RE: USD is a Scam, Invest in Bitcoin/Crypto Before U.S. Debt Spirals Out of Control
The current problem with cryptos now is that the whole industry and 99.99% of its trades are based on speculation.
Thus, something - perhaps dramatic - will have to occur before the masses and financial institutions really get drawn into the mix. What that is, is really really difficult to say. Any thoughts?
There are very good cryptos in terms of "money/value/transaction" coins as well as "utility coins" (i.e. those that solve some issue/problem/challenge); I have written about some of these in a post a few months ago.
The last few months and weeks and even days (just in the last 2-3 days) has seen an absolute S-L-A-U-G-H-T-E-R in the cryptosphere with Coinmarket cap total market valuation plunging below a critical $200 billion level ($191 billion at the time of this reply). In other words, there is blood on the streets (or should I say "rivers of blood" on the streets).
But for savvy investors, this is a really really good time to buy (or at least "dollar-cost-average) into some high quality (yet highly/innocently depressed) cryptos. Some of these have seen 20-30% drops in the last 24 hours alone and some even over 50% drop in the last 7 days.
Call me crazy, but when they get lower and lower like this, I just want to buy more and more, especially of the ones I perceive to have great long-term value.
Am I crazy? I guess time will tell.
Curious to know if any of you are buying these days and what you are buying. (I've recently bought more Dash, Vechain, SRN, ACAT, XVG). And really think that Dash and Ethereum are a real steal these days given that they hold tremendous value. EOS is a major major disappointment!
Something dramatic... like an economic disaster... would propel ppl into crypto more ;) That;s what is happening in Venezuela for example.
When there's "blood", that's when it's time to buy. Been done for a long in in trad. markets ;)
I know what you mean. I'm hesitant to trade in some silver or gold as I paid a bit more than it's currently worth and would be taking a loss in fiat spent. But it's tempting lol.
I haven't bought crypto in a long time. EOS should pan out after some time, it has lots of potential. But, as with most crypto, lots of speculation about the future :/
Yep. Hold on to your gold and silver; it's only a matter of time and it ain't gonna be in decades that's for sure.
I'm thinking of whipping together a post on how the cryptos will react during the next financial crisis/meltdown. As cryptos are very nascent, we have no precedent. So, it will be interesting to see how it emerges. My initial gut feeling is that like gold and silver they will initially take a hit downwards; but when the big money goes for the exists from the main markets they will seek places to park their money for which there are very few apart from real estate. So they will opt for God's money and cryptos.