A few months ago it seemed like everyone influential in crypto was predicting $100k BTC by the end of the year. However, it doesn't look like that's going to happen with the state of the market at the moment. It would take something absolutely miraculous to essentially double BTC's market cap by the end of the year. This confirms three things to me:
1.) It seems like many crypto investors, especially the influential onces are still way too optimistic and everything they say should be taken with a grain of salt.
2.) The "so called" experts that keep being asked for predictions have no idea what they're talking about, just pulling random predictions out of their behind.
3.) Technical analysis in crypto can only tell you so much. Essentially, everybody (including the "experts") knows shit about fuck, and you're much better doing your own research than investing based on what these bozos say.
Pumping out content on the daily, doing TA, modeling, theories, risk factor analysis, hyping news did not anticipate this dip. Nothing on the news extraordinary, not politics, not SEC, not Congress, China, India, Elon or anyone else.
We dipped. Dipped hard. Just goes to show that whoever is saying on socials they know shit about crypto, just means they are using open sentences to describe the daily outlook. And we are consumers, we consume this garbage on the daily.
Consuming content, news, tweets, memes, brain farts and everything else these crypto tech geniuses are spitting out. For what?
In the end as long as market is expanding we are profiting.
Have a nice weekend frens and enjoy other things...
I can't believe that the front page post about porn coins being "the next big thing" has been so massively upvoted. Is it being brigaded? Or do people think it's tagged as comedy?
Why the heck would we need a brand new coin to buy porn? If I wanted anonymity then surely i'd use one of the already existing, perfectly functioning, time-tested privacy coins like XMR, DASH or ZCASH? Why would I want to take the extra steps of going to some dodgy exchange to buy a coin that I can solely use for one thing? It literally makes zero sense
Plus, every single of those coins OP listed is an ERC-20 token. I don't know how many of you are familiar with ethereum gas prices (i'm guessing the majority are) but I don't really feel like paying hundreds of dollars in gas fees just to see Tyrone bang somebody's wife. I make transactions with XMR all the time and end up paying a few cents
Unless i'm missing something here then it's pretty clear that porn coins will NOT be the next big thing
I am going to open up by saying that some of the following is going to be FACT and some of it will be OPINION. However, the opinion will never prevail over the facts. Also, depending on traction I may do a second post with some more up to debate things.
I also know that the title alone will lead to downvotes, some of you won’t even read it before downvoting. It is a shame that people forgot downvotes are supposed to be used to penalize off-topic and not to punish unpopular opinions, not to create echo chambers.
So let’s get to it shall we?
ETH is shady:
Not only is ETH a security, it has always been manipulated by well connected and powerful people behind the scenes. The connections between the ETH Foundation, ConsenSys, and the SEC are totally public knowledge. Jay Clayton, the former SEC chairman, was a partner at Sullivan and Cromwell.
Joe Lubin, co-founder of ETH, also founded ConsenSys. He also bought 9.5% of ETH supply.
ConsenSys is a client of Sullivan and Cromwell.
That was the back door ETH used to get the free pass on regulations.
There are court papers about the meetings between ConsenSys and the SEC.
At the same time, the SEC was prosecuting DOZENS of ICOs that were using the exact same approach ETH was.
Hinman’s, Clayton’s Director of Corporate Finance, speech where he says ETH is not a security was partly WRITTEN by some of ETH top investors.
The plan by ConsenSys with the help of the SEC was clearly to make ETH the only crossborders payment platform by giving it a free pass, while at the same time preventing any incursion into that space with SEC lawsuits.
At the same time this was happening, Gary Gensler told an MIT audience that “XRP deserved regulatory clarity”. (I won’t go in depth with the Ripple lawsuit here).
Not only is Chairman Gensler trying to pretend he never said that, and the entire SEC trying to hide the fact they gave ETH a free pass, to date ETH is the only altcoin to have had the privilege of being formally consider a commodity/currency and not a security.
Other funny “coincidences” include: Claydon being hired by a crypto hedge fund 100% invested in BTC and ETH. SEC Enforcement Director Marc Berger being hired by Simpson Thatcher and Bartlett, part of the ETH Alliance and Hinman’s prior employer, less than a month after the Ripple lawsuit was filled. Hinman receiving $15 Million, during his service on the SEC, from Simpson Thatcher and Bartlett. AND after leaving the SEC, Hinman returned to Simpson Thatcher and Bartlett as a senior crypto adviser.
