I have been a believer in Cryptocurrency since the early days and have called the past two bubbles before the rally and the top. The most recent one being the most significant. Sitting here watching the prices go down really sucks, not from an investing standpoint, or even a losing money standpoint (which is the number one rule), but from a fundamental standpoint. I really thought the crypto space was going to somewhat hold some gains during this bull run instead of making a FULL round trip back to the bottom and I was really hoping that the crypto space would emerge as a leader this year.
Clearly, we are not there yet. HOWEVER. The more I think about it, the more I am 100% glad that crypto is getting killed again.
For one, everyone who missed the last 5 bubbles, for the love of christ will you buy some crypto now so you aren't complaining about missing the 6th?
Two, this type of bubble move blowup was IMPERATIVE in order for the crypto space to fundamentally move forward and evolve into something much bigger and change the world.
https://goo.gl/images/zXLGtX
There were so many tokens that were mimicking the likes of PETS.com IPO's in the late 90's that these HAVE TO GO AWAY. The only way these go away and investors stop flooding money into these shitcoins is that they GO TO ZERO. I am hoping this is what we are seeing now. The impact of this on the rest of the market is that everything is going to get killed.
Below is a chart of EOS and you can see it is getting taken to the woodshed. You have to honor these price points and if you are trading you were out at the support line and just watching. Many of the charts look like this now, but I would be accumulating this to be honest. My bets are on many of the cryptos that have an ACTUAL product. Something will emerge in the social media space and will be a HUGE winner.
Those that emerge from the carnage I believe will mimic the likes of AAPL, AMZN, GOOGL, FB, etc. in the future. This is a No-Brainer Accumulation phase that everyone should be continuing to flood money into the crypto space...
Published by Hey I'm Snuffles
on
This message was much needed 🙌
Indeed!!!