<h2><em><strong>The ideological test of Bitcoin; yet another part of the cycle...<br />
<p dir="auto">In <a href="https://steemit.com/bitcoin/@cryptos17/6-1-crypto-currency-from-anarchism-to-socio-capitalism" target="_blank" rel="nofollow noreferrer noopener" title="This link will take you away from hive.blog" class="external_link">my last post, I was talking about how the <em>"tokenization" industry was taking over, and commercializing the ideology behind crypto currency and "sound money" on a decentralised, global scale.
<p dir="auto">It was centered mostly around the sentiment of the Consensus conference in New York and since then it's been more or less "downhill" from there, around almost every crypto currency in the market, and we can say for sure, that we do NOT find ourselves in the middle of a bull or hype driven market part of the cycle, at the moment.
<p dir="auto">Beyond the overall downwards sentiment of the market, this most recently being underpinned by a sudden $1000 drop in price of BTC, in almost exactly 1 hour - to the minute - on June 10th, around 2pm EST.<br />
'Naturally' followed by an immediate and steep decline, to recent lows from march/april, in the ALT coin markets.
<p dir="auto">Now, for a large majority of people involved in this space, this is undoubtedly a unnerving time, no matter the fire-sale opportunity, some of us are undoubtedly seeing at the same time.
<p dir="auto"><img src="https://images.hive.blog/768x0/http://images.mentalfloss.com/sites/default/files/styles/mf_image_16x9/public/istock_000046395108_small_0.jpg" srcset="https://images.hive.blog/768x0/http://images.mentalfloss.com/sites/default/files/styles/mf_image_16x9/public/istock_000046395108_small_0.jpg 1x, https://images.hive.blog/1536x0/http://images.mentalfloss.com/sites/default/files/styles/mf_image_16x9/public/istock_000046395108_small_0.jpg 2x" />
<h3><em><strong>"It's the whales - the market-manipulation and FUD..!"<br />
<p dir="auto">I won't touch on the subject of price-manipulation by whales, bot trading, institutional investors or large scale manipulators in general.
<p dir="auto">They are full and well in the know, on facts that many of us will never be prevy to - and they are not the ones being shook by the sudden movements in these crazy, high volatility, partially unregulated markets, and they are far from being done yet.
<p dir="auto">So given the fact that both those parties' best interest is, to make more money in the long term, the current prospects of price does not concern me, since I'm in it for the long haul, and have no doubt, that large investors will want the markets to return to all time highs...
<p dir="auto">Added to the fact, that the ideology of Bitcoin is what <em>really matters to me, and if that ideology fails, it was all a failed experiment anyway.
<p dir="auto">Institutional investors can't change the underlying potential of a decentralized, immutable system.
<p dir="auto">What they are doing in my eyes, is to some extent in the best case scenario, cannibalizing themselves without seeing it themselves, and in the worst case scenario, underpinning the validity of certain systems they have no influence on.
<p dir="auto">The TL;DR would be - if market manipulations rules - we're good, since whales and institutions want the price to go up long term, so they make money.
<p dir="auto">So beyond <em>thát I won't touch on the subject, I guess would be more true. :)
<p dir="auto"><img src="https://images.hive.blog/768x0/https://i.pinimg.com/originals/94/1e/7b/941e7bb60c912e56cc1b378574a1ab92.jpg" srcset="https://images.hive.blog/768x0/https://i.pinimg.com/originals/94/1e/7b/941e7bb60c912e56cc1b378574a1ab92.jpg 1x, https://images.hive.blog/1536x0/https://i.pinimg.com/originals/94/1e/7b/941e7bb60c912e56cc1b378574a1ab92.jpg 2x" />
<h3><em>When speculative panic sets in, the ideology remains...<br />
<p dir="auto">The people who are probably closest to panicking right now, are most likely the small and medium size speculators, that got into the market since septemper/october of 2017. Anyone who got in before then, and is not is profit, has played the market wrong, most likely over-diversifying, and/or not taking any profits along the way. The people who are now either heavily in the red, or headed towards break-even has some hard decisions to make, if they have not been through Bitcoin market cycles before, and even the HODL'ers who have been in this on a small scale for years, are having to decide what their optimal strategy for this market is, if they don't have an ideological foundation in simply long-term holding.
<p dir="auto">Which brings me to the point of the title of this article.
<p dir="auto">Personally - I don't think we will see a $1000 bitcoin anytime soon, if ever again.<br />
A $5000 bitcoin though, would neither surprise or depress me.
