Dare we actually stop and assess the "value" of Crypto? 🤔🕵💵
Take my money, I want to ride the Crypto train !!!
The money flooding into crypto now has gone totally nuts and it shows no signs of stopping anytime soon.
Bitcoin was created after the 2008 world wide financial crash as an opposition to the corrupt bankers and people on Wall Street. The early adopters truly believed it could change the entire system.
Fast forward to 2018 and the sheer volume of people on YouTube saying I just got 50,000 "insert coin of the week name here" and it's going to the moon is growing by the day.
It's a self fulfilling prophecy. If you have enough followers and you say, hey coin x is going to $1 and all the followers then believe this and pump money into it the price goes up, others see this coin is rising so they also do the same and before you know it the YouTuber who said it would get to $1 was totally right and now what they say in the future is gospel.
Most people are not buying into crypto to change the world, they are doing so to simply change their world and I'm not saying there is a problem with that, but we need to realize that most of these alts will never ever do what they say they will. I mean look at Tron, it's ambitions are crazy and are very unlikely to ever happen to completion, yet the coin has pumped all the same.
My point is one day when we actually step back and look at our holdings of coin x and coin y and the new coin of the future coin z and question where the hell is the actual value? we will no doubt see there isn't actually any.
I mean look at Ripple, it went nuts because people thought it might get listed on Coinbase and therefore be worth more money!!!!
That was it.....!
I'll buy it because in the future someone else will pay me more money for it. If you actually look into Ripple you will see that the banks don't even use the token to do anything with, so how has Ripple sitting in your wallet have any value?
Like I say if you want to make money from crypto then I have no issue with that at all, but we need to understand that most people are in simply to make money and if you actually look into it all then 99% of it is pretty worthless.
I have been wrong before and that was with Steem when I said it wouldn't get to $10 (I know it technically hasn't but near enough). This is one of the exceptions to the rule as it actually has a use and is proven to work, but most of the others are just pure pump and dumps. (The fact that sentence is now common place says it all, "It's probably just another pump and dump coin")
What is the point in this post? Basically what I am saying is make sure you at least get out what you have put in because you don't want to be holding 50,000 coins that end up being totally worthless and trust me there are plenty of them out there.
As usual thanks for listening
Happy Steeming Steemers and Steemettes.
This was true in the dot com era. Some basic ISP's were massively overvalued. They ended up worthless. I'm sure it will happen to a lot of cryptocurrency coins too but there will also be many that are good value. The dot com bubble burst when most of the general public started to invest. Are we anywhere near that with Crypto? It doesn't seem like it yet to me but it's much easier to see after it happens.
Just looked of one that I made a bit of money with back in 2000. I sold most just before it all went wrong but I still have a few share that are now worthless. https://www.theregister.co.uk/2002/02/08/totalise_is_bust_founder_mops/
Thanks for the comment. Yeah it's very hard to study it all until after it happens. But the sad truth is at some point a lot of people will pump a lot of money into a coin or coins than will just drop like a stone and never recover, if they have their initial investment back at least it will be easier to take.
** If you follow me after reading this post let me know in the comments and I will follow you back :) **
I've been following you for a while :)
Been following you for awhile too :)
Will have a look at some of your recent posts now.
I’m following you now. I recently saw a similar post but it was about people buying a coin simply because it was $.01. Not because the coin has any real potential. And how people see a low price and think that its a good buy without looking at supply. People invest simply to invest. I feel BTC isn’t even worth an investment. Other coins bring new things to the table besides just blockchain technology. BTC is “boring” in my opinion
Followed you back.
I think the only reason people still buy BTC is because you need it to buy all the others. As of writing BTC is pretty poor at doing what it is meant to.
I took out what I put in and I kind of regret it. I made a mint selling ETH in June and tried to spend BTC to make sure it was possible. As I spent the BTC I saw more and more real-use cases. That era has come to an end!
I read a "Forbes" article recently that was exclusively on BTC and it made a good argument that BTC should be worth around 1 cent. I re-read the article and realized that they stated BTC was the basic unit and they were comparing to the USD. So taking the satoshi as the basic unit and applying the USD shows it is undervalued. Then again many of the world's currencies have units smaller than a penny. Gold and Silver can be said to have no monetary value, also. I see your point very well though, I bought a few bucks in Ripple just as a pure speculation. A hedge against the banks seizing control of the cryptocurrency market. I really do not like the currency, the concept, the team behind it, the 20 xrp stuck in every wallet....Here is my rant: https://steemit.com/ripple/@pastbastard/my-short-rant-on-ripple
The sad reality is people got into the BTC to change the financial world when it first started but now it's mostly people after a profit. You can see with all these micro alts now that people will buy anything if they believe it will make them money, sacrificing their precious BTC along the way. (https://steemit.com/bitcoin/@somecoolname/can-an-ultra-cheap-alt-coin-really-make-you-rich)
Will check your post out now :)
I thought hashgraph might be a game-changer but it is not open source. I think BTC has been its own greatest enemy....
Yeah the thing with hashgraph is no doubt something will come along that in a few years that is meant to be even better than that. There seems to be no end to new technology coming out.
I go with any concept I really like usually. I have some friends who have done well and been in longer, so if they say something will earn, I usually throw in. Also, I work at JHU so gotta hodl the Zcash!
Tron has a great idea behind it, but it's ambition just seems way to big. I think most of these coin creators know they will never do what they say they will. And as for ICO's, there is zero incentive for them to do anything as they already have the money.
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I had an interesting discussion with @jvizzle86, about the value of crypto in the future, and he explained that it will probably reach a point of singularity where eventually, the usd value attached to crypto will get diluted. This means we start trading explicitly with crypto.
I share with your sentiments on alot of people investing on crypto for a quick gain. However, I can see that is the main reason why crypto has become very popular.
What people need to understand, crypto currency is our chance to break free from the grasps of capitalism. Decentralization is the best option we have right now to create a better world.
Thanks for the comment. The thing is when we say a coin has mooned we say, hey if I had of invested $100 five months ago I would now be a millionaire. But that's a millionaire in dollars. People seem to care how much they now have in the dollar equivalent as you can't really do much with Bitcoin. I mean I can't see the banks letting you pay your mortgage off with it as it's a threat to them.
"What people need to understand, crypto currency is our chance to break free from the grasps of capitalism. Decentralization is the best option we have right now to create a better world."
I would love that to be true, but sadly I think governments will just create legislation to make it extremely hard to trade with cryptos and cash it out to fiat. He who controls the exchanges controls it all and now most ask for your life history if you want to withdraw more than a few hundred and they actively tell the government anything they want to know.
This is very true, in countries, where bankstars basically, have alot influence on politics. But not so in other countries. The Japanese government have set clear laws to regulate crypto, which I believe is the proper path governments should be taking, as it is for the best interest of it's citizens. It is interesting however, to see how it will unfold in the near future. Fear of governments only means power has to be decentralized, power back to the people. I followed you by the way ✌
Followed you back.
Power back to the people would be the dream :)
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