What is going on with crypto?

[marlboroza]

What is going on with whole crypto?

Something is seriously wrong.

ICO enforcing KYC for investors and bounties, people are sharing their info with completely strangers, bitcoin ban, heavy exchange regulations, people literally sold their houses to buy bitcoin etc etc, list is quite long.

Isn't bitcoin meant to be something...anonymous...decentralized...p2p? I thought whole idea was "digital money without banks involved".
So, what has changed? When "internet money" become "get rich over night" scheme? When bitcoin become "i will invest in bitcoin because bitcoin will increase its value"?
Since when bitcoiner care about what JP M and other bank scumbags think? Since when we share our ID's with strangers over internet? What the fuck guys?

I have feeling that this world is not ready yet for bitcoin. Maybe somewhere in future. When people do realize beauty of it. When transaction fees drop seriously down. When confirmation speed increase. And what is most important when people do realize that they can use bitcoin to buy things and not only use bitcoins to cash out.

No, this is not another whine topic about bitcoin price. If you think it is read topic again. And again until you understand it. Deeply.

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[ccie38216]

Too bad bitcoin does not have built in privacy like Monero

[FrueGreads]

I completely share your thoughts, but the thing is, we can't choose who gets into bitcoin, and a lot of people got attracted to bitcoin entirely for it's price, and the "get rich quick" dream you've mentioned. Some probably managed to understand the true value of bitcoin and those are definitely still holding their coins, because they understand bitcoin goals and potencial and are not blinded by it's price, but most of them just see BTC as a trading asset, and once they see the price drop, they panic sell. I wish every investor should hear Andreas M. Antonopoulos first, and only after they completely understood what bitcoin is, they would be allowed to buy.

The thing is we can't stop this, and the cryto market is still very small. People were happy when they saw that wall street was getting interested in bitcoin, but what did they expect it would happen. They have tons of money, it's easy for them to manipulate the market. CBOE futures ends tomorrow, and CME ends on the 26 of this month, of course they are shortening bitcoin like if there is no tomorrow, and getting tons of profit from it. They will probably go long on the next period, bring BTC close to ath, generate more FOMO, and then repeat. Only when people start understanding bitcoin, and buy it for real use, we can get a stable market, but that will take a long time. And of course, we still need LN for BTC to have a real use, but that should be arriving shortly, so I think we are fine.

[Calhoun10524]

BTC is still in its infancy.  It is just now starting to get into mainstream.  And currently a lot of the new people are looking at it as investing with a stock and not in the crypto currency side of it. 

As people who own BTC learn more of what it is and used for, it will become more stable.  People are learning as they go and understanding as they go.  It will just take time.

[FrueGreads]

first time i know about bitcoin i thought great finally something been made to give us control of our money again and posh the banks and government away but now people only see it as its a way to make quick money, in my opinion bitcoin lost his purpose i just feel that bitcoin I've known in the last few years isn't the same anymore.

I don't agree with you, when you say bitcoin lost it's purpose. It still has the same purpose for me, and I'm sure that for those that understand the concept behind the coin, still feel the same. I also believe in the dev team behind bitcoin and the developments they are working on, are still in touch with bitcoin purpose. There is no other reason behind developing the lightning network or atomic swaps, than to make bitcoin faster, with lower fees and more private. This is still aligned with the bitcoin purpose, so nothing has changed.

I will continue saying that we can't really control who gets into bitcoin, and of course that doesn't even make sense to do, so the only thing we can actually do, is to try to "educate" people, and help them understand the true purpose of bitcoin. People come in for the money, we can't change that, but we can try to make them stay for the technology.

[Lonsdayl]

The main reason is hype around crypto currency industry. Everybody heard about bitcoin and all this SHITY histories of successful investment. People believe that it's new promising way to earn money without any knowledge and work! But reality is that bitcoin and altcoins were created for other reasons, which most people are ignoring.

[mOgliE]

What is going on with whole crypto?

Something is seriously wrong.

ICO enforcing KYC for investors and bounties, people are sharing their info with completely strangers, bitcoin ban, heavy exchange regulations, people literally sold their houses to buy bitcoin etc etc, list is quite long.

Isn't bitcoin meant to be something...anonymous...decentralized...p2p? I thought whole idea was "digital money without banks involved".
So, what has changed? When "internet money" become "get rich over night" scheme? When bitcoin become "i will invest in bitcoin because bitcoin will increase its value"?
Since when bitcoiner care about what JP M and other bank scumbags think? Since when we share our ID's with strangers over internet? What the fuck guys?

I have feeling that this world is not ready yet for bitcoin. Maybe somewhere in future. When people do realize beauty of it. When transaction fees drop seriously down. When confirmation speed increase. And what is most important when people do realize that they can use bitcoin to buy things and not only use bitcoins to cash out.

No, this is not another whine topic about bitcoin price. If you think it is read topic again. And again until you understand it. Deeply.

Hard to say anything else than.. I agree with you. So completely.

I think this is also "part of the game", you know, in order to attract new people in the community, to make it grow quickly, talking about short-term profits can be good. Logically, amongst the people attracted in the first place, many will quit because it is not the eldorado they had been teased about... But some will stay and they will make part of the core of the community, perfectly aware that bitcoin is not a mere source of short-term profit.

I don't know how/when we have lost the original idea but indeed, some (influent) people within the bitcoin community are quite far from what bitcoin should be.

Still, as it is the historical crypto, I hope it will last. Maybe, after a huge slowing down, we can go back with the original idea...