Bitcoin - Where Are We Going? (My Thoughts)
People's emotions are ran ragged right now because even with a good say there is a sigh of relief and then we can easily get dropped kicked in the nuts the very next day. Most people are really feeling the pain and wishing they would have took more profits. Now a lot of them are upside down with some altcoins losing over 90% of their value at this point.
If you look at the last two crashes we hit lower lows. With this crash we have also hit a lower low. I really feel that the market is a pivotal point and could go either way because we keep revisiting these areas around $6,000. I could easily see it breaking wide open and going to $3,500 or $3,000 at this point still or I could see it stabilizing and going in an upward direction.
I can't really say where the demand is going to come from though because your general retail investors are in and out at the wrong times. It would be more seasoned investors and people who don't really need the money who can put money in and hold through it.
The millennial generation will likely hold down the fort but it is going to take the older generation who has more disposable income to come in strong with investment money. Another thing that I don't know ultimately is if we slip into a recession if crypto will surge or slump hard. You can't live in a digital coin so if money gets tight people might sell the crypto to try to pay bills.
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I feel we still need a spark of real world adoption, that is really big, that can change the outsider view, because they still perceive crypto as a big bubble, and if nothing happened they would be right...
Well the positive thing is we are starting to see some real world adoption in some of the 3rd world countries that have currency crisis but I'm sure they are feeling the burden of the crash pretty bad right now. It is likely more stable than their fiat currencies though.
I feel like this platform and other future iterations of this tech built on EOS could really hold the key to large scale adoption.
What gives me the most hope for STEEM is when I see a large group of people in places like the Philippines and in Nigeria getting together. It really gives them a lot of hope
I personally think real world adoption isn't gonna happen. Saving 3% over merchant processing doesn't seem to be enough to get people excited. I think in certain industries Bitcoin has a great use case but I really don't see people buying everyday items with Bitocin. It seems people have accepted it's a store of value and it's no longer a currency
Good video man, I've been a bit tuned out of crypto so I've been hoping you would kind of make a video like this ie whats the status, what's peoples mindsets, etc.
What you said about Crypus stealine money was interesting. I remember we've had a few Bitcoin going up in value moments because of world economic situations ie when India got rid of big bills Bitcoin shot up, when the Chinese Yuan was falling people bought Bitcoin to preserve their wealth, when Greece and Cryprus among other countries started having issues people put their money into crypto. I hate to wish for a bad world event but maybe that's what crypto needs to get some attention again. I often wonder what could possibly drive interest like we had in November and December of last year. I suppose like a Bitcoin ETF would bring some money in but I even question how big that would be. I feel like the longer we stay at these lows the less interest there is and the harder its going to be to make a comeback.
The is way less than 5% of the world population that owns any crypto. Back in the 2013/2014 boom the whole market cap of all crypto was around $10 Billion. Then this one swelled to $800 Billion. The next boom cycle could easily go to $5 Trillion. Until crypto as a whole is worth over $20 Trillion there is all kinds of growth potential.
The demand that was driven in November and December was interesting but it was just a little flex in the grand scheme of things. Crypto still wasn't as big as the Gold and Silver market. The idea got planted in more people's minds and sometimes it takes that 4th or 5th exposure and them talking to someone who knows more about it. It just keeps snowballing. I talked to a guy the other day that used to trade futures and he was blown away with what I told him and he was ready to go set up a Coinbase account and take a position. He didn't know that there was even a maximum supply for Bitcoin and Litecoin. Once I compared it to commodities he was in.
The premise of crypto is unbelievable even if Bitcoin hasn't scaled and there are other issues. For people with money this is an unbelievable opportunity. Once I sell my house I'm planning on taking up residency in PR. I'm not sure everything I have to go through at this point to officially do that. Then I'm going to go a lot deeper into crypto for the next boom cycle.
I feel like Bitcoin was more used as a currency and had more actual adoption as opposed to speculation and hype years ago than it had today. It seems as if a significant amount of the crypto population if not even the majority has resigned Bitcoin to being a store of value as opposed to a currency. Basically what I'm saying is I think we were closer to adoption and use back in 2014 than we are today in 2018 despite having more users, most of who seem to be casual speculators. Would you agree or disagree with that sentiment?
