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RE: My emotions on cryptocurrency
I always remember that 'internet things' don't last forever. Look at social media, does anyone remember Myspace or Bebo ? Even Facebook and Twitter are on the decline, as people move to alt media. YouTube will just become a memory at some point.
Perhaps the same thing will happen with cryptocurrency. Most people think Bitcoin will be around forever just because it's the first, but history of everything else says different. It may be superceded by something else more useful, Bitcoin Cash for example ? Only time will tell, it's impossible to know what's just around the corner...
True with technology upgrades nothing last forever. One can so that too natural resources. Sooner rather than later mankind will have to rely less on fossil fuels and more on other sources of energy. The point is foreseeing something with great potential before everyone else so that he or she can sell it at higher premium. That is how crypto holders got rich. Bitcoin and Ethereum were pennies not a decade ago. Imagine holding 1,000 of either of them now at back then prices would more or less set a person financially free even now. This just amazes me to think if someone invested $1k ten years ago they would amass a fortune at today's evaluation. Good reminder to hold long ;) Thanks.
Perhaps that's a sign that the boat has already sailed on crypto, and if you weren't invested in it 5 years ago then maybe it's too late now :-( I just can't see it having the phenomenal growth it had like before. I think it'll be a survival of the fittest then a long slow growth from now on.
It's interesting you mentioned the growth of alternative energies, that's where my long term investments are. Specifically, materials used in battery production.
They have two of the best factors, a growing demand (for off peak energy storage) and future scarcity (already rare materials becoming a lot rarer).
I did consider fossil fuels, but I don't think they'll hit the scarcity curve before I'm due to retire.
I personally believe cryptocurrency is in its infancy and real growth will be years away. I too do not think easy lambos will come again, but one can still earn a lambo, just a bit longer ;)
There are so many new technologies people can invest in but like you said only the best will survive. I just cannot imagine the future without blockchain. What I can say is a lot of people still do not grasp the basic understanding to see its potential. Just hope in my life time there will be enough people to know and we can all benefit from this.
I agree, I just don't think the time is right yet to be picking sides. A lot of people compare the crypto bubble to the dotcom bubble and they should, I lived through that one and this is just history repeating itself.
Everyone is comparing Bitcoin to Amazon, about how Amazon survived the crash and how much it's worth now blah blah. They seem to forget that Amazon was only one of hundreds of companies, and survived by pure luck. And if it wasn't Amazon it would just have been one of the many others.
So is Bitcoin going to be the new Amazon success story ? Nobody knows yet, time will tell. It could equally disappear and be replaced by a luckier coin. Everyone thinks so, just because Bitcoin was the first. But Facebook wasn't the first social media... Ebay wasn't the first online market... Itunes wasn't the first music store... and during the tech boom there were thousands and thousands of these companies, just like the thousands of crypto now.
Sorry for the very bearish view, I agree about the long term growth and hopeful success of blockchain, but we've been here before many times.
Nope not bearish view. Just being cautious so fully understand. I take things in prespective now after missing out on Facebook, Amazon, and so on. Imagine if I bought 1,000 shares back when they were in the less than $20 how my life would have changed now :/
So with crypto I am not going to invest a lot but just a little so that if it indeed soars I will not be missing out. On the other side I do not want to risk my life savings for something that could be worthless even if it has a lot of use to it. Thanks.
If I could spare the capital, I'd probably buy $100 of every crypto there is and just wait. The vast majority will bomb, but perhaps the ones that do make it would more than compensate :-)
I feel the same way. You should look up @cryptoeagle. He came up with an app that let you know what is the worth of 1/1millonth of every coin in circulation. Approach is if you own a millionth of every coin known then anyone of those that moons will mean success. lol.