ETH is centralized:
Users and nodes have no real power to shape the protocol. This is virtually true of all protocols with a Foundation at it’s head, but we can’t forget ETH falls under this group.
The first piece of evidence here is the ETC hard fork. This fork happened because the wrong people lost money. The changed the code and the protocol for the first time to suit the wealthy whales and not the users or miners. They changed the rules to fit their goals.
The second piece comes in the form of changes to mining rewards. This was a blatant attempt to decrease supply by not paying the miners. More important than the way it impacts the economics of ETH, it points towards a centralisation of power. Rules can be changed on the fly with no consideration from the community but based on profits alone for the higher ups.
This leads us to the PoS change. This has nothing to do with energy concerns or with price of fees. This is meant to skip all the intermediate problems by getting rid of miners and let the token holders leverage their will directly. Don’t forget the LUDICROUS amount of ETH that was pre-mined.
Every hard fork the Ethereum blockchain has enacted has always been for the benefit of the few, never for the benefits of the community. You know what that looks like? Our current banking system. Where the citizens and the working class pay the price for mistakes and reap none of the rewards for profit.
People in this sub hate central bank digital currencies, failing to see that every abuse these could enact on the public, so can Ethereum upon it’s users.
To quote one of my sources “Etherium is not a decentralized peer-to-peer system. It is a system with an unaccountable ruling class exploiting the working class, making promises they can’t keep, while spinning a wonderful narrative.”
ETH recent and future design is bad:
Everyone was fooled into thinking EIP 1559 was going to be a good thing. How the Foundation pulled that off is honestly mind boggling.
This change made it so fees were more uniform. Uniformly high. And making sure that miners saw none of that profit by burning it.
Burning the fees essentially made sure that the biggest holders get they profits increased because every ETH is worth more, while miners that actually keep the network safe get a pay cut because there are less fees per block for them.
But the biggest problem is that you are getting a landlorded network to users. If you want ETH to be useful, you need to, well, use it. But this model makes it so the interests of holders are opposite to the interests of users. Users want lower fees so they can use the network to transact, but holders want higher fees, for more burn and more profit.
Taking money out of the pockets of miners decreases security. If you are paid less you have a higher incentive to get your money some other ways.
And since users and holders have different agendas, future goals benefit different people. An interesting question would be for instance what happens in the case of a block size adjustment? Bigger or smaller block sized benefit users and holders differently. Well, given ETH’s history, you know how those chips would fall. Even this decision was reached by a small amount of key players.
And PoS will only make this whole process more straight forward. The fact that the token holding are already so centralized will make changes easier for the ruling class and be baked into the system.
ETH’s had a shady start, has been controlled by a group of shadow players on the background, is becoming less and less secure and has no intention of not being.
At any point, any decision can be hard forked in. The miners don’t matter. Your nodes don’t matter.
ETH is INTENDED to shackle you the exact same way the current banking system does.
Don’t be fooled.
https://tomerstrolight.medium.com/the-problem-with-ethereum-af9692f4af95 https://www.crypto-law.us/the-ethereum-free-pass-fair-notice-and-the-fight-ahead/ https://www.coindesk.com/policy/2021/09/17/ethereums-design-choices-are-inherently-political/
EDIT: I was enjoying the discussion in the comments, but I am getting spam downvoted so I will have to stop. This is the state of this sub.
India has just released agenda of parliament session, where it seeks to ban all "private" crypto currencies.
As soon as the news broke out, many are trying to sell and exit and the market has crashed 25% in a matter of minutes. Many are facing massive losses as the result of this fucking government.
Most coins are down anywhere from 15 to 25%. Altcoins have been impacted the most. Even stablecoins have crashed 10% as people are selling that for INR.
Modi has show to be an incompetent ruler, just this week he rolled back farm laws that seeked to destroy farmers livelihood in favour of his industrial buddies who fund his election campaign. Over 100 farmers died due to protests across the country, and then Modi meekly rolled back the laws.
Now he is attacking crypto and seeking to shut this market down.
Late Hours Update: The crash has got worse by all means.. some coins are down as much as 40%! Literally nothing has been spared, every single coin has been crushed.
