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I've made a huge mistake


The Block

August 15 · Issue #58 · View online
Weekly curated #cryptocurrency news and commentary.

This is The Block. Thanks for bearing with my absence. I’m back online and in normal mode after relocating from the cold northern latitudes to more temperate and I daresay, humid climes.

And apparently crypto world has gotten even more humid, or it’s possible that’s just the collective sweat from every investor who’re eyeing the exits and wondering if they’ve made a huge mistake.
The crypto market is in serious shambles now. Bitcoin just dropped below $5,000, down more than 60% from its all-time high, while altcoins are in even worse shape. Ethereum fell below $280 and XRP is nearly at pre-December 2017 levels.
What’s going on?
Lots of reasons for the market to be collapsing right now, but the short answer is, there’s simply too little information out there and no one knows just what the hell is going to happen. Fear has taken hold. The market’s mirror has shattered and now investors are bolting, or getting pretty darn close to doing so.
I even know a couple people are have cashed back out to fiat. Their reasons are their own and no one can be judged for making financial decisions.
But it’s vital at this stage to step back from the fear and anxiety and look at where we are now compared to a year ago, or ten years ago. We have unprecedented adoption rates, though still small, show crypto’s underlying allure, despite the horrible news playing non-stop the last few months.
Overall state of crypto valuation aside, the market has made tremendous in-roads into traditional, institutional investing, which will give it much needed leverage once the bears are shaken out and bad blood is drained.
Also, can we talk about average user adoption? While still not at a tipping point, we’re looking at crazy numbers here. Check it out:
Despite Crypto Bear Market, Coinbase Is Still Signing Up About 50,000 Users Every Day
That’s not to say that people aren’t being totally wrecked.
Bitcoin Slips Under $6,000 As Rout Resumes -- Here Are The Horror Stories
I can only offer you this: this too shall pass. This is a classic and historical over-correction from a massively over-bought and over-valued market. And this will be (not could be, but will be) good for eliminating poor quality projects from the competitive field, killing the bad coins and allowing the ground saturated with their remains to fertilize the coins left standing. And rest assured, there are plenty still standing.
And hey, there’s always a silver lining. Unless you sold all your Bitcoin for Turkish lira.
Links of Note
Bitcoin Investing Is Creating Tax Predicaments for Hedge Funds
Prediction markets are hot AF right now.
Libertarian Party Gubernatorial Campaign to Accept BTC Despite Unclear Legal Framework
Law Expert Advocates for Blockchain Use in Legal System
A Look Into The Mind Of An "ETH Giveaway" Twitter Scammer
XRP Technical Analysis
Ripple is now a minority operator of the recommended UNL for #xrp. This is a significant milestone: Congratulations to @Coil,, and #xrpcommunity. Thanks for the update @RabbitKickClub! 🔥👍
Wrap Up
That’s it for today. Thanks for reading!
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