<p dir="auto">This exhaustion of price-speculation is most lilkely shaking of, a very high amount of speculative investors, which is only a good thing in the short term.
<p dir="auto">People who have no idea of the underlying ideology of Bitcoin, and who are basically just playing the "get rich quick" - or even penny-stock investor angle, as a self-taught ALT-coin trading expert, which they were SO much better at in november and december 2017, since everyone can make money in a bull market.
<p dir="auto">And these speculative investors are facing some tough choices, if they haven't been shaken out already.
<h3><em><strong>Are they in it for the gains or in it for more than that!?<br />
<p dir="auto">These, initially, speculative investors, one can only assume, have researched somewhat what they actually invested in.
<p dir="auto">Personally I find it hard to believe, that every new investor in the last 8 months, just set up a coinbase account and pressed "BUY", and waited for the lambo to arrive...
<p dir="auto">Of course some people actually did, but - for the most part - we can assume these people to be either passive for some reason, or burnt enough to have left the market for now.
<p dir="auto">But a certain portion of the people who invested, even for speculative reasons, may have actually researched his investment, and found the ideology to be attractive, to some extent, for one reason or another.
<p dir="auto">And for a system like Bitcoin, and other crypto currencies, we need ideology, and human and technological evolution to be the main driver for a healthy evolvement, that fulfills the ideology of "sound money" that Bitcoin represents.
<p dir="auto">I myself almost got caught up in the hype of "<em>mass-adoption is around the corner" which it admittedly probably isn't quite yet.
<p dir="auto">And actually <em>THAT'S where my panic set in - a few weeks ago - so I'm calmer now, than I was a month ago - because we're <em>not ready for mass adoption yet - not quite... and trying to push a toddler into an obstacle course, isn't going to help with proof of concept, of a not yet fully explored or developed technology, on a scale of what crypto currency is trying to do.
<p dir="auto">This is a sprint, not a marathon, and we have only begun to see the potential, price-discovery and long term ideological proof of concept of crypto currency - so I simply see this as yet another 'natural' part of the progression (along with my own TA and cyclical market belief) and that's what I base my choices on.
<h3><em>So back to reality...<br />
<p dir="auto">Like I said - I don't think we will see a $1000 bitcoin again in the near future - if ever - but I would be thrilled to see a $3-5000 bitcoin, to find and maintain a new; sustainable, and reasonable base-floor to work from, from many angles and perspectives, so to speak...
<p dir="auto">And left among the "HODL'ers" we can hope to see, especially the ideologists, who have been here from before - along with a certain amount of speculative turned ideological investors - and so the cycle will repeat, until we reach the technical and societal point we need to find ourselves at, in order for crypto currency to live up to the potential it has.
<p dir="auto">And so - in spite of the currente overall sentiment - we will come out of this standing stronger, as we enter in to the next round of the cycle, whatever that may bring.
<p dir="auto">
<p dir="auto"><code><strong>Brevity is the soul of wit - and longevity the soul of the contemplative!
<p dir="auto"><a href="https://steemit.com/introduceyourself/@cryptos17/0-0-wh0-4m-1" target="_blank" rel="nofollow noreferrer noopener" title="This link will take you away from hive.blog" class="external_link">#0.0 - Who am I, and how did I get here? [intro]<br />
<a href="https://steemit.com/introduceyourself/@cryptos17/0-1-4nd-h0w-d1d-1-637-h3r3#comments" target="_blank" rel="nofollow noreferrer noopener" title="This link will take you away from hive.blog" class="external_link">#0.1 - Who am I, and how did I get here? [pt. II]
<p dir="auto"><a href="https://steemit.com/bitcoin/@cryptos17/1-0-how-going-deep-made-me-a-hodl-er" target="_blank" rel="nofollow noreferrer noopener" title="This link will take you away from hive.blog" class="external_link">#1.0 - How the DeepWeb made me a HODL'er<br />
<a href="https://steemit.com/bitcoin/@cryptos17/1-1-the-power-of-addiction" target="_blank" rel="nofollow noreferrer noopener" title="This link will take you away from hive.blog" class="external_link">#1.1 - The power of addiction...
