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I can understand why Wall Street is furious at the crypto boom. They like nothing more than a nice big frothy bubble to cash in and make huge profits. You only have to look at the great recession, caused by banks and the dot-com boom preceding it. This time, they have NOT got their cut, and they are mad as hell. The VC rent collectors cannot accept the wrong people are getting rich. It is no surprise to watch these talking heads try to discredit anything to do with crypto and then in the same sentence say, "well, I believe in the technology." It is mind-blowing.
However, I do not understand why the average person is joining the Wall Street PR game. They jump on social media calling it a massive bubble and write blog posts and tweets about how they think bitcoin is stupid. I do not care about the price of real estate in San Francisco as I live in Tokyo. Complaining about the high cost of an apartment in Hong Kong or London would not be an interesting use of my time. I don't care about that, too.
Why do we see people who are not interested in bitcoin or blockchain technology spend their valuable time complaining about it? I agree the current situation looks like a big bubble. The disruptive change will never be smooth or clean with this technology. It will be a fight to the death. The over-enthusiastic negative response from some observers is a surprise. If they do not care for it, why make such a fuss? I assume it is a subconscious defense mechanism. Change is coming to how we live and money is often the number one worry. People love certainty. Shock, denial, anger, and fear are typical early responses to change.
Do you hate bitcoin or do you fear change?
Full Disclosure:
At the time of writing, I hold modest investments in crypto assets, and I am not paid to promote cryptocurrencies or ICOs. My company helps technology organizations hire talent that builds exciting projects. I am completing an Executive Master Degree in Coaching and Consulting for Change at INSEAD.
People just have FOMO
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Next Jump
https://steemit.com/bitcoin/@salahuddin2004/bitcoin-will-retest-20-k-before-30-march-2018
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F%!k FOMO! lol Don't give the whales all the profits by jumping in at the end of the trend they started my friends!
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https://www.spacemining.io/?ref=30523 new site 100 GH/s for start on mining Bitcoin proof payment 100% im testing from myself
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Bitcoin has high fees and is slow. It does not even work as a cryptocurrency, companies are stopping to accepting it due to how inconvenient Bitcoin is. Bitcoin is a dinosaur to many other cryptocurrencies and I hope it dies soon, there's a lot better altcoins.
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If you believe that BTC limited supply gives it value, it's good for large transactions like paying of international debt.
I'm sure US, China, India, Korea and Russia will be using it and mining it, for exactly that.
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There are a lot better altcoins i agree. Bitcoin will be hard to kill though, its the gateway cryptocurency for the most part. Its tradable with almost any coin on the market. My current favorite cryptocurrencies to invest in are Ethereum and Neo. They offer real value services instead of just being a store of value like bitcoin.
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If Bitcoin DIE, it's like you said the US DOLLAR die also.
The center for CRYPTO is BITCOIN! Same with the US Dollar.
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I think the issue right now is that the entire Crypto space is very overvalued. Their large marketcaps come from the promise of something great, and the association with blockchain/tangle technology as opposed to having REAL value right NOW.
The reason many "average people" distrust Bitcoin is probably a combination of gut instinct that the technology isn't there yet (otherwise they'd be using it, right?) and the fact that they truly DON'T understand the technology.
I think the FUD from Wall Street/mainstream media only reaffirms their own suspicions, rather than acting as the supplier of their opinions as you claim.
For what its worth I WANT crypto assets to succeed, but I don't want them to succeed as investments (though I'll readily admit I have a lot to gain from them succeeded as such).
Instead, I want them to succeed as PRODUCTS. I want to see a decentralized Web 3.0. I think society will change in major ways as a result of blockchain technology, but I don't know when that might happen/ what cryptocurrencies will be the ones mass adopted, and I'm not sure anyone really does (hence the immense competition in that space).
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I disagree, while it true certain coins are way overvalued, there are many that are undervalued. The block chain is not going away, it's as big of idea as the internet itself.
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I totally agree with you man, I actually predict that at least 95% of the cryptos out there right now will be gone in the near future because, as you pointed out, money is being pumped into them for investment value only, not for their technology (look at doge coin!).
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I agree, don't hold coins that have no product or real life value to them. There are a lot of coins and tokens that the investment you put into them is used to do some good things. Those are the gems you need to find and buy if you want long term value. Ethereum, Neo, Steemit, LBRY, DTube, Decentraland, Bezop, Envion, Solarcoins, KWH coins, Buzz Coin and many many more that all offer real value service instead of just stores of value.
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I love Warren Buffet talking about the cryptocurrency decline and in the very same paragraph saying he doesn't really understand it.
