Why you shouldn't panic about todays rout and why I'm not bothered about it.

Some of my friends have asked me since today's rout, "Okay, so where does this leave us?" and also "So where does this leave your recent blog pieces?".

If you haven't seen then this should explain what is going on.

In answer to this my response is simply, that nothing has changed, only been delayed a lil.

Lets look at the cause of the rout.

The cause was nothing to do with underlying fundamentals or the market being overbought (that's a ridiculous suggestion at this juncture frankly considering how long we've been in a bear market) or anything.

The cause was actually a panic due to South Korean exchange Coinrail being hacked.

See here: https://translate.google.co.uk/translate?hl=en&sl=ko&u=https://coinrail.co.kr/&prev=search

The hackers made off with around $37million worth of assets and by the looks of things, about 30% of the assets on Coinrail.

It is of course possible that the rout was partly due to these coins being dumped onto the market immediately.

Whatever the truth. The facts of the market have not really changed albeit for a brief period of panic.

I remember back in the day when Bitcoin first came out, these sort of panics were regular occurrences due to exchanges being DDOS'd and such. Ultimately, events like these are black swans which are not forecastable, are not predictable, are not related to the trends or the fundamentals, and have nothing to do with how worthy the assets are or how overbought or oversold the market is.

So in other words I'll be standing by everything I've suggested and been planning.

Actually, I'll be going shopping. The market is 10% down. This is a great buying opportunity.

HODL.