My fear with cryptocurrencies

[Biscutard]

Fear? I will tell you something about fear.
All types of fear originated from the fear of the unknown. Whatever it is, dark, height, water or death, it always because of our lack of knowledge of what is behind those. You can analyze a person's head by knowing his fears.
That's why people are into discovery and research, we need to know everything.

So, you fear about Bitcoin's future or the money you invested?

   Great comment, you deserved merit from me. If I can answer on that
question people mostly fear from losing money they invested. They do
not care about Bitcoin or any other coin.
   That is why we need to research before we get into something. If we
decided to invest that should be cause we believe in that, not just to
earn money. I do not run away from that, I wish to earn here a lot. But
I am very sure that with investing in right projects and holding I will be
rich one day. This is the futrure, it can come for one year or 10 years, I
am patient and I know that in future crypto-currencies will be only types
of currencies.

Either he fears about the future of bitcoin or he fears about of the money he invested or it could be both because he doesn't know anything but here if we learn everything those fear will gone slowly because you already know what to do and if bring you a courage to face that future someday.

[BartS]

That's a truly sad fact, as bitcoin is 9 years old and all we can think of is being in beta stage. I think it's a fundamental glitch. I know the dev team will not admit it but BTC is damn too slow for current adoption rates and efficiency. The good news is, as more people are trying to understand why bitcoin protocol exists in the first place, they are in their own ways paving the ways for blockchain adoption.

I know it is sad but it is the truth we are in a way the beta testers of bitcoin, we are the ones using it when it is still to be fully developed and dealing with the issues, but as the protocol is improved we are going to see more people adopting it, this is similar to the Internet, at first very few used it but as it began to be faster and more reliable more content appeared and more people used the Internet, this created a snowball effect and now many people cannot deal with not being connected for five minutes we will get to that point but it is not going to be soon.

[Victorycoin]

My fear has never been with price analysis or future stakes. It's always been about scalability and adoption. Cryptocurrencies have seen remarkable growth in the past 4 years and continue to show promise. But the one outstanding question is - how long before adoption port?

Those concerns are certainly beyond your control and the best you can do is to hope for the best. There have been many voices on the scalability of Bitcoin and its inconclusive nature has been a more reason for a number of hard fork Bitcoin have had to have and even now, the last have not been heard. As for the massive adoption of Bitcoin, I think that's on going, we would get there by the time we start to have lot more merchants and investors in the system than speculators.

[shinjunobi09]

That's what we called risk mate because in the trading industry we can never be so sure how long it's gonna last. It's just a matter of adoption and preparation for the worst-case scenarios because one should always have a contingency plan if anything were to happen on one's investments.

[MkGregor]

I think we need to look deeper, than cryptocurrencies themselves. As I was discussing with a friend of mine today, cryptocurrencies are children of blockchain development. Put it simply, if there's no crypto - there's no more blockchain, as crypto is used as an incentive for the developers of blockchain. And the future of blockchain in the world looks very bright.

[olumyd]

I think we need to look deeper, than cryptocurrencies themselves. As I was discussing with a friend of mine today, cryptocurrencies are children of blockchain development. Put it simply, if there's no crypto - there's no more blockchain, as crypto is used as an incentive for the developers of blockchain. And the future of blockchain in the world looks very bright.

Actually, I think it's the other way around. blockchain technology can do without cryptocurrencies. Cryptocurrencies are simply by-products of blockchain activities. Besides the potential of the DLT is why government agencies have not cracked down completely on the whole ecosystem.

[TERA2]

Someone wanting an immutable ledger without the use of a pumpable token to trade? Imagine that.

[olumyd]

Fear? I will tell you something about fear.
All types of fear originated from the fear of the unknown. Whatever it is, dark, height, water or death, it always because of our lack of knowledge of what is behind those. You can analyze a person's head by knowing his fears.
That's why people are into discovery and research, we need to know everything.

So, you fear about Bitcoin's future or the money you invested?

This kind of fear is more associated with Bitcoin's future. Not just money involved. Bitcoin's future should be bright and lead us to a better economic valuation especially on a global scale. But with the torrential price relay of bitcoin, it's hard to really figure out where we are headed. So yes am worried about bitcoin and price is also an issue. It's hard to separate them both.

[olumyd]

Someone wanting an immutable ledger without the use of a pumpable token to trade? Imagine that.

I feel that pain too... with more pump let loose and unimaginable depths of droughts we are still not ready for bitcoin's potential. IMO.

[PalindromemordnilaP]

Aren't we promised for a solution about this one even before the crisis happened a couple of weeks ago? I have read about how Lightning Network can solve bitcoin's scalability problem. I really hope it can, in the proper time, if not today.

[Blockfolioz]

Scalability should never be considered as an issue, it is an legality between the developer and the mining community. When these arise automatically the development will progress higher than that of the present. Nothing needs to be worried, what we sow will be reaped.

[BartS]

Actually, I think it's the other way around. blockchain technology can do without cryptocurrencies. Cryptocurrencies are simply by-products of blockchain activities. Besides the potential of the DLT is why government agencies have not cracked down completely on the whole ecosystem.

I agree, governments and banks and other business see a great future for the blockchain and many are creating their own developments in the area but they hate bitcoin on top of it, in a way the blockchain not only allows the concept of bitcoin to exist in the first place but it is what it is keeping it alive, I'm sure governments want to destroy bitcoin but at the same time they want to see how much pressure it can resist, in a way they are getting R&D information for free.

