I finally figured out why crypto has gone up so much in price

[race2tb]

Back when crypto was skyrocketing last year I could not figure out why. It did not make sense, not much had changed technically but all of a sudden prices started to skyrocket like some major leap forward had taken place and we were on the verge of mass adoption. The reality is that none of that happened, nothing really changed, most of the chains are exactly where they were technically even before the rise.

So why did it all go up. I as a technical person , a rational person could not find any fundamental reason for it. Sure some markets may have had more access due to exchanges opening but why would they buy so much higher than it was? Global currencies aren't changing that much the stock markets aren't dive bombing?

   The answer in my opinion is that these new markets blowing up were not interested in crypto and its value proposition. To them crypto was a gambling opportunity. Value was not what mattered, what mattered was making a bigger and bigger bet and winning. This transition has transformed the cryto market into more of a casino of possible bets. People buy tokens and coin like they were a spin of the roulette wheel. The more people joined the game the higher the price went and the more you want to bet since you are winning.

    Now come the whales. These guys are like the house in a casino, they know that the market is full of degenerate gamblers now and those becoming degenerate gamblers. They setup new coins , pump them and suck in as many gamblers as possible to dump into them. Their goal is to become the game of the week be it a coin or ico.

   I see crypto as a giant gambling fun house for the world right now. The technology just facilitates and enables a world of gamblers glued to their screens try to win bets. Just like themed gambling machines in casinos icos and coins are all pretty much the same except for the characters and the theme. I expect eventually a lot of people are going to get hurt by those who know whats going on and the gamblers are going to end up where all gamblers end up , more broke than they were or bankrupt.

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[BlockEye]

It's simple, Cryptocurrencies is not the same as Fiat in terms of stability of price, Consider Crypto now as stocks in the stock market. Many people are diving on crypto which you can see on Coinmarketcap that BTC dominance is diminished and it means that many BTC holders/New Comers that bought BTC diversify their money into altcoins which results in skyrocket. I agree that crypto is a gamble but take note that all activity that involves money is gambling too even the traditional business investment that we know.

[MinerHQ]

   The answer in my opinion is that these new markets blowing up were not interested in crypto and its value proposition. To them crypto was a gambling opportunity. Value was not what mattered, what mattered was making a bigger and bigger bet and winning. This transition has transformed the cryto market into more of a casino of possible bets. People buy tokens and coin like they were a spin of the roulette wheel. The more people joined the game the higher the price went and the more you want to bet since you are winning.

 

It is not because of gambling but due to a lot of media talking about cryptos and its prices regularly bring in a lot of investors suddenly so prices went up many folds all of a sudden. After that most of the governments started to regulate the crypto exchanges so now prices came down and it may take more time to go up again.

People think that crypto market investments make them rich faster so they are ready to take the risk to invest in it. That was the mistake many new investors made and brought a lot of shit coins at higher prices.

[metenjean]

I definitely agree with your opinion since crypto price has surged without any sense last year so its more like when the price surge people keep investing and betting on the higher price. Its true that bitcoin is the future development for decentralized transactions but it still value to much by the time when it reached above $10k. However i also figured that $7-9k range also a suitable and stable price for bitcoin to have more growth starting from here.

[Nick Abimanyu]

Oo .... So you blame cryptocurrency narrow once your way of thinking, son. Now open your ears and eyes wide in order you know !. Actually gambling has been dominated by fiat currency and that it's been a long time ago.

Since the time of the emperor ming was born on October 21, 1328. What the so-called gambling actually was rife at that time long before the crypto was created they've gambled with gold pieces, pets and sometimes their power at stake because at that time were rarely residents who have coins. And now banknotes have dominated the whole gambling place and only a few use cryptocurrency.
In essence whatever is called an asset everything can be at stake. Remember, it's not just crypto.

[tambok]

We are all contributing to the price of cryptocurrencies, don't just blame those whales, and don't compare it too fiat as well. If the price goes down, ask yourself what you have done for the contribution of the price, not blaming other people, if you want to have the price to get rise just continue to hold, support and encourage people to do the same and not making negative vibes.

[Scallywag]

i really don't see it that way , there is real value created here. You can compare it to the internet bubble in the 90s, people saw the potential of the internet . but we are experiencing  the real possibilities internet has to offer just now. i see something similar happening in crypto right now.

[Andrey123]

It's just that since the summer of 2017, the crypto currency has become very popular.
On Youtube, a lot of video on assembling mining farms appeared.
People decided that the crypto-currencywould make them millionaires and invest in it.

