Hey guys, bit of a different post today, but I'd like to consolidate with everyone with what I've learned over the last 10 years of being in crypto.
It's safe to say that sentiment is turning once more. It doesn't feel like we are fully in the bull market yet, and we will probably see another crash as December looms and everyone cashes out to buy their families nice Christmas presents and such. If you're like me then crypto has always been a rainy day fund, and Christmas is definitely one that I tap into. I'm sure a lot of you do too.
But after Christmas and we head on in to the halvening the sentiment is likely to turn rapidly around. We'll see new people come to hive in their hundreds, hopefully thousands, we'll see new Defi projects start up and talk about the moon -- and there will probably be infrastructure built in this space that we haven't yet seen, which will bring a new wave of excitement and people thinking they will be rich.
It's worth noting that in every bull I've been in there has always been a massive scam that's toppled at the foundations and come crashing down and taking most of the crypto market cap with it. Sam Bankman Fried wasn't original, it was just the next in a long line of crypto scams during the bull. @themarkymark always tells me that the road to hell is paved with good intentions and I think that was SBF's legacy. Good intentions, bad deeds.
Anyway, to put it clearer. In 2014 when I joined this space we were just suffering the fallout of Mt Gox, a tirade of ICO scammers on bitcointalk (my first investment was computercoin haha! Rekt), and not to mention a massive multi-million dollar scam that fell flat in 2015 paycoin - which rekt the entire sphere at the time.
In the 2017 bull we saw bitconnect promise to make people billionaires, only to crash the entire market in 2018. A lot of homes were lost that year I bet. And recently SBF with his FTX scam which is now known as the biggest recorded financial scam in our history - he lost effectively billions of dollars.
So this bull coming up will be no different. Don't think for one moment that when we're all richer than we've ever been there isn't someone waiting to pull the rug from under our feet. This promises to be the biggest bull we've seen yet, and I suspect it's the year the banks will be encouraging your mom and dad into investing into Bitcoin -- just be wary of what you put your money into and cash it out when the price is right.
If you start to think that you're richer than you've ever been in your life, and that you're almost untouchable, perhaps then is the time to start cashing out what you've got. Or at least if you don't want to cash out then swap it into something safe like a stable coin -- perhaps hbd.
Just be safe, and don't get rekt. Hive is a great investment, and it's what I'll be putting a lot of our chips in next year. Not going for anything fancy, just steady growth.
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Except I don't think SBF had good intentions.
That's what Nas daily had been trying to make people believe so in YouTube and Facebook
Seven days ago BBC wrote that Sam Bankman-Fried has been found guilty of all seven federal changes against him, including wire fraud, securities fraud and money laundering.
Probably Sam Bankman-Fried will get what he deserve. Years, if not decades of prison.
View or trade
BEER.Hey @brofund, here is a little bit of
BEERfrom @pixresteemer for you. Enjoy it!Do you want to win SOME BEER together with your friends and draw the
BEERKING.It’s always a challenge to balance opportunities with risk. I’m largely risk averse so I’ll just keep building and see where things take me lol. Maybe sell Eth (fedcoin)
You are right, sometimes those who perform well during the bull run might not survive on the bear.
and wooooh talking about the scams on the bullrun, I think there is enough history for us to take caution. But still there will always be new retail people who will get caught in the FOMO and get Rekt, unfortunately.
The crypto cycle keeps repeating itself in different ways or forms. The thing with FOMO is that it eventually comes crashing down, sometimes when we least expect it.
I remember in 2017 I participated in 11 ICOs and all 11 were profitable. In 2017, I sold everything and transferred it to ETH.
Thanks for the words of reason, please do a similar post in ~2 years around when we should definitely be taking profits and not get caught up in nore fomo 😬
You are right. Hive is a safe place.
!Alive
! Liuv
Do you really think that DeFi is going to recover and fire up again? I kind of feel like it ran its course. I get there are still viable use cases for it, but I think a lot of people have moved on and don't want to go down that road again. I know I would be much more cautious this time...
Do you have thoughts on what the hype will be around this time? DeFi, NFTs, ICOs... I don't know of anything like that happening in the space right now that the masses could cling onto.
There's all the buzz around EFTs, but that seems like a different animal. Not to say there won't be scams, but I think this time wall street will be spear heading it, so it'll likely more accurately fall under tradfi fuckery. I do think with big players beginning to move in we'll start to see something that resembles stability emerging soon... even if we don't realize it for another decade. None the less, I still can't think of what the next big scam will revolve around, other than Wall Street scamming themselves into thinking they're getting all this locked down.