I've been reading a lot of garbage here on Steemit in hopes of finding people to follow. The most common load of crap that people keep recycling is that the talk of regulation is sending shockwaves through the crypto market and is bringing down cryptocurrencies. *If you truly believe this nonsense, I have a bridge in Brooklyn that I would like to sell you. *
WE HAVE SEEN THIS BEFORE IN OTHER MARKETS
While there is more than one reason the market is down, the real driver is that all those new traders who entered the market when the market saw a monstrous uptick during late December 2017 into January 2018 are now on the sidelines. This event not only caused new traders to buy at all-time highs but it forced a significant number of "old" traders to buy into shitty coins at all-time highs as well. The end result put a fuck-ton of traders under-water. I am not saying everyone who trades is underwater or that they are in financial ruins, but those who bought high are holding coins that are well below the current market prices on each exchange.
WEAK HANDS IN CRYPTO?
Believe what you want, but psychologically speaking, the vast majority of crypto traders do not have "weak hands" much like casino gamblers don't have weak hands. For those who haven't heard the term weak hands until now, it means someone who either sells to cut their losses or to get out during what they personally define as uncertain times. A tiny percentage of all crypto traders are weak handed. The rest sit on the sidelines with their bags of coins rather than sell at a loss because you haven't lost until you hit the sell button. Between market dynamics, volatility and the fact that every coin price is closely related to Bitcoin, repositioning yourself is extremely difficult. If you think you can reposition your holdings while your portfolio is under-water and make headway, I still have that bridge in Brooklyn that I would like to sell you.
In a future post, when I have more followers and commenters, I will dig deeper into my thoughts on regulation. I don't have a crystal ball but I have thought about this topic and I think I see where things are heading or how the SEC will attempt to protect investors strategic gamblers. If you are not based in the US, I have don't have thoughts for you. However, I am pretty sure other countries will follow whatever the SEC decides to do. **For those who think Crypto will be banned in the US, there's no chance in hell. How do I know? Our government, (US Marshals Asset Forfeiture) seizes cryptocurrency assets all the time and they conduct public crypto related auctions several times each year so they unequivocally recognize crypto as legal tender. **
**If you want more insight please follow. Any upvotes and resteems are greatly appreciated. Downvotes are cool too, but only if you leave a comment stating the reason. Feel free to call me out, especially if you have an opposing opinion on this subject. Teach me something, but bring your A game.
**
Peace,
PS: you know how whales charge 1 -3 steem or so to vote on your post. I think it’s time we charge them 3-5 steem if they want our Witness votes. If you can’t beat them at their own game, make them pay for your vote. God knows they have tons of money in their steem accounts and what you free Witnesses vote to get more power and more money. I believe Witnesses are paid for being a Witness. They must, since they seem to be highly motivated by rewards. Running campaigns shouldn’t be free just like upvotes are no longer free for minnows. Think about it!