
Collapse of Cryptocurrencies in Q1: Even the Biggest Crashed 67% to 88% - Cbasedlifeform
https://wolfstreet.com/2018/04/01/collapse-of-cryptocurrencies-in-q1-even-the-biggest-crashed-67-to-88/
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richsherwood
Honestly, this was to be expected. I believe that crypto-currency has some
massive potential but at this state in the game, there’s limited things you
can use your coins for. Bitcoin, being the biggest and most notable, is still
absolutely a pain to a convert in and out of fiat. Especially for newbies just
learning about the technology (after hearing about all the guys making a
killing and assuming the trend will continue no doubt). Bitcoin’s usefulness
is near useless at this point and so it’s only value is as a speculative
investment. Initially, there was a variety of reasons why Bitcoin and
blockchain was attractive. For me it was the noble idea that Bitcoin could be
used to liberate a whole portion of the world economy from oppressive
governments or broken financial systems but I’ve noticed that people don’t
talk about that anymore. The new marketing speak for bitcoin is that it’s a
“store of value” which is bs if you consider the fact that the value you’re
trying to store is now worth much much less than it was a few months ago. I
cashed out of 90% of my holdings in December before the huge run up because it
was like people got hit with a spell and were foaming at the mouth for it. I
did feel a bit of FOMO of course as most of my colleagues were buying property
and fancy ass cars afterwards but the stress just wasn’t worth it. As soon as
I saw a nail salon advertising a “become a bitcoin millionaire today!” ad
which sent me to a affiliate link, I realized that we were at peak
ridiculousness. The unfortunate thing is that a lot of people got burnt the
last few months. Largely innocent bystanders whose naivety and unfamiliarness
with the technology used against them in an exploitive way(not really an
excuse for bad investment decisions though, most of that still falls on the
“investor”). It will make things harder to get people to adopt useful coins or
applications of blockchain once the kinks are worked out in the future. But
then again, maybe that’s what we need. More caution and less hysteria. I see a
future where more than likely you will have no idea whether the application
you’re using is on a blockchain or not. A technology layer in which being on a
blockchain isn’t hyped up for marketing speech, just as we don’t hype up other
layers which keep our modern world functioning and instead just offers users
an intuitive UI with as little steps as possible to do what you’re trying to
do.

