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Author Topic: What are your honest thoughts on Crypto in the future, given what is happening n  (Read 129 times)
Mark301 (OP)
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July 16, 2022, 06:02:06 AM
 #1

I'm gradually losing faith in its long-term viability.


What are your thoughts on this?
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July 16, 2022, 07:57:05 AM
 #2

I'm gradually losing faith in its long-term viability.


What are your thoughts on this?

If by "crypto" you mean the altcoins, there's so many scams there it's safer to not look there unless you really-really know what you're doing. There may be a (very) few good things too, but again, too few and too risky.
If you mean Bitcoin, I will say "nothing new under the sun". We've had bear markets and crypto winters in the past too, so I'm not worried. Until now it's matching pretty well with the previous 4-year cycles.

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July 16, 2022, 12:18:46 PM
 #3

If by "crypto" you mean the altcoins, there's so many scams there it's safer to not look there unless you really-really know what you're doing. There may be a (very) few good things too, but again, too few and too risky.
If you mean Bitcoin, I will say "nothing new under the sun". We've had bear markets and crypto winters in the past too, so I'm not worried. Until now it's matching pretty well with the previous 4-year cycles.
Then what altcoins other than ETH are not scam? What about a FUN token?
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July 16, 2022, 12:27:57 PM
 #4

Then what altcoins other than ETH are not scam? What about a FUN token?

I expect that for every 5000-10000 scam coins, 1-2 are legit. But no, I will not enter your game of looking which one is scam and which is not. Actually this term is also somewhat fuzzy: one coin may be just fine now and turn into scam or dead project in 6 months. So no, I will not answer those questions. DYOR.

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July 18, 2022, 04:39:07 AM
 #5

And what is wrong? If you get frustrated, you may be wasting too much emotion. Relax, everything is going as it should go. Prices fall regularly and subsequently recover. But of course, bitcoin can do this. With altcoins, it does not always work out reliably.

Simply get distracted by something else for a while; sometimes it is beneficial to stop and just relax.

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July 18, 2022, 04:51:45 AM
Merited by The Pharmacist (3)
 #6

If you are losing faith in popular cryptocurrencies like BTC, it implies that you never really had a lot of faith in them to begin with. This isn't a market for weaklings. It's an extremely volatile market which could make you homeless or rich in a matter of minutes.

The core mechanics of BTC and other popular cryptocurrencies haven't changed despite external factors like grim economic conditions, wars, pandemic etc which is why I still have faith in them.

Also, invest only what you are willing to lose op.

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July 18, 2022, 05:01:48 AM
 #7

If the only basis for your "faith" and confidence is price, do you really understand the industry at all? All I see is a very amateur way of looking at investing.

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July 18, 2022, 06:19:34 AM
Merited by The Pharmacist (4)
 #8

I'm gradually losing faith in its long-term viability.


What are your thoughts on this?
I'm not pretty sure but base on what you shared to us, it's pretty obvious that you are just a newbie and it's your first time seeing what is happening right now.

I will share my own experience. It started in 2018 where the bear market started. I've seen Bitcoin went to as high as ~$20k but it didn't matter to me because at that time, I'm still learning the basics (even now). Here comes 2018 and I've seen red candles in the charts. I've seen Bitcoin went to as high as $20k to as low as $10k months after. I've seen it went down from $10k down to $5k and as low as $3k and I've felt the same as well.

I lost faith with the crypto in general and I thought that Bitcoin is dead already because I've seen so many negative articles regarding crypto and Bitcoin. To cut the story short, I didn't lost faith and still learned crypto and Bitcoin and it's the best decision that I've made.

What I'm trying to say is, it's your first time to see what is happening right now that's why you are saying things like that. Give it some time, you might want to see the charts if you want and see what happened in the past. Just be patient, accumulate if you have spare money and just wait for the bull market to happen again. Markets are moving in sideways and in the long term, Bitcoin and some cryptos will give you profit. Just look on S&P500 and DJI in the long term. They only move upwards but it's a bumpy road. It's the same with crypto. It will be a bumpy road but it has only one direction and it's upwards. Relax, don't panic and stay invested Smiley.

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July 18, 2022, 06:25:29 AM
Merited by Haunebu (2)
 #9

Then what altcoins other than ETH are not scam? What about a FUN token?
I expect that for every 5000-10000 scam coins, 1-2 are legit. But no, I will not enter your game of looking which one is scam and which is not.
Spot on, and I'd suggest that if 16xypjnxlrew hasn't visited the altcoin section he ought to do so if he wants about 10k threads comparing shitcoins to bitcoin and shitcoins to each other.  They're all just spider webs for shitposters, but you'll have to see it to believe it.

And OP, I don't think bitcoin is going to go away anytime soon.  Like NeuroticFish said, a lot of altcoins probably won't make it.  Most of the new ones are just copies of other coins or don't offer anything in the way of innovation, and on top of all that there are thousands of coins  available--and more being created all the time--with only a finite amount of money, there's no way most of them are going to maintain any sort of value.

I've noticed that there's a trend in altcoins, where there are foundations behind the coin and they basically control the marketing and whatnot.  It's definitely a trend in PoS coins, and that's concerning to me because it increases the centralization of power for a given coin.  By contrast, bitcoin doesn't have any sort of leadership.  If Satoshi had stuck around, who knows what bitcoin would be like right now?  Look at ETH and the whole mess with them moving to PoS, which is going to affect all the miners and the price, etc.  If a coin's creator is still developing it, bad things can happen.

