Markets Drop Lower As Fear Continues to Spread

Is There An End In Sight?

The market dug the hole just a little deeper today as it sold off another 15 Billion indicating that the fear has not left the market and the bears are fully in control.

What’s clear is that Bitcoin is showing many positive signs throughout this turmoil.

It gained a massive amount of market dominance today as the market fled into BTC reserves, ending the day at over 53% of the total market.

On the flipside, Ethereum had one of its worst days ever, down over 11% on the daily chart and almost 30% on the weekly chart.

ETH has now effectively erased 100% of its year-over-year growth and is down 78% from its all-time high of $1,337. Interestingly, the current price of ETH is almost equivalent to the price of

ETH exactly one year ago.

It’s no secret that Platforms are hurting bad right now. EOS is down 34% on the weekly chart and NEO is down 38%.

So what’s the deal? Why are people jumping ship from platforms when they were such a surefire bet a few months ago?

As the cryptocurrency industry continues to mature, it seems that platforms are the targets of animosity regarding scams and bad actors in the space.

According to a recent report by Diar, ICO exit scams have now cost investors nearly $100 Million.

From Diar, “Unsurprisingly, the blatant exit scams continue to plague the largely unregulated ICO sector where the founders have no contractual obligation to deliver a product. After raising millions of dollars with no string attached, the founders’ incentives to actually build a valuable company are very limited.”

That sort of egregious disregard for investor faith and capital really spoils the whole space. Add on negative comments from notable voices such as Warren Buffet, Bill Gates, and Jaime Dimon, coupled with the high profile boom and bust over the past year, and you have a perfect storm of bad perceptions and optics by the general public.

So it seems that the very concept of decentralization is at war with these bad actors who are preying on investor’s inhibitions.

After all, in a time of political discord and lack of trust, who better to swoop in and protect us against ourselves than the governments and established financial institutions? If this cryptocurrency thing is so dangerous and so many people are being scammed, wouldn’t it be easier to just regulate it to death and let the big banks fight over the scraps?

But, this is exactly what we have been waiting for.

Faith in a project, in a movement, requires there be sacrifice and hardship and toil. Cryptocurrency is more than scams. Blockchain is more than bad ICOs. The concerns about user data and privacy on the Internet have not disappeared over the past 25 years.

The conversation has evolved, the context is different, but the underlying issues persisted and will continue to do so.

Does that mean the freedom of the Internet is worth abandoning and letting the governments and big ISPs fight over the scraps? No.

Free blockchain development is just as important as a free and open Internet. We’ll seen the birth of one of the most revolutionary movements in technology over the past few decades. Blockchain is the latest iteration and embodies the spirit of that innovation.

Simply because some choose to use it in a negative way does not bespoil the inherent innovation.

The needs of the many outweigh the crimes of a few.

Blockchain will continue to evolve and adapt to a changing world, and cryptocurrency will continue to show us what it is capable of.

Let’s champion that instead of giving ammunition to those who would seek to limit this innovation and freedom.

Hang in there, we’re all in this boat together.

Mav is currently on the road and will be unable to produce any commentary videos until his return mid-week.

If you were not able to join us for the recent webinar “Ten Steps to Building Your Portfolio” webinar, the replay is available here.

We’ve started to produce episodes for The ReadySetCrypto Podcast; all of our episodes are posted on our blog (and on iTunes) and episode eight is now available. Episode Eight is an interview with Andrei Polgar, the author of the book “Age of Anomaly” which speaks to anticipating negative market events. Look for more episodes shortly as we comb the crypto space for valuable interviews, and create valuable content to keep you in the loop!

See you tomorrow!

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Defensive Actions for the next trading day: 

• None.