Well, it looks as if we have seen the very bottom of the dip finally and things are starting to recover, and dare I say reach new heights this time when it rises?!
Its funny, I was talking to a couple skeptics yesterday about it all and had to explain to them how this digital currencies market is not just about to fold totally and go away!
There's far too much fiat money invested into these things for it to just vanish! Think about miners. Theres multiple billions of dollars worth invested into mining these currencies and I'm certain just as with our mining rigs, we are not about to just shut them down and give up! Miners are what create the economies in the crypto space. Its what gives them so much value.
It was interesting to see what took place 2 days ago. So imagine this with me. You see cryptos dropping like crazy. We are talking Bitcoin went from a solid place of 16k down to 6k at the bottom. So many people pull everything out, many taking a loss to do so. Then on Monday, the stock markets specifically the NASDAQ falls 1000 points! Enough to trigger failsafes and shut trading down for the day. So in the end you lose money being scared, and then as soon as you turn it back into fiat money, its value drops again!
People need to understand the long term outlook on investing in crypto currencies.
If you look back and gain a wider view scope on cryptos you'll see the bigger picture.
Let's google today's Bitcoin rate last year. Feb 7 2017.
Here's a screenshot from business Insider reporting that day.
If you purchased a single Bitcoin last February for 1060$, you'd have over 8000$ USD today!
That's not a bad haul if you ask me!
Now compare that knowledge to the mindset of a person. Who just got fearful of this "crash" and sold off everything?! At the very lowest point Bitcoin just dropped to, it was still 6x the value over a year span.
Its all in perspective my friends.
My advice is, cryptos are at a staggering low value from where they will be coming in the latter half of 2018, I suggest you buy lots now! I'm not an accountant so take my words with however much merit you want, but we just purchased almost 3000 TRON tokens for 105$ @ 3 cents a pop. We saw in December a value of 23 cents so you do the math!
We will see new values never before seen in the crypto space this year if you just have a little faith in the systems. They are designed to grow over time non stop with or without manipulation attempts, other people's opinions etc.
Just keep HODLing and you'll make out fine!
I still believe that we are just seeing the very beginning stages of mass adoption in crypto currencies, and there are very bright days ahead for people who already have invested coins and are just waiting and holding them for future returns.
Now onto Bitcoin, my mining pool has just switched over to mining Bitcoin cash instead of bitcoin. I think this is very important because we are seeing phenomenally high transaction fees on Bitcoin that are causing it to become a long term store of wealth and not an everyday purchase type of coin. Funny how the only thing accepted in the mass markets is Bitcoin tho?
I believe we will see a transition out of using Bitcoin into using something where much lower fees are had per transaction. This is the very reason why we are mining Bitcoin gold now. It is on the z cash network and at the same block height as Bitcoin, the fee is about 4 cents to send a transaction compared to the $20 + to send Bitcoin.
Every crypto currency will end up at a price point where it levels off based on its perceived value to the physical world. Whether that be a complete crashing and sell off because the coin provides no real value, or the opposite, a sky high number that holds trillions in wealth.
What are your thoughts? Leave them in the comments below what you believe the future holds for cryptos. How we seen the beginning of the end for values or are we just at the tip of the iceberg?
That's all for now folks,
Cheers
Chris