So I’ve been dabbling some in crypto for about 4-5 months now with an increased interest in the markets. It’s not like I really take much time to read about it and I certainly don’t watch the news... I can make up better disasters than are glorified on TV. I just choose to be ignorant of reality for the most part as I have my own problems that have little to do with anything outside my little life.
That being said, obviously I was quite enthralled as Bitcoin soared last year and looked as though it were an unstoppable juggernaut. It’s enticing because we as modern-day people enjoy records being shattered; and that’s just what was happening then. Now, things have turned the Kharmic wheel counter to its previous direction.
I was horrified at the thought that I’ve lost much of my crypto; but that has nothing to do with the current crash/correction that we’ve seen. Mine was due to my Bittrex account being hacked. But that’s another story.
I was, however, intrigued by this downturn in Bitcoin that has “Ripple”d (pun intended) to the other virtual currencies and tokens. Not many remained unscathed by this. It got me thinking and reading up a bit. So it sounds like governments are really hell-bent on trying to squash the power of Bitcoin. Can it be done? Will it happen? What are the Pros and Cons in these scenarios?
Honestly I don’t really know those answers, but I do know that Steemit and other cryptos have shown me a way to earn, diversify and grow my portfolio. So I’m going to keep adding on as I can and hold on for the ride.
Now, the only thing that’s newsworthy that I saw to make a dent in the power is this news story that led to the current crash. If you call it a crash, that is. I view it more as a reality check than a crash. Kind of like when a sports team has that one exceptional player that outperforms an stuns the competition. Rarely does that player continue with such greatness continuously and they end up “coming down to Earth.”
What happened with the virtual currency markets is the same. People were surprised then stoked, then it grew and blew up, then it became scary for some and they figured ways to pull it “back to Earth.” The great sports players are those that can push back to the top of their game even after the other teams are able to counteract their skill-sets. Personally I believe that Bitcoin is a great player in the game of virtual currencies and will begin to grow again after this reality check.
What are your thoughts on the Korean and Chinese governmental efforts for regulation? Do you think this pull-back is good or bad for crypto? I think it is good because it will allow me to afford more crypto!! If I were a buying type with enough to spare, this is where I’d be pouring in more money.