RE: Micro Look At Bitcoin & Effects It Has On Altcoins
Things are definitely changing, or at the very least consolidating. Appreciate your thoughts here...
I think we have some unique challenges in cryptos that we haven't faced in other financial markets... one of them being that there probably still is lots of "dumb money" either still IN the market, or sitting on the sidelines with this expectation that "Investing in Cryptos" has something to with "putting in $1,000 this week, and then you have $4,000 next week." And they are basically a bunch of nervous nellies who buy and sell at the drop of a hat... or on the slightest rumor.
It's not really investing, it's more like playing the lottery. Of course, could be that I am just old-fashioned... I cut my investing teeth on tech stocks in the 1990s.
We're still quite a ways from the idea of crypto investing as a value play for the long term, I think. And perhaps we can lay "blame" for that on the reality that people are currently investing in "the technology" as a thing that exists separately from an actual business model.
Can these things exist in the long term, without some sort of plan for how they are going to be income producing?
During the dot.com bubble, it would be very hard to pick the googles and amazons during the chaos. When the dust settled, it was easier to see a clearer path.
I believe we have evolved as a society in terms of investing to be more potential oriented. Facebook was worth billions before it was even monetized. Its the idea of reasonable value is there and learning to extract it down the road. With cryptocurrencies, at least for me, it is easier to see ten years down the road when comparing looking back just ten years ago. Time will tell as it always does.