As you may know, 2017 was a special year of cryptocurrencies. This is the first year of ICO - a type of crowd funding mainly based on Ethereum smart contracts, which we called ERC20 tokens.
Before then, Ethereum was like dozen of altcoins silently went beside Bitcoin. Blockchain-based cryptocurrencies had been there since 2009 for Bitcoin and 2014 for most of the other altcoins. But only Bitcoin mooned. The reason was that people did not find any other interesting application of those new type of value-exchange mediums when their communities and exchange platforms were not so popular.
But 2017 was a winding turn for cryptospace. Besides events of SEC, Winklevoss Twins, Japan's bitcoin adoption, CME ... etc... millions of people were attracted to ICOs, especially MLM - Ponzi scheme. All of this was ran for FOMO.
So I wish to say so many people who came to know cryptocurrencies in 2017 did not really understand about the brilliant technology behind them, which implies that they also do not care how potential cryptocurrencies could be in the real lives. They just cared only profit. A super profit that ran on MLM scheme.
Therefore, cryptocurrencies were in a bubble pumping eventually. It was different from the super uptrend of Bitcoin 2011-2014 when the crypto-people were not that many but had better knowledge on cryptocurrencies. However, that small bubble 2011-2014 also got collapsed after then as you know.
Coming to 2018, the cryptospace faced troubles from governments in the world. Thousands of Pyramid ICOs one by one fucked off. The merely-for-profit bulls day by day left the market. Bears came !
Weak hands and day traders are leaving the market. Strong hands stay. And surely, cryptospace need much better qualified people, not these annoying guys.
It will not be surprising at all when a super profit (BTC from 800 in the beginning of 2017 is now up to 6400 USD/BTC = 8000%) finally get an correction to be adjusted. If BTC is back to 2000 USD then, don't worry ! This is just a correction, a certain correction. Of course, I don't think it will be down to 2xxx USD . But God knows !
So the best for you is still what we wish to emphasize again 3 rules of joining cryptospace:
1/ This market volatility is super high. Never spend the money which you cannot afford loss. I can ensure you, in long terms of
years, cryptocurrency prices will increase extremely much, out of our imagination. But no one can be sure about the short and medium terms
(in months)2/ Control your FOMO and FUD. What you do not sell is still in your hands so you lose nothing.
3/ The best investment is keeping your cryptocurrencies in personal wallets for secure. Keep well your pass phases, passwords, and authentication codes ... Then forget it for some years. Focus to earning money and fill your bags with Rule 1.
Anyway, this is my very personal opinion. FYR.
99% of us are just very ordinary people in this cryptospace. Think of the truth that the biggest holders of Bitcoin are keeping their coins so tight as the following article.
https://www.bloomberg.com/news/articles/2018-05-09/bunkers-for-the-wealthy-are-said-to-hoard-10-billion-of-bitcoin
