Why is it always about price?

[CryptoPro909]

Why is it always about price?

In this topic I want to talk about something that frustrated me a bit in the last months (the correction…you know...) : The obsession with price.

When I was drinking my coffee last week, and was reading through my favourite #crypto socials, 90% of the info I saw was about price. #Bitcoin not holding support, a selloff in #XRP coming in, #Chainlink continuing a downtrend pattern, this was a bear trap, we go under 20k,…

Shouldn’t we rather talk a bit more about fundamentals or/and all the positive news happening in the space? When the nights are dark and full of terrors, shouldn’t we bring some light?

Web3 has so much potential. It is a technology that has the chance to have a bigger impact on society than the launch of the Internet.
I quote David García, professor, researcher and consultant specialized in blockchain;
(Translated from Spanish, full article here : https://blog.ibizatoken.com/david-garcia-the-problem-with-blockchain-is-that-people-see-it-as-just-another-technology-but-its-not-its-a-sociological-shift)

“The most interesting aspect of blockchain is that it can change society and that it has the economic incentives needed to bring about this change. Blockchain allows you to do financial social experiments instantly and globally."

Having the opportunity to be connected globally in a decentralized way and having #decentralized ecosystems communicating with each other worldwide, is something big… It can be the begin of a new type of society, one that is more transparent, more efficient, more…well…better. You got my point…the possibilities are just endless.

As you all noticed, I don’t talk much about price action on my channels (more interesting things were happening in web3), especially not if it’s just negative (sometimes incorrect) information…Is not really a motivator for new padawans that just joined the space…

This Is just an opinion, and I understand trading is part of the game,… a little adjustment in the amounts of information about the essentials of what we are doing, could only help mainstream adoption, in my humble opinion. Most of you got hooked like me, so you are also convinced about the potential of the technology, and you know it’s just about getting the word out about the fundamentals and the utility.

To end, a big up to all of you already spreading all the good and interesting news about blockchain and web3, as I am reading/watching/listening you too 😉

As a little help, here are some examples of good news happening right now:

1)    #Ethereum still processed 35.99M transactions in 03/2022, in 03/2020 this was 22.75M. Not a bad evolution in 2 years, isn’t it? And this before 2.0.

2)    Canister smart contracts running on the #InternetComputer blockchain have surpassed 43,000. Begin December last year, it was only around 15000…(see infographic hereunder)

3)    Monthly #Chainlink VRF requests grew to 4.4 million in 03/2022. Begin December last year they were around 2.5M.

https://twitter.com/Pattey_Web3_ICP

Full article:
https://www.linkedin.com/feed/update/urn:li:activity:6920047775606833152/

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[Moneyprism]

well, most of today's media are ordered to report bad things about cryptocurrencies, so it's not surprising that most of the news we read or see today in media like CNBC or CNN is mostly negative news about cryptocurrencies

[mk4]

Just to answer the question — it's pretty simple. Most retail people don't know crap about what they're doing in this industry and they're only in it for the money. And to add to that, there really isn't that much "good fundamentals" in this industry in general besides a few things. Most are just overhyped fluff that doesn't solve anything.

[CryptoPro909]

I agree that there is a lot of overhyped stuff in the space, but also the best of the best in tech.

Don't think so many big players are investing in overhyped air...There are cryptos in WEB3 with a lot of potential, but we are still in early phase.
That's why I also believe in talking more about the utility and fundamentals than over price action.

[NeuroticFish]

When I was drinking my coffee last week, and was reading through my favourite #crypto socials, 90% of the info I saw was about price. #Bitcoin not holding support, a selloff in #XRP coming in, #Chainlink continuing a downtrend pattern, this was a bear trap, we go under 20k,…

Shouldn’t we rather talk a bit more about fundamentals or/and all the positive news happening in the space? When the nights are dark and full of terrors, shouldn’t we bring some light?

