Today marks the 1-month anniversary of my involvement in cryptocurrency. I should be celebrating but yet I find myself annoyed.
Yes, I am a noob. But I try to be an informed one. Hear me out.
I noticed something in the past two weeks that has disturbed me. I realize that the market is over-saturated with those who are only here to make a fast buck and maybe they need it to eat tonight. No judgement here. But I believe the blind speculation that this type of person possesses is actually better than the 'I read a headline and now I am informed' type of investor.
This brings me to Digibyte and the past few weeks
I'd like to think I have a good eye and my head is screwed on the correct way. When I began my investing 4 short weeks ago, I was initially attracted to Litecoin after seeing it go from $3 to $30 in a short amount of time. But, let's not kid. As someone who is very practical and investing less than $5,000 I was also attracted to the cheap coins... those under 500 satoshis. Digibyte was one of them. I did my research. Searched steemit, reddit, the interwebs... all to find out more information on this company. I was attracted to the many uses and industries that they were getting into with digusign and digigaming among others. I decided to make an initial investment and purchased 200,000 coins. After learning about Bitcoin and seeing it take several years before entering into its insane growth stage, my strategy was to be committed for the long haul.
Fast forward to the last two weeks with several interesting hype-bits being spread around about Digibyte. Of course you all know them by now, but for those who are new:
Digibyte is integrating with Minecraft!
Digibyte is partnering with Citibank!
This is my paraphrasing but boiled down - this is really all that people got from the various posts written about both of these events.
These both sound like news that would take Digibyte to the moon and back.... but only if they were true.
Upon some very, very simple research:
Digibyte is not partnering with Minecraft
Digibyte was simply launching their own Minecraft server where users would be able to mine Digibyte in-game.
Digibyte is not partnering with Citibank
Digitbyte was invited to Citibank's Tech for Integrity Challenge contest in Singapore where they gave a presentation and were in line for some of the $5 million dollar prize money.
To those who binge-purchased on the rumors and never bothered to do any of their own research, hearing the news that both pieces of hype that they ate up and invested in were incorrect totally devastated them. Then, instead of looking into why those rumors were going around (usually there's a bit of truth to every rumor), they became completely turned off by Digibyte and began trashing it as a fake or shitcoin because of fake news. When in reality, the actual news that people took and twisted still gives Digibyte legitimacy and, in my opinion, still justifies a price well over the $0.05 it is trading at now.
People were expecting Digibyte to make huge gains over the last few days. Though it didn't reach it's all-time high, it did rise 20% before those who were just in it for the spike-profit began cashing out this morning.
Then more ignorance began pouring in... One user posted:
Digibyte did not win, price is falling: Too bad, #digibyte did not win the #CitiT4IChallenge Pricing looking to drop fast.
They also referenced a Tweet with the same content. I clicked on the tweet and followed the hashtag #CitiT4IChallenge to find Digibyte tweeting the following:
We are very much looking forward to the main global
#CitiT4IChallenge awards that will be presented in July! $5 M USD+ in awards!
Congratulations to @iProov for winning today's #CitiT4IChallenge Some awesome facial recognition technology!
The Real Truth Everyone Should Be Reading
- Digibyte did not win demo day
- Digibyte still is in the running for $5 Million Dollars in 19 awards that have yet to be given
- The fact that they were even invited to be there says that they have a real product that has some value when so many coins are valued at way more but are still in whitepaper mode
- You can play minecraft on their server and mine Digibytes while playing
If this is what was spread as news then the price of Digibyte would be much higher... but because it all started out as high-school drama, our coin has suffered.