Do you guys remember MTGOX, an exchange in 2014 where 80% of all Bitcoins were being traded. If not, let me remind you guys of what happened a few years ago. ๐ฌ
It's kind of crazy that people tend to forget the past, only to be reminded later. ~ Charles Fuchs
It was a time when bitcoins had a great fall when CEO Mark Karpeles was charged with fraud as 850,000 Bitcoins went missing and MTGOX was shut down causing Bitcoins to tank. ๐๐
Guess what guys, Today marks the day CEO Mark Karpeles faces a judge in Japan. This is big news for anyone who is investing in the cryptocurrency markets.ย ๐
New updates are coming in as I write this is that Mark admitted they were using "BOT" called โWillyโ. This bot was created to do fraudulent trading on a massive scale. ๐จ๐ผโ๐ป
This raises an important questions, are all the exchanges doing the same today? Only one can speculate.ย ๐ค๐ฎ
You see, the cryptocurrency is a very small market (only 80+ Billion Currently) and can easily be manipulated... So any news or reports that comes out, it will cause the market to be very volatile.ย ๐
Here is my opinion on this... with Mr. Karpeles Trial, Bit Segwit 148 coming in AUG 1st, Summer Time, Massive May + June rally etc etc... we should of expected a pullback.ย
No Worries Though... Like most people say, Just "Whether The Storm"... It eventually clears up. ๐งโโก๐ฆ๐คโ
I'm no expert but the next 1-3 months will be very shaky in the market... All I can say is to "HODL" and buy through this volatility if you have the guts ๐๐คฃ๐
So let me know your thoughts... are you worried, are you buying, are you selling, are you waiting for a bigger dip etc.. etc.. ๐๐ผ๐คฆ๐ปโโ๏ธ๐คท๐ป
Only time will tell... so hold on to your seats, it's going to be a bumpy ride. ๐ก๐ข๐
Image Source: telegraph.co.uk
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You nailed it. I expect lots of turbulence through the rest of the Bitcoin scaling issue. Cryptos could easily drop another 50%, they would still be up for the year huge.
Tons of turbulence ... I see bitcoin taking a one day huge hit soon, maybe like a 1 day 500 point swing, then that when u jump in... I am speculating though lol
Good advice and analysis.
100% and resteemed :-)
Thanks @welovesteemit... you guys are the best on Steemit ๐
I had 30 Bitcoin on Mt Gox and luckily got out a few weeks before it imploded.
Buying some STEEM and EOS on this dip. (Knowing that they may go lower)
I remember those days... damn 30! I had like 4-5 mining in like 2011 on my laptop and it broke and I was like, no biggie ๐.
It's almost impossible to pick the bottoms but it's accumulation time ๐๐ผ๐
Like many I got slapped around a ton yesterday. My futures were the only place where I actually lost money. The rest is just #HODL!
I picked up a few last night ... gotta get my steem stackin ๐๐ค
People need to be aware and learn from the past. Will history repeat itself?
lol
Dang! @stackin he admitted! Man bumpy rides = rollercoasters in Disney world! ๐คฃ
Very Bumpy but it can still be fun haha
Bought some more crypto ..
Send me some ๐๐ค
๐
wow. does he still have those coins... somewhere?
They said he shipped him to a private account, who knows... it can be anywhere ๐๐
Yea, I known people from school who dealed with drugs, got caught, went to jail for three years, came out and bought their parents a house lol. He will prolly by an island
"Hidden Money" lol
i wonder if they are going to make him and his conspirators give back all those bitcoins...
Totally agree with you on this, there is a lot of negative news out there right now instead of any positive which greatly effects market prices. (It shouldn't but it still does) I have a feeling once we see how Aug.1st works out we might start seeing a uptick or another big sell off depending on what happens. Going to be some very interesting times ahead.
Yeah, tons of speculation going on. Who knows what will happen, I need to stop wasting my time with all the negativity about cryptos and buy a few here and there :)
Exactly could be some really good deals going on right now steems at just about $1 !!
thanks, good angle on the Mt. Gox news! it's necessary to add this to the picture when speculating this month. there are so many things going on in the world right now and crypto is mired up in all of it directly or otherwise. another great point you made is the volatility affected by a small (and new) market.
also consider that Delaware has recently legalized trading stocks via blockchain, which could be the first legal avenue for large us corps and groups to "officially" obtain cryptocurrency. insider shorting of the market just in time for these groups to buy in? and this is only part of the global picture... so many things to consider!
Great comment boss! So many things at the horizon, all I know is that the blockchain is the future ๐
Woke up early this morning and the market dipped again so I bought up some more!
Yeah, I like pick up a few every week ๐ฌ๐
I don't think the cryptocurrency market is going anywhere up eventually up. Once it becomes a part of everyday life the market will explode.
I see people making things like locks that are opened through the blockchain and rental services using crypto with these types of apps and I think, "that is the future."
Now the question of which currency to invest in may constantly change. Imagine when companies like Amazon just create their own currency. Will that have an effect on Bitcoin prices? I would imagine it would. That's what makes cryptocurrency so exciting. Every investor knows the potential, but the possibilities create some crazy unknown possibilities.
