By Mason Mohon | @mohonofficial
On Sunday, Russia Today posted an article titled “Is the cryptocurrency market quietly dying out?”, which was full of nothing more than explanations of recent cryptocurrency events along with market declines.
The article discusses how Bittrex is removing support of various cryptocurrencies because of “broken blockchains” or the fact that they were just pump-and-dump schemes. It then explains that this was something that was happening a lot. Scam ICOs and pump-and-dump are happening, but somehow this marks the death of cryptocurrency.
The article merely discusses recent market trends but uses a loaded editorialized headline to make it seem like crypto is dying. The recent decline and widespread burns are quite the opposite, though. The market is organic, and consumers have to take responsibility and learn for themselves.
Those who were scammed or bought Bitcoin at $19,000 may be too depressed to ever buy cryptocurrency again, but if they are wise they will see it as a learning experience. People who have been burned will now use a skeptical eye when looking towards any potential investments.
The failure of the cryptos with “broken blockchains” is just creative destruction at work. They couldn’t serve the consumers, so a better and safer technology is coming to take their place.
A decline in the price of popular currencies is not the end of an era. It is a learning opportunity, so take advantage of it and use it as such.
Note: This is not investment advice.