Bitcoin has gone through another flash crash and it has hurt the alts just as much over the past day! I said in my last post that for BTC to show any true bullish signs it has to cross 7800 USD.
IOTA and EOS were hit very hard because of this (percentage wise)
These moments feel like many moments early on where the big guys maneuver the prices all over the place. It's interesting also to know that Coinbase, Kraken and other exchanges are being looked into for manipulation.
This is a good thing considering I personally remember when Coinbase kept everyones Bitcoin cash when the fork happened last year.
They basically paid themselves as well as when they have listed tokens there have been some internal leaks which cannot happen with any financial product or service especially from those who are cornering the industry.
This as well as the USDT situation has made me very nervous about this industry because in these early days just like the 90's there is always those companies that take advantage of the "wild west" scenario where the laws can't keep up. This time will pass and those who have done wrong in this industry will be caught eventually as government gets more involved in this industry.
Some people don't want to see regulation but personally if this industry is ever to make any forward progression then regulation and government involvement is necessary.
DECENTRALIZATION
Decentralization is great , but the reality is that nothing in this world can or will be decentralized truly for now. 1000 people own 1/3 of the bitcoin supply and the same situation can be found on #litecoin #eos.
This is the main reason why I don't have a problem with XRP being owned by Ripple, if there is a company behind it and it is distributing tokens properly per the lockup agreement then there should be no problem. The XRP ledger is a decentralized ledger but for the true decentralization process to happen both for BTC and XRP it takes time which comes with adoption as we move into digital assets over paper notes. It will take mass adoption for this to occur which it will!
Like i've said to be successful in this market an immense amount of patience is required.
PATIENCE
PATIENCE
PATIENCE!!!
Cheers
Dante