[gilangIDR]

My fear has never been with price analysis or future stakes. It's always been about scalability and adoption. Cryptocurrencies have seen remarkable growth in the past 4 years and continue to show promise. But the one outstanding question is - how long before adoption port?

It takes time to be able to apply bitcoin and cryptocurrency in our lives. Since bitcoin can be said to be new to most people, it seems like we need adaptation in a few years, with technological advances we must be willing to start a new era and bitcoin is one form of technological development in the financial system. Several sectors have begun to implement bitcoin and now we need a regulation made by the government because it will encourage how bitcoin will be developed in the future. If the regulation is positive then it will be very useful for the advancement of cryptocurrencies.

[olumyd]

Fear? I will tell you something about fear.
All types of fear originated from the fear of the unknown. Whatever it is, dark, height, water or death, it always because of our lack of knowledge of what is behind those. You can analyze a person's head by knowing his fears.
That's why people are into discovery and research, we need to know everything.

So, you fear about Bitcoin's future or the money you invested?

   Great comment, you deserved merit from me. If I can answer on that
question people mostly fear from losing money they invested. They do
not care about Bitcoin or any other coin.
   That is why we need to research before we get into something. If we
decided to invest that should be cause we believe in that, not just to
earn money. I do not run away from that, I wish to earn here a lot. But
I am very sure that with investing in right projects and holding I will be
rich one day. This is the futrure, it can come for one year or 10 years, I
am patient and I know that in future crypto-currencies will be only types
of currencies.

But isn't that strange, we invest because profit is involved despising whether or not we understand the technology behind it. However, the truth behind our investments are hinged upon hope and coin speculations - hence the fear. But I need to understand what happens when people begin to join crypto simply because of economic profit rather than pursuit for tech advancement. It causes a lot of worries.

[olumyd]

Actually, I think it's the other way around. blockchain technology can do without cryptocurrencies. Cryptocurrencies are simply by-products of blockchain activities. Besides the potential of the DLT is why government agencies have not cracked down completely on the whole ecosystem.

I agree, governments and banks and other business see a great future for the blockchain and many are creating their own developments in the area but they hate bitcoin on top of it, in a way the blockchain not only allows the concept of bitcoin to exist in the first place but it is what it is keeping it alive, I'm sure governments want to destroy bitcoin but at the same time they want to see how much pressure it can resist, in a way they are getting R&D information for free.

I also made that assumption once. I thought the reason why most government are hesitant is because of a global economic experiment to test different variables that could pressurize decentralised ecosystems. I went as far as thinking the alleged 'bubble' is being trained to be resistant or resilient to economic depression. But till now all that the system responds to is FUD and FOMO, and with these, there's not much data there to correlate with. Especially when you place it side by side with traditional financial instruments.

[timerland]

My fear has never been with price analysis or future stakes. It's always been about scalability and adoption. Cryptocurrencies have seen remarkable growth in the past 4 years and continue to show promise. But the one outstanding question is - how long before adoption port?

Mass adoption is always the eventual goal for bitcoin.

I think that we're probably not to that stage right now, though.

People aren't urged to use bitcoin in every day transactions. They just see it as a speculative tool, which it naturally is but defintley isn't the only thing that it is capable of doing. I actually think that come another GFC we'll see bitcoin adoption go up as a result.

When people lose confidence in central banks, that's when they'll switch to BTC on a massive scale. Before that I think we'll just continue to see pumps here and there, every halving.

[olumyd]

My fear has never been with price analysis or future stakes. It's always been about scalability and adoption. Cryptocurrencies have seen remarkable growth in the past 4 years and continue to show promise. But the one outstanding question is - how long before adoption port?

Mass adoption is always the eventual goal for bitcoin.

I think that we're probably not to that stage right now, though.

People aren't urged to use bitcoin in every day transactions. They just see it as a speculative tool, which it naturally is but defintley isn't the only thing that it is capable of doing. I actually think that come another GFC we'll see bitcoin adoption go up as a result.

When people lose confidence in central banks, that's when they'll switch to BTC on a massive scale. Before that I think we'll just continue to see pumps here and there, every halving.

Like you said, we are a bit far from that stage. We should give it a little more than 5 years to ensure that mass adoption problems are solved. In the meantime there are many ICOs launching mainstream projects for daily usage of cryptos

[sjefdeklerk]

Adoption depends almost entirely on the lightning network

It's quite ironic how an off-chain solution is the only hope for solving the blockchain problems. Either way, I just don't see how LN is going to be a success: https://bitcointalk.org/index.php?topic=2792933.0

[richardsNY]

It's quite ironic how an off-chain solution is the only hope for solving the blockchain problems. Either way, I just don't see how LN is going to be a success

Who cares about your opinion? Regardless of whatever arguments people give you to think about, you don't seem to take any of them serious in your thread -- the only thing you are doing is making yourself look like an obsessed anti lightning network freak. You are not forced to use LN as off-chain scaling solution, nor are you forced to make use of something that you don't think has long term viability. If you see more potential in whatever altcoin, you are free to shift completely away from Bitcoin. Everything is better than rehashing your dislike towards LN, which you have been doing for quite a while now. It's known already, you don't see how LN is going to work, now move on....

[boyptc]

Adoption is being done on since the past years and its amazing on how many countries are already accepting bitcoin. And not just a country but those countries are really well known for having a good market and economy, like Japan and South Korea.

It's quite ironic how an off-chain solution is the only hope for solving the blockchain problems. Either way, I just don't see how LN is going to be a success: https://bitcointalk.org/index.php?topic=2792933.0

Did you ever see it implemented? We are not yet there how come you ended up with that opinion. LOL