Reading the Market Sentiment in the Face of the Drop
Following the huge drop in prices, it’s hard not to be discouraged when it looks like all the chances you had to get rich on crypto are now gone. The community is handling it the best they can: some are joking, others are terrified, while yet another group threatens to leave cryptocurrency altogether.
Interestingly, people now seem less prone to dramatic exits than they used to be, which is often considered a sign of maturity in the space. Could this drop actually prove marginally useful in such a case?
Not everybody believes so. The group of people who are stressing are still there: Reddit user u/thekcoinz writes, “Deleted Coinbase, Delta, and CoinStats. I’m still hodling but I don’t wanna deal with all this stress. To 0 or to the moon. Going to check back again in a year.” Other Redditors were quick to set him straight. “You’re gonna check again in 7 minutes,” reads the top comment by u/BennyFlocka. User u/diamondcuts17765 offers a different perspective: “If you feel you stressed you've clearly overinvested.”
Others are looking at it from a brighter perspective. “Anyone take advantage of that sudden price drop?” asks u/bannercoin. “Thank goodness for Coinbase's alarm settings,” says u/yourbrotherrex, adding, “Just announced to me that BTC dropped under USD 5400, so I was able to pick up another one at USD 5370.” Then, u/noobcryptotraderguy says, “I received my year end bonus and salary today. On the other hand, the price of bitcoin is below $6,000.00. Coincidence? I think not. I will spend all my bonus and salary to buy bitcoin.” Ah well. Buy the dip, right?
There are also those who are trying to get to the bottom of what really happened. The theory garnering the most interest is that the Bitcoin Cash hard fork is the cause of the market-wide drop. “It's the BCH split. Jihan (Jihan Wu, a co-founder of Bitmain), and a prominent supporter of Bitcoin Cash said he intends to fight CSW (the self-proclaimed Satoshi Nakamoto, Craig Wright) to death, and will move BTC hash power to BCH. CSW correctly points out that both sides will need to fund this hash war by selling BTC. Centralized mining is a bad thing. Who knew?” explains u/jjduhamer.
Wright did tweet something to that effect.
To all BTC miners...— Dr Craig S Wright (@ProfFaustus) November 14, 2018
If you switch to mine BCH, we may need to fund this with BTC, if we do, we sell for USD and, well... we think BTC market has no room... it tanks.
Think about it. We will sell A Lot!
And, have a nice day
(BTC to 1000 does not phase me) pic.twitter.com/oUScEahtWc
Most people take offense at what Wright, often dubbed Faketoshi, has to say. “He never once claimed to cause the crash - he implied, or said enough so that others would infer. Until the community wake up to this then this arsehole will be a detriment to the entire industry,” writes user u/hatterzly.
Twitter users like @gigabyted4 argue with him directly: “Why are you doing such a complicated scheme to drop BTC, if you were truly Satoshi you could just move all your wallet to exchange and market would collapse on its own. And if not enough, then you could even dump them!” to which he replied, “That is 2019.” With this, he caused a flood of people tweeting that everyone should drop their BCH for cheap BTC - perhaps not what he wanted, really.
Away from any drama - with or without famous people in the industry chiming in - there are the memers, those who hide any potential tears with laughter. Some are celebrating that we can reuse old memes now, like this one.
Others are calling this the crypto Black Friday. A week early, isn’t it?
Then, there are those who watch Game of Thrones, and will understand this reference. If you don’t… what are you doing with your life? But I’m not spoiling this scene for you anyway.
Game of Thrones is far from the only pop culture reference here. Where are all the Trekkies?
And from us at Cryptonews.com: never invest more than you can afford to lose, and for Pete’s sake, don’t send money to Twitter scammers. And happy shopping to those of you buying the dip (another one.)