So here I come up with the million dollar question right now. I may not be able to answer it accurately, and I can’t also predict where the market will head to, but at max I can come up with theories, which may in future be true to some extent. Or, they may also be false. so before coming to any conclusion, I request you to thoroughly do your own research, to not panic, and please read the whole article.
This is not me, this is Rahul Basu, a regular on Steemit. Also, a regular on our website, we take quite a few of his articles to publish on CoinCrunch. This is another theory of his which complements our earlier post on the conspiracy of Bitcoin prices by Wallstreet, banks and media.
Without a proper training in journalism, people like Rahul, our intern Varun and me, we write articles with grammatical errors, loosely formatted sentences and without the huge vocabulary digging words. And we are proud of it. So read on, in Rahul’s own words.
Why is Bitcoin Going Down – Theory by Rahul Basu
First things first, let me tell you one thing clearly… The crypto market is still new, it cannot have a “huge impact” on the financial world right now. But, a large part of the market is controlled by greedy whales and powerful people, who want to trap the small fish or the new investors.
Although “pump and dumps” are not ethical, or legal, the current market seems to be dumped heavily.
This is largely due to the hype wave going on early on January, where a lot of new investors suddenly jumped on the Bitcoin bandwagon to make quick money.
Let me tell you one thing clearly, this cryptocurrency thing is not a “get rich quick scheme” where you will make ‘guaranteed’ profits. That’s a fundamental defect in thought which everyone suffers from.
Back in December, the news of the CBOE and CME came into light, and the value of Bitcoin got pumped up till near $20k.
That as the time when people thought its time to get in.
After a month, CNBC started poking their nose into cryptocurrency. They were initially too much positive about cryptos, they even urged people to buy Ripple when prices hit $3.
After another month, they started creating FUD so that prices come down.
Reason: They already sold at the top. and now they want prices to be as low as possible so that the wall street investors can get in at dirt cheap prices. So how will they do it?
By fooling the masses. Yeah. Fooling the masses. By spreading FUD. By trying to damage the crypto ecosystem which took almost 5-6 years to be build.
But anyway, if you look at the long term outlook, I feel cryptos are here to stay, they have a future, but take one thing: there are over 1500 cryptocurrencies. Most have a failure rate of over 60%.
The year 2017 saw nearly 50% of the ICOs failing. and a scam rate of over 11%.
So by the next two years, as the crypto ecosystem evolves, we can actually see 90-95% of the cryptos vanishing merely. The rest which will survive, will be huge.
if you are holding shitcoins, sell them before it gets too late, and grab some good coins with feasible products.
I have come across a 2 month old reddit article which stateshow the market is being manipulated by the mainstream media, and how the wall street is playing it, so you can get an idea. DO check out the link, and spread awareness, if not this post.
Do check out the above link, I hope you will like it. If you believe in cryptos, spread awareness about how media manipulates people; instead of the FUDs….
Upvote the original post you find it useful…. 😀
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