Why The Cryptocurrency Crash Of 2018 Is The Best Thing That Could Happen!!!!
I bet that got your attention.
It is a scary thought.
However, when you look at it rationally, the fact that cryptocurrencies crashed is the best thing that could have happened to this industry.
Does any of this look familiar?
Get rich quick scheme.
Scam
Crypto millions from doing nothing
Fraud
The simple fact is that the price of cryptocurrencies were not about to go up forever. At the same time, not everything in the crypto world was going to turn to gold. In fact, this could be our dot com moment.
In about 90 days, we witnessed a seismic shift. There are many on Reddit posting how they lost all their money after making boatloads in Bitcoin. These people simply cashed out their profits from one currency and threw it in a bunch of alt-coins. Of course, with the crash, many of these people are going bust.
That is a healthy thing. We do not need the get rich quick crowd. The speculators are the ones who bring the bad publicity. They also are the ones who bring the bad actors. The industry needed a cleaning out and it happened.
The new motto is "get rich slowly".
Certainly, the definition of rich will vary from person-to-person. Nevertheless, there is going to be profound windfalls made from this point forward. The only difference is we now know it will not be all sunshine and roses.
Personally, I believe there still will be people who make fabulous returns, often very quickly. That said, even though I think Bitcoin, as an example, has potential to reach much higher levels, we are well aware that the blockchain has its issues. We also understand that the shot towards the moon might contain some crash landings.
Nor will every cryptocurrency be a slam dunk. There will be failures, a lot of them. This is also a vital part of the process. Failure is what allows others to learn. As an industry, the world of cryptocurrency needs to learn from what took place. This is an unavoidable part of the growth process.
The last 90 days saw a lot of FUD. We witnessed prices collapse. Many people lost an insane amount of money. Patience was tested and many cashed out.
On the flip side, development never stopped. We are a lot further along than we were a quarter ago. The pace at which innovation is emerging is mind boggling. This is something that is lost on the MSM. They like to focus upon their agenda. That is fine. The development teams are also focused upon an agenda, which is coming to fruition. Each day we see new creations tied to blockchains. This will only keep growing as more people are involved.
The crypto crowd is a much more serious one today than it was as of December 31st, 2017. Not only were the weak hands shaken out, those who really did not get it departed also. Crypto (blockchain) is going to change the world. People who are involved at this moment, for the most part, are acutely aware of that. We see the potential in spite of the massive losses we suffered from the top. The strong hands are HODLing simply because we see the other side. It is not the FUD that is important but the development.
At the same time, the industry needs the serious players since the regulators are looking closely at this. When every other ICO is a scam, that creates a major problem for the legitimate projects. Over time, as those cons get rooted out and the authorities step in, hopefully we will see the incentive to engage in such behavior lessened.
The crypto industry was slapped around a great deal since the start of the year yet it is still standing. As we progress forward, we need to be grateful for this time. Without a doubt, it is painful. However, it is only through the pain that we will grow.
Our path is pretty clear. Pay attention to the development and the rest will fall into place.
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I'm glad that shit crashed - get rid of the 'weak hands' , schemers and scammers.
I'm unbanked so can't cash out anyway - and have ZERO intent on getting rid of any of my crypto until I can purchase stuff with it ...
Cryto market situation was now too much disappointed!
Many agents didn't now interested to invest there's money on there and many more issues.
May this situation overcome quickly and we see a great market on crypto!
:) My introduction to crypto was manifested by my last few months here on Steemit. I think one of the things that both initially interested me and kept me interested is the commitment from a large part of the community. That being said, I don't mind seeing impatient people leave the market and complain. That's their loss.
Nice click bait with the title :) Well done
I'm just gonna HODL and power up in the meantime.
What crash? One year ago today, Steem was $0.16 so we are up 1,000% for the year. 😎
A few more crashes like that and we can all retire to the south of France.
That’s a good reminder.
I started steemit when it was ~2.20 USD and was here for the spikes to $10 USD.
I like these prices too and still look forward to $10 spikes.
It is all in the time frame one uses @preparedwombat.
That is key and something that most miss.
Thanks for your great post. You are totally correct that this dip will be good in the long run for the crypto market. Block chain will not be fade away instead it will change the world. This is a healthy correction and those who HODL will be happy in the end.
The crash is not bad, but I do not really think its "our dotcom crash". There were ones like this before. This time it was spotted by a masses, yes. Bit there is less than 1% of all people in crypto.
There will be REAL crash when crypto will be mssively adopted and then get in a buble again. Multitrillion bubble.
