I mostly agree, and I'd add there are an unknown number of alternate ponzi schemes which should have collapsed long ago, thriving and growing like cancer. USI-tech is a big one.
I believe the correction will hit the bitcoins hard, but a lot of the smart money has already been diversified into other cryptos.
I don't think these users will be spooked by a flippening or hash rate death spiral (which is fascinating to contemplate, if a little morbid).
If anything, I can see a lot of the profit taking moving into undervalued, speculative alts with long term promise, like steem, smartcash, PODs, EOS, etc.
I haven't studied USI-tech but when I first heard of them I thought it was just BitConnect with different branding. No doubt about it there are a lot of ponzis and other scams operating right now and getting away with it. BitConnect is just the biggest I can see so it's the poster child :)
Initially I was trying to diversify into alts and then I was trying to find stable coins I could move around in but because BTC sentiment seems to dominate the entire market it's still the main risk. We have seen plenty of times where BTC has dipped and STEEM with other altcoins have been murdered through no fault of their own.
I wonder if that's a factor in this SBD pump.
Someone trying to find a safe harbor.
That's what has me concerned. Someone trying to find safe harbour....who is overpaying so much they are accepting over a 50% loss when SBD inevitably returns to $1? What would that say about where they see the broader market going? What do they know that we don't? If that doesn't tingle the spidey senses for a trader then they're too new to have had the experience of being ambushed by the market before!
I was using SBD as a safe harbour and sold it for over 100% gain on the first spike. It is not a safe place to park funds at this price and that's the main reason why I am reluctantly returning to fiat :(