Is crypto space MATURE ENOUGH for another BULL RUN? Let me share my concerns ...
INTRODUCTION
The other day, I had the pleasure to watch a video called, "Bitcoin All Time High Coming - Should You Buy Now?" by Mark Moss and it inspired me to write this publication. Mark is a very well known and reputable person and his video does sound quite inspiring and surely very optimistic as well. So if you're not feeling well and you want to improve your mood thinking of how bright the crypto-future can be, then DO NOT MISS watching it:
However, while I'm on the same page and I surely would like to see Bitcoin at a new ATH (all time high) - watching this content did raise some questions, worries and serious concerns too. Concerns, which I would like to share with you all today.
FLASHBACK FROM 2017 and 2018
I've been following developments within the crypto space since early 2017 and I've witnessed a huge HYPE followed by a dramatic crash in 2018. One thing I've learned about that period of time is that it attracted thousands of fresh investors, who had very little idea and knowledge about bitcoin and blockchain in the first place. It attracted those who cared more about only making money.
Any sort of development became almost unimportant, and as a result, development-wise, the entire year of 2017 and partly 2018 has been WASTED. Most projects out there didn't care much about delivering their promises. Focusing instead on pure marketing and attracting more new investors. This is what everyone cared about in 2017!.
And when we've experienced the 2018 CRASH -> we've witnessed a wave of politicians, governments, regulators and central banks turning their EVIL eye towards the entire crypto industry.
And those flashbacks prompted me to ask one CRUCIAL QUESTION:
ARE WE READY FOR ANOTHER BULL RUN?
I'm fully aware that this is what many dream about. I'm not any different, and part of me would surely enjoy witnessing another wave of optimism and global euforia (similar to the one in 2017).
However, I'm concerned that as a result, the crypto space will once again bring unwanted attention of all those central parties (goverments, regulators, central banks) and focus will be shifted once more from development to "making money".
So, perhaps this industry needs more time to MATURE before another bull run would take place?
Perhaps the last thing we need is mass media picking up on this topic. I honestly think that repeating that HYPE from 2017 would slow down most development which has been taking place within the past 2 years. And personally, I rather see slow and steady Bitcoin price growth instead of going through another intense BULL RUN.
RESTEEM and SHARE YOUR VIEW
Please share your view on this particular topic. I like to know what you, dear readers, think about the mentioned challenges and what's your view on the potential upcoming crypto bull run? I read all comments and I will place solid upvotes on a few most interesting ones.
Yours,
Piotr
Visit our partner www.steemscan.com/convert if you're looking for easy and fast way of converting STEEM to other major cryptocurrencies.
As a a developer, I always evaluate a blockchain project from a technical perspective first. Maybe that's right, maybe that's wrong, but doing so and being guided by marketing I've been pretty much able to avoid those project that surge in popularity overnight and then they fall to the ground the very next day.
Regarding Bitcoin, I've always been more cautious than probably other people in crypto that talk with, and that's primarily because from a technological standpoint, Bitcoin is bland to say the least, if not even straight up unattractive.
Regarding the market I'm once again a little more conservative in my views and I don't think we'll see a major price increase this year and that's due to the economic backlash that the Covid-19 restrictions had. I think that once there's a major decrease in the number of cases, we'll see a bullish response from the crypto market, though as you've already said, I don't think either the projects or the community is mature enough for this yet.
Dear @alexbalan
Thank you for your amazing comment and for taking the time to read my publication and share your view with me.
Is that how you see BTC? Interesting. Would you mind to elaborate?
Perhaps you would be also interested in checking out my recent post:
BLOCKCHAIN FOR DUMMIES - what would be your explanation?
Have a great monday ahead :)
Yours, Piotr
Hi Piotr, when I said that Bitcoin seems bland in terms of their technological advancements I was referring to the fact that the chain is so big and important that it can't risk adopting any exciting new feature. Take for example Ethereum, they are starting the transition to PoS, which is cool and has numerous advantages over PoW. Since they are the second biggest chain they also can't afford mistakes so they have a 3 years plan to transition, right?
