2018 is an awful year for the cryptocurrency market. Hitting a peak around January 3rd, things tanked since then. Many tokens witnessed a 50%+ pullback. We are seeing prices back where they were before the run up at the end of 2017.
Such is the nature of markets. It is the ebb and flow. Markets are their own entities which move at whim.
Well not exactly.
The cryptocurrency market is not moving at whim. It is the victim of an orchestrated attack by the bankers. This was designed, intentional, and well thought out.
Some people seem to think that cryptocurrency is no threat to the banks. If that was true, do you think you would see all these attacks levied against Bitcoin? Do you see Netflix being destroyed by the mainstream media? The answer is no and the reason is because Netflix poses no threat to the bankers.
It is vital we understand how things work.
I have a buddy who makes his living off trading stocks. He uses his own money and pays his bills based upon the profits he generates. For this reason, he is a watcher of channels such as CNBC and visits sites like Marketwatch.
Yesterday I was talking to him and mentioned cryptocurrency. Even though he did not use this term, he brought up the FUD. Basically, after all these years of watching these channels, he understands how the message is manipulated. When the guests are consistently out there degrading something, it is a staged attack. He noticed that the entire message around Bitcoin and cryptocurrency is negative.
Here is someone who does not follow cryptocurrency yet follows Wall Street. To me, this shows the cryptocurrency FUD is real. This individual doesn't have skin in the game. It is an observation from a fairly astute person.
Wall Street is an interconnected web of players. Through this cross ownership, we see the bankers own the media. This is something that is literal.
Taking a look at the major holders of the media companies reveals the truth.
News Corp.
Fox
Disney
Time Warner
Notice any similarities?
Many of the same companies show up. Blackrock, Vanguard, Morgan Stanley, and State Street. They are the largest holders in four of the major media companies.
The situation only gets worse when you follow the path to find out who biggest holders are in those companies holding these institutions.
It does not matter if you believe in conspiracies or that there is a select few who seek to keep humanity enslaved. What does matter is that there are a small group of people who control the largest corporations, including the media. These people are not your tech titans or real estate moguls. They are bankers from Wall Street.
At the core of it all is the bankers.
Therefore, it is easy to see how they orchestrated an attack on Bitcoin (and cryptocurrencies). The assault is relentless. When a non-investor is noticing the negativity launched at a particular asset class, you know it is bad. We are witnessing a planned FUD meant to turn people away.
Which means that anyone who understands this is in the best position in the world.
Cryptocurrency and blockchain are going to crush the bankers. This action proves it. There is no way to defend against the Internet coming to your industry. When it does, the fallout is great. Just ask the newspapers, magazines, record companies, and video cassette rental places how that worked out. While we are at it, perhaps we could look at how AT&T's long distance division is doing. All these were obliterated by the Internet.
The bankers are on the path towards the same fate. That is why there reaction is so violent. Perhaps your friends will say that cryptocurrency is not real yet the bankers know it is. They are doing all they can to control.
So congratulations!!! If you have some cryptocurrency, you are destined for massive wealth. We are going to see a huge run over the next few years in this market. The FUD will only last so long. Like the record companies suing their own customers, the tactics used are futile.
This is why the idea that we are seeing a bubble is absurd. The bankers launched an major offensive against cryptocurrencies in an effort to make them unattractive to people. There is a lot of fear instilled in the average person about this. However, when we look at the development that is taking place, it is growing. Therefore, while the media is going to beat the same drum, we are going to see, over time, radical advancements in this technology.
While the mainstream media is busy blasting Bitcoin as a headline, companies and developers around the world are making major moves which are pushing cryptocurrency closer to mainstream adoption. It is going to take a while yet the process is started. There are deals announced on a regular basis, ones that get into hundreds of millions of dollars, in the crypto space.
This is not a passing fad. Bitcoin first appeared on the scene 9 years ago. This is not an industry that was started in the last year or two. Since that time, many different blockchains were created, some improving upon what Satoshi laid out a decade ago (Bitshares and STEEM being the main ones). We are awaiting the introduction of EOS which is anticipated, by many, to be a technology that creates interoperability within the space while improving what already exists.
