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RE: Has Bitcoin become a shitcoin?
I think the "bubble" still have a lot of space to grow. If a lot of blockchain projects can make their whitepaper real and get real usage, the bubble can transform in a nice, big, growing market! But indeed, for now I keep on hodling, LTC is one of my favourite coins! And still cheap :-)
The issue is that it will take years to develop the blockchain projects into real value creating systems. The speculators don’t have that kind of patients. Eventually they will pull out, which will start the panic selling. The long term holder will be rewarded because eventually some of those blockchain projects will gain traction and have real world impacts. Then the next bubble inflates… The trick is to figure out which blockchains will burn out and which will make it long term. (I say the next bubble because the average person hasn’t bought into crypto yet. After they do we can move past these market wide bubbles. I think this is the 6th crypto bubble we are on right now)
I can't agree more with your reply. I am testing some of them already (like cloud storage blockchains) but my experiences are that none of them are ready for the big masses! (They are still away from the ease of use like One drive or Google drive, ...). The same counts for pure "currency"-crypto's, we need an easy way to send, store, ... which is secure and easy to use for the big masses...
Exactly, the masses! The currency cryptos have come along way since I first entered this space in 2013. The first time I bought BTC I had to buy linden dollars (from second life) and trade them for BTC. Coinbase makes that so much easier. Also, the hardware wallets that are now available make it easy to spend your crypto coins but are as safe as cold storage. I’m tired of needing to make new paper wallets every time I sent coins from an account, but it was the only way to keep your coins truly safe back then. Still things need to become easier. One of my friends wants to invest a little in cryptos but he is afraid of sending the coins into the abyss if he screws up an address. I don’t blame him but it’s issues like that that this space needs to solve to build confidence with the masses.