Going by social media posts, it seems a lot of people have sold at huge losses. Imagine losing 30-40% of your investments because of the incompetence of the fucking government. Yikes. Fuck you modi
It seems like everyday, there's a media talking head laughing at cryptocurrencies by saying it's "magic internet money" that doesn't really exist in the real world. They are telling us that BTC, ETH and such are basically worthless because it doesn't have a physical existence and are not backed by a government.
Well, those people conveniently forget that fiat money doesn't exist, either. Well, most of it.
You see, banks are allowed to leverage their holdings in what is called the fractional reserve banking system. If you deposit 100$, for example, they only keep a fraction of that money in cash (let's say 20$), and they use the remaining 80$ to generate yield, generally by lending. What that means is, if every customers of the bank tries to cash out in a short amount of time, the money won't be there, because it's been lent and doesn't exist anymore.
When you deposit cash in a bank, what you get in return is basically a glorified IOU. Should the bank get into trouble, your cash could very well disappear.
Now, of course, the governement can intervene to prevent such bank runs. But it's always in the favor of the rich. That's what happened in 2008-2009 : the fat cats got bailed out, while the ordinary citizens went into bankruptcy. And it only works in stable countries ; when you live in a failed state, the government won't help you in such a crisis.
Compare that with crypto. If you are in control of your keys, and assuming their are not compromised, nobody can access your funds without your permission. Not the wallet devs, not the government, not the DEX. Nobody. You are in full control, and you will still be in control even if the governement of your country collapse.
In that sense, I think that cryptocurrencies are actually more real then fiat money. Decentralised networks are much more resilient then centralised authorities, and therefore are more likely to survive in the long-term.
I think we still got a few years ahead of us before the mainstream media catches up with this revolution. Until then, I will accumulate as much as I can.
So I'm not new to crypto and Blockchain technology. However I have not been paying super close attention to what's been going on. Does anyone have any clue why people are paying hundreds, and even thousands, if not hundreds of thousands of dollars for stupid little pictures (NFTs)? I understand that the pictures are "unique" as non-fungible tokens are well, non-fungible. I spent a few minutes on opensea and I just can't imagine paying $215 for an 8 bit viking with a stripe shirt. Valuable art usually has some type of historical value to it. I understand why Davinci pieces are expensive. Do people really believe that buying these NFTs means they're going to hold them and get rich off them later on? Because to me it looks like the only people getting rich are the ones getting away with selling them first off and leaving the bag with the buyers.
I believe many people got a shock of their life when they woke up and saw the price of crypto plummet. Many leverage investors have been hit really hard.
I was also on leverage and lost over 5 digits but I still have some crypto that is not in leverage. Even someone who is bullish can also be destroyed in this type of environment.
Personally, I have learn to reduce my leverage trading and focus more on holding it for the long term.
Stay strong folks, we are going to be there for each other in this dips. I’ll be honest, this dip is making me panic inside and a slide PTSD from 2017 crash. If you ever need help, do not be afraid to talk to your love ones or even call the hotline for help!
TLDR - stay strong folks, we will get there together.
That has to be the biggest and quickest rugpull in history right?
We all knew squid game was a scam as well as a rugpull and even more fucked that people couldn’t take profits at all at any point and whatever the deal with winning games to get the tokens for gas fees was. The whole thing was fucked.
But still please anyone correct me if I’m wrong but I don’t think anything else I’ve ever seen has dropped that much if it’s percentage in such a short time?
I’m sorry for any of you who’ve bought that token hoping to make a quick buck. I hope it was a relatively cheap and valuable lesson about crypto and these random tokens that pop up out of no where.
Edit: looked at the charts a little closer and it actually happened in 5 minutes.
BTC crashed -55% in May 2021 still made All time high with in only 6 months.
BTC had a pullback of -25% in September 2021 still made all time high in a month.
Yesterday BTC had a pullback of -23% and we are going to make another all time high. high on hopium
All these pullbacks are always healthy for a long run the whales will shake you out and then take the rally up without you.
Even we had a bigger pullback yesterday we still would have maintained a bull market like in May 2021. Extreme fear brings opportunities. Buy if you got the funds just like Michael Saylor and El Salvador did.
Don’t believe those Journalists who call it a bear market on a 20% drop. When there’s a bear market you will see it, ALTs don’t make ATH during a bear market they actually drop 70-80%.
Edit: I meant to say BTC had a -23% pullback until yesterday
Is it just me who thinks the Metaverse can flop?
