Crypto people love to talk about and publish posts and articles about where the Crypto markets are heading and conjecturing why and what has caused market movements.
So its quite surprising that so many people ignore or dismiss the factor that:
- caused the biggest drops and rises;
- which shows clear correlation from the factor to the market response; and
- which is soundly based on fundamental economic theory.
That factor is Facebook & Google banning the entire Crypto industry from advertising on their platforms that completely dominate the online and social media advertising markets.
JPB Liberty has provided a detailed analysis:
Its amazing how people come up with all sorts of post facto rationalisations.
Techie people often say that Crypto projects were not yet technically ready for all the volume and technical limitations caused the market to crash.
But if this were true, why did Steem fall too. It had no issues handling much higher volumes than it was ever confronted with.
Also, although Bitcoin and Ethereum transaction prices rose and occasionally there were delays in processing low value transactions, the blockchains continued to perform and did not break. The issues were quickly resolved and do not correlate with major downward market movements.
Indeed these issues occurred at periods of highest volume and price but the markets continued to rise.
Market people sometimes say a correction was inevitable because of the huge price rises that had occurred. However, a correction HAD already occurred on 8 Jan 2018, 3 weeks before Facebook announced its ad ban. This 35% drop from $828Bn (8 Jan) to $541Bn (18 Jan) was already a large normal correction and the market had begun stabilising with the market rising again to similar tops on Jan 21 & Jan 29.
What Facebook's action did was apply a nuclear strike on top of a normal correction and sent the market plummeting a further 53%!
Its about time people faced the Elephant in the Room: Facebook & Google are way too powerful! They are causing massive destruction of freedom, of competitors and of the foundations of free and democratic societies. Even Facebook's co-founder thinks so.
Its time that YOU do your bit to stop them.
- join the Crypto Class Action lawsuit at www.jpbliberty.com; or
- by sending an encrypted memo to @jpbliberty saying "Join Crypto Class Action. My [email/Telegram/Skype] address is [xxxx]."
- Support JPB Liberty's Fundition campaign to fund the lawsuit
Signup for the Crypto Class Action Lawsuit against Facebook & Google's Crypto Ad Ban