Bitcoin however will probably never transition to anything more performant than PoW because the community will oppose it. And by the community I mean all the companies that poured millions of dollars in Bitcoin. Such a drastic change won't ever happen because investors value stability more.
Honestly I'm glad that Ethereum started transitioning now, because they'll soon become the new Bitcoin in my opinion and processing only 12 transactions per second would have been an absolute nightmare for them.
Hi @alexbalan
I only realized that I've never read your reply (somehow I didn't notice your comment) till now.
I don't think it may happen. For reasons you've mentioned above. Bitcoin will be still a store of value, and ETH isn't considered store of value (neither is any other alt). Wouldn't you agree?
Thanks for always being so responsive buddy
Yours, Piotr
I see none as a store of value, they don't seem to behave like gold for example. In my original comment I was actually thinking about Bitcoin and Ethereum as platforms rather than coins. What I meant was that Ethereum, in my opinion will become the number one platform for anything crypto and it will see a lot of attention from companies. I also think that beginners will start with the Eth platform rather than Bitcoin when they first enter the crypto space. I think that this is already happening to some degree
Hello dearest friend, Piotr.
You have put my thoughts in another perspective and now I understand you and share your concerns.
The 2018 crash affected us all. Not in the same way of course, but it affected all of us who were in any way related to the crypto space at the time.
But it also negatively affected those who subsequently joined in and embraced crypto. Even today we continue to suffer the effects of that disastrous fall.
Levels of mistrust increased, affecting potential investments.
This was interpreted as a weakness of the crypto space and both governments and traditional financial institutions took this opportunity to discredit crypto, seeing it as a sleeping giant, who upon waking up could eclipse all dominance over international financial transactions, that they owned so far.
As you well said, at that time investors who adopted BTC only saw the way to easy money. But BTC is much more than that.
Bitcoin promises the democratization of access to finance.
Much of the world's population is unbanked, so crypto put the power of decentralized finance in those hands. This is the power of crypto.
On October 31, it was 12 years since the creation of BTC. Since its launch in 2009 until today, the crypto space has experienced all kinds of events, some repetitive, others totally unpublished, all of them have helped to consolidate a serious criterion about its true usefulness and scope.
I don't know if the necessary market maturity already exists.
I'm sure of something, all BTC holders are like racehorses seconds before the start. The levels of uncertainty resulting from a 4-year wait (since the previous halving) are insane.
I hope that investments will consolidate once prices reach new all-time highs and that there will be no fraud that will cause a new setback or stagnation of the global crypto financial system.
I've just noticed that I've never actually thanked you for this amazing comment @juanmolina
BIG THX buddy! :)
Don't mention it, my pleasure.
Hi @crypto.piotr
This is a truly interesting and contextualized topic, more so if we consider that we are before a possible bullfight according to some analysts.
Without a doubt it is a still immature market, it has not had a long term development to say that there is a great attachment to the blockchain. In fact, I believe that despite the large amounts of capital that exist in the crypto market capitalizations, a large part of this is given by large investors, and not by the masses, who really contribute a small percentage.
The big corporations could come in and damage the environment, sure, but it's something that would be difficult to fight. Currently with DeFi and people making money quickly, I think it's good on one hand, because it has made the crypto world better known, it has reached more spaces, but at the same time you can create a kind of vision that says this is to make money fast and get my capital out, regardless of the real basis of the project in question.
However, it's not something we can control.
I've just noticed that I've never actually thanked you for this amazing comment @josevas217
BIG THX buddy! :)
ps. consider using enter more often in your future comments ;) it's hard to read long blocks of text
Congratulations on this text @crypto.piotr. I've been int the cryto markets since early 2016, and I've seen a bit things since then.
Regarding your text I have some thoughts, though
Unfortunately crypto market was linked to scams and/or money laundering for quite some time in 2016 and 2017. This happened because of the propaganda goverments made about these assets, and also because of the ICO hype that took place in 2017 and 2018 where lots of scams took place. "Projects"didn't really care about delivering their promises and dragged lots of "investors" with fake and/or unrealistic promises.
Media has its share on the problem, since it didn't back up serious crypto projects, like Bitcoin or Ethereum.
