This week's drop was rather magnificent, a hefty dip of over $1000 dollars. When you see how basically everyone in this game right now is in it to win it, instead of using Bitcoin like the way it used to, you see that we're most likely on the tail end of this bubble.
What good is using Bitcoin if the price is falling, you might ask?
If it's not actually anonymous and can be traced?
If it's not actually decentralized like we expected since the biggest powerhouses are the only profitable ones? (Side note: Didn't John McAfee sell his Bitcoin mining company?)
If businesses accept Bitcoin just to convert it immediately into USD?
Or maybe you'll just keep listening to "BITCOIN 1 MILLION" "hodl litecoin going to moon" and whatever else those toxic reddit communities spew out. I wanted to believe it, too, but Charlie Lee's actions of selling at the top was ultra sketchy:
And I predicted the price would die off after I posted that, too:
The world is moving on. Blockchain is excellent and you can see it over in China, who banned Bitcoin last year.
Full disclosure: I am still in the crypto space. Powerledger has some potential, and BitUSD is as safe as it comes but even with that I'm waiting to cash out into real assets. I look at the crypto community now and the IQ has fallen drastically since the run up last year. Normal people can feel free to get in, but remember those that got in early were the ones that got the gains -- that's how a bubble works.
Steem may as well be a ponzi scheme too; the tokens aren't backed by anything, and robots rule this site. Storage is inferior (that first Litecoin image came from Twitter since IPFS deleted the full one, surprise surprise). Your wealth here is tied more to the value of Steem than the value of your posts.
If you want wealth, check out my last post.
The world is evolving.