Just a quick update on how I see the market right now.
First of all, there are mainly good news coming out. Let's keep that in mind. Recently a study made by the Wall Street Journal that 20% of all ICO's are scams. 20%?!?!? I thought 90% were scams. That's the number I've been told by everyone.
https://cryptovest.com/news/nearly-20-of-icos-are-possible-scams-new-study-by-wsj-finds/
Second, there is just a lack of interest. Ethereum is not performing well and is struggeling to make transactions. The network is clogged up like the arteries of a 80 year long smoker. Bitcoin is just drama and not even the Bitcoin events are accepting Bitcoin as payment because it doesnt work as a currency. ( I know this is cursing in the church, but Bitcoin Cash accept BCH at all their events)
Just look at Bitcoin on Google Trends
What a depressing sight.
Ethereum not much better
But how about EOS then?
Well, EOS is a project that has held public interest for quite some time. It is a gigantic project with a lot of promises and hype, and it is set to launch June 1. I think a lot of the future of cryptos this year at least depends on EOS. If EOS launched on time and everything goes smoothly I think we will see more interest in cryptos again. It will at least show some promise. Ethereum has died out. It has been here for 4 years and during that time almost none of the projects ER20 tokens has actually done anything other than promises and beta testing. And Ethereum it self is just struggeling with scaling and transactions.
So my bet is that a lot depends on EOS. Fortunately EOS seems to be ahead of schedule, and a lot of more technical people say what they see is amazing.
I think people now are getting impatience. It has been a year since the public started knowing about cryptos and investing in cryptos, and not much has really happened the past 12 months. Sure, a lot of SMALL stuff has happened. A lot of smaller projects. But we lack the adoption and usecases.
Even with Steem there is a lot of issues. Dtube is not running well, all these other projects like Dmania etc just clogs up your blog, all the drama with bots etc. This of course means we are in the early phase..but I don't think we should pat ourselves on the back and tell ourselves that we are only in the early phase, so no worries..for ever. We can't sit here in 10 years and keep telling ourselves we are in the early phase duuuude. We're so early. No, we're NOT that early anymore. We need to start seeing some actual usecase and proper projects. Not just wild dreams and speculations on high prices.
A funny joke I came up with was that the only thing the crypto space has produced is a lot of cool 3d images of cool lines and dots. It's not true of course, but it's a little bit funny and true
Crypto right now is like Internet 1994. You don't seem to have realistic expectations. Will take at least 5 years before we will see any interesting dapps. To remind you DTube is not even a year old. YouTube started in 2005 and still has issues 2018. You are not having realistic expectations. If you ever tried programming then you know it takes 6 months just to do some small progress in a field.
And yes we are still early. Even in 5 years it will still be early. Stuff like this takes decades to evolve. You don't just change an old system to a new in a few years. Steemit is only 2 years old. That is nothing in terms of evolution and they have already made so much progress. It's a lack of perspective you have in this article.
Totally agree. We are just in the very early steps of all the crypto world. In a 5-10 years time this will be a very different picture that we'll see.
Anyway, I think it's normal to have this feeling of a lack of interest, since it was a boom what we had ending last year, and now it's going back to a "normal" rhythm again, so it's a deceleration, but don't think we're losing interest at all.
This is for sure the future, and not only for the economy, but for many other areas.
Only time will tell!
This is regular stuff. This is how all things work in life. If you ever run a blog that get monthly visitors then you know that 1 day all doubles or triples. But for months it seems like nothing is happening. That will say you won't be able to see progress on a small graph. You need to look at 5-10 year graphs to actually see how things are evolving and changing.
It's not a deceleration. It's just that there is nothing that shows up in numbers in front of your eyes. Things are being tweaked and changed in the background. Just as when you eat food and the Banana gets converted into a human body in 2 hours. That will say things are speeding up but you can't see it because it goes on in a non public view.
Thins are usually tweeked after they are realized. Are there any decentralized projects that are actually working? What about Substratum for example? They have launched. But..they receive 10 likes and a retweet? Is this not incredible news? They have launched decentralized Internet, and according to the five people who have commented, it works.
But does it? Is it real? Why is it not gaining any attention? Either it's a scam, or it is just not interesting to people. Or it is not useful. I don't know what it is, but I do know that it is not gaining any interest from the public.
And thats generally what I see from other projects as well.
People keep saying "but we're so early". For how long are you going to say that? A lot of people know about Steemit or Substratum. But they are "meh". Either they don't believe in it, or they dont see the purpose.
And then the space won't grow.
Bitshares is a decentralized project and it is working. In fact, I know from personal experience that it has been delivering reliable, industrial grade performance for almost 4 years. It's not reflected in the price, but then again, when did the markets ever make sense? Your post summarized what I've been thinking as well, I think it's just markets being markets and we have to have a long term approach.
Thanks a lot for the comment @sauna!
I haven't been looking too much into bitshares..which is a shame. I've heard good things about it, and you confirm that. I will check it out!
