The Darkest Hour in Crypto
I was told today of the downsizing of BitTemple in Singapore, due to the overall slump in the crypto market. Even the Chinese powerhouses have now been hit with the reality of the global crypto market.
As the market continues to fluctuate around the $4k BTC level, one wonders what’s next. No-one is really listening to the chorus of ‘crypto-bulls’ projecting their positive view on the market. Nothing they claimed in the past has come to fruition, so why listen now?
I do laugh at the positive spin coming out of the ICO public sale market. I wouldn’t believe a word of the claimed turnover with public ICOs, as I know of no-one who is currently investing in these. Like wash trading on Asian exchanges, I suspect there might be a bit of ‘fake news’ on the ICO front to try to keep the sales going. Never forget there is a large ecosystem of companies relying on those public ICO programmes for survival; from ICO sponsors, ICO marketing businesses, ICO listing platforms, ‘crypto’ influencers, bounty programmes, media outlets producing press releases, to exchanges for new listings.
As an indication of this ailing market, I saw the coin price of the once influential ICO business Iconomi had not just collapsed by 97%, but its liquidity was only $560 yesterday!
Totally illiquid.
This everyone, is called the DARKEST HOUR.
There are far too many positive things happening to ever support the ‘market is dead’ nonsense that some people claim. Don’t forget their names, so in the next boom we can all say “look — up 859%! — weren’t we the smart ones?
Yet I know many people are worried.
They do hold FEAR, UNCERTAINTY and DOUBT.
Remember the DARKEST HOUR is the one BEFORE THE DAWN.
Remember this time so you can party like 2019 in 2019.
I remember when the Dot Com boom collapsed. Everyone thought the digital world was dead.
But the Dot Com boom had done its job by creating a tidal wave of investment and building the foundation upon which the new internet age would be based.
That’s just what has happened this year. The blockchain token platform was created.
Obviously, 99% of the coins on CoinMarketCap.com will be illiquid within 12 months.
Obviously, 99% of the exchanges around today will be dead in 24 months.
This is digital evolution, survival of the fittest.
You just need to stay in the game.
No matter how bad it gets, you stay in the game.
I remember when people questioned the potential of financial derivatives when I was a new derivatives trader and then a broker in London from 1987–89. I remember people saying to me “why are you wasting your time bringing that American hype man Tony Robbins to Europe? People will never watch him”.
I remember the doubt about health supplements, natural beauty products and even the idea that people would ever move telecoms supply from British Telecom or Telia.
My message is clear. Don’t quit. Do what it takes.
The smart thing to do is INVEST NOW.
$10k invested in BTC at $4k versus a delay to see $6k, means a difference of 50% profit when the price is $20k.
As Warren Buffett says ‘invest when there is blood on the streets’.