Let's see another example: what's more in the news, the price of Tesla stocks and what's Elon doing today, or the work of engineers trying to make better batteries?
The internals/fundamentals are boring, they don't really change, they can't make the news pretty much on the daily basis.
But price fluctuations and speculation? Oh boy! They can fill plenty of pages about that.
And the average Joe doesn't understand nor cares much about the "rocket science". But the news about price are.. also accessible.

Those who really care about the price they can see the charts and that's all.
Even more, those who want to understand a tad more on the price area may have difficulties in finding somebody with meaningful TA articles or posts.


So it's not necessarily "always about price", it's more about the hunger of news writers for.. anything that's changing, interesting and also accessible.

[Anonylz]

For 90% crypto investors,  it is all about price, many of them hardly even read what the project is all about (the fundamentals) and how relevant it will be in blockchain, it is rather when 'Moon'.   If after 3 months there is no serious price movement, the project appears to be dead in their own eyes

Just yesterday I saw a post on Near Protocol telegram unofficial group - a member posted "Near Looks Dead" because the price is not moving according to how he want it, this is the perception of the majority.
Many investors judge projects base on the price performance and hardly about the tech, which is not supposed to be.

[Hydrogen]

Web3 has so much potential. It is a technology that has the chance to have a bigger impact on society than the launch of the Internet.

When HTML5 was released, there were many impressive demos of the technology and what it was capable of. We had many real world illustrations of what it could do, and it was intuitive as to how it could be useful. There were multiplayer HTML5 games using node.js. We had some low level browser support thanks to webassembly(Wasm). HTML5 canvas vector drawing was enabled for creating impressive and dynamic 3d graphics. I am wondering where these types of demos for web3 can be found. It doesn't appear there is much substance to the hype behind web3. And so the marketing behind it appears to be unfounded.

Web3 also lacks the support of technology figureheads like Richard Stallman(free software foundation), Bruce Shneier and all the other technology visionaries out there. There isn't anyone who is a tech celebrity or who has brand name recognition who appears to be involved with the project or supports it.

[ajochems]

Because price only plays vital role for the flow of bitcoin in the market.If their is no huge raise in the price,who will inverse for the less profit.Crypto currency was mean for the huge profit by the investments.When the market up to the pump,you can sell with the profit.When the price of bitcoin was low and reduced to lower value,make use of the chance to get huge bitcoin into the wallet.

[Oceat]

Of course, it's all about the price especially if you are investing/trading it's all about the price. Where do you find someone who invested into something but didn't care about the price? It's like they just give their money to someone if they don't care about the price. Price does matter no matter where you are and maybe what you want is the price to go down before you buy then pump after you everytime you buy, is that what you want?

[nullama]

Parkinson's law of triviality:

Law of triviality is C. Northcote Parkinson's 1957 argument that people within an organization commonly or typically give disproportionate weight to trivial issues.

This is also known as the bike-shed effect, or bike-shedding. Here are a couple of quotes that explain this:

"the amount of discussion is inversely proportional to the complexity of the topic that has been around for a long time."

"consensus is hardest to achieve in technical questions that are simple to understand and easy to have an opinion about, and in “soft” topics such as organisation, publicity, funding, etc. People can participate in those arguments forever, because there are no qualifications necessary for doing so, no clear ways to decide (even afterward) if a decision was right or wrong, and because simply outwaiting other discussants is sometimes a successful tactic"

[bittraffic]

For the most part, its not the small investors who want to take profit every day there is a pump of price. But its the institutions who wants to accumulate that brings the negative news in the industry. Those retail investors are often going to dump when the price dips -2%, they don't even wait for the price to go up again to sell. There is always a positive news to look at but spreading the negative ones are going to be focused because the big investors wants to buy cheap.

[Darker45]

To a certain extent, price is the ultimate measure. Right or wrongly, it is how a lot of people measure whether something is successful or has potentials or not. So regardless of the news and the fundamentals, if the price is falling down, it could mean that people do not care. And if people don't care, there won't be any demand.

As has been the subject of some discussions, there must have been crypto projects that seemed great and promising yet failed because of how reception was very poor. On the other hand, shitty projects are deemed successful because of their coins' price increase even if the fundamentals are not really amazing and everything is simply founded on hype.

