Over the past month, people have been freaking out and selling during this healthy correction. This is the worst thing people can possibly do!
When it comes to the super lame, low market cap cryptos also known as "shitcoins" I can understand getting out due to the simplicity of a pump and dump, but when it comes to the top 50, it's nonsensical to opt out low.
There are many theories as to why Bitcoin and especially the alt-coins have been tanking lately. There is a rumor regarding an accident in the hardfork that's not substantiated. Some are saying it's the ICOs. But most of all, when Bitcoin is going below $2400 and ETH goes below $200, this is a sign that the rally was far too great in far too little time. The breather is much needed and we need to HODL!
I simply can't understand why someone would get into cryptocurrencies for long term insurance of wealth as well as getting off the grid, see it go down a little and freak out and sell low. It just blows my mind. That selloff is of course causing this down trend to a large extent.
We need to educate people better, that's the bottom line I've come to. We need to explain the long term effects of Bitcoin to people who got into this with no understanding of what it was they were getting into. There are so many people that just heard someone else say "Put money in Bitcoin!" and they thought, "Well that sounds cool, okay" but all the while have absolutely no idea how it works. This is irresponsible.
People should always know what they're putting money into, that especially goes for the destructive fiat system. I hear people all the time making HUGE money off of Bitcoin and then simply selling it off for fiat thinking their job is done. Some day they'll wake up to find that fiat worthless.
Lack of understanding is the best way to take advantage of people and that includes fear mongering in the media regarding Bitcoin as your average grandmother or grandfather reads something in Forbes or Bloomberg saying Bitcoin is crashing and they pull out perpetuating the drop.
Long term there are only 21 million Bitcoins to be created. This creates great scarcity, much like gold has scarcity due to its rarity. We're just at the beginning of the rocky mountains here. We are entering the very rim of the rockies and we're seeing some tiny little mountains thinking "Wow! They're so big!" when in reality, there are mountain 50 times as big further in, you just have to have patience and go up and down the peaks before you meet Mount Robson.
STEEM of course took a major hit and went below $1. I'm excited more than anything. I see a major buying opportunity that I wasn't sure I'd see the likes of again. This is also a great opportunity for the newbies who've never put money into cryptos. Those who've been waiting for a downtrend.
You think the last rallies were big? Just wait! We're about to see a MASSIVE influx!