Obviously the crypto space just won't quit and continues to surge to all time highs. I feel like everyone would agree with me if I said that the asset class will continue to grow overtime. That is about the only prediction we can make. 29 Days ago I made a bold statement and predicted that we were in the "Dead Cat Bounce" or "Bull Trap" phase. I was giving that 90% probability but the 10% chance that we would reach new highs anytime soon came true and it happened fast. Within a month! Jeez!
I think it is a great thing that that we are hitting new highs and I'm obviously bullish on the crypto space in general.
The one thing that has been hard to predict is these Bitcoin forks and what it has done to the price. The first major dip here recently is when the price went down to $2,000. It looked like that might be a "Dead Cat Bounce" but then suddenly it came out that the Bitcoin Cash fork was going to happen so everyone jumped in to get their free money so the prices surged to all time highs. When the price pulled back from that down to about $3,200 from $5,000 it was looking like that could be the "Dead Cat Bounce" then suddenly we have SegWit2X and Bitcoin Gold forks coming so people are spilling in again. On top of that Coinbase who isn't giving people access to Bitcoin Cash until January is saying that customers will have access to SegWit2X coins if that fork happens in November. Who could have predicted that?
Don't get me wrong these new highs are awesome but has anyone asked themselves if these Bitcoin forks are any different than the Federal Reserve creating money out of nowhere?
Oh wait.....it is different because we are the ones getting the "FREE MONEY" .......... WHAMMY !!!!!
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Well, they are different in the sense that the chain is backed by the miners who are doing work to secure the chain.
This is true and an important fact to point out. Because the mining of the blocks still take a lot of energy and equipment.
Very good point!
s much to follow and read these days and deciding what to do is mind bogging to say the least. I think many people think there is no top in the future and many are holing on to this hope based on what is happening already. Good article, my new friend, as I am now following you
Yeah, it is crazy and I feel the same. People think there is no top but then those of us who have been slightly more cautious are kind of getting left behind by not putting more money in. I mean hell with these kinds of gains it would have made sense to sell everything we have and just build Paper Towel forts at Wal-Mart and live in those for a couple of months and keep riding this crypto wave.
Love it!
Dude I never post gifs in comments but the steemit more info extension has a built in "GIF" button that makes it way too easy. I couldn't help it when I saw "WHAMMY" in your post, haha
I actually think the fact that we can post pictures in the comments is a great asset to STEEMIT over YouTube comments and other social media sites! I love it!
Well, no it isn't any different than the fed. I've actually given a lot of thought to it and, yeah, that's my summation, no, it's not any different. But, you're right, we're the ones getting the benefit,... for now. I'm very bullish and having fun
Hahah, Thank you for your reply. It is actually funny to me because the whole war cry back in 2013 was low transaction fees, and a deflationary investment that has a defined money supply, and quick and cheap international transactions.......etc. In a lot of ways it has gone way away from that.
Now we have all these go no where ICOs and all these Bitcoin forks coming out that in a lot of ways don't add a lot of value when there are already other coins far superior to them. I mean STEEM transactions make these other coins look like a joke...... but it keeps kind of slipping on the list.
I think that is a great way to look at it. Just keep having fun with it and roll with whatever comes out and keep stacking coins no matter what!
Everyone is buying for the fork.
Yeah I agree! I just keeps pushing it up and watch there end up being 38 forks by the time this is all said and done. Bitcoin LAMBO, Bitcoin Badger, and Bitcoin MILF will bring up the tail end!
I've learned in the crypto world to just buckle the f*ck up and hang on for the ride 🤣
True dat!
I hope all this bubble isn't a precedent for a 1929-like crash scenario...
I hear ya brother! The percentage gains have been insane but the volumes are through the roof for sure. I guess all we can do is keep stacking coins and holding on for the ride. I'm ready for the Bitcoin LAMBO Fork!
Yea, I think this time people are buying bitcoin pre fork.
Money is shifting out of alt coins into bitcoin pre the possible November fork.
Now that people have seen coins split and double in a few different examples, everyone wants in on the coin drop...
I'm trying to conceptualize how this can end bad.
Something about it seems really scary, but I'm not sure what.
We are printing money. Is bitcoin incentivized to continually hard fork?
Yeah I feel like it is inventive to hard fork for sure.
It will get so confusing. I can see in a couple of months people saying "What Bitcoin are you talking about?.... Bitcoin Legacy, Bitcoin Classic, The Real Bitcoin, or Bitcoin MILF? "