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Downtrend in crypto market is making many people nervous, especially ones that have bought their cryptos at peak. I know that it is not easy to watch how your investment is melting and some cryptos are trading at 10% or less from their peak value.
If you just think that, to become positive at your investment your crypto need to rise 1000%, of course that many people are worried. I wrote in my previous articles that if you have invested in projects that will have or currently have important use case, you don't have to be worried.
Problem is if you have invested in cryptos based on TA, because price is going Up, and project have no sense and it was going Up because of some pump. Then, I wouldn't like to be in your skin...
There are many cryptos that are made just for fun or for making easy money with last summer's altcoin bubble.
This is free market and you can do whatever you want, but PROBLEM with this young crypto market is that all cryptos are treated same, doesn't meter if they are serious projects or fun or scam projects.
These kind of projects are damaging serious ones, because for regular investor who is just entering crypto market, all cryptos are same. Of course, at stock market also there are blue chip stocks and on the other side stocks of bad companies with bad business, but stocks of bad companies are not worth hundreds of millions or sometimes even billions of dollars like in crypto market.
Because of over hipped bed projects, lot of people are talking about crypto bubble. I don't think that we are in bubble, even at peak valuation from January if we look only major crypto coins.
This is why I HATE stupid data about total crypto market cap. We should take nice things from stocks market and at stocks market they calculate Dow Jones Industrial Average.
Dow Jones Industrial Average has consisted of 30 major companies.
This is how we should calculate crypto market also. MARKET CAP OF 30 MAJOR CRYPTOS. It would be much more realistic and much less dependable of shitcoins market cap.
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This drop at crypto market is bad because interest in cryptos is much lower than before but for me it is very good long term, because it will shake off weak hands and it will separate good from bad projects.
PURIFICATION is necessary and it is not quick process. This needs time and not only bad projects will fall. Some good projects will fall also, because many of them are targeting same goals and only few of them will succeed.
First project made for fun was Dogecoin. I am sure that creator of Dogecoin couldn't even dream that at one moment, Dogecoin was worth almost 2 billion dollars!
Followed with exponential rise at DOGE, we got whole ZOO of different coins:
- Oyster PRL
- Ravencoin RVN
- Monkey Project MONK
- EagleCoin EAGLE
- Piggycoin PIGGY
- Tigercoin TGC
- MustangCoin MST
- Bee Token BEE
- Maverick Chain MVC
- RabbitCoin RBBT
- Birds Coin BIRDS
- Sharkcoin SAK
- SnakeEyes SNAKE
- PinkDog PDG
I could probably find few more coins for coin ZOO if I did more detailed search.
These coins are treated same like BTC, ETH, NEO, EOS... and many other serious projects.
Beside ZOO coins there are many other shitcoins that are destroying reputation of crypto market but I will not write about them today. I believe that you got my point and why is important to separate good and bad things.
First thing what we can do until projects develop and when real use case separate good and bad projects, is to calculate crypto market cap like DOW Jones, Top 30 Crypto market cap.
As of today, Top 30 Cryptos are:
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Today's market cap of Crypto Dow Jones - Top 30 cryptos is 240 Billion dollars.
If you have any suggestion or opinion to share, I would love to discuss :-)
I've asked you before @introvert-dime why you vote up all your own replies at basically full strength all the time, but the post itself at VERY low power (around 7% usually it seems) and here is the deal.
It is considered pretty scammy here to do that.
And you have been doing it a long time and it is time to address this poor behaviour.
Once in awhile is fine. Not all day, every day for weeks on end.
That is garbage behaviour here.
You seem to pick high profile posts, or users to do this on always and then vote your comments to the top increasing your visibility and you do this all day long, every day, all the time.
That is frowned upon here, not like you need someone to tell you this behaviour is scammy and poor.
I think I might start pasting this reply into your scammy replies to people, since your replies are all self-voted to the top for VISIBILITY. ALL THE TIME.
-- here is the proof just for today , the last few mins, on SteemD.com which I encourage everyone to check out on the blockchain.
This Reply posted April 3rd, 2018 to @introvert-dime, as I have done with them before..... without reply.
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@zyx066 | April 2, 2018, 1:45 a.m. | Votes: 2 | [
VOTE ]
Very nice post, thank you for that cicbar! I agree that what you describe is what will most likely happen someday and also that it is needed in most people's minds. But let me play devil's advocate for a moment and say this: with great freedom comes great responsibility. And maybe what you describe isn't necessarily what we want to happen.
Here's where I see a potential problem:
"This is free market and you can do whatever you want, but PROBLEM with this young crypto market is that all cryptos are treated same, doesn't meter if they are serious projects or fun or scam projects."
The problem you describe here is real, but it also is exactly as cryptocurrencies are supposed to function: all cryptos are really treated the same, and that's a good thing... It's an indication of the fact that this young market really is free. If coins are to be treated differently, then we are back where we started, not a free but a (heavily) regulated market. And in a regulated market the rules are made by the rulers... Do you see where I'm going with this?
The whole idea of crypto-currencies, at least those with a public blockchain, is to take the power the that comes with issuing money away from centralized entities like banks and governments, and give that power back to us common folks :-) All transactions between humans should be between the humans involved and be completely voluntary, without having to get permission from anyone else. That's why Wikileaks was so happy that Bitcoin existed when Visa and MasterCard refused to wire them their donations any longer, because some stupid government decided they were a terrorist organisation.
So, with all that in mind, don't you think asking or wishing for regulation of any kind is somewhat contrary to the goals of money on a decentralized public ledger? Didn't Satoshi have his great idea to get rid of banks and governments? Wasn't the algorithm to be the ultimate arbiter in this imagined future, and take the place of the "man in the middle"?
Now, don't get me wrong: I do see where you're coming from and I do agree that right now the crypto markets are like the wild west where many casualties will occur... But maybe, just maybe this is just a much needed phase in our cultural evolution as free inhabitants of a planet, not a city or country. And if we want freedom, we can't ask the government to protect us from thieves and charlatans, but we must arm ourselves with the knowledge needed to protect ourselves as best as we can. And maybe protect each other on a completely voluntary basis because we finally understand that if our neighbors are safe, we also are safe. Maybe true freedom comes with the realization that we need each other, and not the government, to stand up for us.
I do see that nowhere in your post you actually ask for legislation or regulation, but I can see no other way for scam coins to be treated differently from good coins. Maybe I got you all wrong, and in that case I'll gladly stand corrected if and when you point out where I missed or misunderstood something.
Just some food for thought for the food for thought you gave me. How's that for a voluntary transaction ;-) Once again, thanks for a great post!
