They say freak,
When you're singled out,
The red,
Well it filters through.
With everyone talking about bitcoin seeing red, it makes me think of the song... In 2002, I didn't know the band but songs like “The Red” really spoke to my generation. I remember listening to the song and thinking 'this is exactly how I feel'.
Throwback to 2002, I was 14 years old, I was a boy scout and worked at camp Wah-Tut-Ca in New Hampshire. It was an absolute amazing experience.
Back then , we were all going through puberty and our bodies were destructively attacking our minds – I'd lie down, in my bed, fantasizing about girls I had crushes on. I'd spend hours upon hours thinking of girls. Every night I'd think of girls I had crushes on but not the courage to approach. I'd think of normal sensual things I'd want to do with them, Then I'd think something was wrong with me and feel guilty for the feelings I had. I think this period is difficult for most - everything is amplified and dramatic and emotional. What an awkwardly weird kid I was. I still am. Thankfully, I had a few good things going for me – I was good looking, I was the best soccer player in my high school and a standout wrestler (ranked 12th in the state)
Freshman year in high is difficult. New school, new friends, new deeper voice, and random unprovoked hard-ons in class. I also started working - at the local grocery store, Market Basket. I'd work the entire night and receive only $27 dollars and I'd go home with only $27 dollars in my pocket feeling frustrated. Also, that year I made out with my girlfriend but I was too much of a prude to do anything else. I remember that day, I had to build up a lot of courage to do it. It was something I'd never down before so naturally it seemed wrong to do.
Crypto-currency market cap in 2002 was $0.
Jumping ahead to summer 2017. The current market is down from $115 Billion to the current $71 Billion. 50% decrease, damn son. What will happen from here? It pains me to even look at the current prices.
Today, its tempting to sell and flip off crypto-currency in the rearview mirror as you tailspin away.
But please don't do that. I love you and so does bitcoin.
What will happen from here?
The Greatest. Future. Predictor. Is. The. Past.
Bitcoin HAS plummeted before. Remember Mt. Gox debacle?
Prices reached $1000+ and plummeted back to $250. Do you remember all the naysayers? It took bitcoin 3 full years to hit $1000 again but it did..
Well, Bitcoin is . . .
Seeing red again
Seeing red again
Seeing red again
Seeing red again
Seeing red again
Seeing red again
Seeing red again
Seeing red
This time its for very different reasons.
Bitcoin, naturally dips as people pull out reserves to spend on vacation during the summertime. Last June, bitcoin peaked at $775 but tanked to $550 just a week later and then only reached a steady $775 again in November – 5 months later. In hindsight, any of us would have happily bought bitcoin at either $550 or $775 , tripling if we sold today (and current prices are low, down from high of $3000)
Combined with Bitcoin's hardfork on Aug 1st, we are seeing a tanking of prices. For now, bitcoin is holding at $2000. It is impossible to guess what will exactly happen with the hard fork , possibility being bitcoin splitting into two different coins. No matter what happens, it will recover. It is a great time to buy now. Bitcoin will be at $4000 by the end of the year. Bitcoin has already tested the test of time which was the biggest hurdle so far. Next will be full penetration of the general public, giggity.
While everyone else is freaking out, seeing red and selling. I ask you to hodl with me. Lets remember how cheap bitcoin was when we first bought it. The first time I bought bitcoin, it was difficult for me to get it and I remember I needed it for a purchase. I was familiar with Bitcoin but had no idea of its potential. Back then I thought it was just a fad that wouldn't last. I mean come on, a digital currency?
This newer generation have no idea how difficult bitcoin was to get back in the day. Also any value it had seemed like speculative and hype. Not only that but bitcoin got such a shady name and everyone thought it was the currency used on the Silk Road and didn't know it was its "own" thing. Do you remember this? Literally in 2009 , the only way to get bitcoin was to send a money order to some sketchy bank in Asia and hope for the best. I first bought bitcoin in 2013. The easiest way to get bitcoin, as far as I knew, was to buy a currency called Linden Dollars (used in a game called Second Life) and then exchange this into bitcoin.
This is what I did.
Bitcoin was around $100 at the time.
Damn son.
Listen to Chevelle , The Red
Check Crypto-currency prices
https://coinmarketcap.com/