Hello Steemit friends,
how do you feel in the current market situation? My reaction is currently often a bit anger and lack of understanding why so many people run away.. maybe leaving the market completely and maybe were the biggest fan of it just 2 months ago. But a real fan would not do that, right? He would stay til death of a cryptocurrency or himself? That is something which could be ok if you are love a football club but in finance it would be a desaster to invest in a company which is obviously dying.
Playing in a Sandbox is often very dirty!
But if we look now around in the blockchain and cryptocurrencies space, what do we see? There a many new ICO's every day.. new born ventures.. some of them are great products, some of them great teams, some of them have great intentions, others try to scam and many are just jokes, hobbies and freetime games. It's a big experiment with many participants and adventurous ideas in a huge sandbox. Meanwhile some watchdogs positioned themselves around the sandbox and even inside to look and destroy some of the sandcastles. But the builders are continuously building new and better ones which should be loved by the watchdogs.. but of course that is a funny spectacle with many accidents and odd situations because the sandbox just opened recently..
In this situation there are people who record just all the funny accidents, the experiments and at some point publish them as funny collection to entertain people. You probably may know the viral video with John Oliver:
Cryptocurrencies: Last Week Tonight with John Oliver (HBO) - video by LastWeekTonight
He and his team did a really great job to collect all the cliches about Bitcoin, Blockchain and Cryptocurrencies and i admit with many examples he is right and i wrote about them too in many posts in the past. But the mean thing with this compilation and the late night jokes it is partly taken out of the real context and so much ridiculed by the mass media that it looks like the whole development is a big joke.. nor does it change anything if he emphasizes on some points of serious technology as an alibi.
Do you feel like being such Dan now?
They simply made a great show on the back of Bitcoin, Blockchain and Cryptocurrencies and the consequence is that the message is out to millions of people now who don't care about that and just laughing and feeling affirmed with their gut feelings and accusations against that whole seemingly odd thing.
Sure, i laughed about a few scenes because i knew about:
- lambo and moon discussions in Telegram.. sometimes i wrote in such channels to remind people that these projects are working on products and need time like every company in the world.. it was often a complete waste of time to fight against the disconnection between reality and dreams..
- pump & dump with EOS ICO.. when you wake up and look at the first exchange for EOS and saw a price of over $5.. i was just blasted away by such crazy price fluctuations in comparison to "boring" stock market
- the ridiculous car parade of Bitconnect on Youtube (i researched at the time and saw this on stage video with a luxury dinner of winners and their cars) and smiled and shaked my head at least for a minute.. just to begin laughing.. i didn't believed that the video was a serious attempt by that company.. and probably it worked very well (at that time i refrained from publishing a post about because i saw the fever of that bullshit..)
People get Lambos and doing nothing, really?
Bitconnect Annual Awards Ceremony - 5 Supercar Prizes (2017) - video by 10X Crypto
..and i was sure that there would be some day with a very bad happening.. and it happened very soon after i watched that.. and this guy gave me mixed feelings of sadness and anger because of the personal fate and stupidity to believe in making money out of thin air:
BITCONNECT- I LOST MY LIFE SAVINGS - video by Real Estate Student
It is so easy to scam greedy people, it's like fishing goldfishes in a bowl (reminded me of a funny scene with Bart Simpson as a Roadie for a Rock Band where he said something similar with dry humor). Bitconnect is the perfect example why people like John Oliver can fill a whole show with the topic!
It was like fishing goldfishes out of the bowl!
But it is still a topic which is so new to many people that they get scared like hell and it is a relief if some smart people make some fun out of it to affirm people's perception of a scam, something that may never work.. playing with natural emotions about something brand new which doesn't fit in well know paradigms. The choosen examples are true, but someone should realize that these are most crazy exceptions like Bitconnect. New things are always scary especially if they could change the way we live.. until we know it is for our own sake. The space occasionally brings forth strange blossoms and regulators rush in to trim the wild flower bushes.
Congratulations at HBO you hit the nerve of the time. FUD has now it's ALLTIMEHIGH not because of you.. you just take the profits from the sentiment. The market capitalization shrinked to 1/3 or is down by -65% since the peak in December 2017.
But still 16x higher than in the beginning of 2017! Yes the market capitalization of all cryptocurrencies was at $18 billion in January 2017 and is now at $288 billion but coinmarketcap shows double-digit red numbers which looks scary for many people now and can support a further sell-off.
And it could go much lower until the market is cleaned from all the worthless projects.. but the term "lower" is just short-sighted it is still much higher than a year ago.
Market grows and grows despite all the doubts!
My simple takeaway from current market situation is the following:
- for me who believes in fundamentals and being aware of the risks.. just wait..
- companies behind many projects just work like any other regular company and do their best to create valuable products - look for these products and the purpose of the asset (currency, token) behind!
- great opportunity for people with the right risk awareness who wanna start in investing (no financial advice, just my opinion!)
- regulation creates temporary FUD but paves the road to success for the whole space and the real serious companies
- 2018 a year of truth for many projects to choose a side: 1. to be a participant in the John Oliver-Show or 2. to show first real products with blockchain technology which will succeed in the long term
- washout of weak hands which were just in for short term speculation, day trading or wassa wassa dreams.. and whitepaper projects which had offered worthless tokens for hard earned money
2018 will be a First Year of Truth for many past ICO's.
The mass media exploits and will further exploit all that with ease and uses it as springboard for their entertainment shows and i'm ok with it. Because times always change and i'm sure there are many good projects in the space which will show how valuable blockchain technology and cryptocurrencies are and i'm quite sure HBO knows that and they are simply good business people which know exactly how to make money. To close with a nice saying by the Bitcoin Informant Dennis Koray 
Fight the forces of evil, in Bitcoin and Cryptocurrencies we trust.. BAMM!
What can be also interpreted as great joke.. like a fighting scene in Star Wars against a Bitcoin Obi-Wan.. it is by no means easy.. but still fun! 😉
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Exciting times ahead steemit friends!
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