Hence the high growth. But very few people know that there is always a drop in prices, as now.
And many because of this remain with huge debts.

[chris200x9]

It's just that since the summer of 2017, the crypto currency has become very popular.
On Youtube, a lot of video on assembling mining farms appeared.
People decided that the crypto-currencywould make them millionaires and invest in it.

Hence the high growth. But very few people know that there is always a drop in prices, as now.
And many because of this remain with huge debts.

Yes, if this down price stays for a very long time then many new investors will never come back to crypto investing. Because they might have bought money with some interest to invest in cryptos but if prices don't recover back fast then they may end up paying a lot of interest on the borrowed money. So they may lose the confidence in the crypto market in future.

But one thing we all should know is never invest in any of the product with a borrowed money because you don't the future how prices will move.

[sttsss]

It's simple, Cryptocurrencies is not the same as Fiat in terms of stability of price, Consider Crypto now as stocks in the stock market. Many people are diving on crypto which you can see on Coinmarketcap that BTC dominance is diminished and it means that many BTC holders/New Comers that bought BTC diversify their money into altcoins which results in skyrocket. I agree that crypto is a gamble but take note that all activity that involves money is gambling too even the traditional business investment that we know.

Impressive idea.

[Kingofbitcoin12345]

Does demand and supply unfamiliar to this generation,, they can’t just separate gambling with bitcoin.. Anyways,, this is your opinion and I respect that.. A value of a Michael Jackson memorabilia is appraised to its status and popularity,, the demand of it is high and the supply or numbers of it is limited.. Looks closer,, it isn’t a gamble to buy one shirts with high price when I can sell it double 5 years after.. That’s reality not a gambling luck..

[Bdstar]

Back when crypto was skyrocketing last year I could not figure out why. It did not make sense, not much had changed technically but all of a sudden prices started to skyrocket like some major leap forward had taken place and we were on the verge of mass adoption. The reality is that none of that happened, nothing really changed, most of the chains are exactly where they were technically even before the rise.

So why did it all go up. I as a technical person , a rational person could not find any fundamental reason for it. Sure some markets may have had more access due to exchanges opening but why would they buy so much higher than it was? Global currencies aren't changing that much the stock markets aren't dive bombing?

   The answer in my opinion is that these new markets blowing up were not interested in crypto and its value proposition. To them crypto was a gambling opportunity. Value was not what mattered, what mattered was making a bigger and bigger bet and winning. This transition has transformed the cryto market into more of a casino of possible bets. People buy tokens and coin like they were a spin of the roulette wheel. The more people joined the game the higher the price went and the more you want to bet since you are winning.

    Now come the whales. These guys are like the house in a casino, they know that the market is full of degenerate gamblers now and those becoming degenerate gamblers. They setup new coins , pump them and suck in as many gamblers as possible to dump into them. Their goal is to become the game of the week be it a coin or ico.

   I see crypto as a giant gambling fun house for the world right now. The technology just facilitates and enables a world of gamblers glued to their screens try to win bets. Just like themed gambling machines in casinos icos and coins are all pretty much the same except for the characters and the theme. I expect eventually a lot of people are going to get hurt by those who know whats going on and the gamblers are going to end up where all gamblers end up , more broke than they were or bankrupt.

Well, So you want to say that Gambling is the main reason for the skyrocketing price, I also think that Gambling is one of the main issues for this reason. a lot of people are getting involved in this platform and they are investing money here. so people have a lot of opportunities to take gambling. That's why this type of problem we are facing in this platform.

[Bolt Brownie]

Well I can't say I don't agree with you. The market did went up quite a lot, even though nothing had changed in a fundamental point of view. Maybe people where buying because of the increase in awareness, and they thought it had potencial, but what you said is truem and crypto probably got overbought.

Now we have the exact opposite going on. Crypto is actually evolving in a technological point of view, and even the improvements in terms of regulation are good. And we see the price going down like crazy. Again, maybe crypto got overbought, and now, even though it has improved (LN is near, etc), the price is still dropping.

I must agree with you. People are just being dumb and gambling without even trying to know how crypto is doing. Hopefully this will change in the future. Let's face it, crypto has potencial, and institutional investors will probably see that and buy when they see that crypto will be able to fulfill it's true potencial. It's sad though, because this was the first "asset" that reached retail investors before institutional investors, so if retail investors were smart, they would not give away their advantage with irrational selling. Unfortunately this is what is happening right now.