Bitcoin's Fate Decides If We Enter The Great Crypto Depression - OR Is The Flippening On The Horizon?
Blockchain Is A Technology Revolutionizing The Internet; This Will Not Change
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Bitcoin's Fate Will Decide The Market Value Of Cryptocurrencies For The Near Future
The great depression didn't last forever, but it appeared to be an economic apocalypse. The recent crash from the highs of late 2017 remind me of that and it points to the fact that, for many reasons, the market capitalization of many many many, if not all cryptocurrencies stands on the back of Bitcoin. If Bitcoin continues to crash, so will many others.
Steem will continue to crash.
Ethereum will continue to crash.
Ripple will crash.
Many ERC20 Tokens, In Line With Ethereum's Crash, Will Crash.
Bitcoin Cash Will Crash.
Many Many Many Cryptocurrencies Will Continue To Crash.
Some of the reasons include:
- Many exchanges and markets trade against BTC Exclusively, with many also trading in ETH.
- BTC is the original, great cryptocurrency.
- BTC is the brand that is most well-known and attracts most investors and enthusiasts toward the space as an introduction.
Finally, BTC is the dream - a decentralized, limited supply (inflation resistant), transparent, unregulated currency; if it can't succeed, the dream will die for many. As a pure cryptocurrency, this is the original dream; despite all of its flaws, if this dream fails, many will take a long time to dare to dream again. We will dream again, yes, and blockchain tech is just as important, if not more important than just its implementation as a pure money system, but that dream may take a while to re-emerge. I think that Hodlers will be rewarded and I will continue to develop blockchain tech with Boolean: The News Accuracy Platform, as well as continue to spread awareness. I will continue to utilize Steemit and continue to move toward a decentralized, censorship resistant Internet. Actions like mine and those who do the same and continue to enrich the space will help it to flourish again. The crypto-economy can only boom if people want to be a part of it.
The alternative to this and, believe me when I say that I'd happily witness the change, is The Flippening. The Flippening is the possible next move for Crypto, where a cryptocurrency other than Bitcoin gains the greatest market cap. Some have speculated it would be Ethereum, some now speculating others, but the point is that a cryptocurrency other than Bitcoin could take the top spot. If that occurs and buzz in the mainstream news covers it and awareness of that spreads, then Bitcoin will begin to have less and less of an effect on the market cap of other crypto. It will still affect prices greatly until most exchanges have different methods of trading, but it will have less of an effect if The Flippening occurs.
Once Bitcoin goes below another crypto then things become real, the price of Bitcoin would no longer be able to hold others back. BTC would keep falling it think. Cuz it's a shitcoin by current standards but due to its wide spread adoption it has overshadowed many better coins out there.
Ethereum seems to be the next in Line, however if BTC gets overthrown, I don't think the next coin stay at the top would be as long as BTC, I think we would see more and more friction between the top 5 coins
The current crypto market is really disappointed for us but there is always a big hope on cryptos. I just hold it.
The deep has turned many okay coins into shit coins, if it continues only a few would survive
I think if the depression escalates, any flipping that would occur would involve coins that are hard to track/ regulate. XMR comes to mind
@biddle, Yes, it's somewhat reflecting as deep Crisis period but that's not the case for long in my opinion because, current phase is really mixed aspect means, in my opinion it can be the mixture of, Pump and dump, weak hands, large number of sell offs possibly due to the ETF subject and lack of knowledge and many more aspects.
But most importantly, we have to keep faith because currently Cryptocurrency Sphere lacks the knowledge and adoption that's why it's highly manipulative and highly speculative, but in my opinion there will be some projects in future which can give boost to the Crypto Sphere.
And in my opinion there is one more aspect which should change and that is, we are losing the investors due to in my opinion, there is real rigidity when it comes to the option and most of the people are standing before Bitcoin only, so Bitcoin will stay as king but we have to remove the only domination from the Crypto Sphere.
Other than price Steem Economy already got the date of the Hardfork 20 and now let's hope that soon we can hear the news of SMT Economy too.
Wishing you an great day and stay blessed. 🙂
I have big confuse whole cryptocurrency market getting down more and more. Steem down under the dollar rate and continuously down yet. I hodl my cryptos and hope will rise. But couldn't success my hope yet. Look forward.
I don’t think this depression will last long.
Cryptomarket needs a spark and ETF approval could provide this. We all have seen how quickly BTC can go up.
HODL
Sornette et al. 2018 modelled it with Metcalfes Law. Fair value (based on network effect) is 4 times lower. Till end of the year it could bleed out to 77 Billion USD (analog to 2013/14 bleedout).
There are no technical catalysators. Scaleability trilemma will last for some years. In order for services like Amazon, Google, Ebay to implement it (without scaling no way)
financial catalysators are custodians + put options with certain clearing house conditions in order for hedge funds to move in to bitcoin for store of value. Right now there is only venture capital. No multi-billion hedgefunds (and there are even about 15 multi-trillion-funds) + approx. 40 trillion in offshore money (actualy costing money). There is no Chinese, no Indian and no Korean exposure.
A nother catalysator is Facebook.
If they buy something like coinbase it will bring support
For them to implement a digital currency (which they already did back in 2013 with "facebook credits") we need scaling or they will use a private DLT (which means no decentralisation at all)
First custodians are in Q1 2019 could take a while and I guess it will bleed down even further.
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