Price action is the biggest liar in the world. If we look to markets to tell us what is going on, we are going to be sucked into what the establishment thinks.
We need to be clear here. Cryptocurrencies are a threat to the banksters. There is no way they can stop what is taking place and they (the banksters) are well aware of this. For this reason, their only chance of holding onto power is to use their "arms" to bash them into the ground.
What are the "arms"? It is the one-two punch of the government (regulation) and media (FUD specialists).
So what is happening in the cryptoworld? What is going on with Bitcoin?
If we look at pricing action, they are going away. Things are terrible. We have 3 red days for each green day. Buffett must be right, this is not going to end well.
Of course, this idea is reinforced by Google banning all cryptocurrency ads starting in June. This is on the heels of Facebook doing the same thing last month. Both these institutions account for 80% of the Internet traffic. It is going to be near impossible for any new project to get the word out.
Is this realistic? Are we nearing the end? Is this experiment done after 9 years?
If you base your perception upon the MSM and the garbage they are spreading, then you might believe that.
Before we buy into that, however, let us take a look at a few more things.
Let us start with something I wrote about yesterday.
Wyoming passed a bill that became law that says cryptocurrency, as long as it is not marketed as a security, will be considered a utility token and treated as currency.
I guess CNBC missed that one. Nobody cares about Wyoming anyway.
Bitpay and Bithumb just partnered together to enter the international remittance market. This is a $200B a year market between Korea and the West. Basically, they are able to turn customer invoices into Bitcoin. It should come as no surprise they can settle faster and for less than banks can.
Judging by the market action on Bitcoin, this one was overlooked too....even though the chief commercial officer appeared on CNBC.
Coinbase opened an account with a major British bank to become the first cryptocurrency exchange to gain access to the UK’s Faster Payments Scheme. This gives British citizens a much clearer path for converting their crypto to pounds, saving them time and exchange rates.
Turning crypto into one's home fiat is often a major drawback to this industry. This move is a big one because it allows British citizens to skip a step. They had to convert crypto to Euro then to GBP. Now they can do it in one step.
Playboy is getting into the cryptocurrency game. While it is not developing a token (at this time) it is going to start taking payments in cryptocurrency. The token it is accepting? Vice. This should be wonderful news for those with STEEM. While the Vice group is forking the blockchain, it does show the interest that other content creators will have in what is going on. SMTs are going to be really big for this blockchain (and for Vice too).
https://www.coindesk.com/playboy-tv-to-accept-crypto-payments-for-exclusive-adult-content/
Playboy is going to roll the use of cryptocurrency into its other lines of business too. I would guess that it will use the SMT protocol to create a token on the Vice blockchain.
Circle also released its cryptocurrency app in 46 states. The company is offering accounts with no minimums, instant access, and no commissions. If you remember, Circle also acquired Poloniex which allows for all kinds of tokens to be traded.
https://www.coindesk.com/circle-opens-access-to-investment-app-in-46-states/
These are some major stories which you do not hear the mainstream media discussing. There are some major companies making moves that are going to really increase their position in this industry.
The pricing action on cryptocurrency sucks of late. It is total carnage. However, the development and advancement of companies is spectacular. The stories I mentioned are news for one day. This is not a situation where I had to search for a couple months worth of stories. It is one day's headlines.
I cannot predict what is going to happen to the price from here. Ultimately, we are going to see an explosion. Nevertheless, with all the FUD out there, we could see lower levels. As I write this, the price of STEEM is dropping like a rock. That makes a lot of sense as we are nearing 1M users, a very nice milestone.
Either way, long term hodlers need to ignore pricing actions. Traders can follow the minute by minute ticks of the tape. Getting too high or low about price movement on a HODL serves no purpose. Sure we all love when the price goes up rapidly. Nevertheless, a big part of cryptocurrency success is weathering the down times.
Simply put, blockchain and cryptocurrencies are kicking a** and taking names. You will not hear that on the mainstream sites but that is exactly what is happening. Price action sucks yet the development of this industry is going very well.
It is still very early in a long term game with a tremendous upside. Do not buy into what the banksters are selling.
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