The cryptocraze is heading to new heights:a worthless gamble for most; a profit for a few. The only persons who actually have any faith in the gains to be made are those who have already made (“fiat”)
money. The rest follow who don’t understand anything much except human greed. Or who have spent far too much time in front of a computer screen/tablet/smartphone.
The comments below (courtesy of reddit) are telling of what’s to come.
CRYPTOS ARE DOOMED AS A STORE OF VALUE
Time to face facts. Every dip is growing because more and more people realize it’s safer to exit the market to fiat on a dip, then buy in again once the new floor has been found.
The problem with this is the dips become much more rollercoaster like, with more and more people waiting for BTC to drop 2% then they all exit the market (at any price) and wait.
What happens eventually is coins rise up and then fall to almost zero, sometimes you’ll win and make money but a growing proportion of the time you’ll lose as the swings become more wild. The problem is, crypto isn’t based on anything at all. I know you can say ‘neither is fiat’, but you’re wrong. Fiat is based on the real work you do, the going to the boring office and enduring the never ending shit from your boss, or driving that Uber car for 60 hours for less than minimum wage. Small wonder you will always value fiat currency more than crypto.
The other huge problem with crypto is so far it is unspendable in a realistic way. Sure, you can get your ass raped on shitty exchange rate and stupid charges by using Monaco or TenX or other Shift based cards. However, there is no real way to spend any of them.
Then comes the next nail in the coffin. The project based cryptos are essentially offering nothing new, but their intentions are to monetize every aspect of online life. So, Libry has a youtube clone, only it costs you actual money to view anything. It’s one thing to have to sit through 5 seconds of a youtube advert, then skip and you watch a video for nothing. However, why would anyone in the normal world want to part with their hard earned money to watch ‘stupid cats’, or the latest pewdewpie video? They won’t! So, it’ll fail. Same with all the others - even MaidSafe wants to create a p2p internet that charges safecoin for any and everything you click on. Sounds like a fucking nightmare to me. Then read up on Iota (Miota) white paper - which outlines an entire internet and internet of things where absolutely everything you do is monetized. The toilet won’t flush unless the adequate Iota has been paid out. Is this a future you really want? Is it a future you can really envisage normal people want?
Not only that but Crypto has proven to be the absolute least private of currencies. There have been high profile traces from source to destination on drug deals, pornography and even crypto frauds where the perpetrators have been caught purely by following the blockchain. The second any part of it goes to fiat or gets spent on a physical product (that requires a delivery address) and you are fucked - busted!
The most anonymous currency is used dollar bill notes, and it is used dollar bills that will always be used for drug/porn/arms deals.
On top of all this is the fact we now have proof that Crypto can be used as mass cash grabs by our Governments. If the US Gvt banned all exchanges tomorrow what would anyone do? They could actually seize all your assets, like they did with Gold during the great depression (so don’t think your Government won’t seize all your BTC because of course they would). If you trade on a foreign exchange your ISP will grass you up and the police will smash your door in and give you a beasting.
We all know the ‘blockchain’ is only a three field data set using a pgp key. Tulips by comparison are infinitely more valuable.
We’ve been had. The blockchain is meaningless bullshit. Maybe PGP has a future but not as a meaningful currency. Time now to sell everything you hold, it was a fun ride while it lasted, most of us will have made money doing it if we cash out right now.
It isn’t going to bounce back! It will be used in the future as a demonstration of how human greed can drive a market based on nothing. The only reason anyone buys crypto is because they think it’ll be worth more at some future date. The problem is, everyone thinks the same thing. It is a pyramid scheme, a fraud, a scam and we have all fallen for it. The only real winners were the devs and the whale holders while the market boomed.
It’s bust time now. BTC will be back down to $10 or less by next week, the ride is over. Now it’s time to get back to the real world, put your noses back on the grindstone and get a real job. Oh and every day, look in the mirror and remind yourself of this simple phrase ‘if something promises a lot of money for no work, it’s a scam’. This is a scam