That's why they call them dumb money

There was a bit of hope recently in the way the crypto markets were recovering ground and the overall sentiment around it was that we bottomed and now there's only the latter to new ATHs which sounded more than bullish for many of us. Until yesterday...we got hit again by a hack.

As you may have read in the news recently, Bancor, a token platform, has been hacked and about $12.5 million worth of ETH have been stolen and about 1 million worth of NPXS tokens and that was all that the market needed to loose about 20 billions from its total capital in half a day.

Right before the news hit the eyes of the "dumb" the price of Bitcoin was at about $6,800 and it is now trading at about $6,551.

As soon as I saw the news popping out on twitter regarding the "breach" on Bancor, which is currently under maintenance, I knew there will be a selloff following the event and that's what we have right now. It's like all these recent hacks are orchestrated just to make the weak hands sell on command.

image source

At first I was a bit pissed off with the current situation of the market and the ones selling at low prices after any hack, as I am getting a bit too emotional with it, but then I said to myself let them sell. These kind of people deserve that and seem to be a magnet for this kind of trades and market manipulations influenced by news. About Bancor I don't know too much on what's it's daily trading volume is and what's it's rank on this kind of numbers and honestly I don't even care. But some do and they seem to get sacred after every hack in the environment and don't learn anything about them.

I do care though about the price of my coins and their "safety", but I keep all of them on a exchange just in case I will have to sell them if the price bounces unexpected and I am taking the risk. Regarding on the long awaited bull run I assume that the bulls are still sleeping and who knows when we're gonna see them again. Probably after some proper regulations are enforced in the environment and "news inspired" traders are off it. The same feeling I have on the "advisers" from youtube and other platforms that don't show their face anymore with their "famous price predictions" and "moonings" during these hard times showing that they don't know shit and they're just hunting for views and likes on youtube. Or scamming people into "bad ICOs".

Looks like they don't have anymore what to predict or finally realized that the market is unpredictable and "probably" controlled by some "powerful hands" that nobody knows about or will ever know. Something that can mess up with their charts really good and it's beyond our "humble understanding" and "candles". I've been following for months predictions and opinions on youtube and too often have I heard that we're over with dipping and there's only one way from now on and that is up, but here we are on a slightly side ways trend, that in my humble opinion will last at least for half a year. BUT let's hope I am wrong and the prices will bloom sooner allowing us "the hodlers" to take some profits.

What's your take on the latest hacking situation and the selloff following it?

Thanks for your attention,
Ace