<p dir="auto"><a href="https://steemit.com/cryptocurrency/@cryptos17/2-0-if-something-seems-too-good-to-be-true" target="_blank" rel="nofollow noreferrer noopener" title="This link will take you away from hive.blog" class="external_link">#2.0 - If something seems too good to be true...<br />
<a href="https://steemit.com/bitcoin/@cryptos17/2-1-is-bitcoin-the-exception-to-the-rule" target="_blank" rel="nofollow noreferrer noopener" title="This link will take you away from hive.blog" class="external_link">#2.1 - Is Bitcoin the exception to the rule..?<a href="https://steemit.com/bitcoin/@cryptos17/3-0-the-revolution-that-never-came-pt-i" target="_blank" rel="nofollow noreferrer noopener" title="This link will take you away from hive.blog" class="external_link">#
<p dir="auto"><a href="https://steemit.com/bitcoin/@cryptos17/3-0-the-revolution-that-never-came-pt-i" target="_blank" rel="nofollow noreferrer noopener" title="This link will take you away from hive.blog" class="external_link">3.0 - The revolution that never came... [Pt. I]<br />
<a href="https://steemit.com/bitcoin/@cryptos17/3-1-the-revolution-that-never-came-pt-ii" target="_blank" rel="nofollow noreferrer noopener" title="This link will take you away from hive.blog" class="external_link">#3.1 - The revolution that never came... Or did it? [Pt. II]
<p dir="auto"><a href="https://steemit.com/bitcoin/@cryptos17/4-0-is-bitcoin-doing-it-s-job" target="_blank" rel="nofollow noreferrer noopener" title="This link will take you away from hive.blog" class="external_link">#4.0 - Is Bitcoin doing its job?<br />
<a href="https://steemit.com/bitcoin/@cryptos17/4-1-is-bitcoin-doing-it-s-job-and-are-you-putting-it-to-work" target="_blank" rel="nofollow noreferrer noopener" title="This link will take you away from hive.blog" class="external_link">#4.1 - Is Bitcoin working... and are you putting it to work?
<p dir="auto"><a href="https://steemit.com/bitcoin/@cryptos17/5-0-why-it-is-good-to-spend-your-bitcoin-even-at-a-loss" target="_blank" rel="nofollow noreferrer noopener" title="This link will take you away from hive.blog" class="external_link">#5.0 - Why you should spend Bitcoin NOW, no matter what the price is...<br />
<a href="https://steemit.com/bitcoin/@cryptos17/5-1-the-reasons-for-spending-your-bitcoin-constantly" target="_blank" rel="nofollow noreferrer noopener" title="This link will take you away from hive.blog" class="external_link">#5.1 - The reasons for spending your bitcoin, constantly<br />
<a href="https://steemit.com/bitcoin/@cryptos17/5-3-getting-the-most-out-of-buying-bitcoin-by-spending-them-hodl-er-edition" target="_blank" rel="nofollow noreferrer noopener" title="This link will take you away from hive.blog" class="external_link">#5.2 - Getting the most out of buying bitcoin by spending them - HODL'er edition
<p dir="auto"><a href="https://Brevity is the soul of wit - and longevity the soul of the contemplative! #0.0 - Who am I, and how did I get here? [intro] #0.1 - Who am I, and how did I get here? [pt. II] #1.0 - How the DeepWeb made me a HODL'er #1.1 - The power of addiction... #2.0 - If something seems too good to be true... #2.1 - Is Bitcoin the exception to the rule..? #3.0 - The revolution that never came... [Pt. I] #3.1 - The revolution that never came... Or did it? [Pt. II] #4.0 - Is Bitcoin doing its job? #4.1 - Is Bitcoin working... and are you putting it to work? #5.0 - Why you should spend Bitcoin NOW, no matter what the price is... #5.1 - The reasons for spending your bitcoin, constantly #5.2 - Getting the most out of buying bitcoin by spending them - HODL'er edition #6.1 - Crypto Currency; from anarchism to socio-capitalism..?" target="_blank" rel="nofollow noreferrer noopener" title="This link will take you away from hive.blog" class="external_link">#6.1 - Crypto Currency; from anarchism to socio-capitalism..?
<p dir="auto">#7.1 - Why a $1000 Bitcoin could be a good thing
Thanks #nicebot :)
how does this upvotebank work. does it take my password?
No
https://steemit.com/steemit/@upvotebank/gzsr5aw6
TL;DR just delegates unused voting power between users - never give away any private keys, and you'll be good ;)
But the upvotebank demands for password/private key before one can register right?
That might actually be true, I don't quite remember...
IF it asks for any private key, it should be your private posting key, which is "ok" as long as they don't ask for your main private key... but it's been a while since I signed ud - I'd read their project description tbh... :)
Great article, my theory is like May others. Just buy and hodl. The only speculation that i have is in the long run cryptocurrency will appreciate in value.
