RE: Bitcoin - Where Are We Going? (My Thoughts)
Good video man, I've been a bit tuned out of crypto so I've been hoping you would kind of make a video like this ie whats the status, what's peoples mindsets, etc.
What you said about Crypus stealine money was interesting. I remember we've had a few Bitcoin going up in value moments because of world economic situations ie when India got rid of big bills Bitcoin shot up, when the Chinese Yuan was falling people bought Bitcoin to preserve their wealth, when Greece and Cryprus among other countries started having issues people put their money into crypto. I hate to wish for a bad world event but maybe that's what crypto needs to get some attention again. I often wonder what could possibly drive interest like we had in November and December of last year. I suppose like a Bitcoin ETF would bring some money in but I even question how big that would be. I feel like the longer we stay at these lows the less interest there is and the harder its going to be to make a comeback.
The is way less than 5% of the world population that owns any crypto. Back in the 2013/2014 boom the whole market cap of all crypto was around $10 Billion. Then this one swelled to $800 Billion. The next boom cycle could easily go to $5 Trillion. Until crypto as a whole is worth over $20 Trillion there is all kinds of growth potential.
The demand that was driven in November and December was interesting but it was just a little flex in the grand scheme of things. Crypto still wasn't as big as the Gold and Silver market. The idea got planted in more people's minds and sometimes it takes that 4th or 5th exposure and them talking to someone who knows more about it. It just keeps snowballing. I talked to a guy the other day that used to trade futures and he was blown away with what I told him and he was ready to go set up a Coinbase account and take a position. He didn't know that there was even a maximum supply for Bitcoin and Litecoin. Once I compared it to commodities he was in.
The premise of crypto is unbelievable even if Bitcoin hasn't scaled and there are other issues. For people with money this is an unbelievable opportunity. Once I sell my house I'm planning on taking up residency in PR. I'm not sure everything I have to go through at this point to officially do that. Then I'm going to go a lot deeper into crypto for the next boom cycle.
I feel like Bitcoin was more used as a currency and had more actual adoption as opposed to speculation and hype years ago than it had today. It seems as if a significant amount of the crypto population if not even the majority has resigned Bitcoin to being a store of value as opposed to a currency. Basically what I'm saying is I think we were closer to adoption and use back in 2014 than we are today in 2018 despite having more users, most of who seem to be casual speculators. Would you agree or disagree with that sentiment?
I also think Darkweb marketplaces were a huge use case for crypto. It seems now that SilkRoad and AlphaBay have been taken down nothing new has really popped up and a lot of people are scared to use those sites now and while I know we don't necessarily want crypto to be associated with that the reality is that is a real world use case for crypto and I think that has gone away
Yeah I agree with you that it has become a store of value in people's minds and a lot of that was because people didn't want to just come out and say. This thing is a shit coin now and can't even be used as a transactional currency.
They still talked it up and acted like it was something special when it needed to scale in 2015. That is one of the big reasons I was really caught off gaurd by how high it went. When it was at like $3,000 the blocks were full and I'm thinking well how the hell is it going to get to $10,000. It doesn't even work.
It ended up not mattering for the price speculation. Then these other platforms are slow to adopt other coins into their platform.
Coinbase just drags their feet with adding stuff and who really knows why. A lot of people wouldn't disagree with me on this but to be honest I see why they didn't add Ripple, and IOTA has too many issues, Cardano isn't ready. TRON and EOS would almost be ready at this point. Personally Ethereum Classic isn't a bad add on in my opinion. They probably won't add DASH and Monero because they are pussies and STEEM is a serious question mark the way the distribution and initial launch was.
Honestly Digibyte would be a serious addition. Maybe NEM as well. It is really hard to say but I don't know why they drag their feet for so long with it.
It is like they hold the keys to larger adoption and reduction of the strong hold of Bitcoin but don't move forward.
If they don't end up adding EOS in the next 6 months then they are honestly playing favorites and have an agenda of their own.