Some say that cryptocurrency 2018 is akin to the Internet circa 1993. That analogy might be true. It took the Internet 6 or 7 years to get mainstream adoption from that point. While that is not a long time to wait, I believe it will be quicker in this realm. Technology advances at a greater pace 25 years later. The next 2-3 years will see major penetration done by blockchain/cryptocurrency.
So embrace the FUD and take solace in it. If this were not real, the bankers would simply ignore it.
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good job man
I agree about cryptocurrency success soon in the future but I think the banksters have a lot of money and they'll join the party and screw us again.
I don't see how that is possible since technology empowers everyone. When everyone has powerful tools in their hand no bank or person can control you.
Banks can buy all crypto coins in existing in one trade if they want.
Except if they did that, someone would simply fork the blockchain meaning that their purchase of the crypto could be made worthless if everyone moved over to the new fork.
They can join exchanges, payment cards, add a crypto account to our existing bank accounts. They always know where to earn. They can give us loans in crypto... I don't like or support that. That's just how the world spins. Look at steemit. Lending, delegating, vote buying. How is that different?
That is too much idealism money has less power these days. It's starting to become pointless. People don't need money as much as back in the days since there is more abundance now.
Where do you live man? I want to move there.
I can see a major upsurge again in BTC price once bankers and major financial or business institutions starts to buy in for the cheap cryptos and begin the cycle again as they already knew how these markets tick.
Good write up! I agree that the bankers control the media and spread FUD on purpose. Idd they can't stop it, maybe delay a bit. I think the adoption of Bitcoin will go way faster than the adoption of the internet because now we have the entire internet infrastructure already where Bitcoin is communicated on. I think really soon we go main stream, and another difference with the internet is that here a lot of money is to be made by coming in earlier than others (at least in a more direct way). This could cause a 'race' where adoption happens hyper fast.
I agree @michiel.
Although the Bitcoin adoption has taken 9 years to get to this point, so it was not exactly quick. In general, there is a section of the masses who are willing to accept newer technologies at a faster pace than in the past. With the barrier of entry being rather low, like signing up for steemit and posting, this is a much easier decision than deciding to take on an added expense by getting with an ISP and learning the Internet.
While there is bit of a learning curve with Steemit (less with D.tube and Zappl), it is nothing compared to learning how to use the Internet 20+ years ago.
If we consider how long the banks have been here for a couple hundred years the Bitcoin 9 year bull run has been going very fast. And I'm very curious how much faster things could go because it's hard to see evolution ever would slow down once the speed starts to pick up.
This is actually totally heartening to read TM. As a traveler, I'm a huge believer in the power of crypto.
Yesterday I wanted to move some money from my account in Australia to my account in the US. I've now learnt not to use the Banks SWIFT system because it takes a long time, and they'll often charge a $26 fee. I've got a Paypal account linked to my Aussie bank and a different Paypal account linked to my US bank.
The actual transaction within Paypal was quick... a matter of minutes... but the transfer to bank to Paypal... and then Paypal to US bank is taking days each.... AND Paypal charged a $7 fee to transfer to 'friends and family'.
Add in the confusion of the AUD/USD conversion, and I have no idea how much money I've lost in this whole process.
Yet... I can transfer STEEM to anyone, in seconds, without fees, and there's no conversion math.
Investors might be scared at the moment, and that's fine. The price of crypto shouldn't concern us. It's a better system, it's a better product and it will win out.
All those news channels will eventually run out of viewership as their biased reporting drives people to independent media. I love the Phillip DeFranco show on YouTube. He is completely unbiased and is paid via his fans. That's how the news should be.
The first unbiased news channel to gain traction on @dtube is going to make a lot of money.
Your title indicates that most users will get rich. I assume you only mean active users. But even then, the numbers from your post yesterday seem to indicate something totally different.