Have some faith.  The market sucks right now, but just look at bitcoin's entire price chart and you'll see it's had some wild swings in the past and periods when the price was flat.  It won't stay stagnant forever.

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July 18, 2022, 07:51:11 AM
 #10

I'm gradually losing faith in its long-term viability.
This will definitely result because you are dealing with shit coins or maybe you are trading. Trading is not long term, you will need to hold for years before you can say you hold for long term.

Or maybe because of the present bear market, it can last for a year but later the bull time will come. Just do not miss the boat before you will realize that. Do not be like a person that will not invest during bear market but later just want to invest after the bull market is over.

For altcoins, I will advice you to stay away from many of them, especially the low marketcap ones. Do away with shitcoins.

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July 18, 2022, 08:42:12 AM
 #11

Then what altcoins other than ETH are not scam? What about a FUN token?
Before you start investing, you must answer the question of why do you invest, if the answer is because the price of a currency has reached a thousand dollars, this does not mean that it will reach that price again, and there is no obligation from the developers to reach a certain price.

Altcoins are for non-cash payment, and therefore when it is a duplicate of another project, it will only be suitable for making payments, which will be less in the future due to the presence of many competitors and the lack of advantages.

Therefore, the continuous development, the distinctiveness of the project, and the adoption is what makes these currencies an investment, which is not available in most of them.

Once these factors are found, this currency can be considered as a valid investment but a valid investment not mean profits.

to make it easy buy bitcoin is the shortest answer.

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July 18, 2022, 09:03:06 AM
 #12

To be clear, are you losing hope in cryptocurrencies because of the current market? Is that it? I don't think that's a great mindset, primarily investing. You should invest in something if you openly believe in it and it would let you profit, and if it's not, then it's the risk involved.

I do believe in cryptocurrencies in general. For sure, there is a lot more crypto to invest in, but you cannot know how you can take advantage because it's unpredictable. It's hard to predict what coin can rise in price, but you should still manage your risks.

Crypto, will be the future of money, and I hope everyone understands that fiat is hard to handle because of the unlimited money printing that the government does. It should be controlled, and with crypto, it can. So that's why I think it has a future.

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July 18, 2022, 09:18:54 AM
 #13

I'm gradually losing faith in its long-term viability.


What are your thoughts on this?
What are the cryptos that you're holding?

Just look at the market, you don't have to lose faith if you've got a weak heart. You can be down and sad temporarily but don't stay on that feeling for a long time because that will really lose your faith towards the market.

If you're less experienced on this market.

Listen to everybody that's been here and had experienced several market dumps. It's all about being patient and you don't have to rush until the market goes back again at its peak.

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July 18, 2022, 09:22:10 AM
 #14

If you mean it with altcoins that was developed by some random dude -- then that's okay Cheesy. But if otherwise you are talking about bitcoin, then think of some of the technologies that was invented in the earlies that gets a lot of hateful comments simply because they are "disruptive".

Take the earliest models of automobiles, for instance, which were met with a great deal of skepticism due to their numerous economic and environmental problems, including the use of gasoline[1] that is not readily available on the market. But look at it now, unlike in the past, petrol stations are now found everywhere.

The same is true for bitcoin. Yes, there are still problems with scalability, volatility, mass adoption, and other things, but that doesn't mean there won't be changes that might make these issues better or solve them. Bitcoin may not deliver what you are looking for right now, but I have no doubt that it will in the future, just like other technologies have in the past.

Simply put, the solutions does not happen overnight and that there are opposition along the way. And I hope this restores a bit of your faith to the technology.

[1] https://brewminate.com/growing-pains-the-automobile-in-america-first-hated-then-loved/

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Husires
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July 18, 2022, 10:46:42 AM
 #15

I'm gradually losing faith in its long-term viability.
What are the reasons for that?

  • If it is related to the price, we have been through similar situations many times and the price has proven that it will come back stronger in the long run.
  • If it is technology, so far no defect has been discovered that leads to disruption of the network.
  • If it is centralized, what happened in the last 6 months has proven that it is difficult for a single government to stop Bitcoin transactions.

So what did you change to make you lose faith?

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July 18, 2022, 11:25:50 PM
 #16

I'll always support bitcoin and crypto. I love the idea of progress and innovation being made which carries the potential to change how we think about and use money. Its great to see all of the new financial ecosystems which sprung into existence catering to different niche markets. The evolution of it is powerful enough to shake the foundations of finance. To where established giants like banks, mastercard and visa lost market share to it.

Given the way some in el salvador resist crypto, it would appear that some in the world oppose innovation and progress for civilization. Perhaps those who oppose crypto secretly want to abolish technology and regress us all back to a stone age. There will be conflict between those who support progress and those who oppose it. And who knows what might happen then. The future isn't clear as those who oppose crypto are not clear or concise on their motives for doing so.

Over the past decade, it seems that we are increasingly losing options and opportunities. Doors are being closed everywhere we look. Wealth is becoming more difficult to protect against inflation. If bitcoin and crypto are somehow lost it will be more doors closed and more opportunities denied us.

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