Big Bad Bear Market
Family of bears on the lawn at the park in Lake Tahoe.
Strange evening, do you feel it?
This is in response to another article I saw tonight.
It really doesn't matter which one. Could have been any of them, but is here.
Let's take it though the rational discourse here:
In the US, almost all investments are in USD.
- What if you don't want to invest in USD?
- What if you don't want to wait until Wallstreet decides to stop the music and their irrational exuberance, and decides it's time to soak the population again?
(every 10 years or so, we are due)
What if you want to buy gold?
- Good luck getting it on an airplane.
- Silver? Even worse.
What if you want to roll around with a set of keys and a Flash drive on your keychain?
All the rest is noise.
All the rest, is immature technologies, maturing into proven technologies.
Welcome to the future, where money can be created in a P2P community in the cloud, and used instead of USD.
Say goodbye, to the little box that most people live in.
Other side of this coin: it's all about APPS now.
All about apps attached to blockchains; the many applications that can change our world and make it a less corrupt place (in theory).
Apps like Steemit, and apps like smart contracts.
When you listen to a tech savvy lawyer talk about smart contracts?
That is the ultimate...
- like listening to a record store clerk talk about Pandora Music Service (the tech that will replace them).
- or the factory worker, talking about training the robot that will replace him...
But we must draw the distinction in the crypto world, when sizing the landscape or any ICO or token; is this a shit-coin copy of Bitcoin?
Or is this a new technology that can change the landscape (BAT, STEEM, etc)?
So the point being, some ICOs are very serious end runs around wall street, banks and VCs, to create something traditional funding was not able to create. (ETH)
A key aspect I don't see talked about here; is 3rd generation blockchains. These are designed from the ground up, to be ETH and BTC killers.
Will they kill?
Yes, at taking a large chunk of the market for themselves...
EOS has been designed to replace the software Wall street uses today.
That is a vision, and it's worth watching this infant learn to crawl, then walk, then speak, then think.
Will it go without a hitch?
No, put $20K in a shoebox and be ready for the shit storm.
But this time, we control the ball....
Such an interesting blend of currency talk and poetry! A crypto-haiku!
Not much goes without a hitch, but the world is definitely turning. Blockchain technology is here to stay...
Sometimes I just want to shove it all in a drawer can revisit in a year.
So much drama avoided... and I'm an impatient bitch sometimes too.
hahaha We're all impatient... And yet, we endure...
Well written and passionate piece. Seems JP Morgan's CEO Jamie Dimon killed Bitcoin yesterday, but some believe the greedy banks caused the need for it. You would like this article.
http://www.thewrap.com/why-the-only-reason-bitcoin-exists-is-because-of-jamie-dimon/
Upvoted!
I can say "I told you so!". Bear market is going to last at least a few more days. We need this "purge" to be healthier.
You can find my latests pots on the subject here:
now the btc market is handled by china. and I think that is taking advantage very well. 3 news 3 market crashes
Hi @surfyogi ! Thanks for mentioning my post!
A few things that occured to me:
The concept of crypto currency: absolutely agree it is here to stay! Ultra portability, worldwide transfers and all that good stuff, ...great! Agree it is here to stay! Like it was clear that the internet itself was there to stay in that bubble.
But the area I see little critical thinking is that of the valuations (like the internet bubble) they seem to be totally separate from the actual technical performance of most of them.
3 transactions per second is not going to cut it for a workdwide payment method.
Aside from the security challenges... first of all holding crypto requires a lot of effort to do so securely, and then the code of smart contracts itself seems vulnerable too (see the John McAfee video below, eyeopening...)
Like you say there will need to be a few technological generations before it gets to a useable state. Maybe the biggest cryptocurrency is not even invented yet... like google, youtube and facebook came all way after the bubble burst.
Regarding the legal aspects... dunno but it seems like many people doing ICO's are living in lala land plugging their ears and humming pretending that because it says "decentralised" they are immune from the law... a scam is a scam: some of them openly admit they are pumping and dumping for godsake... some dragnet will eventually come down and all kinds of projects will get scooped up...good and bad.
Smart contracts are still only a glimmer of an idea mostly and to pretend that they can live in a sterile, lawless vacuum seems a bit silly. Like any contract, when things go wrong they will end up in court... and go wrong they will occasionally.
All in all, great promise this cryptocurrency stuff but when will reality catch up to the promise? Look at VR, where is that holodeck they promised we'd have by now....?
In the meantime there seems to be a huge gap filled with speculation and lots of people trying to convince themselves and others that it will all keep going up.
Admittedly valuations can still increase enormously for a while since the general public has not even really got into it. The question is will they be allowed to join this circus before some legal intervention shuts it down?
Here is the vid of John McAfee talking about the security aspects...
All John's comments are right on. I have never used phone wallets, except just to do a days deals, then put them on a real wallet on a PC.
Not to be trusted with your life savings.
Sure, I got all that from your article, and the articles you quoted.
Discernment, my friend.
Most ICOs will be bunkum...
But some, will change the world.
I try to keep it down to just a few to sort out..
I am also curious about the apps with de-centralized contracts etc. In 5 years many of them will work as normal software products like the ones today. This will shape the future. Now, everyone is scared or skeptical. This will change.
nice poetry about crypto :D
It would be really helpful if you gave examples of some of these 3rd generation blockchains. Are you talking about stuff like Golem, Streamr etc..?
ETH was the 2nd generation.
STEEM, EOS are definately 3rd generation.
Depends on how you define them... but for me; anything that's trying to improve on ETH, or trying to attach an APP to a blockchain (application specific blockchain) is 3rd generation.
The uheaval of society is inevitable with the invention of the blockchain. The question is if this is going to get ugly before it gets better? How desperate is the current goverments / elites to maintain their power?
Well put. Yes I agree; will it happen slowly (hopefully) or overnight?
I was telling Nantchev when I interviewed with him; this starts looking like a new arms race sometimes..
Good poste!!