Based on your numbers from yesterday, 5% of active users own 98% of MVests. The influence of whales is very slightly decreasing, but at current pace we might be lucky if 10% or 15% of the users will enter the group that owns 98% of the Steemit value.
And even if that happens, the majority of those 5% that have a little something are minnows. Currently their account value is on average $4k. Even if this goes up by factor 10, they are far from rich!
Thanks for your comment.
To start, the pace of distribution will increase as more users sign up. The reward pool is set up that way. It is impossible for that 95% to maintain such a huge percentage.
We already saw a massive drop in the last year in the percentages as the active users base increases.
And yes it is active users since inactive users do not have STEEM for the most part.
I think STEEM will go up by much more than a factor of 10. A $20 token for what is being created on this blockchain is nothing.
I was not aware of the fact that the reward pool works like that. I always thought it was based on a fixed amount of SP, called inflation in the white paper.
But if I combine that with a large price increase and also whales+orcas powering down, there could indeed come a lot more people that get a very nice account value.
And for most Western counties you could say rich means at least $1mln. But for countries in Africa this amount would be much lower.
I prefer healthy and happy as definition of rich 😀
Considering the saving rate is at an all time low in the western countries and wages havent really moved up in 20 years, I would say that rich is a much lower level since many cannot put their hands on any money.
This is a bit dated, but from what I can derive, the main premise hasnt changed much when the debt load of American, at least, is accounted for.
http://business.time.com/2011/06/01/nearly-half-of-americans-would-struggle-to-come-up-with-2k-in-30-days/
Since $2K is hard for almost 70% of the people, I would say $250K would be a major windfall for people. In fact, $100K is more money than they have in their retirement accounts according to the statistics.
So while the west appears richer than many other countries, the net is still the same...people are broke. They might not be starving like in 3rd world countries but they are far from getting ahead.
So I think even a few hundred in SP, at some point within the next 5 years, will be worth a couple hundred thousand dollars.
Hmzz things in Holland are neither very well for every one. But I think the average net income is around $2,500.
For my generation retirement will be a big question mark. But for people that are already retired, most of them have a few hundred thousands USD for their retirement. Some believe we have the best retirement system. I think there are some disadvantages, but compared to the rest of the world it's almost divine.
When people parallel this to the tech bubble I remind them that out of that bubble we now have Amazon, Google, Applle etc. There will arise industry disrupters out of the blockchain/cryptocurrency "bubble".
I wonder if the fud is basically market manipulation... Wasn't it Wall Street (controlled by banks) that boosted the market in November? They've obviously taken profits, but I have a feeling they'll be back, and the media will temporarily 'forget' how 'evil' digital currencies are... just long enough to pump them again...
I cant say it is market manipulation but I believe it is.
A $300B market is easy for them to move. Rumors are they control the silver market which is much bigger than crypto.
This all leads to a situation where they are playing their games. The way to overcome this is for development to continue to the point where the ecosystems simply become too large for them to hold back. With more activity showing up on the blockchain, over time, the less they can do.
https://steemit.com/busy/@fsl/holiday-villas-on-holiday
I just hope I don't have to kill any cops in self defense. But I suspect that when they start to drown and get desperate that they will stop at nothing to steal from those of us invested in this now. They will of course have to use the $5.00 wrench attack.
It depends upon how fast it happens. If it goes down by 2020 like you guess, it could be nasty.
A slower demise, which is the banksters m.o., means people will have time to adjust. You just might find some of those cops in cryptocurrency.
Before anything great comes to fruition, there are always obstacles and this obstacle is just a phase for crypto. We can't face this twice. If it didn't happen now, it will happen later in the future but the truth is that the FUD must happen so we need to be patient and embrace it.
The internet actually faced it's own share of rejection. Read about it Sometimes ago and I was surprised because I only got to know about the internet when it had been generally accepted so didn't get to know what really happened behind the scenes but for crypto, I am part of this and will get to share our success story to many generations to come.
Yeah the mantra around the Internet when it started was it is only used for porn, drug deals, and illegal activities.
Same thing we hear about blockchain.
The masses might reject right now...and then when they do get in, they will complain they got in too late.
