Hey everyone, it’s Whatever Wednesday again. Today we’re going to ponder is this “The End of Crypto?”
Stock Photo from: Pixabay
The End of Crypto?
Spoilers. It’s not the end of crypto.
However, if you look at the markets currently, you might think it is:
From Coinmarketcap.com 8-8-18
By the way, it was even worse about 2-3 hours ago.
However, I’m here to tell you that this isn’t the end of crypto. However, is probably the beginning of the end of the beginning.
Beginning of the end of the beginning?
Yea.
I’ve mentioned it many times before, but I don’t think we’ll see a bubble burst like it did for the dot com boom/bust. Instead, crypto will see a slow leak where coins without true value or product will cease to trade. They won’t go to zero necessarily, but they will just cease to be traded and then slowly be excluded from places like coinmarketcap.
So then, what I mean is that this is the beginning of the end (for bad projects) of the beginning of the (age of cryptocurrency). By this I mean before we can see any mass adoption, we will need to see the demise of coins that don’t provide any value combined with the inflow of institutional money. Then we, as a space, can move forward with more legitimacy instead of being just an ecosystem of scams and schemes — with the greater fool theory as its core use case.
I’ve also mentioned the homogenization of exchanges with Coinbase needing to add more coins and other exchanges, like Bittrex and Binance needing to add fiat pairs. This is already happening:
Coinbase Considers Adding Five Crypto Coins to Trading Platform – Bloomberg.com
Here We Go… Rolling Out More USD Pairs – Bittrex.com
I expect Binance to follow suit soon. Adapt or die.
All the markets are down — but why are so optimistic?
That’s the thing, I don’t think I’m being optimistic — in fact I can’t understand why people (very smart people) don’t see the paradigm shift that blockchain and cryptocurrency will usher in. I think it will change the world more so than the internet did after all is said and done.
Perhaps to some I may seem fanatical or an evangelist, but I think it’s because I can see the vision of the future that requires blockchain and cryptocurrency.
I guess the other reason is that because I don’t have much money in cryptocurrency that I’m not that emotional about price action or what everything is selling for. When I bought my small chunk of crypto, it was not to sell it in a week, a month, or a year — or maybe not even a decade. Amazon started July 5, 1994 — about 24 years ago. It’s had its ups and downs, but managed to weather the dot com crash and just continued moving forward.
If I had told you that a book store was someday going to buy Whole Foods and do the most online sales in the world — would you have believed me?
By the way, did you guys know that Amazon owns like 76 different brands?
Amazon now sells 76 of its own private-label brands — from clothes to baby wipes – Business Insider
24 brands you probably didn’t realize were owned by Amazon – Business Insider
Amazing right?
However, the internet didn’t change the world in a day — it took many years for it to become ubiquitous. The same will happen with blockchain and cryptocurrency. It will take years before it is mainstream, and even years after that before we see any truly world-changing things occur.
With all that said, the cryptocurrency that survives through all that may not even exist yet.
So what now then?
It’s always the same. Only invest what you can afford to lose. Cryptocurrency is gambling.
I’ve picked my horses in this race — but the race hasn’t even started yet. They’re all just ambling around in their stables eating hay.
Whether crypto is up or down is not exciting to me. What is exciting to me is moving closer to mass adoption — and the world changing in front of my eyes.
I’m a dreamer, but I’m not the only one.
TL;DR
This isn’t the end.
It’s the end of the beginning of the end of the beginning:
The beginning of the end (for bad projects) of the beginning of the (age of cryptocurrency).
I’m a dreamer, but I’m not the only one.
-Sensei
Agree? Disagree? Questions, Comments and Suggestions are welcome.
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