Don't get it it twisted, I love games but I think the Metaverse can and most likely will flop. Virtual worlds do not appeal to me, especially to the extent that it sounds like it is going to. Some people are referring it to the "new reality" and the "next internet" but I just see it as a go at a overpriced VR game that nobody will pay for.
The amount of money that will have to come out of this will have to be insane. With the amount of money put into this they would end up having to resort to selling thousand dollar gear and equipment used just to play in the Metaverse. And most likely along with a chunk of Crypto needed to start. The lack of need for a Metaverse will prove in people not paying the thousands of dollars to play this.
I can also see a hard sell/dump in the 'Metaverse Cryptocurrencies' as the majority have been going up with hype, and I feel the Metaverse will be a lengthier process than the average holder thinks, which will possibly result in them becoming inpatient and maybe selling.
And if it does succeed, fair enough. I guess I'm just a normal guy and not a multi billionaire and may not see the potential of this project.
I was thinking about this the other day and I thought I'll ask you, just interested in your opinions.
Post what your choice is in the comments, I will read all of them.
Bitcoin is the daddy of crypto and is the most likely to be around in 5-10 years but ETH and ADA have smaller market caps so more room to grow.
I would personally choose ETH as it can still 2x or 3x in the next few years whereas BTC may not even 2x.
Anyway thanks for reading and I wish you all lot's of success in all your investments.
So, BTC just dropped quite a bit. Fuck, not even a bit. It crashed. Can't even say "when in doubt scroll out" kind of crash because you can still see the spike downwards. So, what are you guys going to do with this crash? I'm just planning to DCA and hope for the best.
I'm also slightly concerned about this though. BTC has been in the red for most of the month (Nov 4th to Dec 4th) and it's just been a steady decrease.
For the long-term holders, you guys should be fine. If this is long-term (which I highly doubt), then that'll be a problem. Short-term holders, I wish you guys the best of luck. And for those who said 100k EOY for BTC, please don't inhale too much copium /j.
Good luck, and have a good day everyone.
Edits: Grammar & word choices
Which coins used to be the "next big thing" but are now dead? For example back in May "Shopping" was a coin everyone was talking about and it now looks dead for the last couple of months.
I also haven't seen that many Ergo shills anymore lately, but I do expect to see these again on the next run up.
I would like to know about some coins that everyone was talking about before, but now no one cares anymore. This of course creates a lot of bag holders. Imagine buying XRP at the all time high and then waiting for 5 years and you're still at only 25% or so.
This is one of the reasons why I am very heavy into the blue chips coins, as there is always a very high chance of them recovering.
Another one that I know of is EOS, another Ethereum killer in 2017. I don't really believe in Ethereum killers, it could happen, but it's more likely to end like EOS.
Do you know any examples of dead coins that used to be hot? What was the narrative that made them hot?
(Also, if I mentioned any of your favorite coins, I did not mean to attack you. You can buy all the EOS you want, I'll buy more Ethereum)
Am I just getting old or does this metaverse thing sound like the most ridiculous thing you've ever heard of?
Why would anyone want to spend they're time in a virtual world, with virtual concerts, and be someone your really not?
I dont know I really hope there aren't people that spend all their time on this kind of stuff because there is a whole real world out here...Enlighten me on the benefits of this metaverse.
I only write this because of the price surge in these coins points to an extremely large increase in users and I just can't wrap my head around how this Metaverse makes any sense to society.
If your having a hard time in the real world, things will get better.
DISCUSSION Can we take time to recognize original and helpful posts that actually took effort to research and write? Here are good examples of great DD, research, and educational posts in the last 30 days
I love me some joke posts and popular "unpopular" opinions as much as the next guy, but a lot of them should've been a comment in the thread it's reacting to instead of a full post.
The good news is, we have fellow redditors here who took the time time to research, understand, and actually make a writeup to help and educate others.
Unfortunately, their original work often gets buried by joke and crypto showerthoughts.
Here are some of the most helpful posts I personally encountered in the past month alone:
The OP made a step-by-step tutorial on how to mint your own NFTs using Opensea - without spending on gas fees. All the way from connecting your Eth wallet to uploading your art to laying down prices.
A lot of people always say DYOR, but let's face it, how many of us actually know how? Here the OP lists several websites and resources to put you up to speed on any coin. Now you can't claim plausible deniability when you lose money!
