I agree. The price action is best viewed as the result of the movements of a mindless herd. It's got a momentum of its own and it reacts to the fundamentals with a considerable delay.
RE: Good News Everywhere Yet Prices Crashing. Next Bull Run Will be Epic
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Good News Everywhere Yet Prices Crashing. Next Bull Run Will be Epic
What fundamentals? Crypto has close to NO fundamentals. All momentum and faith, by the HODL crowd hoping for magical results.
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I think @louisthomas and I mean the underpinning technology, user-friendliness etc. when we talk about the fundamentals. They are important drivers of the general direction of the price movements in the long-term. Bitcoin was created in the aftermath of the last global financial crisis of 2008. Its purpose is to remove the middleman from economic transactions and enable trustless peer-to-peer money transfer. Cryptocurrency is one but very important application of blockchain technology.
The Internet was created to function as a decentralized communication network. With onboarding of the masses and the rise of Google and the social media giants, the content and economic layers of the Internet have become de facto centralized. This has led to entrenched interests stifling innovation.
The blockchain and other possible cryptographically secured distributed ledgers will enable the Internet economy to decentralize. The cryptosphere is made of up open, permissionless and public networks that enable economic transactions, co-operation and decentralized organizations to function trustlessly. This has great potential to transform regions like Africa that are extremely corrupt and mired in huge perpetual problems because of that.
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