/@cryptomeeks/monday-markets-update-the-s-and-p-the-djia-the-nasdaq-and-the-10-year
Agree with this, but Doge was created without greed in mind and anyone working there is purely out of passion than greed. They have actually managed a few decent fund rasing projects. I respect Doge, and it will not go away any time soon. It's been around for so long too.
Agree
I also think it will last along time because of the community. But it won't go to the moon IMO
it cannot be pumped, it's not really designed to go to the moon.
Very valid point. I think so too. We should just take an aggregate of the first 30 or 50 coins. Although there are heaps of great coins even beyond the first 100 or 200...it's probably less indicative of how the crypto market is tracking.The first 30 to 50 should be indicative and that should be the pulse of the market.
its good that shitcoins will lose all the momentum they gained by being burned out of the market so the serious players will remain. Bad that so many people that invested in it,will have a substantial or all of the capital they used in buying it wiped out.
Делује ми @cicbar из твојих текстова да имаш поприлично искуство с трговином на берзи. Волео бих да видим твоје текстове и на српском, због оних људи који не знају енглески.
Mislim da to nema previše smisla jer ne poznajem uopšte srpsku berzu a velika većina naših ljudi ne može da trguje na inostranim berzama. Iz nekih informacija koje imam, naša berza se zasniva samo na špekulacijama i bez insajderskih informacija je teško biti uspešan. Naravno da nije sve sjajno i pošteno na inostranim berzama ali ako nisi pohlepan i ulažeš u velike kompanije sa sigurnim poslovanjem, novac ti neće gubiti vrednost i imaćeš dugoročno sigurnu zaradu koja nije velika ali je ipak zarada.
Не, нисам мислио да преводиш на српски текстове о берзи, већ о криптовалутама, @cicbar. Твоје искуство са берзе сам поменуо јер може бити корисно као некакав репер онима у Србији који сад могу да тргују криптовалутама.
Сам иначе имам веома негативно мишљење о берзи, и радије бих уложио у кладионицу него на берзу :)
Nisam te razumeo. Razmisliću o tome. Malo ljudi u Srbiji zna bilo šta o kriptovalutama i većina mojih prijatelja misli da je to neka Ponzi šema kao Dafina ili Jezda :-) ubih se od objašnjavanja zašto to nije tako i da iako ima i nekih Ponzi kao što je bio Bitconnect, ima mnogo kvalitetnih projekata sa sjajnom perspektivom. Nisam baš bio uspešan u tome :-)
Mudro zbori @lighteye. Super ti je blog, ne znam kako ranije nisam video, od rane zore ga temeljno studiram :-) Mislim da bi dobar deo tema značio našim ljudima, a polako i shvataju širu sliku...
Ako te put nanese, svrati na teamserbia discord...:-)
Hvala. Ja ovde pišem iz zabave, druženja i da bi usavršavao pisanje na engleskom ali možda ako nađem još malo slobodnog vremena počnem da pišem i za naše ljude. Slabo koristim discord, trebao bi dan da traje bar duplo duže da bi mogao da radim sve što me zanima 😁
Veruj mi ima dosta ljudi koji se zanimaju za crypto u Srbiji. Ako nadjes vremena pisi i na srpskom ;)
Видиш, управо је то разлог што сам предложио да пишеш и на српском. Они који знају енглески лако ће се снаћи и на Стимиту и пре или касније, откриће Андреаса Антонопулоса (овде је он неактиван @aantonop) и примати информације са извора. Ја се трудим да објасним баш овима који не знају енглески, о чему се заправо ради. Да укључим што је могуће већи број људи. Наравно да сви мисле како је у питању превара, јер сви гледају затровани ТВ програм на коме се истина може наћи једино ако се њоме може манипулисати.