This is the time that most should be taking to LEARN about crypto, instead of just buying the top app on the AppStore. If they knew better they would clearly see this is just the Patient taking from the Impatient right now.
There could be a bubble, but it's easier to bankrupt a company than it is to bankrupt a worldwide blockchain. This is especially true because the weaker projects can borrow from the stronger ones. Open source business models have always lacked one thing: money. Cryptocurrency is money so it stands to reason that blockchain will be the foundation of all future open source projects. We can finally fund the open source movement in a sustainable fashion.
I agree with you. I even see bitcoin crossing the $50000 benchmark before a disastrous crash. I know what to do then, thanks for your prophecies. Let the wise hear.
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Well for once, we are on the complete same page. While it is pity for my bankroll, this correction, bwa let's call it a crash is so much needed to attract new fiat money into the cryptoworld.
I do expect that the new bull run will start when the stock exchanges will crash. Investors will try to safe their money and will try to find new investments. The crypto world could be their gamble. The know that the technology is still the same, the know that the ATH record has to broken was again. And that the interest rates the bank are giving could not be compared with the profits they could make here!
And the investors, who did step in late December, early January, and are still here, now have to change to decrease their average book price of their holdings. At least that is what I'm trying to do! But for the moment it is a waiting game, waiting on the bull to be freed, waiting on the fact that some coins will be to cheap to let them go, and so on.
I did step in late december 2018, because I do see more and more potential in the Blockchain technology. Some coins will vaporize but other will pass the moon and will go to Mars.
And did already say this and I will say it again. I rather see my portfolio to go bankrupt, than to sell my coins too cheap to a whale laughing his pants of!
You are right, for the fact that some people are still investing even at this falling prices means that this people believe in the technology behind cryptocurrency. This fallen price will let people know that the system is not just there to push in cash, sell out over a few weeks later and become rich doing mainly nothing.
You are right. While many called crypto a scam once the prices dropped I see this as time for growth. We as a community need to weed out ICO scams and improve infrastructure. This year can go two ways. A year of improvement or a bull run comparable or bigger then the last one.
Making money from cryptocurrencies is a fringe benefit, but the real goal is the elimination of political whim that is replaced by mathematical certainty using smart contracts. This will be the legal system of the future.
Governments amass their power from the use of their flag money. As we replace flag money with crypto, concentrating on adoption in the 3rd world, an equity drain will form causing a flow away from national sovereignty into personal sovereignty.
At the same time, wealth will begin to distribute more evenly. This is because the 3rd world will become the bargaining chip that everyone will want a piece of. That will cause equity to drain away from established powers and into smaller communities.
The difficulty is in reversing dangerous technologies such as nuclear power and bombs. This is where multi-sig transactions come in (a consensus built in for it to fire).
Once localization replaces globalization, enemies will be closer to being forced to fight with sticks and stones instead of nukes. Decentralization spreads out both power and risk. We need to educate people to understand that what we've been doing by embracing authority is to trade terrorists wearing turbans and wielding guns with terrorists wearing business suits and wielding nukes.
We face a crossroads that few recognize: Decentralization or Extinction. Working on a plan to implement this...
Get rich slowly in crypto is still getting rich fast when compared to the traditional 9-5 route. Nice headline and thanks for the share! Resteem
Like anything worthwhile in life, slow and steady wins the race! Let's hope that those of us who are diligently plugging along here will see future rewards because of it, and those who are looking for a quick rich scheme, will move on. We'll be none the less affected by their exit! That much I have learned from you :)
@taskmaster4450
Agreed! I talked to someone close who's very involved in crypto about the prevailing FUD now - and he said those who are spreading FUD
"don't know what they're talking about".
What goes up, must come down. Many forgot this and just asked about the moon :) Crypto will have a great year still.
I have a bank of ideas I keep for writing future posts. Here's one:
Ha
The best part is that blockchain price action hasn't even dipped lower than it was in November.
Blockchain never stopped gaining value. It's simply insanely volatile. The Bitcoin $20K wave of crypto newbies got burned, but they'll make money on the next round. The $40k Bitcoin wave of crypto newbies will get burned, but they'll make money on the next round... and so on and so on until the obvious pattern is pointed out and it goes viral in an explosion.
For a hodler the basic question is: will I be able to switch my investments fast enough, if most coins die? Should I invest in 1-2 coins that I trust most or should I just get any coin in the top 30 that got good ideas? We all speculate about things nobody can foresee, in the end of the day it s more a believing (kinda religious) most times. I m forced to hodl at least a year for not wanna pay taxes , lol