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RE: It's a Waste of Time Checking Crypto Currency Value Every Single Hour!

in #dtube7 years ago

I guess that's how you can see it, but that's only good advise for those wanting to make a long time investment. In the same time though, considering the volatile nature of the market, you really need to be up to date as there is the risk of a currency just falling out of the trend and will just plummet into the ground. Therefore you risk a lot if you don't check often enough. Besides that your point about crypto currencies being safe for the future is very misleading. Yeah, the whole concept of a blockchain based currency is most likely capable of at least taking over some of the worldwide cashflow. But we also have to evaluate the practicality of them. Just updating the Blockchain for you Bitcoin wallet takes up an enormous amount of time the first time you install it and it's going to grow into oblivion. This also carries the danger of to high energy consumption for every new wallet and with every new wallet the consumption generated by every transaction also rises. This combined with the rising cost of Bitcoin mining, which kinda is the "king" of crypto currencies, is dangerous. I predict a steady rise in most relevant currencies of today for at least some years to come, but there will be a crucial point at which they will become too unpractical leaving us no other choice but to either swap to a newer currency, instantly destroying whole tons off cash invested in Bitcoins and other cryptos of the time, or getting exponentially increasing energy sources. The second is obviously not a possible long term solution, therefore the first applies, making this point in time very crucial for those still holding onto their currency at that time. Therefore actively checking values is necessary to not lose everything when this moment arrives. Also the rising energy consumption ensures a steady increase in value before this crucial point, so some currencies will start to lose their appeal for any other use than daytrading and investing. This will be the starting point of any currency's downfall, kinda like a "Bitcoin doomsday".

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Thanks for the in-depth comment! I'm sure you are right that we will see many major crashes. But as long as you invest and is fully aware that it can go to 0 then it's all good. But making a profit and constantly scan the market for what is going on is good. But the world is pretty safe so even worse case scenario is not that bad for most people. But everyone also have different levels of risk tolerance. We don't know where stuff will go tomorrow with going up to 10 billion humans anything could happen! But it does seem like we are going to a more digital age that seems to be the trend. Some people thrive during chaos and others thrive when things are calm

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