Many people are probably frantically selling off their assets into FIAT as bitcoin hits 8k for the first time in months. Anybody new in this game or anybody who bought bitcoin around 19k is probably clueless. So what does this mean for everyone? I'm going to tell you my opinion on the matter and I'm always open to feedback. So what I think this means for the market as a whole? I think this is good for the market. People who shied away from buying at higher prices now have the chance to buy again. No asset can just gain and gain everything has to come back around at some point. If you had watched any currency on the market and had a target price like if a coin goes down to this then I'll buy. Practically all my targets where hit for how much a coin needed to drop in order for me to buy. If you watch for a long enough period of time you will be able to easily enter any alt coin and gain profit.
This is one reason for the current price drop. A year ago people where cheering that there was something out there without government involvement and now people are cheering them to regulate it, I don't get it. Every new scam that drops or new piece of FUD that hits the market drops the bitcoin price. Bitcoin has been tried and tried again and has come back so far. This giant will be hard to take down but that doesn't mean it wont happen.
The current rate at which crypto is going, the government has to step in. Greedy people are taking your money and coming back for more. What I mean by this is the amount of money that has been lost in ICOs in 2017. I have seen some staggering numbers but no one is talking about it. The first major case in crypto is going to be Bitconnect and it shouldn't have started off like that. Platforms like Bitconnect give a bad name to crypto community but, what should have been addressed first was ICO theft. ICOs are opening and closing their doors like I change my underwear. Do you see people suing in court over these losses? No. The crypto world needs to change for the better and it has to start soon.
According to analysts at Ernst & Young.
At least $1.5 million of ICO funds per month are stolen through phishing attacks.
According to CNBC
Nearly $400 million, or more than 10 percent of $3.7 billion raised in initial coin offerings, has been lost or stolen
So the first question I have to ask is... did anyone in Bitconnect lose 400million? The reason people are so upset about bitconnect is because there are people with massive followings, who had great success with the platform, and they didn't. It's as simple as that someone else got something they didn't and now they feel the deserve it. Anyways enough about that on to the real issue. How can people trust to invest in cryptos when there are staggering numbers like these being thrown around. Regulation. It's the simple most hated answer but its the best option. Many of the people who have stuck through many years of this hate this answer and, that's why everyone is so uncertain.
I believe this is very healthy for bitcoin to come back to these levels, as long as it can go back up. This would for one show the market is not a bubble, and also provide the chance for that fresh money to enter the market, at cheaper prices. For anyone who is already in this, now is this time to hold and ignore the FUD. Always keep an eye on your investments and stay up to date on current crypto news.
