Today has continued with the blood bath that is the crypto market!
You don't have to look very far to see panic everywhere.
Does this mean that crypto is dead? I don't think so!
All you have to do is look back 60-90 days to see the same bitcoin price as you see today.
(Steem is up quite a bit over the same time period!)
The difference is back all the way back then this was an all time high price and people were celebrating in the streets.
When buying crypto you need to look at it like a binary investment. It's either going to do amazing or go to zero.
Do you believe that the crypto market is dead? If so, then I'm not sure you ever believed in it in the first place.
The reason that I believe crypto isn't a bubble is because we're comparing it to stocks and commodities.
Bitcoin and crypto currencies are neither a stock or commodity.
Bitcoin is a network. The network effect is valued exponentially and not linear like these other markets.
This simply means as new people join the network, the value grows exponentially and the opposite is true.
As people leave the network the price can violently correct.
Does this mean that the network is dead? No.
There is way too much opportunity for this network to survive and really nothing to gain for it to die.
When the tables turn I would expect to see crazy all time highs again, just like we've seen many times over.
However, full disclosure...I personally don't own bitcoin. I am investing where I feel more confident, and that's right here on this platform. If the network value of cryptos are really how we should look at it then I can't help but to think that a social platform further strengthens that value of our investment here. That's why I decided to invest more and power up. I'm committed to this platform and the community and I put my money where my mouth is.
Let me know what you think. Is this the end or just a great purchasing opportunity?
Thanks!