*DISCLAIMER*
I'm not calling for an instant stock market or crypto crash
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Back in 1929 one of the most devastating stock market crash took place. This was because so many average people were able to participate as years went on. Speculation was wild and the market expanded rapidly. At the bottom of the crash, stock shares were worth around 20% of their value. Many lost everything, some even took their own lives because of it.
Much like the stock market of the roaring 20's, the crypto market has been expanding rapidly and the downside risk of these assets are huge for some. What's even scarier is that the whole market could come down 80% in a day or so. I've seen hundreds of billions in and out of the market cap on a normal day, imagine what will happen when panic ensues!
I'm not here to call for a crash, but to talk about the minnows that could very well be getting in the game in late stages. Some people are mortgaging their houses for bitcoin. This is not wise. People could lose everything. Thus, people may take their lives when this crash happens even though the market could bounce back rather quickly.
I believe that cryptocurrency markets need to become communities. It's our job to band together and support those who may lose everything in the short term and remind them that this market has a future. I see so much hatred and people pinning against each other. We need to change our values as a whole and realize we are all in this together against the banking cartel and wall street.
We are trying to change the world, not just get more wealthy than your neighbor in the end.
Think about this. I hope you all choose to be people that lift up those that are down, especially when their entire life savings or family livelihood are on the line
Oh, and remember, IF YOU OWN CRYPTO AND ARE AT A LOSS, DO NOT SELL.
This stuff has a real future, so just HODL damn it.
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If you want to learn more about the 1929 market crash and the great depression, check out this article from history.com
There's a lot of speculative gambling on a lot of things that don't make sense. Just like in the 90's when everything "dotcom" was attracting investor attention, the same is going on now, and a lot of people are going to buy worthless investments because they didn't know what they were doing. I also see that cryptocurrency is exposing problems with fiat currency that I've felt have been there for a long time. It's going to be an interesting 2018 for sure.
I feel the exact same way. You have to wonder: what percentage of cryptos are owned by people who believe they are money of the future? It's problematic when people hoard currency and then dump it all at once. Will this become currency or is this just wallstreets cousin?
I see a lot of people that are behind the tech doing things to effect the market. It wasn't too long ago, when BCH was at about $600 that someone announced it was going to for sure replace BTC and I watched the market rally to $1400 over the next couple of days... BTC went down, but then in a couple of days, it's almost like everyone forgot about it.. a lot of the value in these coins are speculative, and I think eventually, there will be a clear winner...
Which one is your pick?
Litecoin is looking good in my opinion, but I'd almost be willing to bet that there will be central banking systems developing their own crypto solutions and forcing it on their people to replace fiat... They'll do their own mining, and in that way, they'll be able to collect sales tax on every transaction... just speculation... but it would solve the problem of tax evasion as well as fufill prophecy of people having to receive a mark on their person in order to buy or sell...
We are on the same page man! As long as they don't take away the internet, we will be able to choose our own money. I don't know about you but the next paradigm that gets pushed on us by the bankers, I will not accept. And if we get into an economic state where no one will even barter with me, then I'm totally abandoning capitalism and moving into the sticks lol I'd rather die trying to live in the wilderness.
very true... a lot of the value of fiat currency has to do with trust in the government... it's been getting more and more apparent since the turn of the century that there is less and less to trust.
Litecoin is also my pick. It's the underdog and undervalued yet it has great fundamentals. It was the solution to Bitcoin's scaling issues before bch came along.
I honestly don't think the BCH fork was to fix bitcoin, I think it is a wealth multiplier for those that saw what was happening with BTC...