Let's take a look at the chart above, in which you can view here as well. Take note of the following pivotal moments in market capitalization:-
- The rise of cryptocurrencies from May 2016 onwards.
- The decline of cryptocurrencies from January 2018 onwards until present day.
So what caused the entire market to shift from almost zero to ~$800 billion within the span of 18 months, before busting its balls all the way through 2018? An easy guess is that the crypto cabal so happened to start their pump back then and decided to take profit before hitting the $1 trillion mark. But what's the cause that caused them to do so in the first place? There must be some root cause.
Curious, I spent the past week conducting an extensive research online and was surprised to find out that it's very close to home. It was actually all me. I started blogging on Steem back in May 2016. January 2018 was when I began to almost abandon writing after I discovered Tau and subsequently, Steem's misaligned economic incentives.
It was me all along..
Pretty much nailed it, right? Case closed! The simplest explanation is usually the most accurate. Sorry for slacking off and causing the market slump. I didn't know!
Boom time again?
By the way, I've registered a domain at https://etherpunk.net and might try out @wise-team's Engrave, although the 15% author's cut is a turn off honestly. It's not like it's compensated by an increase in curation rewards. But ultimately, I have not decided what to do with it. I've written so many drafts over the past year and I should look for a PA or manager to help build my blog and following for real, maybe?
If you want to receive notifications on my stuff, please subscribe to my email listing at The Oasis. I promise there'll be negative spam! Thanks for your time.
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Kevin, I was wondering where you were... and now I know who to blame too !! haha
I've been buying into this mess. Should we believe in the 2nd coming... or maybe just a little foothold? peace
Lol not sure about the 2nd coming, but i've already made peace with my selection months ago..
Actually very funny.
On the web builder front it could be worth employing someome to manage it all....
SEO depends on quite a lot of mundane background work like tagging and image compression (affects page loading speed hence SEO).
For every post I write on WP I probably spend 25% of the time on this.
I sort of enjoy the mundanity of it however, but paying someone else to would be a good option.
And there was me thinking the crash was just down to a mash of several variables that no one's able to isolate effectively because of lack of reliable data.
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I see.. my only SEO is the title, although I don't really focus on it. I just try to include some numbers and mainstream keyword with some offwords every now and then lol. Definitely gonna get someone to help.
What do you think is the biggest factor in the slump? I'm actually following up on this post with the real real reason haha..
Defo get some help - your main title has nothing to do with SEO - it's all in the slug. And you want an image named with related key words. Not to mention using google trends for the best key word combos... e.g. 'men' might be much better then 'male'.
The crash... I'm sure there are many variables... fairly sure this BTH 'fued' isn't helping matters. I'm not a crypto expert so I'll look forward to yr next post.
Must add myself to yr mailing list too!
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Boom! Done, I have always liked your writing so subscribed on the promise of negative spam :0D
Thank you! No boom is complete without meesterboom :D
Hehe, indeed, that's what I always say!!
I was looking for the answer at the bottom... LOL.
STEEM is rising again, but not before I grabbed some more while it was low. I think several others have too. You have to believe.
Let me know if you need some free accounts to sign up your contacts quickly, just send in the emails anytime.
I have several myself. Hope I can find a use for them in the future.
nice! i should have some spare too if you/your friends could use the access.
I feel so ignorant, what tool are you using?
steemworld.org... look at the bottom. Account Creator.
Oh of course! Thanks!
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I don't get this whole account claiming business at all. Is there a post somewhere that can explain it to me?
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I think @steevc did one recently. I'd look but need to go to work... like now!
LOL! I felt the same way when Trump started tweeting about the topics that i had posted on Steem about!
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Finally! A proper explanation!
Please start posting more asap for a sudden pump to the moon 😂
Engrave is nice, I just made a first trial post with them. In comparison with the 25% that dtube used to take, 15% is nothing. I hope they’ll be able to get someone to curate and support the onboarding :)
They still do?
they now cut 10%
I rather sustainable growth than sudden pump.. i wonder if we'll see something greater than last year again. Yea engrave is quite a neat app :) i hope they can reduce it to like 5% by subsidizing through vote-trailing or something similar.
I’ll take it :)
Lol so it was you who caused this downturn ... but I guess you have given us an opportunity to buy now before it goes back up. Btw nice meeting you at sf! Next time you have to come and visit Sydney 😉😉
Haha.. Sydney. I guess have to go check out the opera house at some point eh?
Lol totally considering you have been to Melbourne, Sydney has to be your next stop 😂
This is incredible empirical evidence.
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LOL
Haha
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Thanks for this, it does seem there is room left to fall. Historically, this crash is really not that bad.
this one is from May/June this year but electricity, hw, labor costs didn't move so much in the mean time. Yes of course, price = demand/supply and value = knowledge but there is also: cost = scarcity = value. All this forms quite an objective circuit :) ... sooo ... China >80% of the hash, and probably as much as the stash and the cash. Of crypto. This shows the bottom around $3500-4000 currently. Yes it is possible to burrow under it for a while but it is exactly like in gold mining the price gravitates around the averaged over the market cost of production. MR = MC. I'll write soon some on these. ...
This is brilliant, thanks. I actually included this same exact infographic in a white paper for a mining startup earlier this year. It's interesting stuff to take into consideration, really important for the community. I will follow you for sure.