Goverments tried to stop the crypto markets by regulating or trying to ban cryptos on their territories, since they knew they wouldn't have control over the money transactions and wouldn't be able to track and tax those people.
When media highlighted markets, they were already at ATH, and they really didn't explain their audiences what was crypto about (the philosophy behind libertarianism), but only focused on price and promised those people a get rich quick scheme. They just forgot to tell them that there's no such thing in any kind of investments. This was a huge misinformation campaign backed up by governments to keep small investors outside the market, since they bought at ATH and lost they little money.
From 2019 on, a fourth wave of people got interested in cryptos and tried to study the market (which is awesome). This is contributing to the crypto markets. Also in the late 2018 and early 2019, many institucional investors like big companies hopped in as markets crashed in 2018.
My veiw is... we're about to experience a new bull run, but now different from the previous ones, since companies will help to drive prices up. It will be a bigger bull run this time, but regular people should take care of their money, study TA and fundamentals and diversify their protfolios, since there are still many shitcoins in the market.
Hope I contributed to you with my view
One more time congrats on your text.
Best regards
@aotearoa
Dear @aotearoa
Late thank you. I trully appreciate your time and I loved your feedback.
ps.
Perhaps you would be also interested in checking out my recent post:
BLOCKCHAIN FOR DUMMIES - what would be your explanation?
Stay safe and enjoy your monday :)
Yours, Piotr
For a moment, I did thought of watching the video first, but decided to continue reading, finished the piece and reply before I go and watch it. This way, I will reply with my first impression on Piotr view rather than influence by Moss video.
I had some early experience in faucet mining. Back then where miners are trying to get rid of their "worthless" BITCOINS so they came up with an advertising APP, where users can play with their phone by hitting the touch screen where a miracle worker trying to scrape the wall, some coins getting extracted. Animation is super attractive, the sound effect is fun too, like playing a real computer games. At the same time, the advertisement playing at a special frame on the game screen. After X amount of advertisement streaming time, certain amount of coins credited to your crypto wallet, and it can be exchanged with "worthless" BITCOINS. One of my colleague broke his 3GS, banked 26BTC and sold it off for like couple of hundred which can't even fix the phone he broke 😂
It was a fun story wasn't it? All I'm trying to say is, that era has came, and gone. Whoever choose to "come in" to the bitcoin world, are purely on speculative reason. And when it losses it real intention for usage, hodling automatically became a speculative model. At this point of time, any kind of "investors" that decide to join crypto world by buying BTC is not because they have a purpose to use it, that's because the sole purpose is buy low sell high.
Bitcoin has came to a position where it achieve its real intended of existence. It is now a real digital assets that people will weight it with American dollar. Given any country, when disaster struck, either they dump their own currency, buy BTC and leave the country, or they sell their BTC and try to survive with a small fortune with their devalued local currency. BTC had become a digital gold. Just like gold, will you buy grams after grams, ounces over ounces of gold or gold bar with cash, and store it? If yes, good for you. You are a real investor, that you believe over a period of time, these gold bar will preserve value. But if war breaks out, or a huge economic downturn happen in the country like Venezuela, any coin is better than their own Bolívar, not to mention BTC is the best coin but too "expensive" to own.
Before I end my comment, I still haven't really answer is crypto world ready for the next bull run? It will, when it's ready. The other way round if not. Will I or will I not buy? Frankly, I will not save money to buy these asset no more because it's "too expensive" for me to buy in. But, I don't mind to faucet mine, like doing a job and getting paid in digital assets and exchangeable with BTC. Bull run or not, it's not up to us to worry and we can't do anything to protect it from being attack by the real life authorities.
Who knows, the entire BTC realm were created by the super powers themselves? Rockefeller's? McCormick's? You and I sitting here thinking the world finally came up with something brilliant that will defeat the banking system, who knows this is what the bank came up with, to create an illusion for the public to push their money into the BTC hole instead of the bank? 😂 I'm just sayin. Peace ✌️
[WhereIn Android] (http://www.wherein.io)
I've just noticed that I've never actually thanked you for this amazing comment @davidke20
BIG THX buddy! :)
(comment upvoted already)
Great post. I agree with the view and attitude that priorities steady development of things and ideas instead of rushed financial craze that can leave things slightly devastated or end up in a damaging anti - marketing after a period of exaggerated euphoria lacking in depth understanding ... and not only in Crypto stuff, in other aspects of life as well. While blogging in this crypto space during this year and a half now, I'm slowly learning and understanding details and potential of the technology and social environment that it can create - and I can tell you, that I have never been so excited and fascinated by something new.