In other words, majority of the people are only after that which has price value or an increasing price value.

[Bttzed03]

When I was drinking my coffee last week, and was reading through my favourite #crypto socials, 90% of the info I saw was about price.

Most of them just follow what's trending that's why. If you're more into the fundamentals, you might want to drop some of them or check another because you are probably following the wrong channels.

I stopped reading stuffs from crypto twitter for a few months now and it's been quite beneficial. It also helps avoiding price speculations in all forums and finding out reasons why this or that coin dropped.


You've been discussing about altcoins in all your topics but have you also followed developments in Bitcoin?

[South Park]

To a certain extent, price is the ultimate measure. Right or wrongly, it is how a lot of people measure whether something is successful or has potentials or not. So regardless of the news and the fundamentals, if the price is falling down, it could mean that people do not care. And if people don't care, there won't be any demand.

As has been the subject of some discussions, there must have been crypto projects that seemed great and promising yet failed because of how reception was very poor. On the other hand, shitty projects are deemed successful because of their coins' price increase even if the fundamentals are not really amazing and everything is simply founded on hype.

In other words, majority of the people are only after that which has price value or an increasing price value.

I think the same, the price of an asset is used as an indirect measure of success, popularity, adoption or whatever you want to see in it, is it right that people assign so much weight to the price? No, but that is not going to stop people from doing it and we should not expect this to stop anytime soon, after all whenever a positive or negative news is published by the media the very first thing people wonder is what will be its effect on the price instead of thinking on the long term implications of the news itself.

[Wexnident]

That's because most of the people who entered here are either investors or traders? They're mostly here for gaining profit so ofc it's about the price. Even people who innovate and started creating the other bunch of altcoins (if you call that being innovative, in a way), are all in it for the money.

As for discussing the technology behind it itself, well, only a few parts of the people here would be able to take part since it's part of the tech/development industry and I hardly doubt everyone here knows a thing about it. Wouldn't really expect a business man to build his stuff themselves, they'd hire people who know how to build stuff instead.

[DanWalker]

What is the reason and purpose you entered this market, make money fast to become a millionaire or is it because of the technology of the future?.

Most people when participating here the ultimate goal will be money, so the price will be the most concerned and mentioned factor. No matter how good a coin is, how advanced the technology is, if it does not bring profits to investors, it will die and no one cares. Crypto is like a money game, profit is still the top priority.

[ethereumhunter]

It is because the price is what people are looking for. If people can buy the coin at the lowest price and have a chance to increase higher, they will hold it and sell it when the price increases. On the other side, people want to make a profit and only with the price gap can they make that profit. The lowest the price of the coins people can buy, the more profit people can get it later but with terms and conditions.

[Pomogator]

Of course, everyone forgot about the original idea of ​​​​cryptocurrencies. Almost no one is interested in all the benefits of the blockchain. So far, bitcoin and all other cryptocurrencies are only a subject for speculation, nothing more. Fuel is added to the fire by a lot of media that create yellow headlines, no information content and no benefit.

[lixer]

And why not? Cryptos are currencies so it's normal that they will talk about the price but indeed it sometimes boring to see the same thing every single day. We always see threads like how long bitcoin will reach this and that price.

People then will feel bad if bitcoin didn't reach the price that they are expecting but only if those people widen their view about cryptos and look on other news like something about blockchain development, they will say that cryptos really have the potential to succeed more in the future. They will stay calm, won't post price updates (excessively) but wait for that moment but news about blockchain is not always positive, there's also negative news sometimes.

[adaseb]

Most people that are investing in crypto they do it to make money, they don’t care how it can change the world. Those that invested in Bitcoin because they believed it would change the world is when Bitcoin was trading at less than $30 a coin.

A lot of people know me because I’ve talked about Bitcoin throughout the years and they are always like “I will give you $10,000 can you turn it into a million with crypto”. They basically want some 100x project and if they find out that Bitcoin might only go up 20-50% from here they are not interested anymore.