Thank you - well, IMHO as long as you are prepared to loose it all, that's a perfect strategy - scale in, set and forget :)
If you believe in the fundamental value proposal, the train has barely left the station at this point - we're lucky it took so long - the last year has just been a stupid distraction phase :D
bitcoin @ $1000 = miners stop the net...
Very likely correct..!
But as I said - I don't think it'll go that low...
But that is one possibility if a $1000 BTC happens - and then the experiment has either failed or needs a "reset"... :)
I have my own ideas of how low we will go, but I don't do price-calls... :)
I think the price of mining 1 BTC is around an average of $5000 atm anyway, so the price wasn't the point... but maybe that COULD be a good thing anyway...
BTC @ $1000 - devs softfork the code, change the difficulty range change, and boom - GPU miners are back in the game again for a while... This is crypto - anything can happen :D
sI don't really like the way it is going down. Unless it will favor us miners
I think that the main take-away here really comes down to stability. How much it is worth at the point of stabilization is only of interest for anyone who invested in it, but for pretty much everyone/everything else, the benefits of stability outweigh the heavy ups and downs of Bitcoin.
I am not as well versed when it comes to crypto currencies as I would like to be, but even I can see the changes over the course of this year. There are a lot of posts that seem to be dated back 5 months from now on, which is arguably around the time when bitcoin had its all time high. Clearly, a lot of people around that time started to use Steemit as well and I heard things about SBD having a worth of 5 dollars back then.
When I started here and checked for the first time, it was slightly below 3 dollars, that was almost three weeks ago and now we are sitting at 1.26.
Aside from me clearly being late to the party, this drastic change isn't something I consider to be healthy. I am not here primarily for the money but I know that a lot of people started to live off of their Steemit earnings. Of course, I am confident that these people are smart and flexible enough to know how to make an earning outside of Steemit as well, but still.
The strength of these tides is tremendous.
The party has barely started, you're not late... don't worry!
If anything, all things being equal - you came in just at the right time, seeing ATH's and experiencing a "crash" - you will do well in the coming party-times! :)
And anyone putting all their eggs in one basket, should expect to get REKT...
People who quit their jobs on hype and hopes... well... hopefully they were prepared to find new avenues...
Investing your life-savings in Crypto and quitting a job while you need the steady income, because you think you can live off steem blogging, is almost the same thing IMHO
And they are indeed - and if this IS the future, the strength and "wealth" of those who saw it coming, will be as well...
I am here to stay, so I am looking forward to the party.
Steemit is my first experience when it comes to blogging, but I intend to branch out further. Spreading my eggs over more than one basket.
Glad to hear it, welcome to the party - we're just getting over a hang-over right now... ;D
Crypto is a long term game, and not one that will change your life from day to day, but most likely make it MUCH better in the longer term...
I used to blog back as a student, but same for me for more than educational purposes.
One way or another, the next few weeks promise to be educational and interesting. Can't wait to see where the journey goes.
What did you use to blog back in your studying days?
Indeed... For some just interesting and very educational for others - it's a beautiful thing IMHO..
I have a philosophy major and minored in journalism, so got into entertainment journalist blogging, and got sidetracked from there... :D
So nothing special, just for experience, but I always liked expressing ideas on paper... :)
Don't sell yourself short, I am sure your earliest works had a lot of substance and charme to them.
I am now viewing Bitcoin as the "trojan horse" which allowed me to self-educate (with some skin in the game), and now move on to more practical blockchain applications which I am now using daily. My plan is to sell my Bitcoin and BitcoinCash holdings ABOVE 1.00 of each (the MAGIC "number one") and continue buying into those more daily practical platforms (ex. Steemit, and Presearch (which I just discovered, and is looking AWESOME). The reality is that I am more of the creative type, and so sitting around looking at charts and all of that is just not my idea of a productive use of my time. Earning crypto in the long term through blogging and curating on Steemit, and per search on Presearch, is much more in line with my general style. I am NOT intended to invest in lots of coins, but to find those which are more practical, and allow me to EARN crypto (instead of just "throwing money at it") and GROW in the process. In this way it becomes an EVOLUTION of my personal growth, with the benefit of generating value which can then be used to further my pursuits. Great post...
Presearch pissed me off - they deleted my account it seems :(
But I think that sounds like a perfect strategy, if your investment profile is anything like mine... :)
Earning by Learning... exactly what I am doing now :)
Congratulations @cryptos17! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
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