It was fun while it lasted.
I had thought that we might be able to hang in there and make another leg up before the FOMO ended, but it looks like I was wrong.
Anything and everything is being sold at this point.
With most altcoin prices already down 90% from their highs.
I wish I could say that we don't have much further to go down, but we probably do.
There was no reason many of these coins were worth billions of dollars, let alone hundreds of millions.
There can only be so many payment options in the world for them to all have value.
The way I see it, greed killed it.
Too many coins were created and too many ICOs launched.
Everyone after the quick buck.
Had there been a steeper barrier to entry and only a few really good projects were launched we probably wouldn't be seeing this.
Yes we would have had booms and busts but not to this extent.
(Source: https://www.flickr.com/photos/708718/6388635573)
The good news if you are a steem holder is that steem actually has a product.
Steemit.com has over a million users and is a unique website.
Is that website worth hundreds of millions like the current marketcap? I am not really sure.
Though there are several other decently popular apps built on steem as well that likely have some value.
Which means the price of steem is not going to zero.
So, we have that going for us.
Not much we can do at this point except wait for the dust to settle and see where things lay.
The other good news is that unlike a couple of the other crypto winters, we know that bitcoin and cryptocurrency are still going to exist after it is over.
That couldn't be said during several other major crypto winters.
Stay informed my friends.
Image Source:
https://www.criptonoticias.com/opinion/puede-ser-bitcoin-burbuja/
Follow me: @jrcornel