Crypto is not hidden from anyone...it is available for all to see.
Yet most buy into the FUD the banksters espouse.
Great post. Banksters feel threaten. Resteem.
It is not in the best interest of the bank that the crypto currency arise as a means of payment or that it is accepted by all the trade as a means of payment since that will bring you loss and the flow of money will decrease considerably.
that's why the fight that exists against bitcoin and for that reason this imbalance that exists with the crypto currency.
Legacy money is definitely on the attack. The media is there to do their bidding.
Unfortunately, I’m afraid this will get a lot worst for cryptos before it gets better.
BIS Chief Fears "Systemic Threat" Of Bitcoin, Urges "Pre-emptive Action" From Authorities
Great Post and nice picture..
Thats a true thing. Great blog post. Upvoted and followed
The crypto market is going to tank every other financial market and it is the inevitable truth! We can turn our faces against cryptos but at the end we cant run away from the fact that it is the future. The market crash which happened is nothing compared to the heights Bitcoin and altcoins are gonna reach!
One day when BTC hits that 500K mark, people will regret turning their back against it.
J.D.
Yes. And actually this is not a crash at all. Nothing that goes up this fast will last. It takes a few years for a level to become more stable. Bitcoin was at 1000 dollars 1 year ago. It's still 8x that!
That's so true. The urge to jump 7 years in the future, to see where we are at that time is huge though. I'd need the money I got in 2025, so that I can invest it now!
I'm still struggling with the spacetime and dimensional effects this will have on this universe, but I'm working on it and about to start my DeLorean any moment.
In case this experiment goes wrong, I'm already saying sorry for the destruction of this universe and I hope to see you in another universe soon! 😀
First they ignored. Then the did see the possibilities of the cryptos ans their underlying blockchainand they started to fear and could see their main reason for existence vaporized.
So they have to start a war against crypto!
A wat which they will probably loose. We will prevail!!!
Do you know why they support Ripple? Cause the ripple blockchain can be used without Ripple! That’s something that a lot of ripple investors don’t know or jus neglect. But they to remeber that the banks are fierce creatures and they are wounded!
That is the biggest problem with XRP. All these banks love Ripple, but none have any use for XRP.
I'm just here to ride the wave to financial freedom and meet some great people. Preach it Task. 😎
Thank you for a balanced perspective sometimes you are so optimistic it gives me whiplash X-D . I do not believe they are shaking in their boots though, I am quite sure they have a Plan A, B, C, D all the way to Z, and I am sure they are not going anywhere soon.
Somewhere in that list of plans, not far down the list though, perhaps plan C or D (after crushing crypto fails) is for them to get in on as much of the action as they can and I believe they are working out a plan to destroy crypto while also poising themselves to buy as much of it as they can for the lowest price possible in case that plan doesn't work. They will not be going anywhere anytime soon, but the amount of 0's in the wealth will be flowing all over the place, they won't be able to control it all so some of us normal people (perhaps most of us here) could become very rich from the game they are playing.
I agree with you....arrogance is a tough thing to overcome.
Retailers did not fear Amazon....
Blockbuster and Movie Gallery didnt fear Netflix....
The newspapers didnt fear the Internet, in fact they embraced it....
Kodak didnt fear digital cameras...it was a film company after all....
History is littered with industries and companies that overlooked the threat of something new. Perhaps terror would serve the banks well.
Nevertheless, I think you point if validated in that they are going to the same playbook they always do...
Spread FUD
Try to get the government hacks to regulate it
Buy it up
That is the banker model for dealing with something that is a threat.
Thank you for the comment, you gave me an idea for another post.
This was the best part of the whole story for me, owing to the fact that I am totally new to the crypto market and blockchain technology. The little knowledge I have about cryptocurrency has come from steemit which joined in late December. The recent dip in price had left me scared of what might happen to my little investment in bitcoin and a few other altcoins.
When do you think bitcoin will start peaking again?
Timing is impossible to predict.