Here's an additional how to DYOR guide by another user.
3. I read through all 405 pages of the “Proposal for EU Regulation on Markets in Crypto-Assets” so you don’t have to
Is this crypto regulation that actually looks to develop technology? Gasp. The OP breaks down the major points of one of the most important piece of legislation so far. Warning: you might get a hard on.
4. I made a post few days ago asking users where they get their crypto information. This is the compilation of the responses.
OP compiled a huge list of reliable sources including coin trackers, reputable influencers, mainstream media, and non pump and dump Youtube channels.
After a few weeks in crypto, you're bound to encounter people hyping up bridges and interoperability functions. The OP explains why this is a big deal, how to make sense of all of it, and what coins to invest in. Spoiler alert: DOT, CKB, ATOM, and QNT.
A hilarious short story and great guide on how to make your own coin and how NOT to scam yourself.
7. Are you a crypto newbie? Here's an updated list of scams you will 100% encounter on Reddit and Twitter
An updated list of the most common crypto scams today. Learn how to identify them and save yourself the emotional distress.
Op argues about a few of the “myths” surrounding Dogecoin and why it probably isn’t as “bad” as you thought.
It's not a rant, Im just really confused how things change so quickly.
There was a time when people here focused more on the King, on the fundamentals, people discussed serious projects, innovations and different use cases of crypto and adoption.
People used to form their own opinions from reading up on projects, not braindead parroting what they glanced over scrolling through an article or read in a one-liner here.
Nowadays everybody's got their focus on that one overhyped coin that's going to a 100x by the end of the year. Nobody's even read the whitepaper on it, but hey, so much hype, it's gotta be the next moonshot!
And when it ''does a Squid'' newcomers get burned hard and leave the market for good.
I get it's survival of the fittest, but this shilling doesn't help with Adoption, does it?
When was the last time you saw a discussion on the King?2-3x by the end of market cycle? Heell no, that's not enough, we want 10x in a month!
Nobody is happy with 3-5x in 6 months, people want quick gains over night and that's it.
Right now, stop any pedestrian on the street and ask them if they want 2x on their money in 3 months. About 95% would think that's too good to be true and in the normal world it is too good to be true.
It really feels like a group of drunks walked in a Vegas casino trying to choose the one winning slot machine out of a thousand slot machines.
Crypto does change things, sadly not always in a positive way.
I know for sure that mine would be joining the great satoshi in the sky. My wife and children have no idea about crypto apart from the fact that Bitcoin is mentioned on some shows they watch.
Mine is tied up in CEX, DEX, DEFI, Staking, multiple wallets, OHM’s and everything else. How do I do possibly leave instructions on how to retrieve this? I’m not even sure how to leave them my mnemonic phase without my lawyer draining a first, let alone how to cash it out.
What is your plan if the worst happens?
Without doxxing myself, I've been a CPA (specifically, a tax accountant) in the US for about 10 years. Recently at my firm, I've been included in a small group of professionals forming a network of crypto tax consultants and specialists. As I truly love the crypto community, the best contribution to this sub I can think of is to try to 1) put together a few tax tidbits and 2) to answer every tax question that I can in the comments. Reading alot of comments and posts in the sub, I'm a bit concerned that my fellow crypto enthusiasts are going to put themselves at risk of the IRS by not fully understanding the extent of their activities. Now before I start answering, I'll add that anything I say should be used as a guide to either do further research on your own to understand your tax situation as it relates to crypto, or to acknowledge that your tax situation may be over your head and you should seek out a tax professional. There are tax resources such as koinly, and while I don't use them personally, I believe they are worth the investment - but I also want people to understand their own tax situation to make sure any paid service is handling your situation correctly.
Without further adieu, here are a few items of general knowledge and feel free to ask questions below and I'll try to answer everything (I'm operating under the assumption this post will generate probably 25 comments, so if for some reason it blows up, be patient and I'll try to get to everything). This will also be entirely US specific, anyone outside of the US, I'm sorry but I'm in no position to give tax opinions.
1) Your exchange, wallet, etc will likely not issue you a 1099-B for your trading activity, so don't count on getting any help from them, other than your transaction details. This won't be required for a few years and was part of the infrastructure bill.
2) Every crypto you swap, exchange, convert, sell, earn lending/bonding reward, mine, earn staking rewards, receive airdrops on is a taxable event in the current year.
