That guy in that article is like the dude you saw out in front of a Las Vegas strip club 40 years ago holding up a sign and screaming "Repent Now and Jesus will save you from hell!". Fast forward 40 years and he's still on the same sidewalk holding the same sign and screaming the same phrases from his bullhorn. The only major challenge for him these days are the dozens of promoters on that same sidewalk promoting the 22 mega-casinos and 32 strip clubs that have been built nearby since he first started warning people decades ago.
One day there will likely be an actually usable crypto but what makes you think it's any of the ones that exist today? For all we know all we have now is Pets dot com. Doubt any of the detractors here are principally against crypto, I'm definitely not. But I want something secure, usable and practical, that doesn't exist yet. There's a lot of complaining about fiat and inflation which is all correct but if the alternative was holding bitcoin and losing 2/3 of all my wealth, I will choose fiat every time. It's simply not a stable storage of wealth, people can maybe tolerate ~20% fluctuations in their chosen currency but not 70%.
Man, I ain't so sure about that lower channel line able to hold up going forward. Comparing it to the Nasdaq-100, you can already see some major problem. While NDX broke above the previous support line, BTC didn't even come close. And the slope line for the recent rally is soooooo much flatter. Just my utterly useless 2-cents.
Bitcoin is already this. When you do hundreds of hours of research like I have, you find answers to all of these objections. The part about security is interesting because today, it would be impossible for bitcoin to do what it did stealthily like bitcoin did it. Growing slowly until it was so decentralized that now nobody can "hack" it. Agreed. Lots of smart people also say that the huge funds can't really get in big time until its much bigger than 0.5 Trillion. I can't find the picture right now, but lots float around the internet that compare the market cap of bitcoin to Gold for example at 10 trillion, or US equities at 60 trillion, or global real estate, etc. So the solution is simple. Wait for bitcoin to appreciate in value and now you have an asset class on par with all the others. Imagine how much better the world would be if real estate wasn't used as a store of value! If Bitcoin wasn't so volatile and 10-100x higher in terms of market cap, you might be saying that its now the ideal vehicle for store of value and medium of exchange, etc. Great.... now is your chance to get in before it gets there!
That makes no sense, bitcoin already was above 500 billion mkt cap for quite some time, so where are these investors? This is all speculation and I don't see what it's based on. That's the thing, I'm not confident it gets there. That's just pure speculation again and the odds aren't great. Many new coins will arrive and some will leave bitcoin in the dust. That's why most people nowadays use Google to search and not Yahoo.
. Laugh all you want, but you'll be sorry one day when crypto goes to zero and MSTR blows up. It's going to zero... zero... zero! I'm holding onto my shorts no matter how high it goes. I started shorting when ETH fell into triple-digits. And I'm struggling now to hold them in 4 figure digits, but I will still be holding my shorts when it rises into 5 and 6 figure digits! I'll show you! Then who will get the last laugh?
When I started trading some 30 years ago, the first thing that they drilled into my head was "NEVER EVER GET MARRIED TO A POSITION": Whether that is a stock, options, futures, forex (or crypto, which wasn't around then)...or whether you're long or short...don't get too attached.
In this latest crash, much of it was forced selling because of all the blowups from the DeFi companies. When you got 40k bitcoin to unload, and the smart money knows it, they probably are not going to help support the price on the way down until it does hit rock bottom, where ever that is. Clearly lots of people did buy, hence why all those coins could even be unloaded, and you can almost make a case for how remarkable it is that it didn't drop lower. You have to remember that in the crypto world, there isn't a FED to print up unlimited money and backstop all the big players. So perhaps the right question to ask isn't why did it drop, but why didn't it drop any lower? Ultimately nobody knows, but every day, especially thought this whole crypto crash, the superiority of bitcoin has been shown over and over again. It is truly decentralized and not under the control of any party. Every single other coin, even the big Ethereum is by comparison extremely centralized and at the risk of being blacklisted. This is something that can simply never happen to bitcoin. The trick to making a new coin is accomplishing something that needs to happen in the shadows. In order to become truly decentralized, it has to grow organically. Anything they try to introduce now will have built in handicaps in order to get there that can then become exploited. How do you get independent computer power all over the world to come together and work on something that none of the individual parties can control? When you have central control, you ruin what is at the heart of what can become a world reserve currency. If you don't throw massive amounts of computer power at it, you risk making it too easy to infiltrate. Its kind of like the human population I would say. For millions of years, there were all sorts of other different life forms that dominated their part of the world. But why is it that humans evolved into what we are today? Why didn't any of the other species evolve and out compete us? The answer has to do with our brains. We have big brains that require lots of calories to maintain. But big brains also have other drawbacks. And although I can't remember the exact order of events from out brain evolution and how this coincided with out ability to farm in order to maintain the availability of necessary calories, but point is that humans evolved to be the thinking creatures we are today because of some chance improvements that each built up on each other. (the asteroid that killed the dinosaurs also helped, and I think so did a change in the concentration of CO2 and other environmental factors like this) So my point with all of this is that bitcoin came at just the right time and was able to grow in just the right circumstance, and these conditions cannot be repeated. Even if you could think of many ways to improve the bitcoin protocol, how will you get people to switch? If its not large enough already, the ability to hack it will be great. But how do you grow it so big without investing a shit load of cash into it? Who would pay this upfront cost if there is to be no payback since it will have to be decentralized and designed so that nobody has control over it? It would make no sense for any one organization to do this. In the end, when you think about what you want it to do and realize that bitcoin already does this, why not just use bitcoin?