Altcoins Under Attack


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Maximalists are in full throttle as they spread Fear, Uncertainty, and Doubt into the altcoin market.


Crypto Bubbles: Why Traders Believe Altcoins Are Overpriced

For the most part, the altcoin market bottomed and is still at the bottom. Bitcoin has gone x3 in three months, while not many other projects have followed. Many big players in the space are weaponizing that fact and using it to attack the market.

More specifically, veteran trader and author Peter Brandt recently compared the altcoin market to the dot-com bubble, claiming that Bitcoin's recent strong rallies won't be replicated by other cryptocurrencies.

As I've explained several times, comparing Dot Com to crypto is a huge mistake.

"While most altcoins are probably significantly overvalued, some, like Chainlink, may emerge as very valuable entities. So it makes more sense to look at these on a case by case basis then make generalizations."

This statement is particularly infuriating. Chainlink went x7 over the last two months, so this person is just picking out a 'random' crypto that did well recently and assumes it has strong fundamentals based on the investment decisions of a few big whales over the last month?

Can't we see what's happening here? This is all after-the-fact FUD spreading designed to separate us from our money. There is now massive interest in Bitcoin from corporations and institutions. However, many of those corporations and institutions won't take any bigger risks than Bitcoin for quite some time.

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Market sentiment mirrors this perfectly. Bitcoin gets pumped and most altcoins stay stagnant, and then we see rampant misinformation that plays in to the scarcity mindset that we've all been enslaved by. The same old tired fear mongering just cycles over and over and somehow retains perfect effectiveness.

“As we saw with Netscape, AOL and AltaVista in the early Internet era, it isn't necessarily the first-movers in a new industry that end up the biggest successes. Perhaps even Bitcoin itself will be usurped by something faster and even more ingenious. A household brand name like Bitcoin is a valuable thing but it does not make a brand bulletproof. Just ask Nokia. Or Blackberry. Or Kodak. Or Blockbuster. Or Toys ‘R’ Us.”

Gag. Again with the comparisons of crypto to corporations. Show me the expense breakdown of Blockbuster compared to say... Steem. We don't have employees. We don't have logistics. We don't have to pay rent or property tax. Comparatively, we have zero overhead compared to a corporation. All this needless FUD should be telling you one thing.

Either these FUDsters want to buy altcoins on the cheap (not likely) or a new wave of maximalists have just entered Bitcoin and want all money to flow into it now that they have secure footing in the market. Bitcoin has gone from $4k to $12k. Obviously a lot of value has changed hands in the last three months. It's obvious to me these new investors are looking to capitalize on the fear of others.

To make the claim that Bitcoin is going to corner the entire market with 10 minute blocks and no smart contracts is completely absurd. The same is true for even assuming Bitcoin is in competition with other open source projects to begin with. Open source projects literally can't compete, but we're in this situation where all the cutthroat venture capitalists are here projecting their past experiences onto this emergent economy.

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They want you to believe that there aren't enough resources for everyone. They want you to join their little rigged rat race. Don't play that game. Pick projects you believe in and want to be a part of and put your time and money there, no matter what other people are saying.

Crypto is about targeting communities. Think about it: how communities are actually being targeted? Hardly any of them. Also, the people who have the best technical skills for building these technologies are often also the worst community builders. It's going to take a long long time to reach the tipping point that gets this ball rolling.

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The establishment is having a very hard time controlling distributed ledger technology, but they are trying their damndest. They've tried buying it out but that just spikes the price because there are too many holders. They've tried futures markets. They've tried bottlenecking the on/off ramps to fiat via regulation of centralized exchanges. ETFs are next, and whatever other tricks they use to control the value of precious metals.

From there, Bitcoin will be used to control the altcoins. At least that's the plan. I don't think that's going to work long-term but it sure as hell is working now.

The summer bull run may be over. I've been predicting for 6 months now that it would spike to 12k and drop to 6k. Now it looks like the spike might actually be 13.8k down to 7.5k, and that's fine.

However, this whole situation has created a new round of extremely weak handed and scared investors. If Bitcoin really does fall back down to 7.5k it looks like almost the entire altcoin market will be massively oversold. I can't wait for that to happen if it does (I'm thinking September or October).

You only want the price of a project to rise if you intend on selling out to USD.

As someone who is still trying to buy more coins, I would love it if the market became massively oversold. Trust in community. Reject this fear mongering based on after-the-fact speculation.


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This statement is particularly infuriating. Chainlink went x7 over the last two months, so this person is just picking out a 'random' crypto that did well recently and assumes it has strong fundamentals based on the investment decisions of a few big whales over the last month?

Cherry picking indeed. Last time I checked about a week ago, Bitcoin wasn't even in the top half among the top 10 market cap cryptos in terms of multiplying its price from the bear market lows in December.

