It’s not the technology they’re sceptical about. Cryptography and peer-to-peer networking have been around for donks. You might as well say that anyone who didn’t invest in boo.com was sceptical about the World Wide Web. What they’re sceptical about is one particular overhyped application.
Cryptos have not been around ‘for donks’ what tosh. Most cryptos are just a few years old many are only just formally launching their mainnets and rolling out dApps this year. Comparing cryptography and cryptocurrency is the difference between pure maths and building a rocket ship (or your maths homework and a wheelbarrow).
Bitcoin is the granddaddy coming up to 10 years already. The decentralised platforms and cryptos released into the wild abd enjoying success such as bitcoin are truly new and groundbreaking.
Browsing the comments on this thread there is extreme scepticism of cryptos (some warranted for sure, but a lot of it simply shouting ‘tulips, tulips’ and saying ‘this tech will never work or amount to anything’).
But that’s not what I said, as you seem to realise in your next sentence:
I don’t think I’d be able to personally build a rocket ship given any amount of time, but I reckon I could knock out a cryptocurrency. It doesn’t need any proprietary technology and is understandable to an educated layperson. Maybe I’m missing something or maybe it’s conceit of the part of the crypto fans to think there is something inherently difficult about it.
Do you realise what the ‘s’ at the end of http means? Do you understand what TLS1.3 is does?
Alas, yes, it is legacy… time for a younger nimbler player to disrupt…
Cryptocurrencies are a means of exchange. Tradable assets. They are built to be robust and have a life of their own.
Which is something very new indeed.
Massive decentralised exchanges that can process smart contracts in a trust less fashion are also something very new as far as I can see. They are a huge innovation that goes far beyond any previous peer to peer platforms.
I’ve invested in a decentralised lending platforn and I expect I will make a very large return within a couple of years, but apart from that I think it’s a pretty cool financial creation that completely avoids borders and middlemen.
Binance, the world’s leading centralised crypto exchange is also hard at work creating a decentralised one. They have different use cases. Its early days for these innovations but lending and probably digital identity and privacy will drive first adoption. And gaming.
Of themselves, they are not assets, they are, as you say, a means of exchange. A standard currency is a tradable asset as it’s backed by a taxation (ultimately) and is a store of value. A cryptocurrency is a means of exchange without a store of value. They have utility, but not inherent value.
All of which has little to do with bitcoin! (Which happens to be a cryptocurrency, but not designed as a means of exchange).
BUY BUY BUY
May not be a buy just yet. It can certainly fall further in the coming weeks.
Or even today…I’m not buying yet either. This ship still hasn’t turned.
What is behind the latest drops? Plummeting even more today
Market cycle for bitcoin mostly, this has occurred multiple times over bitocoins lifetime.
Of course a lot of the froth coming off all the Scammy coins and ICOs.
Ethereums problem is that the ICOs have been unloading their ETH, so that doubled the hit in a bear market.
The market is already at 70% down from Peak. It could go to 85% down,but that should be the bottom. I think 6k will be the bottom for bitcoin and outside chance of 4k. I’m not buying yet though because I have too much invested and loathe to be down more. Wait to see where it stabilises.
Everybody is waiting for the trend to turn. It really is the trend is your friend (or not ).
For anybody who doubts this could spring back to life look (and sooner rather than later) at the Irish property market now.
The main reason I’m positive about crypto as I am aware of many breakthroughs in the crypto area…Huge innovation is happening right now. Once the whole thing becomes more user friendly and regulated we will see the bulls back in style !
Thats happening with new user friendy apps and wallets and safer decentralised exchanges . Once the banks , banking type crypto apps or consumers start using it to shift money around en masse that will be a great story. I don’t think we are far off.
One thing I must make clear the market is highly manipulated and with low volume bots take charge.
One of the bottoms was 6666.66 USD for BTC recently , not joking. Note how the price is sticking on 7000 USD for days. You just know a BTC whale group could drop the hell out of the market again if they wanted. I got a bit caught in a bear trap a couple of weeks ago so I’m not hurrying back in yet.
Say hello to the bleeding edge.
I think you’ve hit the nail on the head there. If Bitcoin were used primarily for trading (i.e. buying and selling goods) then it would not be open to this level of manipulation - the holdings would be wide and shallow making it impossible/ or at least difficult for anyone to game the market. Bitcoin (and this seems to apply to the other cryptocurrencies as well) is primarily held as a speculative vehicle and if that does not change then it’s intrinsic ‘value’ is nil. A $US is worth something because the vast majority of people who hold them need it to be worth that to buy goods. A Bitcoin is only worth something because a relatively small number of people believe it will be worth more than ‘something’ tomorrow.
The Bitcoin price curve shows a classic bubble - it’s settled back to it’s long term curve which makes it’s current valuation potentially reasonable. I just don’t see enough people using any of the current cryptos for day-to-day trading to make me think that the stability that they need to become usable will arise any time soon.
Pardon me for being so blunt , but you are just pulling numbers and reasons out of your arse…
Really how is that ?
You don’t know that 6k is a strong support line and 4k also?
Are you aware of how bitcoin moved in its previous cycles…ie that it tests a bottom and never ever goes back anywhere near that bottom on the next cycle ?
hackernoon.com/how-crypto-marke … fe47a01831. (Interestingly written prior to the latedt peak in Jan and then the crash…)
Pardon me for not pardoning you for not making an effort.
I never said I was a financial advisor and especially not for cryptos ! No crystal ball.
I’ve passed peak depression and accepted my current losses. But I recognise almost everything this writer wrote as happening recently AGAIN.
') Crypto depression
Drought for months to a year.
People start regretting not taking profits, not even 30% of their portoflio.
People back to bitching at ICOs and teams because the price is not moving up.
Just a lot of angry people in crypto when we are in the state of “depression”
Bitcoin has evolved to a kind of USD bond status in my opinion. Its not very useful as a currency .
But it’s status as a Kind of crypto store of wealth and crypto proof of concept is very important. It has a large amount of holders that will never sell and incredible global recognition.
Other cryptos and Crypto to fiat instant conversion wallets are coming that will make good headway for payments. I think nation-state, city-state or company issues cryptos could prove to be extremely popular e.g. Seoul city is considering issuing one.
We could imagine Amazon issue it’s own currency to give prime like privileges sooner or later
I assume you’re talking relative to other cryptocurrencies.
Because taken at face value that’s an absurd statement
Obviously I am talking about the crypto world.
Anyone else want to get a dig in?