Ја сам још увек далеко од гласачке снаге да би ме значајан број људи редовно пратио. Пишем ја и објашњавам на српском, остављам линкове у својим текстовима на даља објашњења…
https://steemit.com/news/@lighteye/bitkoin-drzhave-uzvracaju-udarac
…али сам човек тешко може много. Потребно је створити мрежу, директно ту на Стимиту (установио сам да Дискорд више ждере времена него што помаже успостављању мреже). И наравно, важно је имати јаке чворове у тој мрежи. Ти би са твојом снагом и ауторитетом могао овде да будеш прави просветитељ :)
Until people start using crypto in their daily lives, we won't know the TRUE value of any one cryptocurrency. The only way to expose a scam is to prove it doesn't work. We can't do this unless we start actually using it. I believe by the end of 2018, we will know which currencies are real, which ones have potential and which ones are outright scams. To do this, we all have to start doing better research and calling out scams where we see them. If it sounds to good to be true...it most likely is.
I must admit its been scary.. I am tempted to pull out but the last time ,the next day crypto began to raise again
This latest downturn is not something which hasn't been experienced in cryptocurrency... many times over. HODL.
I'm still buying everything is on sale.
Nice
Turn off your PC and rest from crypto for some time 😁
Lol thats even more scary.. What if i come back and its alm gone 🤕
Everything is gone only if you sell 😁
this can make me cry lol
The thing about shitcoins is that they lend themselves to pumps and dumps. It's very easy to accumulate some of the obscure coins and then do a pump.
That's kind of what I was thinking when I sold my Digibyte and Dogecoin to buy Ripple. It's still in the top three and it's a lot of bank money in it. Banks don't loose money. Ever. Dogecoin I expect to still play in the crypto arena for some years because it has a great community and support. Not to mention that is fast to transfer and has cheap fees. Other shit coins will definitely be wiped out after 3 or 4 "crashes" like this. Ten years from now we will probably still have only 10% of the coins that are in the market right now. For experienced traders though the shit coins are good pump and dump money.
Agree. I respect Ripple but I don't like at Ripple that one company hold more than 50% of all coins. But they have nice product with real use case and they will continue to be successful for sure.
Where do you think banks get most thier money from? and also, what do you hope to gain from the XRP token that is a bridging currency? You cant "buy" Ripple.
there is already a crypto index about to come out soon . i nelieve it is coming from coin base. you can read about it here. https://techcrunch.com/2018/03/06/coinbase-is-launching-its-own-cryptocurrency-index-fund/
Thanks for info
Agree nervous but optimistic. ..
Great post thx
It's actually amazing that Doge is still going striong after all these years. It's developed a life of it's own despite the founder walking away. It's one of the great survivors.
Top, good
You can examine the analysis in my blog to get an idea of bitcoin and other coins.
Follow me @harunbadilli
Bitcoin has the right balance of pros and cons. That's why it's so popular.Good post :)
$PRL is actually an excellent project seeking to disrupt the advertising industry. There is serious tech here and many interesting things happening including an airdrop and coinburn.
oh yeah we will be recovering soon so get them coins on sale and enjoy the ride later, oh and go verge april 17th!!!
I still think that PRC will always support NEO against ETH etc. Must be a good bet.
(sorry if this post was in the wrong place - it is my first)
Very nice post, thank you for that cicbar! I agree that what you describe is what will most likely happen someday and also that it is needed in most people's minds. But let me play devil's advocate for a moment and say this: with great freedom comes great responsibility. And maybe what you describe isn't necessarily what we want to happen.
Here's where I see a potential problem:
"This is free market and you can do whatever you want, but PROBLEM with this young crypto market is that all cryptos are treated same, doesn't meter if they are serious projects or fun or scam projects."
The problem you describe here is real, but it also is exactly as cryptocurrencies are supposed to function: all cryptos are really treated the same, and that's a good thing... It's an indication of the fact that this young market really is free. If coins are to be treated differently, then we are back where we started, not a free but a (heavily) regulated market. And in a regulated market the rules are made by the rulers... Do you see where I'm going with this?