See: https://steempeak.com/cryptocurrency/@markkujantunen/how-well-have-altcoins-recovered-from-their-recent-bear-market-lows

Fucking manipulative pricks.

07.07.2019 00:45
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Haha yes @markkujantunen! Crypto is a funny thing, when it goes up with any kind of momentum all of the sudden the buying skyrockets, when it falls to low enough levels everyone turns into Chicken Little. Then confidence picks up and we have our bi-annual irrational exuberance fest, then it levels out, then it repeats. Maximalists are inherently intellectually dishonest and outrageously irrational so often it's very hard to take them seriously at all. $100,000 BTC? It's possible. Likely anytime soon? No. $1,000 BTC it's possible, likely any time soon. No. Somewhere in between that. Very likely, I mean very likely, even more likely you would think. But yet people make themselves look like idiots say 100k+ bitcoin because BTC is the only one that can do it? Give me a break. No one crypto is going to replace all fiat anytime soon but merely provide an option as competition and then we see where it goes from there. Sorry, very vanilla comment, but I don't like to look like an idiot on a regular basis and make outlandish statments that will never happen with BTC. I save that kind of rhetoric for when I guess (often wrong) on where steem is going, lol.

07.07.2019 04:06
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Do you really think it will drop to 7.5k by October? I doubt that.

07.07.2019 00:48
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Sure, there is a real possibility that there is just way too much buying pressure from here on out. Still, even with the exponential growth of doubling in value every year, that still put's Bitcoin at a $5000 base value today.

We also have to consider what will happen if the economy collapses. I'm guessing Bitcoin would do very well in that case, although many make the opposite claim.

07.07.2019 00:57
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You can’t have it both ways. You are either bullish or bearish. 10 Steem btc will not go to 7.5 by October. That is my observation. :)

07.07.2019 01:10
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I'm bearish during the months of Sept/Oct. Bullish during summer and winter.

Summer isn't over yet so I'm still up in the air at the moment.

07.07.2019 01:33
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WARNING: IF YOU REPLY TO THIS ACCOUNT YOU WILL BE FLAGGED, YOUR REP HARMED AND ALL OF YOUR REWARDS REMOVED. DO NOT ENGAGE WITH THE TRASH. YOU HAVE BEEN WARNED

09.07.2019 08:28
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10.07.2019 16:57
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WARNING: IF YOU REPLY TO THIS ACCOUNT YOU WILL BE FLAGGED, YOUR REP HARMED AND ALL OF YOUR REWARDS REMOVED. DO NOT ENGAGE WITH THE TRASH. YOU HAVE BEEN WARNED

09.07.2019 08:28
0

10.07.2019 16:58
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They’re just trying to get folks to doubt their decisions to invest in non traditional avenues. The technology behind bitcoin is stagnant right now compared to chains like this and others, people don’t buy coins just for the financial reasons but they don’t bother trying to understand that.

I would love if the markets shot back down to 4K lol I could get some more bitcoin and some more alt coins. I grabbed a few random ones that I would love to see spike, for their sake as well as mine.

Posted using Partiko iOS

07.07.2019 00:54
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07.07.2019 01:01
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Happy to read this and get your point of you. I'm not sure if you are correct but I certainly hope so. I'm happy right here is steem and aching for more. I just don't have the fiat to take the plunge right now. In a perfect world I would a few years of .30 steem if I knew it's future was on solid ground. My only trepidation being all in on steem and having the whole project fall apart. But in the last month Ive gotten more confident in our future. I am holding some liquid steem in order to diversify when I figure out the right move. as much as i want to accumulate more and power up 100% I feel like I need a little diversification to save myself from a total mental breakdown if things go south lol

07.07.2019 01:04
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I personally think that everyone should have at least some exposure to Bitcoin and Ethereum. Doesn't even matter if it's $10.

07.07.2019 01:28
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I traded my btc and eth for steem during the bull run. I'm down 50% if I would have just kept it. Although had I traded for steem and not staked and worked, I would be down 94% so I was able to wipe out 40% of my losses. That is what attracted me to steem in the first place. The ability to earn free crypto.

07.07.2019 02:02
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I still contend it’s like the dot com bust. There will be winners in the altcoin space. Your idea that controlling the altcoin market through bitcoin is probably right on the mark. Perhaps speculators and investors know that bitcoin is the passage way to altcoins. It’s not over by a long shot.

07.07.2019 02:17
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This is so stupid. Most alt-coins aren't overvalued. Many of them are undervalued. Maybe some random clone coin is overvalued, even in this valley, but tons of projects are undervalued...if they can hang on long enough to have their peak. The Dotcom bubble had tons of overvalued projects...but as it crashed, it also killed projects that would be billion dollar corporations today, if only they could have held on.