Crypto has always been this, huge volatility up and down, one couldn't exist without the other.
I wouldn't be surprised to see bitcoin at 3k eventually and after that slow, slow climb until it catches attention of the masses again and it'll make new highs, but I'd say there's only one such cycle left as the tech finally hits mainstream usage and people know the tech is here to stay just like internet.
Unless the turkey's turn is up when thanksgiving is tomorrow..
eventual death spiral scenario is the price going so low that to initiate avalanche of mining rigs switch offs and abandoning ... don't think that is really possible. BTC is not a price game. It is a true novel tech for scaling transactions. A lot of scaling. Average 300 TIMES lower txs cost than traditional fiat requiring soooo costly reproduction, upbringing, education, qualification and life and activity support, infrastructure for millions and millions of people. Of course machinery and electricity are cheap and cheaper to reproduce. Cf.: Moore's law and Koomey's law.
Brilliant! I think I did something similar once or twice...
Here's an article for you! https://steemit.com/bitcoin/@creativecrypto/benjaminfranklinwouldhavelovedbitcoincoloniescryptographyandtheadventofnewmoney-wlf8ae5u51
We have found the biggest culprit here!
Steem at current price has reached my comfortable pricing to buy more but here it comes the conflicting thought that it might still be going down furthermore. Hard decision to make.
Just ladder down?
According to what Ned has announced, I decided to wait for another round of power down and panic selling cycle. Keep calm and hold the fiat LOL.
yepppepepepeppepepep thank god you back, hope to see a sea of green tomorrow
i'll do another analysis in 6 months!
Very good time to buy cheap cryptos, I guess...:)...
It can go much much lower.. but if you'd support and take part in something that seems like it can grow over the long run, i guess there's no harm in getting some.
The next support level for BTC is at $3,500. If that gets taken out, it could fall a lot more. Capitulation has yet to hit, most likely.
I really appreciate your effort. but I wish you could undertake similar assessments especially regarding steemit market potential and price projections some years from now.
Thanks for the suggestion. Price projections are a bit too much for me, but on the topic of market potential, will try to have a go at it someday.
Thanks for your prompt replay. if possible, and u are willing, I can help you. have some background.
I tend to think what goes down has to come up at some point. There is an ebb and flow and a submerged beach ball can't stay underwater forever. It's just a matter of a waiting game and patience. Sadly not all folks have that kind of personality. Thanks for your article @kevinwong
I'm here for the PA or manager part!! 😂 and please continue to write more, the market might just moon as you said
Subscribed and yea I've been trying out Engrave as well, and now that I know it takes 15% 😕.
There are better models that can also encourage people to purchase and hold SP, to trail their votes or something like that to subsidize that 15%.
At least it wasn't me. #whatarelief 😎
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Wow, the reason has finally been found. 😂
Then, should the market enter the rising corridor again?
Haha.. we can only try
Market manipulation at its worst @kevinwong because no one will sell at these prices except the uninformed. But it all sucks as it affects me greatly.
I guess i am very happy now that the steem price is low in order for me to buy more steems in stock and to wait for the precious cryptocurrency boom. I can not wait to still buy more steem. Steem will soon increase very soon i know that
I’m going to ride this mess out and possibly get some more steem and XRP . Thanks mike
Well, I spoke to someone on their discord sever yesterday. An interesting project but I think I have to wait for a while until some things I put in place, like opening the comment section to nonsteemians. I'm trying to reach out to people outside the blockchain, not inside it.
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Sounds cool! I wish the main apps can use such a thing right away instead of just one specific application.
Yeah true. I know companies like Apple have used this kind of closed ecosystem to keep users/customers. But we don't have the numbers in our favor. We can restrict the upvote function to steemians, but as for the comment section, I feel it should be open.
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@kevinwong, It was surprising and at the same time fun to hear that your actions and market trends are following the same patterns. Ha ha. 🙂
Wishing you an great day and stay blessed. 🙂
https://steemit.com/bitcoin/@karov/bitcoin-retrodictions
So should I have beaten you up at Steemfest? Not that I would as you're such a nice guy. Please try not to break crypto any more, or at least not the good ones like Steem.
Ok yep this is me exactly if you go back to my begging here...
we are in a huge consolidation, just wait and be patience.
good blog.
:)
I got hit hard man
@kevinwong I Was Very Excited To See Your Post Great work ( awesome )
I knew it!
Clever!
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My man Kev!\n\nAlways finding a way to bring us STEEMIANS a TRUE picture through your creativity and cleverness. 😎✌\n\nKeep STEEM N ON,\nFrank\n\nP.S. I want to apologize for slacking off too!\n\nResteemed and Posted using Partiko Android
hahaha, yep, its YOU! :)
or is it this one? https://steemit.com/science/@edje/crypto-mooning-equals-broke-explained-by-science
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The hype can do wonders and that's what is all about the 2017 rise
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Wish that it will bullish after those bearish in the market price. I created something that can help to forget the down of market price and For those Negativity the Market price had bring to you.
Free to read anytime. just go here :Positivity
So...can you start the pump again or what. ..steemtoshi??
You don't have to tell me twice. And if it's really you, please make the market fall harder, those Nouriel Roubini tweets are muuuah, dank. \n\nAlso, nice name.. The Oasis, I get it.\n\n#aggrandizement
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