3) To emphasize the point above, this includes MOONS. Yes, all of those MOONS you receive via karma distribution should be picked up on your tax return. Same as BAT rewards by using Brave.
4) The value you pick up on any rewards, mining, staking, airdrops, faucets is the fair market value at the time of receipt. You should be tracking this on your own or using a service.
5) The amount you pick up into income is now your basis. Basis is "cost".
6) Mining is considered self-employment income and should be reported on Schedule C, which differs from staking which would be picked up as other income, along with the other items not including selling, swapping, exchanging.
7) Sending a crypto from one wallet or exchange to another is not a taxable event - though you should track your transaction fees to include in your basis.
8) NFTs are treated the same way as everything above.
9) Keep good records. If you do not maintain good records or lose them and are not able to substantiate your cost basis, the IRS could make it $0, which would increase taxes you owe.
10) Holding period can give tax benefits. If you sell something you've held for a year, it's a long term capital gain and is taxed at preferential rates. Less than a year is at ordinary rates.
11) You are supposed to report the date purchased, date sold, cost, and sales proceeds of EVERY sell (exchange, sell, swap). Even if this results in $0 gain or loss.
12) Wash sale rules don't apply, however, selling something and immediately buying it back for tax loss harvesting could violate economic substance rules and on audit, the loss could be disallowed (it would likely be incorporated back into your basis).
13) Monero won't save you from paying taxes. Nor will boating accidents.
14) You can trade crypto using crypto/bitcoin IRAs and the gains are tax free, but you can't pull out until retirement. I don't utilize these services, but they exist.
That's what I can think of for the time being, I'll make an edit if anything else important pops into my head. I hope this and any questions provide some useful information to people in this sub. Best of luck to all!
TLDR: Taxes are hard, if you don't have your arms around it, seek a professional and bite the bullet and pay. Feel free to ask tax questions below and I'll answer what I can.
15) Earning rewards via a debit card like coinbase is NOT taxable. It is considered a purchase discount. You would have no income to report and your basis would be the value of the coin when received.
16) April 15th is a ways away, so you should use time now to start gathering all of your data. If for some reason you can't get all of your data by 4/15, you can file a Form 4868 which will extend your tax due date to October 15th (you still have to pay all of your taxes you expect to owe by 4/15 - the 4868 just gives you time to finalize your return).
17) To expand on the mining bullet earlier, as it's considered a business, you are able to take deductions against the mining income (equipment [bonus depreciation is your friend], electricity, other supplies). This will offset some of the tax impact especially in the early going.
18) If you had crypto gains you didn't report from Tax Year 2017 and earlier, it's likely those audit windows are closed, though some exceptions apply.
19) Staking presents unique challenges as sometimes rewards are earned by the minute. There is no way to calculate income on this by the minute and I consider anything less than monthly to be an undue burden. For my personal taxes, I calculate income from staking rewards, like ALGO, monthly. I take my total rewards for the month and multiply them by a price from coinmarketcap around midnight. I do this consistently with all of my coins and feel it's a reasonable and fair method.
Lastly, this post blew up with questions, which is great because I'm happy knowing I'm helping alot of you. With that said, it's taking more time than I planned to get to everyone's question, especially with a wife and young kids - but I still plan on answering every questions on this thread, so if I haven't gotten to you yet, rest assured I will be in the next few days.
Edit #2: A user below pointed out 15 is incorrect in that your basis isn't $0, it's whatever the value of the coin is when received.
I've seen a lot of posts complaining about how r/cryptocurrency only shills stagnant coins that have already pumped. And coins like SHIB, LRC, KDA, and SOL are never mentioned until after they explode.
This is entirely by design. Your exposure to posts on reddit is a function of how many upvotes those posts have received. And the more bagholders a particular coin has, the more upvotes. Which is why the front page is a billboard for ADA, ETH, ALGO, VET, and a handful of others. By definition, the coins you repeatedly see here already have large numbers of holders. You don't get rich buying something that everyone else already owns. Hence why projects start to stagnate when they become popular. Popularity on r/cryptocurrency is actually a great indicator for when growth can be expected to taper. Cardano is perhaps a prime example.
By contrast, posts about undiscovered projects will almost universally be buried. There may well have been a post shilling SOL at $1 or SHIB in 2020, but they never would have made it past the last page.
