Have You Lost Confidence In Bitcoin?
A study out now shows that with this market drop of 75% to 90% has a hard pressed dang I got screwed over rate that is larger then ever before.
It is clear that more people bought into bitcoin last year then any previous year. However that buying rate only seemed to be at 15% max but most likely is much lower around the 5% range.
What this has now done is yet again created a mentality we have seen at least twice with bitcoin over the last few years.
That mentality being "bitcoin is dead" "cryptocurrency is ponzi" etc.
We hear this ever about 2 years when the markets dip down 90% and then we kind of hover there for a few months as it slowly begins to build up. During that slow build up large investors seem to buy the bulk of bitcoin and then sit on it for a year selling it at massive gains.
There really is no scamming here this same stuff happens in the stock markets and with your 401k which you have no control over.
People react on emotion and react to late. So perhaps this is a wake up call that if your in for a 1 year + holding now might be one of the best times ever.
Sure the price very well could go down more and I have a feeling we will see 3k to 2.5k before we start to see the bottom and that in large part is fueled by bitcoin cash mining wars that are legit just draining the system of money.
What if $1k bitcoin, I’m prepared 😂😅
Posted using Partiko iOS
lol well possible we where at $800 just last year before we had the massive spike i hope not though id like to see at least some growth
My confidence continues to build as the capital attracted to the underlying technology continues to grow which should ultimately lead to better adoption rates which will bring back demand. There is also the potential of a black swan event when fiat are materially devalued given their bubble... This would add to the bitcoin rush (in addition to gold and silver).
Posted using Partiko iOS
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Valor2S from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.
I'm optimistic and know that people out there are trying to figure out a way out. The price will become reasonable, no overvalue needed. That's would be fine.
Finger crossed.
Posted using Partiko Android
I havn't lost confidence in it I just think its reached a natural uplift YOY which is fine for the industry as a whole. Too much money flowing in to fast was crazy and people weren't seeing anything but dollar signs getting in and out basically just money exchanging hands and to scams.
Also a lot of shitcoins are holding value i feel should be consolidated into BTC and ETH and these bear markets are what drown this leaches out
This is a picture of the hash rate for BTC mining currently. We are about where we were 6 months ago...
Not to worry though, the difficulty adjusts if there is less hashing power in the network, which is what we have also seen over the past six weeks.
This could represent the beginning of the capitulation phase for miners due to the Cost Of Production. Many of the mining operations that are unsustainable at current market prices (ie mining over cost of production) have simply turned off their machines to save electricity. Over time this will create a "scarcity" of Bitcoin on the market, due to a limited distribution to fewer miners and growing demand from retail/institutional investors. Eventually this will be the catalyst for the next bull run but we have yet to break past that tipping point IMO.
I remember talking to folks a year ago and saying, "Know what game you're playing. Nothing goes up and only up?"
The FOMO was so intense. The belief in the inevitability of doubling your money was everywhere.
Even if they sold a little bit at the top, they'd now have cash on hand to buy the bottom, whenever that happens ... or just pay some bills.
The trouble is people don't know what game they're playing. They think they're playing a game with no downside. Then the inevitable dip comes and they feel screwed.
This game has played out so many times. And like you said, this is where whales can consolidate their positions. They've seen it all before.
As for the bottom. I remember sitting with a friend after the first fall a year ago. He immediately looked at $1,300.
I think the market still has a bunch of altcoin marketcap to dump. Maybe that happens at $2,500 -- right now it looks lower to me. But I really have no idea.