I'm afraid the bitcoin balloon has sprung a leak. The second half of 2017 saw tremendous growth in the price of BTC (and other alt-coins). This was accompanied by (and largely created by) a lot of media hype. Tons of new people bought into the hype, jumped in, and essentially contributed to the rising prices.
The first part of 2018 has reversed the trend. Bad news, potential regulation, and the advent of a lot of crap coins have all contributed to negative hype. People have bailed and consequently the prices have fallen. Unfortunately, I don't see this trend reversing itself in the near future, if ever. I think BTC will somewhat stabilize, and trade in a fairly narrow range. I think some of the older alt-coins will also. The crap coins are probably history. They were largely fed by pump and dump schemes and not some underlying value.
My overall portfolio value has dropped by about two-thirds since last fall. Fortunately I did withdraw a decent amount before the leak began. Enough to make the past year worthwhile. I hope some of the rest of you have had better experience. I feel bad for the people who jumped in late last year and used borrowed funds or ************ to buy these currencies. They've learned a costly lesson.
I think there is still some money to be made in trading these currencies, but at a lot lower rate of return than before. Hopefully someone out there can convince me that my outlook is overly pessimistic. Give it a shot.
The first part of 2018 has reversed the trend. Bad news, potential regulation, and the advent of a lot of crap coins have all contributed to negative hype. People have bailed and consequently the prices have fallen. Unfortunately, I don't see this trend reversing itself in the near future, if ever. I think BTC will somewhat stabilize, and trade in a fairly narrow range. I think some of the older alt-coins will also. The crap coins are probably history. They were largely fed by pump and dump schemes and not some underlying value.
My overall portfolio value has dropped by about two-thirds since last fall. Fortunately I did withdraw a decent amount before the leak began. Enough to make the past year worthwhile. I hope some of the rest of you have had better experience. I feel bad for the people who jumped in late last year and used borrowed funds or ************ to buy these currencies. They've learned a costly lesson.
I think there is still some money to be made in trading these currencies, but at a lot lower rate of return than before. Hopefully someone out there can convince me that my outlook is overly pessimistic. Give it a shot.