These past months I've been researching how blockchains work and every day I learn something new and realize more how little I know how everything really works.
I mean sure, most of us know the basics:
- BTC is a store of value
- ETH has a shit ton of use cases and a massive ecosystem
- DeFi is the future
- Putting money in crypto long term is better than let my money rot away in a savings account
- Staking is good long term
But how many of us really know the IT side of how the blockchain works.
I bet lots of us have questions like:
¿Why am I earning APY for staking? ¿How the fuck does a validator node validate? ¿How is a block created? ¿Why are blockchains so secure and hard to hack? ¿How do you REALLY know something is decentralized?
I'll be honest, I don't fully understand any of these concepts.
Many of these things I don't know because of lack of research and I ain't the brightest fella of the block.
TL;DR : Am I the only one that finds how blockchains truly work hard to understand? Or am I not alone?
I'm not talking about buying it on an exchange and forgetting about it, everyone could do that. What I'm talking about is actually using crypto.
Things like setting up your own wallet, sending crypto from one address to another, securing seed phrases, understanding Gas fees, those are the very bare minimum of actually using crypto (not even talking about using L2s, staking, actually using De-Fi, NFTs, etc.)
We take those for granted, but do you think the average Joe, who is too busy with his job and family have the time and energy to actually try and understand it? Do you think your grandma who doesn't even know how to turn on her Wi-Fi could know about it? Even us young adults are sometimes too lazy to study it. They probably won't bother and just use a normal bank. They would just go to a bank and proceed with their lives.
Crypto is about decentralization, but we may need to embrace more centralization if we want more adoption now. I hate it, but I think we'll need it. I think, Real adoption is when companies have seamlessly integrated crypto into their services. When users don't even know they're using crypto, they just do.
Like how reddit implements RCPs! We just open a vault to get it. Points are also really easy to send. Example only: Just tap my name and type 5 moons, hit send. It is so easy! Until companies make it *THAT* easy, we're nowhere near mainstream adoption. That's why I think we're still early.
TLDR: Crypto is still too complicated for the general public. We need companies to integrate it in their services.
Just woke up had breakfast one of the days i didn't check the charts just after waking up, hell didn't even see the news also. Came back to my phone checked my portfolio and I seriously thought I was hacked off my coins because of how fast my portfolio shrank, had to look at it and go to this sub to realize that IT CRASHED. All in all what a crazy ride, goes to show we seriously have no control in anything and there's always bigger fish controlling the waves we just got to ride it as long as we can.
Also got me thinking all those predictions of *BTC to $100k and ETH to $10k*, yeah gotta take them with a grain of salt and never be too optimistic about anything. But If you're in it for the long run things will correct itself out.
Luna is killing it man up 65.71% since last week and breaking ATH after ATH even when the whole market is down, now sitting comfortably in the top 10.
This run up seems kinda similar to that of Solana a few months ago, i could see it going up a few other places if all the planets align.
If you haven't look into Luna yet i suggest you do, it's a great project with a very solid team, who are always doing their best to improve and usually listen to their community.
This is not financial advice, just DYOR and enjoy the ride :)
All of us want mainstream use in the future. For this reason, we need to LISTEN to those who aren’t on board yet, because to achieve mainstream use we are going to need to convert people who aren’t on board yet.
They have LEGITIMATE concerns, but they are far too often ridiculed, called dinosaurs, etc.
Because let’s be honest, crypto in it’s current state will never mainstream use, and it’s IMPORTANT to address why.
The average person would never want to touch an asset where a 20%+ dip is a very real possibility. The price is going to have to become more predictable before your average mom and pop want to buy.
Many people, especially younger people are RIGHTFULLY concerned about the massive energy used crypto. Harvard business review estimates Bitcoin alone uses .55% of all the world’s energy use, and more than countries like Sweden. Many people are rightfully concerned about the climate, and as long as the energy input required is so high, it will scare off investors.
I think the last reason many steer clear of crypto are the current headlines that lead to misconceptions. The most that people not in crypto have heard in the last few months are shiba inu and the bored ape nfts. It is our job to educate people that these memes are not our mission nor the things that guide our investments.
Edit: Forgot to mention gas fees and tether but I’m sure you all get the picture.
TL;DR there are legitimate and valid reasons why people would not want to invest in crypto. It is our job to listen, educate, and make changes to make crypto better