Hey folks, it's been a crazy few days for crypto currencies, and I know some people are panicking a little bit. Hope nobody's panicking out there. My thoughts are as follows: the recent slide in prices was likely a normal correction--not a death knell for cryptos everywhere--after a period of extreme exuberance.
Some have suggested that the drop could be the result of whales collaborating to re-set crypto prices. This wouldn't surprise me. If the whales are in touch with each other, this would be an easy way to make money. And because the SEC isn't presiding over our little sherwood forest yet, it's not very risky either.
No matter what the cause of the the dip, I'm not too worried. There's simply too much enthusiasm. Lots of people resent the fact that they weren't able to buy, for example, bitcoin back when it was at $2,000 or $4,000, or $8,000. They want that opportunity. I'm one of those people. The minute the price stabilized today, I bought. Also, as many have pointed out, crypto currencies are in the very early stages of adoption. There's an untapped ocean of buyers whose appetites are just beginning to be whetted. Finally, I take comfort in the fact that lots and lots of sophisticated actors continue to place big bets on crypto currencies. For these reasons, I intend to BUY THE DIPS.
