The wild rollercoaster that is currently in a descending stage of the ride caused a lot of despair among less experienced bitcoin hodlers. The real capitulation is still not here but we are getting near to it with each passing day. There are a lot of white towels being thrown into the ring, lots of hate and resignation by former holders spewed at bitcoin and crypto in general. That is all part of the game that a lot of the buyers entered naively, without ever evaluating if they have the guts for the dark side of this story.
One of the OGs (original gangsters, a term the original bitcoin hodlers coined for themselves, so they could differentiate from the “plebs”) voiced his opinion on the current state of bitcoin.
Complete post is cited below.
Here are some points so here it goes:
- Fork. Obviously the BCH fork has caused massive price swings. Whales, bankers, probably the 3 stooges Craig, Ver, and Wu all selling their BTC to make up their agendas thus causing the price to drop, weak hands see this and the price drops even lower. Some conspiracy: Some of these guys did this on purpose to make tons of money shorting and buying at the bottom, if someone could make tons of money who wouldn’t?
- Holidays, TG and Christmas are times of year when people actually need extra money for presents and traveling. Combined with the price drop this is a recipe for people selling out of necessity.
- Tech has improved. The Bitcoin network is strong, LN is getting stronger. Basically nothing about Bitcoin’s inner workings has changed or been compromised which means that it has a bright future ahead of itself.
- Hodling. All these new people coming in from last year’s all time high have not experienced a crash of this size. As a hodler from 2013 this would probably be like the 4th or 5th crash and its just like a rainy day that eventually goes away. If you are new, this whole thing has happened before and it will happen again. Patience is key.
- Price. This is what everyone is talking about with predictions and which way will it go. Personally I think (which is just an opinion), that the price will go slightly lower due to Christmas time with the whole I need cash thing, but will go higher at some point in 2019 due to the 2020 halvening scheduled for sometime in the middle of the year. People are going to start accumulating in anticipation of this. Every halvening there has been a price increase due to the Block reward cut in half.
- FUD/Memes. Do not trust anyone (yeah that includes this post) on what is going on. Do your own research and do some critical thinking. FUD is spread around for agendas and getting weak hands to sell. Memes are of course fun and they help refocus on the current matters. Just think for yourself and stick to your own plan.
- Conclusion. If you made it this far, thank you for reading my rant. Many people are feeling down about the market at this point but the inexperienced do not know this has happened many times before and this will happen again.
The market is very easily to manipulate, it always has been since there is little regulation and oversight on the whole thing. It is a day trader’s dream with no regulations and manipulating the market whenever there is an event going on unlike the restrictions placed by the SEC on the stock market.
Put in what you can afford to lose. This means if you throw in $100 on BTC or any crypto consider it gone. This will help ease the mind. When I first started I stared at the numbers going up and down and getting worried all the time. Some advice I read was “Don’t worry about the price, if you believe in the future you have nothing to worry about.”
If you truly believe in the project you really have nothing to worry about. Just wait and be patient. 2020 will be the next interesting time for Bitcoin.
There is nothing to add to this but to tell this Redditor a big kudos to you for giving such an articulate, succinct and informed overview of the situation!