I also think Darkweb marketplaces were a huge use case for crypto. It seems now that SilkRoad and AlphaBay have been taken down nothing new has really popped up and a lot of people are scared to use those sites now and while I know we don't necessarily want crypto to be associated with that the reality is that is a real world use case for crypto and I think that has gone away
Yeah I agree with you that it has become a store of value in people's minds and a lot of that was because people didn't want to just come out and say. This thing is a shit coin now and can't even be used as a transactional currency.
They still talked it up and acted like it was something special when it needed to scale in 2015. That is one of the big reasons I was really caught off gaurd by how high it went. When it was at like $3,000 the blocks were full and I'm thinking well how the hell is it going to get to $10,000. It doesn't even work.
It ended up not mattering for the price speculation. Then these other platforms are slow to adopt other coins into their platform.
Coinbase just drags their feet with adding stuff and who really knows why. A lot of people wouldn't disagree with me on this but to be honest I see why they didn't add Ripple, and IOTA has too many issues, Cardano isn't ready. TRON and EOS would almost be ready at this point. Personally Ethereum Classic isn't a bad add on in my opinion. They probably won't add DASH and Monero because they are pussies and STEEM is a serious question mark the way the distribution and initial launch was.
Honestly Digibyte would be a serious addition. Maybe NEM as well. It is really hard to say but I don't know why they drag their feet for so long with it.
It is like they hold the keys to larger adoption and reduction of the strong hold of Bitcoin but don't move forward.
If they don't end up adding EOS in the next 6 months then they are honestly playing favorites and have an agenda of their own.
@brianphobos I was under consideration that crypto market will make some good moves in June/July 2018 and we will get good amount of returns. But the things are not always similar to what we think. Crypto market did exactly opposite. Now we are close to mid July and bitcoin is still playing between $6000 and $6800.
I see people say this alot, oh 2020 will be a better year? I never hear anyone give any logic or reasoning for why though? Also you siad moved in June of 2018, that has already passed
I think lots of institutional investors want to invest in crypto. They are not doing this because of government regulations. Once most of the governments regulate bitcoin and other cryptocurrencies we will definitely see certain growth.
Also there are many major projects which are having great potential and they are way ahead of current financial situation. As and when time passes, these project(altcoins) will add more value to the market cap. According to me, we will see huge growth in crypto till 2020.
A lot of people were thinking that because of last summer we had a surge especially with the alt coins. I think a bigger issue is we are still seemingly coming down from the parabolic phase so what lead up to this summer was different than what lead up to last summer. I sure hope we can get a good surge going the second half of this year but it is always hard telling.
That is the billion-dollar question! Trump just announced fresh tariffs of $200 billion on China, so who knows what kind of effect that is going to have on markets in the coming weeks. Nobody knows what is going on in the world right now, or where things are headed in the future.
I get the feeling we've entered some kind of prolonged transition period, but I have no idea what's on the other side.
I'm sort of happy Trump is hammering the Chicoms, so now these bastards can feel how bitcoiners felt when the PBoC went after the exchanges. Karma!!
/End of rant.
Hahah, Yeah it is really hard to tell what the tariffs are going to do to our relationships. It certainly worries me for sure. I'm still trying to get to a point where I live a life of absolute freedom and bills and regular BS is negligible and I'm bitty rich to the 10th degree!
The Chinese Yuan seems to be weakening, when that happened a year or so ago I think we saw a jump in BTC price with alot of Chinese people dumping money into crypto to preserve their wealth. That said after seeing Bitcoin crash down from 20k maybe this time around people will say I'd rather take a 20% haircut on my native currency than a 70% haircut on Bitcoin. I'll be curious to see what the future holds
ya i agree with your opinion about bitcoin ,and i think bull run will come again in 2019 not before...
It will be along brutal wait to get to 2019 but that may be the case. It would be terrible if we even had to wait longer like 2020 for the halving event. I don't think we will because there are going to be more real world DAPPs at that point which will drive demand like we see on this platform.
Why? What will bring a bull run on? I left this same comment above but I see people say things like this yet nobody ever provides any reasoning on why they believe 2019 or 2020 will be a good year?
May be 2019
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