More questions, fewer answers. Sorry.
I love my "gambled" crypto money. It was certainly a gamble.
I didn't find it - like you find gold
I didn't earn it - like you do selling shovels for people looking for gold
I didn't print it - like governments do
I gambled it. $250 on BTC a few years ago, took profits, diversified them into other coins, and am still up 10x.
But one of my big frustrations with this gamble is that when we lose big like this (and I'm sorta sure the same goes for the wins) - we don't know WHY. What is the actual REASON for the decline?
My speculation is that people do not understand what they've bought or the potential of what they've bought. Cases in point:
What has changed with these coins in the past few weeks?
Does BTC still take long to trade with high costs? Yup. It's still the standard.
Is ETH still the best shot at smart contracts. Yup.
Does XRP still struggle to define it's best-case uses, sure!
IS BCC probably a better product than BTC? Uh huh.
Do XLR and ADA still have incredible potential in the business world - i.e. totally underutilized and just at the bleeding edge? Yes!
Do the "anonymous coins" have a place in the market? Can't find a reason why they don't. There's always someone who doesn't want to leave a trace.
Even UKG - there doesn't seem to be a better leader in the gambling space...
These examples and others are coins and platforms that have not changed - they just might be harder to get in 6 weeks or 6 months. Sure sounds like an argument for value based on scarcity to me.
And with regulation comes confidence. We like the US dollar because to date, Uncle Sam has always paid his debts... but what happens on Friday when the US Federal Gvt. shuts down... and the "value" of the dollar comes into question. Does the value of BTC then? What about ETH, or hell, Steemit?!
I think we all like the TAs, but TA seems to only be a piece of the greater picture. When someone shows me that IOTA is really a pile of shit because the business case is a pile of shit, then the coin/platform really is a piece of shit and it should be worth a piece of shit.
I'm not convinced that SPANK is a bad idea - many of you buy porn - and nobody wants it on their credit card... it solves an immediate, insatiable problem - so long as people are willing to pay for porn.
If you're going to sell, make sure you have a reason - even if it's the WRONG reason, it's better than just selling (or buying) - it helps your brain figure out if this speculative gamble can actually someday be an investment. And if so, how good of an investment, and use that to determine your strategy.
One final thought - is there a place to see WHERE the sales are coming from? Is this primarily Asian Liquidation (now there's a title for a Porno!)? Are these major dumps by whales or millions is minor dumps by chumps like me?
To me that's the biggest problem with CCs. When a stock or bond pops, there's a record of WHO bought it and we can try to figure out WHY. Today - we don't know who's selling and can only take random guesses as to why... FOMO? Freezing liquidity? Smog in Beijing? Tump? Un? Putin? Man U? Minnesota Miracle?
I dunno, this "correction" doesn't seem to make a lot of sense - short of people LOOKING for a reason to make a correction.
Wow, shittiest post. Evar.
-SD