Large pullbacks are a part of the crypto world. Accept it as normal. If you can, use the time to load up on more...if you cant, hold firm (presuming you have strong tokens). That is what I do.
Watch what is happening on the blockchains and not the price or the news.
That is where you will find what the future looks like.
I increased my btc holding 3 days ago, buying $150 worth of it. The plan is to stack up some more and watch the market forces play their part.
I will pick up a few more ripple coins soon too and some attractive altcoins.
You've just given the extra motivation and believe i needed. Thanks bro...
Spreading things around really helps. Putting money into good sound projects is what is the best approach in my opinion. Knowing not all will succeed, we need to leave some margin of error.
Personally, I am not in the Bitcoin is dead camp. While it is not a huge part of my portfolio, I do hold some because I believe it will be higher than it is today. I do not think that it ending up in the $50K+ range at some point is off the charts.
Many of these blockchains will go higher...not all will explode...but many will go higher.
I have been a silver stacker for a while. We see the same bankster control in the precious metals market. I think both crypto and precious metals are the future of money and wealth. This means the banksters will be out of business. They are not going to give up with out a fight. Great post. Enjoy hearing your perspective. Keep it up
i'm definitely holding through the fud. you are so right to point out the market manipulation by the mainstream news. it's in their best interests to slow down the inevitable rise of cryptos, but still we shall rise! thanks for the positive prognosis... hoping for some rise in the next few months ;)
Great post! The banks are already concerned! If you look into their SEC regulatory filings, the bigger banks like Bank of America and JP Morgan have already disclosed the risk of cryptocurrencies to their business model. However, the masses control those companies as we deposit our fiat so they can invest it. So, a reasonable strategy is to transition into the future economy where no one should control our money. Being a contrarian is tough but pays off in the long run if played correctly. Stay the course and let the opportunity play out.
Very useful information and knowing about these resources, we learn more about cryptography! Thank you
Yeah @taskmaster4450, you are right on here. My dad (76 years old & a traditional investor) was visiting me in December when I told him all about cryptocurrency. He is back in town for a visit this weekend and the topic came up pretty quick. Well, as you can imagine, my TV news watching fater is very worried about my investment. And as he was repeating the FUD he had heard I smiled on the inside and told him thanks for the info.
At this point in the game, regardless of what is said, I feel there is no bad press. So thanks for the free ads "news channels"! And thanks for the info Task!
I can buy that view.
With something so new, the FUD they are spreading actually could be causing some interest. Sure, people will have to overcome that fear yet it is causing people to take a look.
Agreed. Just watch, as soon as we are back in a bull market the Fear, Uncertainty and Doubt will change to Fear Of Missing Out quicker than a transaction on the STEEM blockchain!
LOL very true. The greed and fear of the markets.
That is the one constant with them....people do not buy based upon logic, but emotion. Markets really emphasize this.
Not only will we have the FOMO...we will have the I should have crowd...I should have bought a year ago (or whatever).
We just need to weather the storm the banksters are laying upon us. They are doing this intentionally to rattle our cages and shake us out of this. If they could do that, the threat might be averted (actually it wouldnt since it isnt their problem)....
Each one of us who not only holds, but acquires more as we are doing with STEEM each time we get a payout, that is what is going to hurt them.
It’s a tough job, but somebody has to do it.
I’d be happy with being comfortably well-off, but if it’s instead massive wealth, so be it.
I dont know you other holdings, but just based upon your STEEM, I would say that within 5 years, you will see that holding, along with anything else you add to it = massive wealth.
Since you read my stuff, you know what I think of what is taking place here. Down the road, if what is discussed emerges from the developers, STEEM at a couple hundred dollars isnt going to outrageous.
On the topics of bankster’s fear, I just heard part of a story on NPR about the 10th anniversary of the financial meltdown. One of the reporters mentioned that she’d been sitting on the floor of the hallway outside a Senate room where Ben Bernanke was briefing Senators (Bear Stearns had just collapsed). As he came out, she was in a position to notice that his hands were shaking.
My view is, @preparedwombat, that they are taking the cuffs off the banksters, which means they will leverage things up again. We are going to see another wild ride like the last time.
