Hello all once again. I know i don't post much about crypto but when the need comes up i like to add my two cents. Well to no surprise Most crypto crashed again today for big hits of -10-20% depending on coin. I called this back a few months almost to the exact time frame and prices i quoted. Again if you been following the markets for a lifetime this was easy to see coming. Please do not listen to people who got rich on crypto, as a general rule there is no real use for 99% of cryptos other then a market able internal coin. There is no "Trillions of dollars of demand" basically because the demand is already being met. Think about it, does anybody really ever say "i have money but can't buy the products i need with it" "i just cant find a seller willing to take my money". Meaning the demand is being met, Crypto is just a alternative to currency we use from day to day.
Far to much is wrong with the crypto market. Supply, number of cryptos, Huge price swings, very little places accept it and the list goes on. Tech changes to fast for money to be a solid base, in other words ten years from now every young boy and girl will be hacking these old algorithms. Don't get me wrong i do love the concept and feel it can work, but the system in place is only just getting off the ground, 20 years from now maybe. What really is the value, if supplies are unlimited?, and don't be fooled, they are unlimited. Just because bitcoin only goes to 21 million does not mean much as we see bitcoin gold, or super bitcoin, not to mention all the different coins.
Keep them to internal tokens, other then the big 5-10 coins....Because all the others will fail its just a matter of time. But some will make the grade and stick around. Tether is the only coin i see getting it right to some degree.
So up or down now? here is the good news. I don't think the major coins will lose much more. Maybe slightly but the past few months we seen a narrowing of the price range and a few bounces off the bottom (resistance). So my new call is the 10 big coins will flatline for the next year, the rest will slowly die unless they think of it as an internal coin or innovate in a major way. STEEM is going sub .50 USD. I will say i am not sure Steem will die or make it, but with the attention to changes to the steemit platform, its case is weak, even though i like it. Search is awful, dtube is failing and the whole concept can be brought down or picked up by the developers. So i keep waiting for them to make a move or a change, but i just don't see it coming.
Thats the way i see it.
Thank you all for reading, and enjoy your own cup of steem.