Instead, I decided to write about the milking trend I've observed that we let go on and on and it's heavily rooted in altcoins. Figured the best place to put it is in an alt observer thread.
OK, so first off: How many BTC does it take to scare off a rally?
Looking at bitcoinwisdom, the last rally was killed off with about a
Now, we need to observe how many collective BTC was accumulated in the last month through ICO's:
We have blocknet: 365 BTC
Breakout: 274.89 BTC
Equinox: 44.53629361 - please let me know of people got their money back here ..
Bitbay: ~3k BTC
... and there's a whole lot more
Where am I going with this?
Well, there's a trend that's been coming up for the last few months.
People hold ICO's for a few thousand BTC throughout the month. Then BTC pumps for the first week or two of the month, and the pump is killed off OFC as people sell for fiat. Then BTC and alts bleed for a little bit, until people decide it's low enough to buy back in. Then, the alt markets start to rise, because these people have the luxury of putting aside BTC from before their ICO (which you guys keep handing back to them on a monthly basis), go and buy their select alts and then they go and rise. Then, the alts get shit on for the last two weeks of the month, as all the ICO's come to completion. As that's happening, BTC starts to rise again, and just like fucking clockwork the amount of BTC from ICO's is used to kill off the rally and the entire cycle happens over and over again.
Am I saying all of these are scams? No. Some are for sure. But, what I'm saying is that we're going through a milking cycle and it's curbing the market growth of all coins, while perpetually coming up with an endless list of ICO coins.
Obviously, it's too early to tell if they're all gonna put out a working product .. but for fucks sake .. everyone's got an idea and they're all like opinions at this point.
Stop letting yourselves get milked on a monthly or bi-monthly basis. There's fucking enough coins to build on. They're just gonna keep making them, and you're gonna hand over your BTC .. and it's gonna keep going on and on.
Then you're gonna bitch and moan that BTC's and alts are going nowhere and you can't fucken figure out why, but at least you got to scalp the market for 1 BTC profit from the ICO you bought into!
I've got a real question though: Would you rather have more BTC or alts, or a more valuable BTC or alt, at this point? Little hint for you - the ICO's arent gonna stop, so you're just gonna chase your tail trying to follow every single one of them from here on until infinity.
If you just want more BTC - then by all means keep getting milked, and enjoy chasing thousands of different ICO coins.
If you want a more valuable market overall - then stop handing people endless supplies of ICO BTC so they can pull the milking cycle endlessly.
Personally, horizontal scaling through ICO is getting pretty boring IMO.
Not that I'm tired of new technology at all, and in fact I don't mind a new alt popping up in the least. Mostly, I support it. But when that's coupled with thousands of bitcoins being handed to the same fucken people over and over again to follow some boring fucken cycle .. well I'll be honest I'm kinda bored of it.
...They don't even have to pump shitcoins with 'fair starts' anymore they're making such a killing.
I mean, if I can see it, I'm sure pretty much everyone here at this point can figure out what's going on. We made the bear market at this point.