Re:Why I’m Cryptophobic
by pclmulqdq on Thursday June 30, 2022 @10:48AM
(#31933033)
This is why Monero is doing really well right now as a currency, but it has become a bit of a dirty word among crypto bros. For many people in cryptocurrency, the price action is the point. People are tired of saving and seeing inflation eat their savings. They want to get rich, and they believe that no investment lets them do it. That's why the Gamestop fiasco became such a phenomenon, and I think that is why Bitcoin is so volatile and why it is what it is.
In my opinion, there will need to be a great clearing out for cryptocurrencies and blockchain technologies to mature, and things will need to get very boring. The "clearing out" means $0 BTC, DOGE, ETH, LTC, etc. The "boring" part means things staying stable. Otherwise, it doesn't look like there is enough room for other cryptocurrencies (like SOL as an NFT/smart contract platform) to succeed in the market, and scams will be the only viable business models because they are fast.
In my opinion, there will need to be a great clearing out for cryptocurrencies and blockchain technologies to mature, and things will need to get very boring. The "clearing out" means $0 BTC, DOGE, ETH, LTC, etc. The "boring" part means things staying stable. Otherwise, it doesn't look like there is enough room for other cryptocurrencies (like SOL as an NFT/smart contract platform) to succeed in the market, and scams will be the only viable business models because they are fast.