The End Is Nigh
What had long been predicted is slowly coming true. Serious global financial experts and economic advisors had long foretold the coming of The End Time. But their words were muted by blinding greed as naught more but flailing prophecies of those who had no partake in the hype. And it is indeed so, as the hype had inflated the balloon we all know now as the Bitcoin phenomenon.
Greed and hype had waxed the ears of the profiteering fanatics, silencing the voice of economic reason and the soundness of financial risk-hedging. Even the most highly qualified experts are still uncertain as to what was really driving the price of Bitcoin ever higher into the clouds. Human reasoning could have predicted the coming collapse of prices, but only advanced AI systems had the processing power to fully grasp the immeasurable amount of data from around the internet to turn what the mind could formulate as a warning into hard, mathematical calculations and charts in the red. One thing remains for certain – hype has played an immense role in this monumental financial charade and soon to come catastrophe. A wave of frustration, despair and human suffering is already sweeping the planet as the recent price drops of the most hyped-up financial quasi-instrument are brazing newspaper headlines.
On December 16, the Bitcoin price swept up to $18,000. On December 17, it burst through the $19,000 mark. On December 18, it punched a hole in the $20,000 threshold. And then it on December 20, the rate plummeted to $16,000. The collapse was not over as on December 22, the price plunged another 15% to $14,000.
This is by no means schadenfreud at the demise of hope for millions or gloating at the salty tears, sweat and blood being shed by those who lost even their life savings on the hype. Such a turn of events was foretold as the signs were brazenly written on the walls even by those who stood at the roots of the entire financial bubble.
While European governments insist on regulation of Bitcoin and are going to consider joint regulation of this crypto currency at the upcoming G20 summit, an unexpected statement was made by the co-founder of Bitcoin.com, Emil Oldenburg on December 19. According to him, bitcoin has no prospects as a trading currency, and investments in it are “the most extreme investments that you can only make.” “People will start coming out of bitcoin as soon as they understand how this cryptocurrency works,” Oldenburg’s words quoted by Business Insider. Oldenburg has already sold its bitcoins, since he considers them useless as a trading currency. As the defects of bitcoin, the co-founder named their high fees and the time of execution of transactions. In the opinion of Oldenburg, the shortcomings of bitcoin are high commissions and an increase in the execution time of transactions, as well as resistance to changes in people who work in the network of bitcoins. By some estimates, commission charges for bitcoin are doubled every 3 months, and now it takes an average of 4.5 hours to confirm the transaction. According to Ars Technica, lately the fee has reached $26 per transaction.
On December 22, a sudden turncoat of events took place as one of the most eminent proponents of Bitcoin, Mike Novigratz suddenly stated that he is delaying the crypto hedge fund launch and warned of a drop in Bitcoin prices down to $8,000. And this is from the same man, who prophesied Bitcoin at over $40,000 and even $100,000 by the beginning of next year.
The signs are all there, for it is a known fact that rats and the captain are usually the first to run from a sinking ship. Average, mortal investors who eked out their last dimes on that vaunted Bitcoin are now left to feel the cold depth of financial ruin.
Were there those who foresaw such a turn of events, or was everyone wearing pink glasses that have a rather annoying tendency of breaking inwards? In fact, there were many who foresaw such a turn of events and advance AI systems were among the first. One such platform was Cryptics, which predicted the Bitcoin and other cryptocurrency drops to the letter after analyzing masses of data from various sources on the internet.
Though the crypto market is still relatively new and lacks many of the traditional institutions of a civilized market, there are projects on the market that seek to indemnify or mitigate the associated risks that investors take when deciding to invest in projects or when they take on the treacherous waters of cryptocurrencies in general. The recent events with Bitcoin only highlight the need for such instruments and the frightening lack of any hedging or risk management institutions or tools that would have mitigated the catastrophic collapse of cryptocurrencies that the market is witnessing.
Cryptics is one such project that seeks to offer the necessary instruments for alleviating the situation with uncertainty. The concept behind it is to support market participants by providing liquidity on exchanges and a safety cushion for retail investors by creating a platform that connects market players and develops algorithms to predict changes in the value of cryptocurrencies. Such instruments based on highly advanced scoring models involving machine learning and AI are incomparable with human intuition that even the luckiest and most prudent investors could ever be endowed with. The multitude of factors involved in predicting a cryptocurrency’s rise or fall are all taken into account by the algorithms that Cryptics employs. Investors should consult such projects as the expense is well worth the ensured profit and peace of mind.