Blockchain users are growing everyday. That is a simple fact. With that simple logic I showed that you are wrong. Internet users are also growing everyday. Even if it's 1 more user per day it's still growing and will be of higher value. Since the real currency of our age is Time and Attention.
Since that's a fact, I'm sure you have real time statistics on how blockchain users are growing every day?
How do you even measure that?
Is Steemit growing every day? Do you count the hundreds of thousands of bot accounts and idle accounts as growth?
It will be big corporations that push crypto to success not the little guy.
That is too much simplified. Too much Black and White thinking. Not quite sure what the little guy means but Technology empowers everyone just the same. That will say authority is coming back to humans. This also means we are entering into an Era where money will be more pointless because of inflation and that the cost of production is going down. That will say more freedom to humans to decide more what they want to do in their life.
Good points, but why should innovation take as long as it did in 1994? Technology is exponential. I don't think it should take as long to build dtube as it took to build youtube. The infrastructure is there, the idea is there. Just make it decentralized. Sure, I know it's harder than that.
But, developing and programming is one thing. What people expect is another. If the space seems stagnang and projects are in beta for years and no obvious development is being done..people lose confidence.
It should not take DECADES to develop these platforms. If you believe that you don't believe in technology or cryptos. This space should and needs to grow fast. Or it will die out. It will be a fad, and at best a funny weird space with some weirdos making funny money online who they can buy t-shirts with.
Internet developed faster and faster. From IRC, shitty MMO's to Yotube, Facebook, Skype..sure it took 10 years, but cryptos should develop faster. Don't tell me that technology is all of a sudden developing slower.
"It should not take decades" according to who? Things takes time. Yes things are progressing faster now than a few years ago. That is a fact. But it will still take a long time. Technology die out? Funny. As long as it gives you more value than the last thing humans used people will use it. Since people value speed.
Things take time..that's what they say in african countries where nothing ever works. I was waiting for the bus once..it took 5 hours. The answer I always got was "things take time. The bus comes when the bus comes"
Gee..wonder why nothing works here with that mentality.
According to the market. As you see now, people are losing interest in cryptos. Look at google trends, Look at the markets. People are leaving, giving up. Sure, that might be the wrong thing to do..but it has happened before that when a company or sector don't gain traction it just loses out even if they have a great product.
We need the space to be valued high in terms of money. People invest in this because of money, not the tech mostly. People do want to get rich and benefit. Thats what we all want. We want cryptos to take a huge market share from fiat currency, from stocks, from IPO's. We don't want it to go to slow and comply too much, ending up as a weirdo little brother of the regular market.
Even governments can issue and use blockchain. Doesn't matter. It's not the tech that is that interesting. It's the usecase. It's the adoption and the decentralized structure. To use it mainly as a centralized database is not where we want to end up. And there is a possibility that they are able to cap it.
I'm saying cryptos need speed and blow up. Like you say..people value speed. Exactly. People value things that happen fast. So we need this to happen fast.
No it doesn't need to happen fast. You are looking at the wrong metrics. Does Crypto gives you more speed and value? Yes. So it will be adopted that is a fact since it's better than Bank and saves people time.
Why do some youtubers have fake followers then, if not for the same reason - fast growth? If things doesn't need to happen fast, I suppose you wouldn't need to get fake followers? Because slow natural growth is better? And it possibly is..depends on the algos right? On Facebook, to buy followers is retarded as facebook distribute your posts randomly on your network. So when person 100-1500 who follow you are from some province in India sees your posts the chances of a person buying from you is literally zero.
So why are people still buying followers and likes and upvotes and hearts and god knows what? Because they understand that growth needs to happen fast. You need to blow up. You need exponential growth, or you become IRRELEVANT and dies slowly.
Unfortunately that happens sometimes when you gamble with different ways to try and manipulate the system. Things must be done correctly I agree with you on that. Steady does it..sure, to a certain degree.
But if you understand markets you also understand that it needs a certain momentum. Thats what competition is. If cryptos can't do it, something else will come along and take over.
Have you not wondered if Blockchain itself is Yahoo..what happens when Google comes along?
Who cares who comes a long. As long as they give more value to the end customer the better.
The very next upswing that interest will pour back with a vengeance. Mark my words.
It should not take decades. According to me! 😁 I'll put my **** on a block wrt that.
This is why:
https://steemit.com/cryptocurrencies/@bitbrain/bitcoin-price-predictions-chart-display-part-2-looking-at-the-past-good-news
https://steemit.com/cryptocurrency/@bitbrain/bitcoin-price-predictions-chart-display-part-3-the-s-curve-more-good-news
It will go much faster yes yes! 👀🎢
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Soon soon! Just a little more patience. This pullback is almost completed. People are so impatient, not to mention forgetful, it always makes me smile. 😁 Go downwards for a few months and they forget that we've been shooting up for a few years!
I laugh at those who expect to wait years for an upturn!
I'm sitting here in my rocket, spacesuit on, waiting...
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