Hey guys!
So there a few things going on in the news today, but what I noticed to be a trending topic in the crypto world was doom, doom and more doom.
Of course there will always be naysayers, and people who think that crypto is just a "fad" (Just like the internet was a "fad" in the 90s, amirite? Heh?)
But as sound investors, we must always heed caution as well, and decide for ourselves if it's warranted advice.
Many banking institutions predict an extreme correction of up to 90% of the different cryptos in the next year. To be honest, these numbers wouldn't astound me, because I think many cryptos are dangerously overpriced, which in turn has caused such volatility and uncertainty in the market.
Going forward, I would just advise to diversify as much as possible, and don't put all your Bitcoins in one basket!
Hope you are having a Terrific Thursday!
See ya later, alligator!
xx~LaDy StEeM
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Too many would try to "catch a falling knife" as the saying goes in the stock market. A 90% correction wouldn't be that unusual, but it also wouldn't stay down for very long (with perhaps one exception). Last June, ETH had a 99.999% drop for about 10 minutes when it went to 10 cents due to news of Vitalik Buterin's death. Then it went back up to where it was.
It helps to know what's possible in the tech field. 90+% of all cryptos are really just forks with a skeleton team of IT dev's (or just one dev). That's the big difference between bitcoin and practically every other one in the field. No other coin can say they've had hundreds of developers scrutinizing the code. For that reason Bitcoin is much more secure.
Bitcoin has had a long history of being counted out (check out bitcoin obituaries). Once other coins start achieving scale, if they do anything other than copy bitcoin's repository (like BCH's one dev does), then they'd better start hiring fast or be left in the dust.
Another habit people seem to have is animating a coin as if it had some consistency in it's identity or a "soul". Bitcoin has changed so much that one would scarcely recognize the code as it is now compared to 2009. I bring this up because the label bitcoin is the most sought after in the field. If the original maintained mostly by Blockstream dies, then the focus will shift into a new team of devs who pick up the old label. Bitcoin Cash is just waiting for this to happen.
I predicted over a year ago that Bitcoin would be in a relatively static phase from Feb 2018 - Feb 2019. I have reason to believe that we'll see the mooning of that label again from summer 2020 to early 2021. The next time this happens, the volatility will be considerably less because of the massively increased volume of trade. Right now bitcoin is a dingy in the Pacific ocean, but it will be an aircraft carrier by 2021.
Pro Tip: KNOW WHEN TO TAKE YOUR PROFITS!
For sure.
Your crypto advise helpful for me thanks dear and I waiting for your next post
in blockchain we trust
Hey,
Excellent Post- I learnt a great deal about Steeming from you I one go!
I am brand spanking new to Steemit, and your feedback and support would mean the world to me.
I have a new, potentially controversial post out: Hypocrisy in the Cryptocurrency Universe and why the Financial Industry loves it
https://steemit.com/bitcoin/@shenobie/hypocrisy-in-the-cryptocurrency-universe-and-why-the-financial-industry-is-loves-it
Your feedback would be awesome
@Shenobie
It might come but the time is quite not really now. Let's hope for the best everyone!
Did I hear you say...Bitcoin to 100k?!?!?! Woo hoo! Haha. I agree. A lot of coins are overvalued. Maybe I need to learn How to sell at a profit?
crypto to MOON MOON MOON! hehe
Dear SIR @bethwheatcraft ,First of all, thank you very much for posting so beautiful, we generally have very little idea about Bitcoin, many of us do not know Bitcoin without working with Bitcoin,
SIR was very good for your posting, because you provided the right information through which many will benefit, thank you so much for posting so beautiful and will help others by providing such information in future.
After knowing some things then bitcoin should start working,
For example: ...... Bitcoin is the sign currency traded through the Open Source Cryptographic Protocol. There are no financial institutions, regulatory bodies, or fixed houses for Bitcoin transactions. All processes of Bitcoin are completed online through an open source software or through a web site. In 2008, Satoshi Nakamoto introduced this currency system.
So if you share some things with you please do not (-upvote) please, because by this I will get a lot of my rank rank #upvote please.
I love the googles @bethwheatcraft. I have no idea how you can see out of them. Nice quick run down on currently events as well.
and much more...
Get your 20% bonus:
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@spirito you're on the @abusereports naughty list! Bad Steemian!
Yeah, the sooner the crash, the sooner the rebuild! Hopefully it passes quickly!