Yeah, the blockchain technology is the future... we will have to wait and see. Tons of regulations are coming soon enough trying to control it but who knows :)
It seems like every 6 months theres a "new" drama that happens in the crypto world and people panic and go insane
its almost....as if ...they forgot about the last six months, when something else happens
people panic FAR too easily and its panic like this that causes mud slide days
People sure love the drama and then start panicking for no reason haha
great post and rightly said upcoming months will be very shaky !!
I need more coffee... tooo shaky lol
Wow did not know that, we can only speculate but I think this is because of short time holders that sell once there are hints that the markets are going down.
You can be totally right... prepare to load up the truck, i can see bitcoin hitting $1300 again. :)
Yes, you might be right Bitcoin is dropping to under $2000, a golden opportunity to invest in more haha :)
that's good to know thanks a lot for sharing and keep on posting ;)
Just keeping the steemit fans updates ๐๐
Thank you, Bro, for opening my eyes in the cryptocurrency world. I did not know about all that. But I think I will wait for a bigger dip and buy.
I'm just buying on the dips, going to be bumpy the next few months ๐
My crypto trading tip of the day is this:
See everything that is currently red? They will go up.
It's the crypto summer sale!
Buy while all your favorite coins are on sale before they're gone!
There is nice sale going on this summer. ๐๐คฃ
I'm a long term investor and I'm dollar cost averaging. Buying when it dips. Holding till I'm not satisfied :D
Didn't know about Karpeles' trial, thanks for sharing!
Yeah, its buried in the news... mainstream media doesn't want the peeps to know lol
No matter what's going on, I think steem is worth buying when it goes as low as it is now. We will eventually pull back and profit in the long run. No reason to panic at all. That's how it's suppose to be.
Yes sir... picked up a few hundo steem yesterday ๐ค
yeee saw that vid :D
Just holding for now.... and earning Free Bitcoin whenever I can.
Yeah, I see people waiting for the markets to flatten out a little before jumping back in ๐
I remember that to well, mtgox screwed me out of a lot, I'm not going to say how much but it was to much. They should have to do hard labor until its all paid back. venting over :/
Yeah, that made me leave the bitcoin business when they went down. I am seeing creepy similarities with poloniex, hope I am wrong :)
I'm just coming back like you i left before mtgox scammed everyone i had left because at that time it wasn't seen as money it was more like a game if you know what i mean. We knew it had potential however we where gamers just messing around with this new thing we found.. Anyways when i found out how much it was worth i rushed back only to find it was all gone.
i could not agree more with you on the next 1-3 months like to be extremely volatile. I think a bubble is brewing and some coins are likely to "die" (there are not less than 952 different cyptocurrencies out there) See some more thoughts of mine here https://steemit.com/cryptocurrency/@kolex/where-do-the-cryptocurrencies-go-from-here
It reminds me of the 1999 dot.com bubble... some will be superstars. I have to pick the right ones though lol
Yep! that's the idea.
The coins with a valid use would survive and recover after the drag down, but for most of the coins (there are at least 952 of them) would go permanently down with the bubble brewing.
the opportunities are real as with the risks. We must tread and choose wisely.
I was wondering what was up with the MTGOX dude! Now I know. Thanks!
Its been years, a few peeps told me about couple days ago lol
Great post.
Apppreshhhh ๐ฏ๐ฏ๐ฏ
I'm really surprised it has taken this long for him to go to trial but these things take a really long time.
The Mt. Gox situation really set off a slide last time to almost crush some of us.
We will see what happens this time around :-)
Took many years... all I can say is buy all the big dips, huge one is coming soon lol
I'm looking to buy in at BTC $500
This guy looks like one nasty crook.
Sad to see such huge corporate guys having so much power and influence in the world of crypto.
At least the markets will recover sooner or later.
We just need to be patient
Not sure what happened, he could of been not guilty nut who knows lol ... buying opportunity for the next couple months :)
nice post regards from Venezuela
Regard from Las Vegas ๐ฌ๐
Now is the time to buy and hold bitcoin buy!!! Might get to $5,000 in august.
All in!! ๐๐ช๐ผ๐๐ผ๐ฏ
when you hear mtgox, you double check to see if you have your btc on your wallet ;} . Can't believe steem at 1.03. I thought it was declared red candy crypto day to scoop a few up.
I should pick up some more... might go lower, that's be a good thing ๐ค๐๐ผ
I got my seatbelt on and riot helmet! We got this!
It's time to prepare haha
Maybe he had to dump his coins to pay the lawyers! XD
Thats a good one... haha
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I agree volatility is high. I have changed my strategy to swing trade LTC based on daily MACD..right now it just crossed bearish, im out until further dip..ill have a limit ordet on ether at around $100 and $50 to catch a flash crash
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Post nice and interesting I upvoted and follow you, if you want to rejoin It would be great for both, thanks.
Just make sure you are risking money you can afford to lose, then hodl forever!
HODL for like haha
Well, if one does bots then others will too.
Right now I can only accumulate by writing blogs and commenting. If the price goes down I may have to write more. I won't cash out for 10 years or more. It will be my social security back up.