We have some crypto fatigue. It has a lot to do with the the way people talk. Every day there is a dip you will find a lot of video's about Bitcoin surrender, every day rates go up you will find a lot of video's about the bull market. The same old story over and over again.
Hibabbelooba hey whatsup folks.... Today Bitcoin does 3,XXX and this might signal that.... and of course what I am saying is not advice and so on and so on. Filling the air with empty words and some hipster slang.
We have some interest in following what is happening in the market, so we keep browsing a selection of these self proclaimed specialists. There is a simple reason: this market consists for a significant part of hypes, pumps & dumps and exchange manipulations. So keeping track of moods helps to trade at times. Buy stupidity & delusion - sell stupidity & delusion. You can do this from some anonymous desk at some anonymous place, only visible to the people that have the guns and live on your tax dollars. You do not need to be a hipster, intellectual or exhibitionist to be in crypto. Even if it does not look this way when you watch all these sick puppy video channels. People get almost religious about this and dress and talk accordingly. Well - a legitimate way to make money. Sick to watch however.
Two things about this market are very disturbing for regular people. First the so called technical analysis. They are instruments developed for the regular markets and the way crypto gurus use this is disgusting at times. Looks like they quickly googled it and apply it without even thinking if it works for the crypto market or not. In 2018 it definitely failed. It looks like people that just discovered that 1+1=2 apply to have a Nobel price in mathematics and/or economy...
The second disturbing thing is the scale. If you assume that crypto is slightly more that 1% of money transactions and stored asset value that already seems exaggerated.
Still many in crypto space spin it as a revolution and the future of most everything. There is a lot of BS talk about fundamentals. The truth is, according to us, that there are very few real valuable applications. People tried to tokenise about everything. In most market cases you do not need a token or just use one that exists already. Even of the 1% crypto makes out today, over 90% is just evaporating value. Demasque. So far for the New World. To the defence of crypto one might argue it is still in a lab stage. True, and let's hope some solid products will come out of this. What is disturbing however is that the biggest drive to the market is FOMO and that the ICO market is a classical snake oil market. What a blessing for scammers: no serious business plan needed to attract investors. Just a piece of white paper... The token needed for the scam is created in about 20 minutes, the website in about two hours: ready to go.
There are those in crypto that proclaim blockchain will replace all database. That is extremely foolish, inaccurate and unnecessary. Like plastic does not replace all metal. Blockchain just joins a very big market of database solutions and has to find user cases where it brings an advantage over other database solutions. A lot of crypto gurus have the cliche statement they are interested because of the technology. Well - most of the time that is a lie and they are interested - like most people - to make some money. Since crypto language is very fuzzy and has tons of BS words it is easy to pass as a tech expert. For a fact: most people claiming this territory have a very limited know how and no real idea what they are talking about. It is like people being a broadcast system expert in the eyes of a person that pays him to teach how a remote control is working... Or being a computer expert because you can show others how to use Windows10. We call it leeching on stupidity and think it is morally abject to pose as tech expert without being one. The justification is always the same: making money... Selling snake oil is fully legit.
looking both ways
We are still into crypto, on a very modest scale. If there are signs that part of this market develops the right way, in a matter of minutes we can jump in. Meanwhile we keep believing in the case for gold and silver. Keeping value against volatility is already a very good thing. No need to have all kind of exaggeration and guru's in the gold & silver space. Try some other metals too, we would suggest. The physical stuff.... If the market goes down, there is no reason paper gold will not join. Few things as nice as physical commodity.
true value over centuries
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