I have been watching the current crop of stories in the media espousing “The Death of Bitcoin” or the rehash of old classics like “Bitcoin is a Ponzi scheme” from 4 years ago (Google “Bitcoin is a ponzi scheme” and see that the Washington Post, FT and a host of others have all taken this tried and true path in the last couple of years) with similar predictions of doom and gloom that the current volatility has stimulated.
It reminds me the current crypto “Talking Head” community. A bunch of people sitting around saying “Oh it’s bad”, “There’s a lot of money on the table” or my favourite “I’m making a killing” or the more honest “How do I not lose my shirt?” a lot of bloggers and journalists who are beholden to the great machine of the 24 hour news cycle, as well as people who just like shouting into the great darkness of the internet, all have column inches to fill.
People who’ve been in the market a while are more sanguine. Crypto is volatile, and the independent nature of many traders mean that a lot of people don’t entirely know what they are doing and begin getting skittish and heading for the exit as soon as “word passed around”. In fact that one sentence “word passed around” explains the mechanism of distribution for 90% of crypto market intelligence.
Many voices are saying “But ETH was $359 two weeks ago and now it’s $161, I have to get out!” Two of those things are true. What is also true is that on Feb 25 2017, the price was $13.10. So, it is certainly down from its exuberant highs, but if you got in in Feb your still up 13x…in 5 months.
It’s an immature market, and the volatility attracts the types of players with a particular type of risk profile, certainly. If you got in at $359, then you are likely feeling the pain. Hopefully you got in responsibly and you can afford to sit on your coins for a while. There’s a lot going on in the market at the moment, with all that’s going on in Bitcoin around August 1st, a lot of Token Sales who’ve liquidated some of their ETH to begin working on their projects and some helpful and many unhelpful articles about possible regulation and other shenanigans all have an impact.
There are some reasoned voices out there amidst the madness, but they are lonely. I liked this piece by Steve Kanaval over at CryptocoinsNews, who’s been in the game a while and survived the dotcom bubble and knows a thing or two;
Ethereum Prices Trade at Support Levels after Tricky Waters
Ethereum prices have followed the trading pattern of nearly all digital currencies making highs in early June above…www.cryptocoinsnews.com
Or you can learn more about Steve here.
Steve Kanaval | Professional Profile | LinkedIn
View Steve Kanaval's professional profile on LinkedIn. LinkedIn is the world's largest business network, helping…www.linkedin.com
Most pundits prefer to comment at the extreme ends of the spectrum. Either “The Sky is Falling!” or the excellent “The uncertainty is being exacerbated by big players so they can capture more market share”.
Most of us over here at openANX are in the middle of the spectrum. We understand volatility right now is not ideal, but we’ve seen this happen before. We are just continuing doing what we are supposed to be doing, working on the project, getting stuff done. Things will settle down, and it’s best we focus on delivering the best possible platform for our users. So, the answer to the question raised in the title of this post, is “not much.”
Good luck out there! And remember to register before the 29th July to activate your tokens! It seems that a fair number of people are waiting until the last minute, so we are now advising for people to ensure they get their details inputted to the system by July 25th to ensure they are ready to go!
By Liam Bussell