There are not many things you can actually buy with bitcoin or cryptocurrencies. Gambling and illegal dark web markets make up most of the bitcoin transactions. Even worse can be said about other cryptocurrencies, especially ICO tokens which are all 100% speculation based.
This article is so inaccurate and full of falsehoods, good for a laugh. It would never occur to the author that he could possibly be wrong. This party is just getting started!
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Long term it's getting started, yea....super infant stage like the internet. BUT, there is accuracy in it being overvalued.
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So why not make that point and actually reinforce it with actual evidence? You haven't said anywhere in the post that its overvalued you're just trying to slander cryptocurrencies in general. People always state that the growth of the market is unsustainable but its had numerous pullbacks and then grown beyond its previous high. Why? Because there is a genuine belief in decentralization and blockchain! People are INVESTING in the technology and its future as an ideology just as much as they do in BTC as a store of value.
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And you think parabolic movements are sustainable? New money isn't coming into cryptos indefinitely. I'm super long term bullish on cryptos and blockchain, but I am also a financial realist and know these things don't sustain....but they also go longer than anyone thinks they can.
....do some research on the dot-com bubble and tell me if you see any similarities ;)
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I don't think they're sustainable long term- no. But don't you think the period of economic instability that we're currently part of, which will only worsen plays into the hands of Crypto in general?
I think its good to be cautious- but profit off a growing market :) I've only just started to invest in crypto's but I did extensive research (about a month or so) before I invested. I wanted to fully understand the ideology, the concept and its potential.
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Yea I definitely think that as economies worsen and shit really hits the fan, cryptos will boom more. Look at the charts for gold during every recession. Boom and then bust and bubble pops and it comes down to where it was before. A lot of the economic uncertainty money is already in the markets for current conditions....so until things start to really worsen, I think it's already been priced in.
Many of the top market analysts I follow are predicting a huge stock market correction to happen soon and ultimately the DOW is predicted to get down to $3,500!!! Cryptos will probably boom then. Just remember the higher the push, the harder the crash. My Dad put it into perspective a while ago that you should picture markets like people holding up a roof...the higher they get the more tired they get and you need a lot more people to sustain the roof at those levels. Otherwise they'll get too tired and it'll collapse.
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The problem we have there however- If economies do crash to that degree, who would selly crypto's in order to hold fiat! Many are predicting a larger crash than 2008, so surely as the economy recovers (at a slow rate of course) crypto's would fall (at an equally slow rate) and not burst as starkly as once thought? Theres also the chance of hyper or mass inflation if the predicted crash is large enough, which in that case- I genuinely don't know what could happen haha.
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No one. They would sell goods and services for crypto.
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Yep. That's what I've heard too.....basically biggest correction/crash since the depression. Like I mentioned, DOW predicted to hit $3,500! That's insane..... However, good news (great news) is they're also saying it'll be the buying opportunity of a lifetime.
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So I'm just trying to have and save a bunch of money so I can be ready and buy buy buy when it's time :D
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It simply hasn't gone parabolic yet. The runup from the $10-20k range to $100k is when it will truly go parabolic. Bitcoin also has never seen a bubble yet, only periods of hyper-capitalization.
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I guess that depends what scale you have for your graph.
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