i've been in crypto since late 2012.. i've seen the bubbles pop, causally deflate, and i've seen them destroy in minutes of the last few years... never though have we seen this type of market. The what i am thinking of as the new crypto market is the type of market no one is talking about because we all think we are in this bubble to ourselves trading our tokens building profits etc.. the new reality (at least to me it seems) is big money is smashing into this market and royally screwing up the proper organic growth we have had the last 2 years. within a month everyones getting mass gains but within those mass gains we attracted the whales, the guys who don't give a fuck about crypto but they have the pocket book to decimate the market at will while they profit take, drop the market and build it back up in the next 10 min only to drop it again 20 min later. i like a lot of you do a lot of observing on the coin market cap, just a sample of what happened the other day with eth and btc, that market dropped 3 billion (usd) in less than 5 minutes then recouped 15 min later.. if you had been trading like everyone was at the time you would have noticed it.
i find it pretty hard to believe that a bunch of crypto community all banded together and dropped the market like in seconds. the only that happens is when there are whales fucking with the price. pump and dump has been a thing with crypto since day one, we've all been there trying to figure out "how the fuck did i not see this pump!!!" only to buy in at the top somehow every damn time then it drops and it becomes "how the fuck does this happen every time!!" and i think the reason for this is much larger than "i just missed it" and i think we are in a new space where these big billions players are jerking the markets to be whatever they want because now this little crypto space they had been ignoring is now really on their radar. we've all been through the drops we've all got the high from the highs but this crypto space is absolutely not the same space it was a month ago. for those who are not new to this you understand the patterns i'm talking about. and yeah its great to make money off of the highs but i also feel like this space is going to be taken over if it keeps growing like this. between the miners who let btc take days to clear (not to mention other places where fiat or btc doesnt clear to trade) and the new coming wall street mass money that can move in mass pumps and mass dumps in seconds this whole thing is starting to feel like there are too many people who can control and manipulate the shit out of this thing.
now ico's are a thing.. lets just call it was it is.. ipo's its a fucking unregulated stock market theres no sugar coating it.. all these shit coins promising to do the same thing everyone else is doing or has already done.. there are 700 coins all doing the same thing.. "we transfer money in a decentralized way" "we do smart contracts" who gives a shit there are too many out there.. where are the companies that are actually do something that the average person can use? who's making something that is useable? anything? "nah can't man i need at least 12 million in fundraising for my open source eth code that i'm going to use to release "iMessage 2.0" in like 4 years" why can these guys raise all these funds doing petty shit that anyone can do on their phones at this very moment? i have no clue but they are doing it.. "the files are smaller, it gets there .000001 sec faster"... guess what.. no one gives a shit about any of this.. why because they have massive infrastructures already built around the entire planet... what can u build that will convince them to change over? i know theres tons of hate on ripple.. i get it... but i also at least see the point that they are setting out to create a solution to an actual problem.. "cheaper banks transactions" i get it crypto is anti bank blah blah blah.. regardless of the agree or disagree at least they set out to create something actually useable in the real world that is in use in 2017 not 2022... and as regards to the way their money is held or however the hell they are doing it i can at least see they are transparent. when i send my money into the abyss of ico (ipo) and maybe some shit gets developed and maybe not thats pretty shady.. much more shady than consistently claiming ripples going to drop billions on to the market and steal it all.. if they were doing it they would have one shot and then they would be finished.. someone just dropped 3 billion in btc and eth in less than 5 fucking minutes a few days ago!! but because it was during a bull run no one said shit.. i'm not arguing for or against ripple i'm just simply stating an observation that the world is far more complex than "i hate banks so down with this coin!!" we need to solve real problems not just keep creating new ways of "transacting" there are more than enough and 99.9999999% don't do a better job than the centralized version of fiat at the current moment because things like cobol are and have been in place since the 1950's and thats what most of your transactions are using.. so these ideas which are essentially creating a personal greenback will only get so far.. we need to solve real actual problems... messaging apps? please we only need so many... and if its going to be all about the "currency tokens and free dot com bubble ico money" then we can't complain when all the big money whales come in a jerk the market around and snatch the cash because thats all they want to do.
just be vigilante about some of these markets because the big money coming into this right now doesnt give a fuck about crypto and the future of it, they just want to extract as much money from it as possible. they don't want to understand why or how it works, they want to understand how to take your money because you were here in the early days and they were not. its nothing more than a cash grab and while its great to make and take your profit, i know for a lot of us that were first enthralled within this space because its a chance to push into a new realm and new ways of thinking and doing. i was happy two months ago with my tokens were cheap and the market cap was 1/10th the size.. before all this massive blow up and i'm sure you guys were too.. you were probably a lot less stressed than you are now to be honest hahaha.. regardless we need to figure out a way to trim the fat and cull some of the bullshit thats coming into crypto otherwise it will regardless of the "this time its different" idea, this will be no different than the dot com bubble..