bubble and bail
If you had the foresight to get into cryptocurrencies at a time when they really were a fruit of passion, like a couple dollars each coin (Im really talking Bitcoin/Ether/Litecoin here), you were either smart, or you were lucky, are you were a mix of both. Getting into these coins at this time, it entirely appears to me, is more like bailing all of those people who were smart and lucky OUT… Only to be saddled with what can only be called a flimsy asset, and THAT TOO – in a BUBBBBBLE. Its a bubble.
finite you said?
Now this entire love affair is really based on the finite number of coins that are being mined, in fact almost every reasoning behind this evaluation has to do with the finite number of the particular coin. While the number of bitcoin, for example, maybe finite, what is not finite is the number of the different varieties of “bitcoins” that there can be. It just appears that one is popping up nearly every week, even if you disregard the other dozen that absolutely literally make no sense anyways.
I also believe we are at the onset of this idea… We are beginning to incorporate the thunderous, super powerful concept that cryptocurrencies can rightfully be, and they are already in some ways… But I’m not sold on the idea that a single coin, no matter mined how, is simply worth over a few ounces of gold, or hundreds or thousands of dollars – NO! I just don’t buy it. I believe it’s just a very very big bubble. Most of the most promising coins at this time are first generation… So they are slower. The powerful mining systems are literally spending so much energy doing guesswork in order to mine blocks. I would consider almost all of it as wasteful, we have to come up on a consensus, make a new fork to incorporate new technology to make it faster/more anonymous if you may, accommodating (one of our people’s 0.000XX bitcoin was stuck for an age in the chain) or just effing begin using the new coin. Technology like hash-graph is far more respecting of resources, and easily accommodates hundreds of thousands of transactions every second. They’re already doing it. So these are all doodles – this is no naked Mona Lisa.
non buyers remorse
I also think most people here have a case of non-buyers remorse, and to somehow make up for it they’re trying to enter cryptocurrencies which can be actually very dangerous if you are using an exchange and spending dollars to get it right now. Things happen far too quickly in this world, and if you can wait for a little bit more time, evaluations will be more realistic… How much of this bitcoin was also mined in the early phases, when they were handed out by a few dozen each block mined. I mean, you can blame me for not wanting to part with five $100,000 houses for every block mined by some nerd somewhere – egged on by video games and sub cultures no less!! Nothing against video games and I’m a nerd myself.
where are the applications?
And where are those applications that these coins are supposed to be accepted at… Where are we seeing adoption… I believe much of the traffic right now is back-and-forth between the different users and the different wallets, we are not seeing corporate adoption because until the price is stabilized, don’t expect Travelocity and Airbnb to accept bitcoin. That stability will only come if there are far greater numbers of users, according to someone we deeply respect here, Antonopoulos… And the user interface has gotten rid of these crazy addresses, and no one is afraid to make a mistake with a few numbers here and there you’re speaking hundreds of dollars if you skip around with the point.
YOU MISSED IT & THATS THAT
Therefore, you missed it I missed it getting in – but waiting for the right moment is the biggest reasons in itself… But now is not the time … I believe everyone should wait or anyone that wants to come out better, at least for a few more months I think until the dust has settled somewhat.
Even when this kind of currency is being used for businesses, it is more likely ordinary people will be using a more realistically valued coin like Monero (we don’t own any of this either), which comes with well recognized, across the board high privacy quotient, and can be transferred fast. Or perhaps another like Litecoin maybe if speed was the only thing that mattered. The king of the pack Bitcoin does not really have many things going for itself…apart from having weathered the most storm and the brand name.
get ready though
On the other hand, make sure that you do have a Wallet ready… That you have a centralized exchange account ready, for example Coinbase, because sometimes those can take time so you can buy using USD when the time is right, and perchance an account on a really open exchange like Binance (dont tell us we didnt warn you about Bitfinex and Tether because we now have) ready so you can buy some of the better currencies. That time is not now, again, in our wise opinion. If I were to throw a number out there, I would say Bitcoin at a max of like USD 1500 – definitely lots of support and a few months at that as well.
PS: And you know what, wait till the governments are done freaking out. They may have been behind these two days: Jan, 17 and 16 2018.