I created my first ever post which I think people will find funny to read. Could some people spread the word :)
I quit my high paid job yesterday to do this so am a bit worried haa.
https://steemit.com/bitcoin/@cryptoadviceltd/quit-my-job-yesterday-my-honest-journey-in-cryptocurrency-the-highs-the-lows
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Understanding to Warren Buffet is 'world-class' understanding. I'm sure he understands how it works.
Fact of the matter is that he won't see the effects of the Blockchain.
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Ha, no he won't...
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If someone is not happy with there bitcoin they should give them to you or me, we will me happy to enjoy them, right?
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Yes, at the right price. Society is better when we're open to new ideas, thoughts and technologies.
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Yes, old people, old ideas. The world is a stage, let the old people enjoy each other, let the young people live there free lives.
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i love all crypto and i would love if some one will give it to me
i'm hateing me, cuz i exchanged more than 20 BTC at price of 800-1000 $ and at last time 1 BTC at price of 4.800$ in 3 september :(
Btw 'mybe some one need to hate Wall street' Lmao :))=)
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Exactly :)
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governments hate bitcoin because it's decentralized and big major corporation and bank wanna keep us on their leash they hate btc and they fear change BITCOIN is under attack , VISA blocks bitcoin
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I agree, the banks, major corporations and governments don't want to see decentralized systems succeed. It will be a big fight to the finish. I back the people and our freedom to choose. I'm sure we'll see many regulations, but you can't stop bitcoin.
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In a way it is like trying to convince your 70 year old mother to drop her land line and use a smart phone. It's the new thing mom you can take all your communications with you where ever you go. Mail phone instant message video music and .....yer bank.
She might hate it now but when she gets the first pictures of her great grand children on it.....OH JOY!
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Excellent point, I convinced my 87-year-old dad! He said I just don't understand it (bitcoin), but hey it might be the future so tell me more. Some people are open and embrace change, most resist because of fear of the unknown.
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"However, I do not understand why the average person is joining the Wall Street PR game. " - Well I guess some people are mad because they didn t get in early ... but in my opinion we are still at a early stage. There is still a lot of profit possible.
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If you think about this crytocrrencies has been around its just the masses of peole are find out about and you do not need a lot of money to get into the game,this is my the bank not not like because they will be be able to make money.
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It is easy to blame and be full of negativity , because people don't want to spent time on learning . They just speak from there stereotypes, from there past expierence .
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Dtube Success story! Must watch and ReSteem
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great post dude
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I think we all know why people are hating on it. Truth is they can still join the party, they just like to complain about matters they don't understand.
Bring on the trumpets!
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great post dude
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Fast and cryptography
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I hate it for its high trasaction fee and to slow.
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the human mind always tends to play an opposition to anything that has a semblance of change, so let them talk. its what men do. soon they will come on board
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The story of bitcoin in wallstreet:
Don't invest in bitcoin it a bubble that will explode eventually and you will lose all of your investment. At that time bicoin's value was only a few dollars. The smarty-assed guys who were to--No, the term is very "cautious" to the point that almost everyone of them believde that it will sooner or later collapse. Collapsed as bitcoin rose the very top of their rooftop.
Maybe there like," Why did I have to listen to those stupid guys at the office?!"
I think it was okay not to slander bitcoin as it already prove its worth to anyone of us. But instead, they still kept on saying that, "Bicoin is a bubble, a bubble do you hear me?! Its a bubble!" they've gone crazy to hear and see that somee typical dudes out there made more money than them...
You know what I say," It's not a bubble~!"
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bought at bitclub.net but the payout is very small. Think its not worth it. Better invest in penny cryptos wit 1000 % more ROI.
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https://www.spacemining.io/?ref=30523 new site 100 GH/s for start on mining Bitcoin proof payment 100% im testing from myself
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🍻 Good One 👌 Keep Up Dude
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what we have to do now buy it at 11880 price or not
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Take away the value of the dollar and soon the government shall fall. I am happy to know that currency in the crypto world has made decentralized trading more of a lucrative investment. But as i echoed a few weeks ago if your not buying bitcoins whats the point of being in the trade. and the price is so damn high? Altcoins are where it's at nobody has time to pump hundreds upon hundreds of dollars into something that's going to implode.
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Just wish I had 20k to put into the crypto market right now I would buy a complete Bitcoin.. and just hold it... I am just a poor trader but still have a good load of ALTCoin that should do well for me.... With the rest of the 20$k I would build my positions in my Alts.. like ADA and many others..
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No...I dont hate bitcoin !
But the system in bitcoin is not compatible with our religion rules. Because bitcoin is not real money and an abstract thing. Eventhough bitcoin can exchange to real currency..
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But, steemit is just a like the form of a new bitcoin, 0_o . What can you say about it @fajarharapan?
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