Blockchain technology (with its cryptocurrencies ) is a blessing to the common people due to ability to earn good profits with little or sometimes no investment (steemit for example). However, crypto space is also fraught with scam / shit coins everywhere especially those new coins/tokens with no visible team , ponzi nature and no contact information’s. Therefore, is it not a good time to have some correction in the crypto space in order for the scams to die off (at least some of them) and then the real project bounce back? Here are some few points:
Fewer real projects: the supernormal profits that can be made in cryptos have led to flooding especially from projects that are not related to blockchain technology. Therefore, people should open their eyes and ask the hard question: does this project need to be in the crypto space? Will the project add value to blockchain technology both in its use and at least solve a problem in the space? What are the qualifications of the team members? Can they be reached? Can their profile be seen / verified at least on Linkedin? (plus many more). In fact many projects in crypto space termed Ponzi scheme does not pass these simple test and should be dumped in order to make room for real projects that will add value to humanity.
Correction is not bad: The stock market lost about 1.5 Trillion dollars yesterday. I wonder why fuders in the crypto space are making noise due to this current correction. Note that the current price of most coins/tokens is still very high compared to last year. Bitcoin, for example, was 1K+ ,steem was below 1USD –therefore why the panic? Let us rather see this as an opportunity to dump shit coins and go for great projects like steem , elyte.io , eos, bitshares (and many other top projects).
Do you agree that we need some correction? Send in your comments, feel free to resteem and upvote in order to send in your support.
See my former post: Why the Broke and Rich need Steemit and Other Cryptocurrencies (Bitshares, EOS, Elyte.io )
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We need correction ie big one and a gradual growth of the real projects...this will lead to more confidence in the space...moreover shit coins should die, I agree.
Steem in comparison to this day last year is still at a 1.73$ higher rate. And having been in the crypto world for two years now (1 year active), corrections have been quite common, and help in averaging out bubbles such as what bitcoin built around itself. I would love to see bitcoin go up to around $12000, but steadily, not overnight, like it did when it pumped up to $20000. It is better for markets in the long run and also helps avoid crashes like the one we are seeing now.
Very good point indeed, I agree with you. Thanks for your comment
Hehehehe
Best point I read so far. The whales in BTC shd know that it's not all about immediate profits but long term. With such fast meteoric pump , Banks and govt will be scared to shit and come attacking. Gradual growth is sustainable. Btc to me shd not exceed 10k. Between 9-10k$ is ok. We need correction to check mate such pumps. Nice comment. Keep it coming
Premine, instamine, hidden launch – those coins were created in “get rich quick” scheme in order to make money only by their creators and small group involved in instamine or premine.
Do not use these coins, let them fall into limbo. Using them it’s waste of your time and CPU/GPU power.Scam/shit coins should actually get omitted for a good trade result
Very good point indeed. Thanks for your comment
I think we need correction in crypto space, it will help in flushing out some scammers. there is no need to panic over the falling price. Nice work as usual. Upped.
I agree with you. Thanks for your comment
Thank you for this wonderful article. It gave me a wider perspective on this new platform. I’m actually here not just to earn money but to share my knowledge, skills, and talent as well. I hope a lot of people would take their time to read this well-written article about Steemit and crypto. Please write more helpful topics and share it to the world! All the best!
Welcome and thanks for your comment
Nice post, but I think we need the correction but a far warning would have been made so I can clear my wallet!!
I saw your comment on my blog!! I am Android app developer, would love to work on projects with you
Great, where are you based? are you on whatsapp?
Nigeria, yeah, I'm on whatsapp!!
Ok, send me your whatsapp details also Join Elyte telegram https://t.me/joinchat/E6tXj0dThqzzjVlWJRuxLw and contact Charles1
Re-concentrating my efforts into Staking after this crash, you can pick up some PoS coins for next to nothing now. Wealth = More Wealth
Good move
I agree. Corrections in the crypto market aren't bad. I'm just waiting for the bottom to get more active again. Thanks for you opinion on this.
Welcome...good point indeed
Exactly, coins without a real use case should be dumped. Whenever there is a new technology you tend to be greedy on whatever, like in the dotcom bubble, is part of human nature, when a crash occurs then, you start to think objectively.
I agree with you. Thanks for your comment
Corrections / Crashes - It is semantics at this point, but it is all healthy in the long run. Abandonment, disillusionment, shills jumping ship, blood on the street
These are signs that the bottom is near. Get your powder ready.
Very good point indeed, I agree with you. Thanks for your comment
Use it wisely, when low, buy it. When high sell it...
This post has received gratitude of 4.82 % from @appreciator thanks to: @charles1.
You got a 7.38% upvote from @postpromoter courtesy of @charles1!
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Lot of stick Up kids, con men, Jackers, and Banksters involved...inter net gangsters
yeah i agree with you.glad to your good sharing
what do you like in the post?
I haven't much information about crypto, correction. Thanks for informing.
welcome
I am a newcomer from aceh. and I just follow you new today., and your upvote, I want you upvote if you do not mind
Learn how to comment wisely by reading post 1st...this your system leads to failure
sorry, if i am. wrong to say
Follback iam in aceh, 😊
Good article and great read on correction. Keep it coming
Good job
Upvote me please
I agree with your voice, this is good news I will share on my blog. thank you..
Thanks brother...
I agree
but I am new in this platform, I have much to learn again cypto
Saya sudah vote anda,
Vote saya ya
Was freaking out a little when it did drop. Thought it was the end.
Thanks info
Brat stres sang ureung yan
Mantap
You got a 35.4839% upvote from @therising courtesy of @ronja1
treacherous world for newcomers like me, though its exciting. Soon I will also be a veteran but dont know after how long . Whales (SHARKS), market corrections, these are terrifying words to me....
@charles1 are you on aceh right now? so nice to know ur post.
My name is muhammad rizal
I'm a new member of steemit
Please upvote my post
I was accused, once, of being the first to try every new "thing" that came around. Up to a point, that was, and still is, true. On the other hand, I resisted computers for years, and have been even more intolerant of the crypto-currency trend. If it appears that a "thing" will strain my budget or amount to a gamble of some kind, you can count me out.
I was right about the computers: once I got "into" them, they became an addiction that I've had to hustle to keep financed. Now, I'm "into" Steemit. I got my wallet, downloaded a mining program from the Windows Store, and I'm researching my first original post for this venue. Of course, the rascals and thieves are swarming all over this! --Looks like I might get some fresh input for my computer collection!
Hi all steemit friends please follow upvote me @aneukmeutuah thanks for generously