Some thinking about the recent price plunge

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#1

Sometimes I think the cryptocurrency market is like a battlefield, and some people may use some less-than-ethical “trickery” for success. We did not know what would come after the Cardano roadmap update five days ago and at that moment we could all see that OPEN OUROBOROS DELEGATION progress has come to the final “REVIEW” phase and we do not know if next update would include its implementation. If OPEN OUROBOROS DELEGATION is implemented, we all know that it will be a very blockbuster fact because it is very powerful and revolutionary. On the last day the roadmap was about to be updated, the market pushed the price to a nearly absurdly high level. I woke up in the morning and found it incredible when prices reached 8 CNY. We didn’t know what the price would be going after.
Trying to analyze the market is difficult and it is almost impossible to analyze the emerging cryptocurrency market. But we can still find clues if we try awkwardly to find the cause. This may be a little help to us in winning this bloodless war.
I think of some entry points:

  1. After the update of the Cardano roadmap, prices dropped large. The Cardano roadmap is based on a countdown, it exists for the community, and it is not a marketing tool. However, the form of a countdown may give a guessing or lottery impression, and though things have evolved, we have to wait for the lottery to get the message. If we knew in advance that OPEN OUROBOROS DELEGATION would not be implemented in the update, is it possible to avoid excessive and unhealthy fanaticism and speculation in the market?

  2. People worry about the exchange wallet problem, and after the peers spread obviously ridiculous and non factual FUDs of the OUROBOROS algorithm, Ethereum prices skyrocketed. We saw that Charles kept refuting these FUDs on Twitter, but they were still spreading more non factual and sensational news about the maintenance of the ADA exchange’s wallet. Of course, we know that technicians are trying their best to solve these problems even by sacrifice their holiday and the time that should have been shared with their family, and we must first highest respect and thanks techniciansto. However, with regard to the communication and the dissemination of information, I would like to say that they are really crucial to the market. We all know that software engineering is a complex technology that we, the general public, find it hard to understand, but relatively speaking, the market may not be that complicated at some level. We know that it is crucial for traders and even big shareholders to be able to deposit and withdraw money at any time, buy and sell at any time, and use the wallet ready and handy at any time. If the official Twitter can follow up on these messages in time, and like the roadmap, let us know there are a few days to solve, I think those FUDs will not succeed. Of course, these veteran fans of ours will not be fooled by them, but most of the market are speculators who only care about making money and are not interested in knowing the true value of the technology. If we give up on them, we can even say that we have given up the entire market.

We know that Cardano is very advanced and the OUROBOROS algorithm is absolutely sophisticated and secure. Those who spread FUDs, if they are a little bit sincere and truly understand the technology and philosophy of the OUROBOROS algorithm, they are unlikely not to learn a huge gain. However, they chose a very superficial and stupid FUD. For us, their words are like fake news, but for the market, things are different. If we can unite to let people know that those FUDs is not true, maybe the market will not be too panic.
We know that any effort to oppose innovation is meaningless, but we should not underestimate our enemy. If we can do better, the realization of lofty goals will be more accomplished. If we ignore the problem, the problem will be magnified and eventually cause real harm and loss to us.
From the Charles’s twitter’s latest video, we know that Daedalus wallet will soon be perfect, the exchange’s wallet will be upgraded soon, everything is going on, deal with concrete matters relating to work completely. Let us not let the wind and rain in the world hurt our great Cardano! :butterfly:
@io_jeremy It might be inappropriate to say this, but please forgive me: If you let a talkative and enthusiastic person manage the IOHK Twitter, maybe Cardano would got less hurt during this time! :rofl:


#2

To quote and maybe reflect on the last part of your analysis (I think there’s a few good points in there), we have to remember that IOHK isn’t Cardano, it’s involved in many projects in the crypto space. A machine is only as good as the sum of it’s parts and there’s two other parts to the Cardano machine. In my opinion, I think what the team as a whole do to combat detractors is the best strategy, largely ignore them and keep posting amazing updates of real tech.

Charles update today was great, he addressed some real concerns the community had been having, particularly regarding progress, and hinted that we could see smart contract implementation sooner than we thought.

I should think a good deal of the FUD comes from those who would be most disenfranchised by Cardano succeeding, and I will let you draw your own conclusions as to who I am referring to there! :joy:


#3

Good points, you have to also consider that other cryptos had very similar patterns. Stellar(XLM) as a perfect example went from 0.30$ to 0.77$, at the same time ADA went from 0.50$ to 1.20$ and both of them went down together. Also have to consider that ADA is still at a very nice price. It’s not like it plunged that low, we’re still doing super good and XLM likewise.

Hopefully it keeps going up up upppp tho :stuck_out_tongue: hodl hodl caaaardaaano is an awesome project, no dodgy sell offs, fresh code awesome team


#4

I’m actually hoping it stays low for a while so I can invest more once I pay taxes and figure out what I can spare.


#6

I am glad you can buy more! I also want to buy, but no money, I invested all the funds at $0.7. Luckily I bought some at $0.05! :smiley:


#7

Agree! We will get a steady victory, let us safely reach the moon!


#8

That’s right! The progress of things will be surprised us, the time will tell everything! After this year’s market phase-out and adjustment, people will make their own choices. In fact, I have no pressure on the price, but I brought my father and my uncle to invest together, I am always afraid they are too alarmed and not trusted. :yum:


#9

@merlot same!