Crypto purification
Downtrend in crypto market is making many people nervous, especially ones that have bought their cryptos at peak. I know that it is not easy to watch how your investment is melting and some cryptos are trading at 10% or less from their peak value.
If you just think that, to become positive at your investment your crypto need to rise 1000%, of course that many people are worried. I wrote in my previous articles that if you have invested in projects that will have or currently have important use case, you don't have to be worried.
Problem is if you have invested in cryptos based on TA, because price is going Up, and project have no sense and it was going Up because of some pump. Then, I wouldn't like to be in your skin...
There are many cryptos that are made just for fun or for making easy money with last summer's altcoin bubble.
This is free market and you can do whatever you want, but PROBLEM with this young crypto market is that all cryptos are treated same, doesn't meter if they are serious projects or fun or scam projects.
These kind of projects are damaging serious ones, because for regular investor who is just entering crypto market, all cryptos are same. Of course, at stock market also there are blue chip stocks and on the other side stocks of bad companies with bad business, but stocks of bad companies are not worth hundreds of millions or sometimes even billions of dollars like in crypto market.
Because of over hipped bed projects, lot of people are talking about crypto bubble. I don't think that we are in bubble, even at peak valuation from January if we look only major crypto coins.
This is why I HATE stupid data about total crypto market cap. We should take nice things from stocks market and at stocks market they calculate Dow Jones Industrial Average.
Dow Jones Industrial Average has consisted of 30 major companies.
This is how we should calculate crypto market also. MARKET CAP OF 30 MAJOR CRYPTOS. It would be much more realistic and much less dependable of shitcoins market cap.
This drop at crypto market is bad because interest in cryptos is much lower than before but for me it is very good long term, because it will shake off weak hands and it will separate good from bad projects.
PURIFICATION is necessary and it is not quick process. This needs time and not only bad projects will fall. Some good projects will fall also, because many of them are targeting same goals and only few of them will succeed.
First project made for fun was Dogecoin. I am sure that creator of Dogecoin couldn't even dream that at one moment, Dogecoin was worth almost 2 billion dollars!
Followed with exponential rise at DOGE, we got whole ZOO of different coins:
- Oyster PRL
- Ravencoin RVN
- Monkey Project MONK
- EagleCoin EAGLE
- Piggycoin PIGGY
- Tigercoin TGC
- MustangCoin MST
- Bee Token BEE
- Maverick Chain MVC
- RabbitCoin RBBT
- Birds Coin BIRDS
- Sharkcoin SAK
- SnakeEyes SNAKE
- PinkDog PDG
I could probably find few more coins for coin ZOO if I did more detailed search.
These coins are treated same like BTC, ETH, NEO, EOS... and many other serious projects.
Beside ZOO coins there are many other shitcoins that are destroying reputation of crypto market but I will not write about them today. I believe that you got my point and why is important to separate good and bad things.
First thing what we can do until projects develop and when real use case separate good and bad projects, is to calculate crypto market cap like DOW Jones, Top 30 Crypto market cap.
As of today, Top 30 Cryptos are:
Today's market cap of Crypto Dow Jones - Top 30 cryptos is 240 Billion dollars.
If you have any suggestion or opinion to share, I would love to discuss :-)
I’m just sitting back and relaxing. Collecting as much cheap coin as I can. Come June/July. Those who sold will be pretty upset with the results
Ethereum is badly flawed and will be superceded by NEM in China and ADA everywhere else. It can't die quickly enough.
Bitcoin has limitations, but at least it does exactly what it's supposed to do, and has an eight-year track record of doing just that.
It's true Ethereum has some limitations when comparing it to other coins, however the infrastructure is second to non, which is better for developers to build services, which will generate an intrinsic value for eth. I believe this is why you see investment firms backing it, such as OMERS. Moreover ethereum devs are working on improving the underlying tech, the coin is a work in progress.
Don't believe ever youtube who is trying to pump a coin that they bought.
