Woke up today to see 1/4th of my portfolio's value gone. That is so much money I have to just ignore it, or else I will do something stupid.
What I recon is the reason for this mess is FUD around Bitcoin and Bitcoin cash. Nothing else has changed. There are not even news that some obscure communist regime in Asia will ban Bitcoin, no exchanges hacked, no nothing.
What has happened the past days that has made the markets fall is BCH added to Coinbase and people not knowing what is the real Bitcoin. There has been so much drama in Bitcoin that it affect the whole market. People are being scared out of the entire crypto space because of some non-functional first generation crypto currency that is basically worse than any other currency.
People started calling it "digital gold" in an desperate attempt to keep it's value high, while fees kept rising and transactions kept piling up. Now over 300,000 transactions are on hold and fees are over $40.
Bitcoin's market share should be lower
Bitcoin is the gateway to Cryptos. Sure. And it could also be a store of value. But if that is the case, it shouldn't be 60% og 50% of the markets. It's just valued too high at this point IMO. Bitcoin cash on the other hand is a functional and fully operational currency that does what Bitcoin Core should do.
What will happen in now no one knows. I was in disbelief when I saw both BCH and BTC following each other down. Both coins falling. The total hashing power falling, and BCH not being able to take over. This could only mean, I believe, that people are abandoning Bitcoin as a whole. If Bitcoin Cash rises from the ashes one can only speculate. But right now it doesn't look like it.
What people have to realize is that Bitcoin Cash IS Bitcoin too. BCH is what Sathosi intended, and it is following the White paper. Now, the Core-people has started making fun of BCH for sticking to the Whitepaper. It's insane. They just want Bitcoin Core to be this super expensive "Gold" that only they can afford and hold because they have become rich on it.
I'm one of the people who has made a ton on Bitcoin, but let's be honest people - it cant't continue to go up as long as it's useless. It has become a true communist coin. Just look at the people defending it. They act like mad social justice warriors attacking anyone who dares to question their all mighty Bitcoin. They don't want free speech, they censor forums and they attack hard on Twitter. While the BCH-people try to be rational and objective.
"But right now, this was between the two are just causing a lot of drama in the entire space. And unfortunately it affects other currencies that has no fundamental issues."
Other cryptos are going down just because of the Bitcoin drama
I mean, why is Steem going down? Why is Monero going down? They are going down only because less money is going into the crypto space through Coinbase etc, because people are selling their Bitcoins. People lose faith in the entire crypto thing when shit like this happens. Long term that is catastrophic for these people. Nothing has changed fundamentally. Crypto currencies will hit at least $1 trillion USD in 2018, but Bitcoin will probably lose it's position on the top.
And even though Bitcoin Core accounts for 25% of all my value in Cryptos, I don't care. Sure enough, I'd like BCH to win (because I'm more invested in that) but if they both just died I would be happy too, because that would put a stop to this childish nonsense that's going on.
The crypto space is still a 4 year old. People are behaving extremely irrational, which is normal in a new market. If you can't handle losing a years salary over night (on paper) you have nothing to do in this space.
If I had any Fiat to put into the markets, it would be today. Most of my coins can now be bought at a 30-40% discount. Iota, EOS are down 40% Steem is down 30%. It's pretty insane.
Close your eyes, enjoy christmas, and I can almost guarantee you the markets will boom in 2018.