What is different is an alternative is developing. The mantra the last time was we need to bail them out because, if not, the entire system would collapse. When they blow things up again, which they will, there will already be another "system" in place with crypto....
That is my forecast anyway.
Indeed the FUD is real and they are doing everything they can in order to put it down and have them retain their place in the sun a little bit longer.
We all know how the Blockchain technology will make them extinct.
Who needs the bankster who are acting like middlemen and gorging themselves to money that it is not theirs.
This technology is something they can only push back for sometime but most entities and companies have already seen the potential for mass adoption of it.
There goes the boom!
Banks can make adjustments. They will evolve. They have the money to make adjustments. Everyone will win nobody has to lose. We will get better competition and products.
Bitcoin....a screaming BUY if prices get back to $6000 which the origin move to $17000, then when price came back down in Feb, the buyer bought again and took price to $12000.
How would your reaction be if Bitcoin hit 1500 dollars?
$1500 would be like buying Amazon and Apple at $5 only to see both being discussed as which one will be the 1st trillion dollar market cap company today.
If people start using crytpocurrencies in their every day transactions, peer-to-peer (keep it out of the exchanges) more and more, the fiat monies controlled by the bankers will get used less and less.
Hey!
I like your post, I will follow you!
Useful information about the day opening price, For all current and future readers.
Today's date 17/03/2018:
Bitcoin: 8509$
Ethereum: 612$
Ripple: 0,70$
Bitcoin Cash: 998$
Litecoin: 168$
NEO: 66$
Cardano: 0,18$
Stellar: 0,24$
EOS: 5,2$
Monero: 220$
Have a good day everyone!
we are getting rekt my dudes
HODDDDDDDDDL
;)
nice your post
It's not exactly Steemit in 2016, but we're still getting in at low prices which means we get more SP. A few years down the line, the Steem could be worth a lot of money. It's tough during the drops, but if you're not selling, you're not losing. Those with vested interests in competing companies will fight to keep those interests alive. If we can make it through the adoption phase, we can thrive.
Banksters for reasons are creating FUD. They just woant to get in cheaper. Blockchain technology and cryptocurrencies are the future even they can't reject that.
The most pathetic with FUD is Bloomberg...
Really? CNBC is pretty good at it also.
I am not going to deny that part of the banksters goal is to get it cheaper....that would be their m.o.
Always looking to control the markets and make more for themselves.
They have no effect on the overall industry. Anyone that invested in crypto a year ago is now rich. The geeks buying crypto don't read the news since they are early adopters.
"pathetic" is a good word, we should just get our popcorn and kick back ;)
Henry da Ford
this correction is the longest since the existence of crypto but those who the up's and down's will HODL it only last 5% of it would be in gain at last
Fear is getting along time to do some cool things or we are doomed we need more mainstream highlight
Thanks for another great post @taskmaster4450. We have just had to cash out most of our Bitcoin holdings to make sure we have Euros to but a home. We will be buying back in if it looks like things rally. I am hoping our other, much more modest crypto portfolio will see us through in the long-term. Trying to slowly build a little Steem after investing 500 euros to make my vote worth something to others. Fingers crossed and holding for the long term. BTW, were you involved with Occupy at all?
Thanks for the great article. It's crazy to think that these select bankers and investments own major news and media outlets from Yahoo News to Fox to Disney/ABC.
That's pretty wild.
Still I look forward to these upcoming years because it's only a matter of time before people realize how they can free themselves from the bank while maintaining the security of their data.
True words. It is kind of entertaining when bank managers make statements, crypto is bad for this and that. My big fear is, that they are not forced to sell better products but assimilate the blockchain like the Borg in the long run... Let's hope this will not happen.
One way to tell the banks are concerned is that they created this product "zelle" and are promoting it heavily. It is an app to send money from person to person electronically.
It's time for war. But it will not be an equal fight. Banks will not be able to resist the blockade. Exodus, I sen, it remains only to wait until the end. Good luck to you and Love.