As with all things, perspectives differ depending on where you stand. I saw Ehtereums popularity rise (value) when people who were entering the exchange markets were getting hammered with big fees to move there BTC. That along with speed, made ETH a better vehicle.
The Crypto Dow Jones is a Genius idea. Props to that and I’m going to start looking st it like that as well.
I am honestly just hoping we get 4-8 months of sideways grind bullshit action that will give the patient more time to accumulate. This isn’t even the big move either.
Now that people and the public “know about it” the next one you will have people in disbelief from the ground up to the top fighting the whole way. Most people and public jumped on board around 11k and missed the bulk of the move really.
bitcoin itself it got fighted by elite very hardly if it survive be sure that will be the future currency if not survive as it look now just resist then all cryptocurrencies is ends forever
What will happen June or July?
June/July most people take summer vacations so they don't have money or they liquidate their cryptos
Lol
I have my eye on a couple too. If you know what to look for they're a steal!
Find and buy potential currencies but keep them low and keep them until June and July. You will see miracles
Thanks for one of the best Bitcoin posts without the term HODL 😂 I think the Crypto Dow Jones should be extended to include the top 31 coins so we can include Steem on there. You are right that purification is necessary. The bad coins will fall off and the good projects will bounce back strong.
Agree that Steem has to be on the list and I am sure with time that it will be among top 30 coins. Thanks 😁
It is difficult for people who bought at market cap price above 400 billion and now the price is almost halved. Most of them probably have sold already at a loss and those holding on must be in quite a stressful situation. It is not easy to get a return from a volatile market. Hopefully the market will rebound and we will see new all time highs.
I've asked you before @introvert-dime why you vote up all your own replies at basically full strength all the time, but the post itself at VERY low power (around 7% usually it seems) and here is the deal.
It is considered pretty scammy here to do that.
And you have been doing it a long time and it is time to address this poor behaviour.
Once in awhile is fine. Not all day, every day for weeks on end.
That is garbage behaviour here.
You seem to pick high profile posts, or users to do this on always and then vote your comments to the top increasing your visibility and you do this all day long, every day, all the time.
That is frowned upon here, not like you need someone to tell you this behaviour is scammy and poor.
I think I might start pasting this reply into your scammy replies to people, since your replies are all self-voted to the top for VISIBILITY. ALL THE TIME.
-- here is the proof just for today , the last few mins, on SteemD.com which I encourage everyone to check out on the blockchain.
This Reply posted April 3rd, 2018 to @introvert-dime, as I have done with them before..... without reply.
Honestly I don’t think traders/investors will come out smarter after this correction. They will still invest in shitty prijects. Even on a bear market, telegram managed to raise 1.7 billion.
Nice
In very nervous serious market this post is worth reading. The crypto is still on infant stage that something is always lacking like what you mention on this blog on dow jones. I hope many weak hands has shake up and only a few and true believers of Crypto are left now.Great read
if steem is by definition under the top 30 then ok... right now steem would not be in there... too many dumping now and waiting for Steem to reach last years valuation at 0.10 USD...
Thanks 😁
i think the more players the better, to ensure competition and to make the world a better place. :)
what goes around, comes around. Baseless digits no matter what.
You are 100% right, the way CMC works is misleading the market and the investors. And in my opinion, the numbers showing there are somehow manipulated/twisted in favor of someone. maybe the team members who are running the website are investors as well and they are benefiting from that.
Regarding the ZOO coins, there are some ambitious projects out there which are being managed by a great teams and carries a useful solutions. The good results will not appear soon, but once they are well presented and understood by they community, then they start to pick up gradually.
Thanks you very much @cicbar, i have been looking for such article. Allow me to translate into myanmar language as those people from myanmar are dying to know all about this.
Of course, I will be glad. Thanks 😁
I'm not nervous about this downtrend in cryptos. Only newbie would think that theres a straigth graph.