Bitcoin is down 78 percent, Litecoin is down 85 percent, Dash is at 90 percent and VeChain is down an astonishing 99 percent. November has been a grueling month for crypto investors, and the skeptics have taken this as their cue to reiterate their anti-crypto stand. Some have trolled the industry, others have been on the “I Told You So” wave, while others have relegated cryptos to a dead industry. And yet in the nightmare, there are those that have continued to hold onto hope, confident that this is the darkness before dawn. This could be the most crucial time in cryptos’ history.
The Two Sides Of The Crypto Story
Cryptos are divisive and have been since they began getting mainstream recognition and use. However, the division has never been more apparent as it is now. On the one side, we have the skeptics who have held on to the belief that cryptos are a scam. This group is having its best time at the moment as they remind the crypto-verse that they ‘told them so.’
They have taken to social media, public forums and industry publications to bash cryptos. On Twitter, they are in plenty, such as Sam Gellman, the former global expansion leader at Uber, who tweeted:
After $30bn invested in the past two years in ICOs there still isn't a single crypto app with a real user base for anything other than speculating on crypto. The BTC price movement is tough, but the lack of real user base for anything they're investing in is tougher.
— Sam Gellman (@SamGellman) November 15, 2018
Similar sentiments were all too many on Twitter, with investors decrying the state of the market, some even denouncing their belief in the transformation that cryptos can bring about.
I'm out fuck this crypto bullshit I'm done I'm not wasting anymore time here… fuck CT, fuck bitcoin, fuck Mathew Mcconaughey. Call it capitulation idc. Goodbye.
— Mr. Panini (@Cryptopanini) November 19, 2018
As would be expected, Dr. Doom couldn’t let such an opportunity pass him by. Nouriel Roubini blasted cryptocurrencies in an op-ed on independent media publication Project Syndicate, stating that they will be destroyed by Central Bank Digital Currencies (CBDC). Roubini cited various digital cash successes around the world that haven’t required cryptos or blockchain tech, such as Paytm in India, Venmo in the U.S and M-Pesa in Kenya.
If a CBDC were to be issued, it would immediately displace cryptocurrencies, which are not scalable, cheap, secure, or actually decentralized. Enthusiasts will argue that cryptocurrencies would remain attractive to those who wish to remain anonymous. But, like private bank deposits today, CBDC transactions could also be made anonymous […] Insofar as CBDCs would crowd out worthless cryptocurrencies, they should be welcomed
However, for every one investor who has given up on cryptos, there have been ten whose resolve has remained unshaken. For some experts, investors have never been in a better position to get into the market and make a killing. Pointing to previous price rallies, they have connected their relation to an initial huge price dip, after which it rallies to set new records.
Every major Bitcoin correction saw a drop of more than 80%
For the first time in 2018, Bitcoin has dropped below $4,300, to $4,280 on fiat to crypto exchanges like Coinbase
At $4,280, Bitcoin is down 78% from all-time high
— Joseph Young (@iamjosephyoung) November 20, 2018
The co-founder and CEO of Luno is one of those with the conviction that this might be a golden opportunity to venture into crypto. Speaking to Metro News, Marcus Swanepoel, who leads the London-based Bitcoin wallet and exchange service stated:
Bitcoin and other major cryptocurrencies saw some of the biggest lows for over a year following the unexpected price drop, with many other experts in the days prior expecting a bull run towards the end of 2018.
Do you still believe?