We're coming out of the great correction of 2017, or so it seems, with prices beginning to stabilize once again and clear measurements/targets being laid out and whispered through the charts.
Bitcoin stopped it's freefall, LTC went back to it's recent average, and Ethereum is back to where it was not too long before correction.
But are we out of the woods yet? No.
Should you buy, well I am, however there may be one more correction before we really get back on track. That depends on your goals, and what coins you're looking at and believe in.
But that's not what I'm here to discuss, we all know if you just hold you'll almost certainly make profits.
What I'm here to discuss is The cult of Ethereum and how if you're new, or even if you're not, that you need to step back and look at Ethereum and it's uses on your own. I mean do not listen to the people on youtube, the people on here, or even me, at least regarding how good ethereum is.
This is normally (somewhat) important and preferred, but with Ethereum right now this is a MUST.
Why?
I came back into the crypto world not too long ago after years doing "real life" things and having no money to invest in it, as well as believing there was going to be an economic crash late last year. That didn't happen.
The world I came back into isn't the one I left. It's not the one of believing in a coin, it's not the one of wanting to get the coin mainstream, it's one that's become aggressive and ruthless, and full of people who are better off than you most likely are telling you what you should do if you want to be successful, and hyping up their opinions so much that you'd follow them into a major correction with a smile on your face because you've lost your mind.
And I don't say that to be rude, I must admit I have lost my mind too. The vast majority of my portfolio is ethereum.
I would say that is bad, but I cannot help myself. It's already done and I'm most likely going to purchase another $800 of Ethereum if there's another correction.
But I urge you, while I may be mad, and have bought into the cult, I encourage you not to do this to yourself. This is a dangerous game I'm playing and a dangerous Ethereum-hype climate that we have had in the last week, where everybody is drooling over mining contracts and practically stroking their self to the idea of $1000 Ethereum in no time.
We now have a cult of personality developed around Ethereum and this really needs to go away. This is what causes big losses, irrational thinking, and simply blind behaviors such as me having almost all my portfolio being in Ethereum.
Ethereum is as much as it pains me, not something magical. It's innovative, good, and successful, but nothing is definite in crypto-currencies anymore, and the worshiping of our lord, Ethereum and the block-chain, needs to be pulled back a step, if not for us experienced traders for the newbies who will be brainwashed into this cult, throw their savings in it, and then panic during a correction.
By all means let me know if I'm just overplaying this and I am the only one who's feeling like it's a cult but I don't feel that's the case.
Again, I do not say this to fearmonger, or to say Ethereum isn't going to #BOOM; I say this because this ultra-pro Ethereum environment seems to have many people not questioning or even bothering to really learn Ethereum intimately.
The Ethereum community needed this Correction more than the market did.
Correct yourself, friends.
As always, raw, unscripted, unplanned, no proof-reads, just what my hands decided to place into the story box tonight. Maybe a little rant-ee, but unless it's just me this is a major problem that people need to acknowledge and see if they've been duped into Ethereum worshiping. Stop picking sides and throwing yourself wanting the flippening to happen. A coin is a coin; buy based off the charts and the data, not based off the hype of others.
This cult behavior has slowed in the last few days of correction but I see it's still present and likely will pick up again soon. Please avoid letting that happen.
Picture #1: http://www.livebitcoinnews.com/the-ethereum-landscape-is-growing/
Picture #2: http://www.chinadaily.com.cn/cndy/2007-05/23/content_878317.htm