Think you are smart in crypto? --- VERY few of you are -- unless you are running the markets today.
80% of people in crypto are financial idiots
WHAT?
Let me explain... I watched a video stream by someone recently who was echoing the sentiments of the crypto community (the newest generation) by saying:
...I've been in this for a year... Bitcoin drops huge.. what a waste of time.... is it worth it?
A couple of things to learn about the cryptocurrency industry...
You might think this is about the latest new project, ICO, or token -- it isn't
You might think this is about a new way to secure private keys -- it isn't
You might think this is about the next thing to BUY or SELL -- it isn't
What is this about then?
Cryptocurrency has takes huge dives in value -- many times -- in its history.
Bitcoin, even with its time warp exploit is still functional, and generally accepted everywhere.
What you have "today" is dilution of the interest in Bitcoin for the newest forks "Bitcoin Cash ABC", and "Bitcoin Cash SV" -- neither of which have anything to truly do with Bitcoin.
Are you invested in Bitcoin, Bitcoin Cash ABC or Bitcoin Cash SV?
It doesn't really matter
What people don't seem to understand is that when Bitcoin forks... in a huge way... it dilutes the interest of Bitcoin itself.
...so?
....the so... means....
All cryptocurrencies paired with Bitcoin (the original version) also feel, and display the negative result.
Which simply means...
When you devalue, and dilute the interest in Bitcoin -- you are 100% devaluing and diluting the value in all alt-coin tokens and cryptocurrencies too... The whole crypto industry suffers together!
Yes! It is that simple...
So when Bitcoin falls -- so does STEEM.. so does ETHEREUM ... so does LITECOIN ... and so does BITSHARES....
Now ask yourself these questions:
Q: If Bitcoin ABC / BCH or Bitcoin SV wins ---- and bitcoin dies off... eventually... isn't it better for the winner?
A: No. Not until you have pairings of all alt-coins and alt-tokens out there against Bitcoin ABC/ BCH and Bitcoin SV
....which are not in place. See if STEEM/BCH is available or BTS/BCH. Those pairings are rare and not common.
You have a choice:
- (1) Either the Bitcoin crowd stops forking and not caring about what currencies it is paired with
- (2) Or it establishes new pairings on crypto markets BEFORE forking
....no one realizes #1 or #2.....
and that's why we're in a bear market at the moment.
I think it's stupid not to realize both the short term, and long term affects of dilution of Bitcoin -- yet people smarter than I am... seem to be painting the entire cryptocurrency industry into a corner they can't get out of...
Here's a thought... that even Mr.Bean might have said:
....and how it affects the global scale of cryptocurrency coins and tokens at large.
This seems to be a Roger Ver vs Craig Wright fight.
This seems to be a Roger Ver vs Craig Wright fight.
- and while they dilute and devalue Bitcoin in their fight for who is right -- all crypto paired with Bitcoin for its value suffers
- I think this sucks - do you?
- Who permitted these short-sighted adults, acting like kids, do this to all of us?
Your comments are appreciated.
P.S. Think of the movie "Mad Max Thunderdome"
...the only problem is that is not "two men enter, one man leaves"
Instead it is two man enter, and everyone is affected, and so is the entire cryptocurrency industry.