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RE: Facebook's Illegal Ad Ban was a major cause of the 2018 Crypto Crash and its relaxation is creating a new Bull Market!
I've presented strong evidence showing it WAS Facebook. Where is your counter evidence?
The growth was too fast and scalability was not ready too handle this number of transactions. At the peak people paid 53$ to send Bitcoin in fees and most of ICOs projects were pure dream.
It was a normal to a correction like this to happen like with the internet dot com. We are in the of real projects phase...
While you are correct about these technical issues (in relation to Bitcoin & Ethereum but not Steem), there is no evidence whatsoever that these issues caused the market to crash. Only techies even cared about these issues.
What caused the boom was huge number of people from outside the crypto world piling into crypto creating huge demand.
The ad ban killed that demand and stopped normies finding out about and entering crypto.
The reality is Bitcoin that control the market.
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I've written a more detailed response to your points. https://steempeak.com/cryptocurrency/@apshamilton/the-elephant-in-the-room-impact-on-crypto-market-of-facebook-and-google-s-crypto-ad-ban
I read it and it was a good article. :)
Thanks.
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There were numerous blockchains that were able to handle sufficient transactions and that could have scaled sufficiently, given the demand to. Bitcoin had issues, yes - but the ability of the 1000s of projects to scale depeneds to some extent on them receiving exposure and funds. The fuel of crypto is not only technical knowhow, but also focus and people's time. Without the attention on the key topics that is needed, the projects are not able to grow to be sustainable. It could even be argued that perhaps the shareholders of Facebook hold large amounts of Bitcoin and wanted to stall the competition until Bitcoin had fixed it's issues and could not be competed against. With hindsight I see this as actually likely - particularly since numerous people in the Bitcoin camp have said publicly that they left because Bitcoin's team is corrupt and it has dubious origins. Bitcoin would not, in my opinion, be in the relatively strong position it is today against it's competitors without this ad ban.
You bring a good point to the table that a project needs visibility.
The ad ban meant we were all just preaching the the choir. It stopped normies entering crypto in large numbers.
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