As I try to move away from making Something Decent solely about airdrops which might end up being worth something (let’s face it, most aren’t) I wanted to start focusing on writing more informative pieces, which I will try to keep objective. When I say objective I mean without any favouritism being played among the coins/tokens which are mentioned – obviously opinion pieces are based on opinions, which are ultimately subjective.
You will all be well aware of the fact that we have been witnessing the entire crypto industry going through a bear supermarket, the likes of which Asda would be envious of, for the best part of this year (2018) and, in my opinion, it will probably continue until the entire crypto marketcap falls below the $200b mark, possibly as low as $150b.
My reasons for believing this are simple and, if I am honest, they are solely based on my own experiences since entering the crypto space, not any *tactical* technical analysis which ends up looking like a toddler got hold of a crayon and a ruler.
My baptism of fire
While I am not one of the original Bitcoin investors who claim to have witnessed “much worse” I feel that the past year and a half has provided me with a money-cant-buy crash course in the volatility of the market and problems which the industry needs to tackle. I have made good trades and I have made TERRIBLE trades. I have accidentally cocked up and bought for higher than market value and sold for lower. Hell, at one point, I bought the wrong coin (don’t ask) but that is the nature of self learning – you make huge mistakes.
All of this was a learning curve, a baptism of fire, if you will, but it was essential for me to quickly get a hold of the ropes and understand crypto exchanges, and the market in general. Without the baptism of fire which I mentioned I would no doubt still be investing in ICOs and not dumping when everyone else dumps. I would still be chasing candles on Bittrex and losing money. I needed to learn.
Enter the cleansing
One of the most important lessons which I have learned is that the industry is ruthless and manipulated to within an inch of its life. Not only is it manipulated by the likes of Bitmex et al, it is also one which is plagued by scams and shitcoins. This is why I believe the marketcap will fall even lower before it increases significantly.
In my personal opinion I think that we are about to witness a ‘cleansing’ of the crypto industry and I would not be surprised to see a number of tokens/coins disappear for good. At present the Coinmarketcap list of cryptocurrencies is full of shitcoins which serve absolutely no purpose whatsoever and I feel that, once the entire market has dropped significantly, they will disappear/die off.
The sudden boom in ICOs which we saw last year made it all too easy for any old person to download a couple logos, make a quick website and release a smart contract. This is what has lead to the situation which we are in right now and once the floor has been cleaned of all the mess I feel we will see another bull run.
Obviously I could well be entirely wrong and coins like Jesus Coin could end up becoming worth a million bucks each tomorrow. Who knows. For now I advise more than ever for people to do their own research and get their portfolios in order.
Please remember that this article is not to be taken as any form of investment advice and that you should do your own research before investing your hard earned cash into anything. We would also like to remind you that Something Decent is not in anyway responsible for the distribution of airdrops, bounties or giveaways unless it is stated that we are personally conducting them