Thursday, February 15, 2018

All That Crypto Heat Fizzling Away



Remember when people used to be so hot about crypto?

I guess with the market still down from all time highs, a lot of that heat has dissipated away and along with that, lots of newbie money just lost in this sea of red.

Strangely, I am not too affected. Reason being is that I came in early enough and heavy enough that the average cost of my positions are still deep in the money.

For the new people, especially those that plunged into Bitcoin without understanding it's investment thesis, they got destroyed.

Why were people plowing into $20k BTC when fees were pushing over $20 USD per transaction? Now the price has dropped 50% to ~$10,000 and transaction fees have plummeted and amazing 99% to cost just $0.20 USD per transaction.

If anything, BTC right now is a massive giant howling screaming monkey that is yelling "BUY BUY BUY". At least, that's what I hear myself.

Since most of the degenerate speculators and gamblers being bankrupted and margin called out of the system, we're back in business.

ICOs are still steaming along and the good ones are getting extremely hard to get allocation for. In the GBX token done on Qryptos, $3.5m USD was sold out within 3 seconds to only 131 people. Yours truly happened to be one of them, oh yes.

In my opinion, now is the best time to be for shopping and picking up extremely promising crypto that have come off all time highs by 60-80%. Just a month ago some people were paying 4-5x the current price, can you imagine what a bargain the space is right now?

While the survivors are staring blanking at their portfolios which are 50% underwater, I'm busy rebalancing my portfolio - taking profits from cryptos that held up the drop better, and scooping up the stuff that people are hastily throwing away. These unwanted shits will hopefully be very shiny gems in the not too distant future.

The next 2 quarters are going to be lit with all the development of my crypto holdings.

Oh you know the Singapore Smart Nation, big data nonsense thing? I've whitelisted for an ICO that will be leveraging on that. *cough cough page 31 of the whitepaper cough cough*. THIS IS NOT A RECOMMENDATION BY THE WAY.

But yes, blockchain and crypto are useless tulip bubbles. Repeat it til you believe it. Doesn't hurt my pocket though.

While everyone was calling for the $0 valuation of all these crypto tulips just weeks ago, it seems that those same everyone have also missed the story of the entire crypto marketspace recovering 50% over the last 10 days.

That's right. 50% over 10 days. From the day I was shitposting this.

All yell "I told you so" when crypto goes down, but conveniently keep mum when it's tearing its way up?

Typical.

I still hope for one more big dump, but oh well, I guess I just have to live with all these sick gainz. 

7 comments:

  1. I am trying to read this without all the sarcasm.

    > Oh you know the Singapore Smart Nation, big data nonsense thing? I've whitelisted for an ICO that will be leveraging on that. *cough cough page 31 of the whitepaper cough cough*. THIS IS NOT A RECOMMENDATION BY THE WAY.

    Do you mean that this is something we should look into or this is not suppose to be looked into?

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    1. Hi Kyith,

      I mean that this is a project that has a major partner (SG Gov) with an initiative that most of us would have at least heard of (Smart Nation) even if we don't know much about it.

      It's not an investment recommendation, but I have whitelisted myself to contribute to this project. They are also partnering up with SingularityNET (the creator's of Sophia, the first robot with a nationality), so I believe that they must be decent enough to score such a partnership.

      Even if not to participate, I think it's very interesting to see how blockchain technology is being applied and used, and how a cryptocurrency has to be created to power such a network. Too many people think that you can just remove the cryptocurrency part from the blockchain part.

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    2. Hi GMGH, thanks for explaining. I have similar thoughts that the people that are trying to build a network round this token. I have my misgivings when alot of companies are coming up with their own tokens, and layering the name block chain to it. In my opinion, while it is difficult to get more companies to move together, we can only see the usefulness of the blockchain and its token if they can integrate in a way across multi functions.

      Best regards.

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  2. Congrats GMGH on getting whitelisted for Ocean! I was interested in this project but i was too slow in registering and missed out the chance. Damn!

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    1. Thanks, but I don't even know if I really want to do it yet! I might be attending a talk of theirs to understand it more, because I find it a bit complicated to figure out what is going on, haha!

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  3. Get ready for another big dump soon though, the Tether fiasco is slowly but surely coming to light

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    Replies
    1. I have doubts on the degree of FUD that tether should be given, but I doubt that it is still a big issue. As stablecoins of a variety of flavours roll out, I think people will be generally be moving away from USDT.

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