It seems like everything is back to normal in the Crypto Currency market? Or what is normal in the crypto-world?
What an interesting couple of days it has been. Especially for an investor like me, who is non-technical - there has been a steep learning curve coming into this space.
I was a "late" investor in Crypto Currencies, although I knew about Bitcoin very early - I did not understand the technology. It was not until late 2016 that I figured out that this was probably going to be even bigger than the "regular" Robotics and Automation industry that I'd been investing in. When the thought "wow, this is Internet automation" I realized that this had to be a big thing. I understood perhaps 1%, but that was enough to make me invest.
It was a big and steep learning curve. Just taking full responsibility of your passwords felt almost like I can imagine a child feels when it takes it's first steps. "Is this really happening??"
From being able to buy Bitcoin on Coinbase, to even buy some ETH and LTC, and then finally moving on to the exchanges, finding Steemit, using wallets like Electrum, experiencing the first Fork with Bitcoin Cash and then finally buying a Ledger Nano S.
Fomo, FUD and I finally sold some of my BCH
The last couple of days however, has been even more exciting and learn..y. As I've been bragging about probably 5 times by now the last week, I sodled some LTC and bought some additional BCH's. After reading a little bit into it, I figured BCH was underpriced at 550$. Little did I know that Roger Ver, formerly known as Bitcoin-Jesus - now only known as Bitcoin-Satan by most people, was ready to pump at least 25,000 BTC into BCH and try to take over the entire market. Unfortunately I was at a party that evening that it went to almost 2800$ at it's peak, and at the peak I was "drunk" (not really..more like really tired) asleep in my bed. Woke up by a text from a friend which said; "Holy S..congratulations" and I had just made the trade of my life - unfortunately I slept away almost half the profit of 450%.
But I was still up at least 200% and it was a pretty big bet I'd made. Keep in mind, I never sodleded any of my BTC. That will never happen. So I dived into everything. Reddit, Twitter, Youtube. What the hell had just happened? I guess you all felt the same thing. I just realized I had participated in something big that probably will be talked about in the future, as one of the whack things that happened in this space in the late 2010's.
At this point I haven't really concluded with anything yet. I did sodl some of my BCH, but I still keep almost 100% more BCH than BTC.
Who's really centralizing Bitcoin?
I've made the argument that it is the Core-team that is headed towards centralization with their planned implementation of third party functions like Lightening Network. It's also a concern to me that Blockstream is such a large participant and that Blockstram is owned by AXA who's CEO is a chairman at Bilderberger. https://steemit.com/bitcoin/@scandinavianlife/who-is-really-behind-bitcoin-core-bilderberger-and-globalists-bch-is-the-true-anarcho-capitalist-bitcoin
It is also a problem that BTC is not a decentralized peer to peer payment system, as Satoshi described it as in his Bitcoin Whitepaper. Today fees are skyhigh and more than 100,000 transactions are pending.
Bitcoin Cash solves this problem - short/medium term by increasing the blocksize. But it is no permanent solution. In time, Bitcoin will have to fork again, and there will be more drama and issues. But what I AM certain of, almost, is that there will be a solution. Because that is what free market capitalism does - solve problems.
A lot of people hate on Roger Ver, and I get it. He is not particularly sympathetic. Personally however I like him. He seems honest, and genuinely wishing the best for Bitcoin. Perhaps his actions this time was wrong. Time will tell.
Right now though, Bitcoin Core seems to be the winner. At this point BTC is basically a store of value. We see that in Zimbawe now, where BTC is trading at over 13,000$ because people are looking for safe havens as their shitfuck leaders are taking their shithole country even further down the drain. It's a good thing they have Bitcoin this time around, as it will empower at least some intelligent and clever people.
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Still Wild West
We have to remember that we are still in 1993-94 if you compare it to the evolution of Internet and computer technology. There is so much going on, and we haven't even seen the beginning of mainstream adoption yet. There is talk about it,but it hasn't happened yet. So many great projects. Ethereum, IOTA, EOS, STEEM, Bitcoin, Litecoin, the list goes on, will give people enormous returns on their investment in the future. Think of it as investing in Google or Facebook even before they went public. We're still in the very wild wild west.
So we might argue about the future of Bitcoin and wether or not Ver is a douchebag or not, but in the end we should all celebrate and embrace the fact that we're very early adopters in a technology that will guaranteed be built into everything.
Oh, and we might see BTC closing at ATH today/tonight or wherever you are.
I don't take a part of this big pump :)
I don’t think off chain solutions will centralize BTC, just a small part of Core developers are part of Blockstream anyway and without segwit, centralized mining in BCH with ASIC boost gives to Bitmain the complete control over the currency and hardware market so they can easily manipulate the market for profits, plus...if BCH wants to go mainstream it will have to deal with 1Gb or more blocks very soon (look at Andreas Antonopoulos seminar regarding scaling on YouTube) no way you can run a full node by yourself then. For now though, Bitcoin is the best store of value available...it is not physical, sha256 encrypted, private, based on ownership, product of the free market, easy to purchase...way better than precious metals.
Right. It's the best store of value. What Satoshi intended though, was a p2p decentralized payment system which was supposed to be safer and faster than any traditional banking system. I got into Bitcoin because I believed in it's ability to transact. If crypto currencies cant transact and be used as payment, we wont win. And that's exactly what governments want. They want the BLOCKCHAIN to succeed..oh they're all about that. But, they want enough control. They realize they cant have full control (which they never had anyway) but they cant lose control over the currency and payments. So, thats why I believe ONE of the groups in Bitcoin definitely are in bed with the enemy. And I think that Core is.
Sold all my BCH for to get EOS
Lol, I've done the same!
Nice. I like EOS :)
I like your reasoning about cryptos and I agree we are still some of the earliest ones to adopt, just take into account that the whole market cap of cryptos it is smaller than 50% of Facebook's market cap, so there is a lot of room for growth. I foresee Steem being worth over 100$ in 10 years or less.
Good point! I'm not so sure about Steem at 100$ though. I think we should be happy if it's still at 1-2$ in the future.
True, we shall go step by step
Agree with you @scandinavianlife, and congratulations with the BCH trade.
I got into crypto this April, and are still pretty new. The comparrison to the early 90's is spot on. But being apart of this is pretty cool anyways :)
Cheers
Very interesting story it is similar to my personal experience. First you purchase your first Bitcoin then you learn about Coinbase then exchanges etc. For us non techies there is a steep learning curve indeed . But one can't deny how exciting this Cryptocurrency world can be. It has given me a reason to live. I try to spread the gospel if you will with everyone.
img credz: pixabay.com
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