Bitcoin was definitely over hyped in it's peak last December-January. Right now though? It's quite debatable. I still see bitcoin as a new technology that can definitely helped the unbanked billions of people worldwide. But do you know what's surely overhyped? The cryptocurrency markets. We still see a lot of coins and tokens that doesn't do much that are worth millions of dollars in marketcap(yes, I know marketcap as a statistic is quite inaccurate, but you get my point). While it's quite debatable that some of them could definitely work and be useful in the future, they're still worth too much. I mean, take a look at Tron and EOS! I don't even know why they're in the #6 and #11 spot. That's to be expected in a quite unregulated market I guess? A lot of clueless people just throwing their money in and shilling their coins/tokens as if their lives depend on it.
Bitcoin or the cryptocurrency markets in general does definitely look like a ponzi scheme sometimes especially if you're new, and I can't blame them for that. We always see a lot of people on social media shilling their coins and tokens like there's no tomorrow as if the coin/token their holding is like sort of the solution to poverty or something; so in a way, the greater fool theory could actually apply I think. But if you look at bitcoin as a technology, and what it's trying to achieve while ignoring the prices, you'd be amazed. The first time I realized what bitcoin is actually for, I barely slept because I was so overwhelmed and amazed. No exaggeration.
Bitcoin or the cryptocurrency markets in general does definitely look like a ponzi scheme sometimes especially if you're new, and I can't blame them for that. We always see a lot of people on social media shilling their coins and tokens like there's no tomorrow as if the coin/token their holding is like sort of the solution to poverty or something; so in a way, the greater fool theory could actually apply I think. But if you look at bitcoin as a technology, and what it's trying to achieve while ignoring the prices, you'd be amazed. The first time I realized what bitcoin is actually for, I barely slept because I was so overwhelmed and amazed. No exaggeration.
I still find it hard to suggest to friends and family to buy in right now. I also didnt encourage them to buy during the hype either. I don't see a value entry point until the $2k mark, and wouldn't reccomend anyone enter until it hits closer to that level.
