Bitcoin Forum

Hi. It seems that Bitcoin foremost can't escape the January slide. Even for this time of year the ups and downs were a little unexpected.
I expect this situation to keep on going for next few months, leaving aside the FUD, there are so many coins and tokens that have totally unrealistic projects, but still many people pump money in them.
Bitconnect...was such a scam from the 1st day, but because they used crypto, people went nuts. So now a lot of newcomers believe that Bitcoin and altcoins are scams.
My guess is that when , probably 25% of crypto, will disappear whatever the project will fail or they are just scams like many ICO nowadays will see a massive slide. Ofc the good projects will go down too, but they will recover and probably go crazy from there.

Any thoughts on the recent market and for what is to come?


PS. I tried for 5 hours to explain to some friends that Bitcoin is not a scam, but I ended getting bold. The FUD and the mentality of accepting something new is just overwhelming for now.

Maybe your friends are right?

If your friends still don't believe it then you cannot convince them.

Do not force it to them. If they dont want to be in then let it be.
You might end up getting blamed afterwards if you still do it. Just give them some points but not to the extent of pushing it hard.

This slide though that you are talking about.
It could be because of the people having more options. Like you said new projects are being opened and they all have tokens. When people see a lot of money could be taken from it then they will go for it without any background check.
That could be lost for them but also a losing side to us who supports bitcoin.
They wasted money into something which could have just got into bitcoin.

It is sad and this might happen more. But as a bitcoin supporter I will keep on going on until I see the value that should be for this great currency.

No one can predict what's going to happen next. We will have scammy projects until people realize that not any ICO equals magic internet money, so that they start to learn how they should look for good projects. Until that awareness comes, we will have people getting scammed out of their money.

I blame it on the fact that Merit points are running out. :)

It's not worth waisting the energy. At the end people will always believe what they want. Those who haven't figure out by now that bitcoin is not a scam probably never even will. If you can't convince them to try on their own which would be the best for them then just give up.

Today's drop in price is more than likely sponsored by FUD associated with the Bitfinex & Tether audit announced by the US regulators. Bitfinex & Tether got subpoenaed (on 6th of December) but the news was only published around 2 hours ago. I'm not worried about the price long-term, and neither should you, Bitcoin has overcome every obstacle so far and I don't see why this would change!