RE: Cryptocurrency 2.0 Like STEEM Is Going To Make Early Adopters Rich
Thank you for you extended comment @fknmayhem.
I agree that for STEEM to fully realize its potential, there neesds to be commercial uses. Without that, you are right, it is just a pump that will eventually crash. Nevertheless, I do believe that the creative minds on here will develop that. There are many people doing a lot of different projects which will have real world use. When we see them emerge, that is anyone's guess.
As for my fanboyism, I have complete faith in Wall Street. Crypto is their new toy and a major source of revenue. The institutions arent going to sit this one out...they will figure a way into it.
So while I agree with the premise of the Medium article, I think he is off in his forecast...crypto will not be a $1T marketcap by the end of the year. My forecast is $1.5T, 50% higher, with the possibility of $2T. Wall Street can dump some money.
Now will that "bubble" things? Certainly some tokens that have nothing going on will be ripe for collapse. However, if the develop throughout 2018 is steady and progresses to the point that there are some real world applications, then those should hold up.
With Wall Street, I think anything in the top 30, even top 50 is going to get run up.
I like this.
We are going to see two patterns (compulsory usual not investment advice):
I agree that we will largely surpass the $1tn marketcap but that doesn't take away that the man speaketh massive truths.
The marketcap will always be 80%, or more even, from lateral trading and not be actual fiat which will have gone in it. At least still this year.
The current crypto oligarchy is too rich and thus also still too influential on the market. Additionally, the growth in last 6 months was too explosive. That first needs to be corrected. I'm banking on Ripple to help us with such massive correction. :D
Nice play on words there. I am with you on Ripple...I dont see it being anything more than the same in a new package. The run up was impressive, better than most...on the whim the banksters like it.
Of course they do, it can be controlled.
As for the correction, we had a pretty good pullback and the fact the market is waffling here means a floor could be put in place. We could go lower of course but the sideways move the last couple weeks is optimistic in my view. Perhaps another while longer going like this in a channel then a breakout to the upside.
As for the 80% lateral trading, I am not sure if this market is going to be that high in 2018 since it is so new and immature. We are going to see a lot of new money enter the sector...big money. At some point, things get too large that you are right, the only way for MC to grow is through the traders going back and forth. Does that pertain to something only $500B, peanuts in the world of Wall Street?