The Big Long – Calling a Crypto Bottom – 11/25/18
Just for the record, this is my first bottom call.
So, who sold eth below $100? I am still amazed that my bids got filled this morning on this potential trillion-dollar technology. I called the crash at the end of last year, but this bear market has even exceeded my expectations. I just wonder if those sellers understand what is coming down the pike with regards to security and scalability with eth 2.0, and perhaps even eventually eth 3.0.
Obsolete bitcoin has been stubborn over the course of this bear market (forming another dead cat bounce in dominance), but I think that is about to change. Bitcoin should continue its decline in dominance.
Ethereum (the final version) is still the front runner in my opinion, with EOS, Cardano, Stellar, Ripple, Neo, Vechain, Dfinity, and a few others having huge potential. In a nutshell, Dfinity is looking more and more like a clone of Ethereum 2.0.
As far as the others, I am concerned about the long-term plutocratic fault tolerance of DPOS and PBFT (or Ripple and Stellar consensus) chains, although I can envision how Ethereum could eventually be coopted by a plutocracy, maybe just not as extreme. Time will tell. In any event, these systems (even POW) are most definitely designed to withstand the plutocratic failures found in legacy forms of democracy, at least to a much better extent.
Finally, things said at the bottom:
For the record, Warren Buffet first said "stay away from bitcoin" at a price of roughly $320 and Jamie Dimon called bitcoin a fraud last year near current prices. Obviously no shortage of sensationalist headlines from bloomberg these days.
Although I definitely wouldn’t rule out irrationally lower prices, possibly another low into the spring, I am fairly confident that we are close to the lows now as ethusd hovers near the $100 mark.