We had a bubble of sorts with idiots buying into "shit coins", and this is now our valley, but that doesn't mean that some random coin isn't worth it's current value and much more.

Of course, as you pointed out, crypto doesn't really have employees...but it does have people that maintain the code, run the mining rigs, servers, etc. So, a crypto that's small might possibly get abandoned...and it too in turn could make a revival even years later.

Bitcoin could have ended up becoming mostly ignored if those idiots holding it back hadn't allowed updates once it started to crash.

I somewhat wonder if they actually did that on purpose, holding back updates until it fell a bit, so they could sell and buy in lower. Of course, I don't know that any of them expected the crash to seem so epic and long-term.

Pick projects you believe in and want to be a part of and put your time and money there, no matter what other people are saying.

This is the key. Of course, even projects we believe in might not succeed that well. Maybe something else usurps them. Maybe the corporation doing the majority of the development fails. But you have to research whatever you put your money into. All of us, even some idiot talking about some crypto that seems like they know what they're talking about, are just looking at various data and trying to guess. Whether or not they will prove to be idiots is whether or not their guess is correct...but it's still a guess.

You only want the price of a project to rise if you intend on selling out to USD.

And you only want the price to stay where it is or crash when you want to buy more using fiat, or earn more somehow.

07.07.2019 03:31
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I have considered several times how my small town could incorporate crypto and it wouldn't be nearly as hard people think. People that know they are investing in something that is not going to lead into truckloads of money leaving their small community on the way to a metropolis or state hub would be all ears if they felt the money invested would circulate several times before leaving--versus the elusive trillion-legged fiat note.

07.07.2019 04:19
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Fuck em. Simple as that. I literally couldnt care less what bitcoin maximalists say.
Bitcoin is slow, expensive and i dont think it will ever be used as a means of payment on a large scale.

If Steem is worthless, then Bitcoin is worthless 10 times over. I dont care what the market says. I really dont.
Because i know im right. STEEM is the most undervalued cryptocurrency out there.

Now, i can eventually make some money from that fact if the market realizes it as well, or i can lose money because the market is stupid and just doesnt care about project value.
Either way i was right.
Ill rather be right then shill garbage.

07.07.2019 08:52
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the market can only ignore solid projects for so long before fundamentals force the respect they deserve..

07.07.2019 09:28
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I dont agree. From what ive seen lately i question the worth of any value proposition a crypto has, based on the market makeup right now.
It seems the project evaluation does not go beyond "its p2p".

Thus Dogecoin on Binance.

07.07.2019 10:20
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From what ive seen lately

That's the problem right there.

There is nothing to see.
The battering ram hasn't been invented yet.
Let's talk about this again a year from now.

07.07.2019 21:06
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Thats what the other guy told me last year. 😂

07.07.2019 21:08
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And now we have SteemEngine tokens,
on the verge of SMTs,
Reduced server costs for Steemit Inc,
Ad revenue for Steemit Inc,
subsequent talk about diluting programatic selling...

Everyone is jaded about having spent a year in a heinous bear market.
You have to give it a year in the bull market first.

Ideally you have to give it an entire cycle,
which is dictated by the Bitcoin 4 year halvening event.

Once you're in the space for at least 4 years I'll take the bearishness seriously.
I've personally only been around 19 months.
Steem itself hasn't even been around for a full cycle.

07.07.2019 21:24
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Even if we do enter a bull market.... the question will still remain: "Is it due to Steem being a quality project, or is it due to the cyclical nature of the crypto market?"

Was all this development a waste of time and we should have focused on hype instead?
There is a case to be made about the steemit.inc layoffs.

Would it have been better they did much less, even nothing, and had low costs never having to lay off people and come out with the only piece of press Steem had in a long while. That being bad press that is basically the only thing people outside steem know about steem right now.

That is the nature of crypto i see now. I see no reason, when choosing a token to invest in, to look at anything other then its marketing strategy most of the time...

08.07.2019 06:46
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Greetings, @edicted

Excelente text, man!!!! I think bitcoin and altcoins is like a 70%-30% of relevance market.... I dont know this, correct!!!!!

Lets cheer and work for steem price grown up!

07.07.2019 12:20
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I have a feeling we will never see an altcoin season like before. There will be an altcoin season but its going to pale in comparison to the last one and be more centralized around a few core altcoins such as litecoin, ethereum, doge, eos (maybe steem lol) etc.

There are more laws, regulations etc this time around that where unknowns last altcoin season where people felt like it was free money for all!

07.07.2019 17:12
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With the new steem-engine tribes palnet and steemleo can we say that actually the price of steem is x3?

08.07.2019 22:34
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