Communism
I didn't really see the whole China ban of ICO's coming, but I wasn't exactly surprised. Communists and regulators doing what communists and regulators do - trying to hold themselves in power and protecting the status quo. You wonder why things always go backwards and wrong in communist countries? This is why. It is in their impulses to destroy the natural development of things. Sure, there are many scams in the ICO space - but the markets (people) need to figure it out. What we don't need is government crackdown and regulations. Besides, in a free market, you do your own due dilligence and you take the consequences. You learn. And people love to gamble too, so let them.
That being said, I'm convinced that the markets have overreacted on this one. China has no authority over the blockchain, and the only thing they are going to do is to make sure that the people involved in this space stays the hell out of China. Once they realize that they are going to miss out on so many of the fruits of this new technology - they won't have much choice.
What many inexperienced young people don't get is how small the crypto currency market still is. It's sad how many young people who now have sold their fraction of a Bitcoin to a more experienced trader - robbing the young guy/girl of a future fortune. But we all learn in life.
What I bought
Always when I see buying opportunities I always look at the coin's application. Like Steem is something I always consider buying more of when the prices are good. Why? Because it's a great idea, and it is something more than a system of transaction. And it actually held up pretty good during this correction. It was number 25 before the correction and is at 20 now, so although it did fall, it did not fall as much as many other coins.
Bitcoin on the other hand is both a system for transacting AND a store of wealth. Litecoin is the same. I also think Storjcoin and Siacoin are interesting, so I bought into those as well today. Storjcoin and Siacoin is basically a decentralized dropbox, where you can rent out your surplus space. Then I bought some coins just for the fun og gambling. NAVcoin, Factom, Vericoin, Potcoin. I also own Ripple as sort of a hedge against the decentralized currencies.
I'm betting the correction is over
Could be wrong of course, but looking at the past hour, ALL 28 top coins are in the green. To be honest, I burned 80% of my fuel and bought almost perfectly at the (so far) lowest levels. So, if it continues to fall, hands up I'm almost out of funds :)
Good luck everyone!
Well done if you picked the bottom. You certainly have the right attitude, buying cryptos with real world uses and being brave when the market is full of fear. I wish you every success.
Thanks. It's hard to pick a buttom, and it's all about guessing good. It just felt right. I had some "nerves of steel" yesterday while waiting to buy. I lucked out this morning and the markets looked just right to buy. We'll see..it could be a trap, but I doubt it.
Only time will tell. Sometimes you can make the right decision and still have bad luck and lose, but if your analysis and attitude is consistently sound then the luck will even itself out in the long run.
I have a good feeling about this low, though. It's come with solid volume (indicating support) and in the context of some serious FUD being spread about the Chinese policy which has possibly caused an oversell. Really though, when the US made a similar ruling recently the market hardly blipped so I don't agree with a lot of the fussing going on.
So far so good! :)
Do you live in Sweden?
I'm from Russia, and I could not wait for this double bottom on the hourly chart: https://www.tradingview.com/x/8FnM0S1x/
It was a very deep night and I terribly wanted to sleep))) Active traders must move to Chinese time, sleep during the day and stay awake at night!)))
Hehe. Luckily I'm not trading. Just long term hoodler :) I'm from Norway and live there.
Good move i always have a bit of a spending spree buying up while everyone is selling..good bargains to be made
True. There arent going to be that many great opportunities left. I'm so glad I finally executed when BTC was at 12-1300$. I regret so much not buying sooner. I knew about BTC since 2011. But I didn't understand it. On these small corrections I am buying a little bit into the alts I didn't buy into earlier.
I do not think it's the Communists problem, the first to regulate the ICO began SEC! And it's not the Communists who arrested the exchange BTC-E, because of which people lost their money!
I think any state wants to fully control all cash flows and taxes. Most ICO by the way is just collecting money from gamers, this is generally a gambling industry (like casino) rather than an investment!
Today might be nice time to buy. It depends of your timeframe - if days or weeks, then probably OK. If years - there should be correction much severe than this one.
Wish you luck with your investment or speculation.
I dont think we will ever see prices lower than 3-4000 again. From 10k there might be a big fall to 5-6000. But maybe not.
I wonder if China does not know what to do with cryptocurrencies or if they are playing to dump and buy. It is not the first time they talk about banning or restricting crypto but they finally only apply tiny restrictions.
I think they are desperate..and now they fucked up. They will propably reverse it..
I really like the idea of investing in coins that have a 'real' use to them, like Ethereum, Steem, LBRY, etc.
Good on you! I hope you made the right decision with Siacoin and Storjcoin. :)
What is a usage of LBRY?
LBRY is a kind of a database of user-created content. You use LBRY tokens to buy the content from the author. Most content are videos right now. It's like a mix of iTunes and Youtube, but paid.
"user-created content" is usally a trash, who will pay for it? Youtube is free for watching! Well, thanx for info, I'm monitoring this coin, but for speculation. So far it's still falling, maybe 4k soon https://www.tradingview.com/x/6qdMFGfE/
User created content is trash? Have you ever taken a look at content creators who are on Twitch, iTunes, Patreon, etc.? There are loads of people who are willing to support content creators if the content is good. Besides, the only reason Youtube is able to provide quality content for free is because of advertisements.
Basically, yes, as soon as someone starts doing something worthwhile, he can monetize it with existing methods and does not need donations. IMO.
For this, no special coin is needed. Creators of content that need donations usually indicate their wallets (in BTC, ETH, LTC, DASH etc.)
Advertising is the key stone in the attention economy !!! Thats why I belive in BAT.
Thanks for sharing your trading experience. We can always learn something from others experience. Following, voted and resteemed. Have a nice day.
Thanks for the resteem! Have a nice day yourself friend!
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It was a great opportunity to buy more for me too. I got Ripple and OMG. I still see very good prices, such as QTUM. Nice post. Thanks!!!
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Good post. I was about to post a similair post. Buy low, sell high, it seems so simple but most investors still don't seem to get it :-) An interesting website I found: https://www.coincheckup.com Complete Coin analysis about the team, product, communication transparency, advisors and investment statistics.
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