The Simple Reason that Prices are Falling in Cryptocurrency

in #bitcoin7 years ago

And how you can profit from no matter what happens August 1st.

The prices are falling, for the same reason prices always fall in a marketplace of currency. Confidence, or rather the lack of confidence. When the confidence in the dollar dropped before the great depression, the value of the dollar fell, and would not buy as much. In the same manner, a bitcoin today will not buy you the same amounts as it would have afforded you last month.

Bitcoin is undergoing a serious crisis in confidence with the impending upgrades. If no one told you we are in virgin territory here folks. This sort of stuff has never happened before, at least to Bitcoin. There is a very real chance that things won't go well August 1st. Although this writer strongly suspects things will be fine, despite his former post, Bitcoin, Don't Fork It Up

This is because I win either way, and you can too.

The worst case scenario is not that Bitcoins and blockchains end forever August 1st, 2017. That is just not going to happen. We have a lot of intelligent IT guys working on this, but not all the investors in the crypto space are so educated. For them, IT is the dark closet where the boogie man hides and will reach out and steal your bitcoins. This is the same monster that threatened to end the computer age in the year 2000.

As I see it there are only two plausible possibilities. Either, things work out, or they don’t. I know it's simplistic, but that's how I see it. Either Bitcoin forks, or it doesn’t. Most people think the best thing is that Bitcoin doesn’t fork, the market recovers quickly, and the price zooms off to $5000 by the end of the year 2017. That’s a fine scenario for me. I am continuing to buy as cowards ( okay, the responsibly fearful) sell, which lowers the price for me, and I should be able to pick up a few more bits before these issues resolve themselves.

So what if the worse should happen. Well, suddenly I have double the amount of bitcoin that I had prior to the split, and best of all the world doesn’t end. Eventually, the free market embraces both brands of this Cryptocurrency, and the world slowly recognizes the robust nature of this currency over fiat. Fiat money just dies, crypto evolves and comes back with an ax to grind. Meanwhile, bitcoin will be on sale, and those of us that missed the first couple years will get another swing at bat while those prices are low.

So here's the secret, buy crypto while it is on sale. Oh yeah, guys, it’s ALL on sale, not just bitcoin, but the entire store. The second age of the crypto millionaire is upon us, and you were there.

Thanks for reading.

Please upvote it if you liked it, but more importantly resteem it if you think this is important for people to understand.

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Upvoted and resteemed, like the way you worded it all so that everyone an keep up..... especially people like myself who are unversed in the terms

Most people I think are worried about the uncertainty regarding the upcoming BTC fork.
Some people just follow the panic and pull out of BTC.
Glad to see that the markets are going up but if anything I think it will drop again in the coming days.
Thanks for your analysis @neopatriarch

After readed it i want to buy! Upvoted and resteemd

Excellent, its all about confidence in the market. Something that the cryptobusiness needs to mature on, when it comes to dealing with this aspect. Technically all seems to go the right way, but because of the way crypto companies are dealing with the trust aspect, the value is going down. Chaos causes that people take their money out, because people are very emotional when it comes to money.

Damn, we think alike! I totally support everything you have said here, and I thank you for sharing your "crazy" ideas with the steemit community. :) Couldn't have said it better myself! This is what I'm trying to explain to my friend for almost two weeks now...

Upvoted and followed!

spoken so convincingly and with such confidants

Thanks for sharing this @neopatriach... I tell people, Bitcoin is an ideology and for those of us who believe in the Bitcoin ideology, whether Bitcoin forks or not we will be standing with Bitcoin

It is indeed a belief my friend

Information is reall..upvoted

Thanks for sharing this mate. Market psychology is KEY!

Check out my thoughts on market psychology around SegWit here.

Yeah, this is definitely d best time to buy bitcoins