Black Tuesday for altcoins!

[vuduchyld]

More blood in the streets on Wednesday.  Total non-BTC cap down to $400mm.  It's not pretty out there.

[God27]

BTC will go to $340, while smart money will be moving into XRP.

[devphp]

BTC will go to $340, while smart money will be moving into XRP.

Not sure about XRP, but BTC is/was a bootstrapping fuel for other more advanced coins.
Many Bitcoiners think that it's all static, the world is stuck with one crypto and it will be like that for decades, but they are wrong.
It's all dynamic, and Bitcoin only set the stage and provided financing for crypto 2.0 to develop.

[Puberty]

Good news! Every single altcoin in the top 16 has been green for the past hour according to CMC. Lets hope this trend continues.

[Nxtblg]

All these coins are basically no different than stocks and because of that, I believe it's mostly due to it being summer.

There's a very definite similarity in how a bull or bear market affects the general mood around here. Here as is there:

Strong bull trend --> "TO DA MOOOOON!"
String bear trend --> "WE'RE GONNA DIIIIIE!!"

All from the magic of extrapolation.

Allow me to present the image of an old Business Week cover that's legendary in contrarian investing circles:



From the issue dated August 12, 1979, a Sunday. That past Friday, the S&P 500 had closed at 106.4. Almost 35 years later, it's at 1,953.72

Sort-of gives you a different take on "The Death Of Altcoins..."

[Hfleer]

All these coins are basically no different than stocks and because of that, I believe it's mostly due to it being summer.

There's a very definite similarity in how a bull or bear market affects the general mood around here. Here as is there:

Strong bull trend --> "TO DA MOOOOON!"
String bear trend --> "WE'RE GONNA DIIIIIE!!"

All from the magic of extrapolation.

Allow me to present the image of an old Business Week cover that's legendary in contrarian investing circles:



From the issue dated August 12, 1979, a Sunday. That past Friday, the S&P 500 had closed at 106.4. Almost 35 years later, it's at 1,953.72

Sort-of gives you a different take on "The Death Of Altcoins..."

But where would the fun in NOT hyping/fudding for most people here?

[vuduchyld]

Worth noting, though, that both the crypto products and the trading markets are FAR, FAR less developed than equities markets (or their underlying companies) were in 1979.  They are also largely unregulated.  It's much easier to imagine the death (whatever that may mean) of such immature products and markets than it would have been to imagine that equities markets were going away.

Not that I think death is imminent...and that is a GREAT cover!  Thanks for sharing for perspective.

[asdf_files]

490 $ per BTC ? WTF is going on ? Etherium team is it you?

[Nxtblg]

Worth noting, though, that both the crypto products and the trading markets are FAR, FAR less developed than equities markets (or their underlying companies) were in 1979.  They are also largely unregulated.  It's much easier to imagine the death (whatever that may mean) of such immature products and markets than it would have been to imagine that equities markets were going away.

Not that I think death is imminent...and that is a GREAT cover!  Thanks for sharing for perspective.

Thanks yourself!

Just a note, though. I have some off-and-on years of playing penny stocks - enough to compare those markets to the ones here. Only a quick and memory-limited assessment, but my take is that the "wild west" hothouse around here means things move much faster in altcoin land than in the penny markets.

True, the grudgingly put up with shenanigans around here are illegal there - which is a big difference - but the patterns of fad-chasing, hype, bubbles, collapses, bagholding and bitterness are strikingly similar. I saw it all the time in gold-exploration penny-stock land, albeit with less volatile ups and downs.

[Nxtblg]

But where would the fun in NOT hyping/fudding for most people here?

"I'll give you my fun when you take it from my cold, dead hands."

 

[nutildah]

Its almost Tuesday already in some parts of the world...