People often asks, how do you make money in cryptocurrency? Being a student of Cybersecurity and after a bit of experience in crypto investment, I can certainly say human stupidity is the primary attribute to make money in crypto space, yes you heard it right, let me explain my view.
In 2017 I was introduced to Ethereum by one of friend and enthusiastic investor, he said like bitcoin, ethereum may also rise and can give to 100x gains in few years, I asked him what makes to think that? he said it is faster than bitcoin and more importantly it is new, people who missed bitcoin train may join in ethereum, I was like common man is this a reason for investing in eth?
I researched ethereum project and was amazed after learning, it is blockchain technology (decentralized database) which has feature to execute smart contracts based on network consensus, At the time of researching ETH was capable of handling 10 transactions/s (Visa and uber can handle 1000's of tx/s), I thought okay, Eth project is in its infancy and may be in future it will be capable of handling more transactions/s, as Vitalik Buterin has explained in ETH development roadmap about handling ETH scaling issue.
Price kept rising, I thought may be I am missing something, I researched even more and found out ETH is running 256 bit of VM as an network node to execute smart contracts, In other words your smart phone is more powerful than entire Ethereum network. I was bit scared I explained this to my investor friend and he said I don't care until price is rising , well even my investment was twofold now.
After learning block chain thoroughly, I understood blockchain can achieve only two traits out of this desired three.
- Decentralization.
- Scalability
- Security
Α blockchain that claims to have solved the trilemma has either bent the laws of physics (highly unlikely), or it has discovered a breakthrough method that solves the major blockchain scalability problems that have stumped top mathematicians and computer scientists for the past decade. Which is likely impossible.
Block chain has a long way to go before it can be truly trustless and robust.
So one thing is for sure the block chain projects are OVERHYPED.
Yesterday 01/27/2018, price of ETH token $1000.
“The Casper aspect of Casper, where two conflicting blocks should not be able to be finalized, seems to actually happen running and the network agrees all along what the final chain is. So that part has been totally successful,” Vitalik Buterin, Ethereum’s co-founder, said in a research update during the developers meeting.
The update is not at all major (still 10 tx/s and high fees and network congestion) and today the price of ETH is $1200.
There are lot of updates coming soon to ETH network such as sharding, plasma, raiden networks, which is great news, as it is going to increase value to project however human stupidity will increase price of ETH at least $3000 by the end of the year.
(Disclaimer: This is not a financial advice, I am invested in Ethereum project)
I hope you enjoyed reading.
Abhishek Patel
http://www.iamabhishekpatel.com
I've always found it interesting/entertaining when people base their speculation on human nature rather than facts and figures.
Of all the other block gain ideas I've heard, the only two that really made sense to me were Steem and Ripple. Steem is interesting in concept and odd in practice, whereas Ripple is a boring answer to a very real and relevant problem in international banking.
Ethereum, litecoin, Doge all seem to be just stop gaps between the dinosaur Bitcoin and the true future crypto which will solve the trilemma (great word btw)
I am amazed how projects like "cardano" and "EOS" are over billions of dollars in market cap without any working product, I never thought people are this desperate to make money overnight. If project fails they are gonna blame project owner rather than their own unavoidable inborn stupidity (handing money to someone they don't know over the internet for the product they don't know how to use or what it is use for), BTW thanks for the comment.
The funniest meteoric rise to me was SBD (Steem backed Dollars). If you read the idea behind them, it is they are supposed to work to chain themselves to the USD. So anyone pumping them after 10$ was either a fool or assumed they could cash out before anyone noticed. Tons of money in crypto isn't smart money.
hahaha I just saw that, thanks for the good laugh.
WTF is this