It will be great to get rich, or richer at least, suddenly ... and then travel around the world and blogging about exotic plant and animals ad example, in my case ... but even right now, have a motivation to do so around home, and getting rewarded without being into super popular, commercial themes like on YouTube ad example, while communicating and having fun with others - it's fantastic, and is something I never dreamed about until I discovered Steemit ...and ok, now I'm based on HIVE ... but whatever the platform, the system can be very inspiring and potentially liberating for many. It's great to have a possibility to earn and invest not just invest what you earned somewhere else.
:) That's it from me ... a few words from my prospective.
Hi @borjan
I would like to say: BIG THX for taking the time to read my post and for your comment. I trully appreciate it.
Stay safe buddy
Cheers, Piotr
Hello, Mr. Piotr.
It is interesting to read these kinds of publications, especially because despite the fact that I have been looking at the crypto world from the outside for about a year, this year I have started to follow it closely and I always feel enthusiastic to continue learning about it.
Well, from my point of view, just as you wrote referring to what happened in 2017/2018, this time I see it differently, since, as you point out that the crypto world is attracting unwanted attention, it has also allowed that people who are not only looking to "make money fast" (because I really don't see it easy to make money like that) bet their trust squarely on the cryptocurrency that is already the future.
On the other hand, it is practically impossible for governments not to seek to control or centralize this space, however, I believe that it is up to us to allow it or not, this is what I mean and taking into account what is happening in my country which the goverment want also take a piece of this, well, at the moment the only thing that occurs me would be not to use the platforms that they seek to take advantage of hahaha.
Hi @sawcraz.art
I would like to say: BIG THX for taking the time to read my post and for your comment. I trully appreciate it.
ps.
Perhaps you would be also interested in checking out my recent post:
BLOCKCHAIN FOR DUMMIES - what would be your explanation?
Stay safe
Cheers, Piotr
Hello friend @crypto.piotr the truth would be great to witness that time of rise but as you say is preferable a slow increase, so you can value more projects and not everything would be about money, it is time to put first the quality of the platform and not only what can benefit us economically speaking.
We all want to generate profits, that is true, many people depend on it, but it is important not to fall into the same as everyone else and be one more of the bunch, we must make a difference and I think our project has been a pioneer in that, we have made a difference with respect to others.
Hi @franyeligonzalez
I would like to say: BIG THX for taking the time to read my post and for your comment. I trully appreciate it.
ps.
Perhaps you would be also interested in checking out my recent post:
BLOCKCHAIN FOR DUMMIES - what would be your explanation?
Stay safe
Cheers, Piotr
Actress Mae West’s said:
“It is better to be looked over than overlooked.”
Crypto is definitely being looked over, and that comes with a lot of financial chaos, and that's good. As they say, there is no such thing as bad press. The more they talk about crypto, the more its price goes up.
Crypto is exciting. And people usually don't go into something exciting smoothly. They stumble around and trip over a table or two trying to get to the party.
I think people (press, gov't, traders, the public, etc...) will always entertain their worst fears and best hopes. And that's a good thing. It keeps the crypto conversation going, because there is nothing more devastating to an industry than indifference, hence, being overlooked.
And even though the 'money chase' hype of 2017 and the terror selling of 2018 (2011 & 2014 as well) gave us an awful case of whiplash. I think bull markets will be more tempered and sustainable in the future because:
Outstanding post @crypto.piotr.
Dear @fijimermaid
Late thank you. I trully appreciate your time and I loved your feedback.
ps.
Perhaps you would be also interested in checking out my recent post:
BLOCKCHAIN FOR DUMMIES - what would be your explanation?
Stay safe and enjoy your monday :)
Yours, Piotr