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RE: How to be a Good Crypto Ambassador! Getting Your Friends into Crypto Part 2
Hi Emmy, you bring up a lot of good points on getting people into cryptos that make sense. However, do you think that the price of cryptos is correlated with the overall markets? It seems like when the markets had their big rise last year cryptos went along with it. And, now that we are having sell offs the cryptos are selling off too?
Hi! Honestly, and this is just my opinion (I know nothing lol) I don't think that crypto follows the same pattern as the stock market. I think that its 100% fomo that drives the prices up like in November-December. Then when it crashed all the people who over invested and (didnt know what they were investing in at all) sold at a loss and spread FUD everywhere. I think that we need to see a couple weeks of stability before it starts going up again and the noobs waiting on the sidelines are willing to jump back in. I honestly deleted Blockfolio at the end of January. I was going to reinstall it yesterday but...I dont think im ready to yet, haha.
Hey Emily, I was asking rhetorically. We had a massive rise in the stock markets around the world last year and as a byproduct of the appetite for risk people have been buying into cryptos. When we had the correction a over the past few weeks we also saw the correction in cryptos and we have a similar situation going on now. So, until they decouple the trend is your friend and you can predict one from the other. Moving forward I think that there is going to be a lot of volatility in the 2nd quarter followed by a bear market in the 3rd and beyond. This may be the trial by fire to see which of the 2000+ crypto currencies will make it and which ones one. I hope steem hangs in there a while, I spent waaaaay too much time writing my blogs!
Oh! Sorry about that! Well I hope you are wrong about your predictions lol, for both of our sakes 😂
I think the block chain is just getting started and I really like the new crypto put out by the Venezuelan government backed by gold and oil. Not all cryptos will fail, they have to prove their worth. If you can think of some ways to hedge your positions that will certainly help.