The whole idea of crypto-currencies, at least those with a public blockchain, is to take the power the that comes with issuing money away from centralized entities like banks and governments, and give that power back to us common folks :-) All transactions between humans should be between the humans involved and be completely voluntary, without having to get permission from anyone else. That's why Wikileaks was so happy that Bitcoin existed when Visa and MasterCard refused to wire them their donations any longer, because some stupid government decided they were a terrorist organisation.
So, with all that in mind, don't you think asking or wishing for regulation of any kind is somewhat contrary to the goals of money on a decentralized public ledger? Didn't Satoshi have his great idea to get rid of banks and governments? Wasn't the algorithm to be the ultimate arbiter in this imagined future, and take the place of the "man in the middle"?
Now, don't get me wrong: I do see where you're coming from and I do agree that right now the crypto markets are like the wild west where many casualties will occur... But maybe, just maybe this is just a much needed phase in our cultural evolution as free inhabitants of a planet, not a city or country. And if we want freedom, we can't ask the government to protect us from thieves and charlatans, but we must arm ourselves with the knowledge needed to protect ourselves as best as we can. And maybe protect each other on a completely voluntary basis because we finally understand that if our neighbors are safe, we also are safe. Maybe true freedom comes with the realization that we need each other, and not the government, to stand up for us.
I do see that nowhere in your post you actually ask for legislation or regulation, but I can see no other way for scam coins to be treated differently from good coins. Maybe I got you all wrong, and in that case I'll gladly stand corrected if and when you point out where I missed or misunderstood something.
Just some food for thought for the food for thought you gave me. How's that for a voluntary transaction ;-) Once again, thanks for a great post!
I agree with free market and freedom but my point is that you can't treat scam projects like Bitconnect same like serious ones.
It seems to be a long ass dragging process. Hope it will end soon. Thanks.
I totally agree with you, this bear market will shake off all those "i want to be millionair now" people. I ve seen how the bitcoin raise from 234 usd to 2,400 and then go up to 19,000. Im pretty sure that after seeing as low as 6000 usd bitcoin will give us a surprise in the next 6-12 months.
Hey can anyone tell me the site they used to check the top cryptos?
coinmarketcap.com
Thanks
Honestly, it's kind of dumb to see people pulling out at this point.
Crypto's only been going down for the past 2 months and it's not like everything suddenly went from its original value to $0. Bitcoin, Ethereum, etc. could very well go back up an year, six months, or even three months from now.
Thank you for the information. Guess one will have to buy as many cheap coins as possible, and await when the gods of cryptos will redound to our favor.
The informattive post ever, I like it so much. I appreciate this. Thank you for share..
Thanks for the best bitcoin post!
When you are investing in cryptos remember don't put in money you can't afford to lose. For those of us who are in for the long term this down market is a great opportunity to increase our hodl. I enjoyed your write up.
Anything that has a rise has a fall too. That is necessarily to be kept in mind while making any sort of investment. But what is more important is that not all cryptos in the market are similar . There are companies that are not worth. So the price drop should be viewed as filtration.
The good companies that are worth doing business with are enough resilient Even if their is a price drop, they will rise again. It needs a little bit of patience, and one has to resist the temptation of going into the selling mode in the recession period.
Maybe we should begin a #SAVE_BTC campaign... Just saying.
The more the price of btc keeps falling there's a chance it will continue in that trend. Hope it breaks that trend for good
You're right. There are just too many coins that are being averaged together to get the current market cap. This coin is a perfect example of junk that is tainting the market and shouldn't be taken into consideration.
I'm with you this bear market is what we need to get rid of these shitcoins. Only then will the market truly take off. On top of that the weak hands selling lowers the price of alot of good coins such as ether, Neo and a few others. Time to buy!
@cicbar, yeah, the purification is a good thing, cause, fundamentals didn't change. The problem is with sentiments only. Basically this mean you can buy good coins for cheap price, ETH for 400$ and Steem for 1.5$, for example. Resteemed.
The most interesting post about bitcoin . Congratulations @cicbar