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My thoughts, as a (mostly silent) veteran

All Cryptocurrencies

by COINS NEWS 226 Views

It is hard to admit but most of the money that drove this and past bull runs was stupid money chasing 'riches'. It is easy to identify:

Are you hearing people at the grocery store talking about crypto and getting rich? Are alts pumping like crazy every day? Are there a bunch of projects out there promising to change the future of the world? Do those projects have a market cap commensurate with having already delivered on their promises, even though they have had no huge impact on 'mainstream' society? Are uninformed relatives asking you about your crypto positions again, even though they had no interest for the years in between bull runs? Has Nano recently pumped (jk)?

My point is, when you really think about it, it is easy to identify when greed has taken over the market. Greed builds over a long period of time (months to years) and, once shattered, does not make an immediate recovery, it must rebuild once people have gone through their stages of grief and had a chance to reset their stance towards the object (crypto), which takes time.

Given recent events, I believe the greed has been shattered for too many people for the market to make a short-term recovery. Best of luck but beware of the first major dead-cat bounce after a 50% reversion, it looks and feels like everything is going back normal. I'd prefer to be wrong but the huge amount of short-term optimism around here after an event of this magnitude is only further evidence to me of how detached from reality (some) people have become during the bull run. On a lighter note, I strongly believe crypto will make a return to new ATHs, just not so soon after a major event.

submitted by /u/errant
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