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RE: An Emotional Response to the Cryptocurrency Market Crash
This is a pretty good post and I think you have valid concerns. I think we will see extreme highs and lows in the crypto market for the next 7-10 years as the new economy matures. I'm in a HODL pattern too. The massive swings are part of the growing process, I believe.
With all these regulations and hackers stealing crypto every now and then.. and scammers like Mt.Gox stealing money from their customers and then declaring bankruptcy and dumping huge quantity of BTC in just one day and now we hear the latest from Alphabet to ban any crypto related ads on their Google.. do you really see this industry has room for growth in the next 7-10 years? A great deal of people were in crypto because of its anonymity but now that people will be forced to verify their identity before they could buy or sell crypto with fiats and also the tax from every transactions is definitely making the market drop.. if things continue to fall like this, many miners would stop their rigs and asics as they will be burning more in electricity and less in revenue.. I personally think if we can manage to trade commodities with crypto directly, without the need for exchanging them for fiat and then pay bills only then regulators won't be able to regulate crypto but then again the volatility :(
My friend, you are not going to like this reply.
The governments will regulate crypto and there's no getting around it. In this modern age of AI, robotics, and constant monitoring there's no hiding from any entity who "really" wants to know what you're up to and what you have.
The blockchain industry will boom over the next decade and there will be winners and losers in the game. Blockchain Developers will become very rich. Some will become quite famous.
Certified Public Accountants will see their work being done by computer programs and their jobs will eventually be eliminated.
ALL DATA on the Internet will be stored via corporate built centralized blockchains so that they can prove EVERYTHING. They will do it so they can't be caught lying by their governments.
The beautiful intentions of blockchain (anonymity and freedom) will be exploited and turned into weapons against those very intentions. It sucks, but it's true.
In the mean time, invest what you can in what you believe are good blockchains...whichever one's those may be. And may the odds be forever in your favor...