In this video, I talk with author and economic analyst John Sneisen about the current state of the crypto market as we see a massive dip wipe out billions of dollars in market capitalization.
The truth is, this volatility is necessary to get to the next level. We saw an out of control crypto bubble begin to burst last December following ridiculous speculation where people propped up terrible cryptocurrencies with no fundamental value. Sure, crypto is the future. *5% *of the market is incredibly innovative and will change the financial structure and government forever. But 95% was made up of terrible alt coins that should not have had multi-billion or even million dollar market caps.
People say we're delusional for believing in the future of cryptocurrencies like Bitcoin. We say, it's delusional to believe that this incredibly futuristic, fast moving market is just going to disappear. It's an incredibly new market with incredibly potential. It's being utilized in countries around the world in economic crisis. It gives incredible alternatives to governments and banks. So are we in a rough patch? Absolutely! But we need to see this rough patch in order to see true opportunity down the line.
After trading sideways for months, this downward volatility will help wipe out a lot of the terrible cryptos and weak hands and will long term benefit the overall innovative crypto market.
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Is crypto industry dying? :)
You got a 4.65% upvote from @minnowvotes courtesy of @myfinanceteacher!
FREEDOM! Thanks Guys!
Lets be grateful for the bubble popping in the New Year!
Buy, buy, buy.... as they paper-over everything!
This is a buying opportunity of a life time!
Buy low /sell High is the Name Of The Game!_
Suck IT! FAKEBOOK!
Great discussion Josh, thanks for sharing.
Big whales are standing by to enter the crypto market once the bottom is reached.
This type of shake out has happened before in crypto. With incredible gains come every Tom, Dick and Sherry looking to be the next crypto millionaire. Once the trend reverses long enough though, they all run for the exits with their losses to find the next get rich scheme. The good news is once all the weak hands have folded we will start the next bull run. Hopefully it is sooner rather then later.
Firstly I do have limit exposure to crypto. Pretty sure this market was a tester to the blockchain of the future. The main players in this market are scammers. Bitfinex/Tether needs to be taken care. Hope they clean up market take out scam exchange's and coins. Got a feeling they will just tank this market and corporations will issuing there own coins instead on regulated exchange.
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