Cryptocurrencies: A (Crazy) Decade in Review

its-a-me-mario

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Quote from: Wintersoldier on December 19, 2019, 01:51:00 PM

Quote from: cryp24x on December 19, 2019, 10:59:54 AM

Yes, this is really true. The review is quite realistic though it doesn't really say everything about what had happen. 10 years of good years and some years are really are crazy. We still have the chance to make it grow and we are still looking forward that those golden years will come back.

But what important is that, with the decade, we have grown too far that many technology based on cryptocurrency and blockchain was already created that help people in their different fields to make work easier. More and more innovation will develop in the future and more and more adoption would take place as we come near to a better market price that awaits us In cryptocurrency especially in bitcoin.

We have come very far, but I think we're still early in the exploration phase. Lots of different types of dApps are being tried, some don't work or don't scale but some are very exciting, particularly the DeFi space. I look forward to when the technology has matured in another decade, right now it's not quite ready for mass adoption but I hope it will be by 2030.

Wintersoldier

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Quote from: cryp24x on December 19, 2019, 10:59:54 AM

Yes, this is really true. The review is quite realistic though it doesn't really say everything about what had happen. 10 years of good years and some years are really are crazy. We still have the chance to make it grow and we are still looking forward that those golden years will come back.

As we engage in newer years, bitcoin becomes increasingly active and more volatile, I can see that the decade for cryptocurrencies is quite comparable to heart beat in Intensive Care Unit when we all experienced too many ups and downs in the market price of many cryptocurrencies following bitcoin. But what important is that, with the decade, we have grown too far that many technology based on cryptocurrency and blockchain was already created that help people in their different fields to make work easier. More and more innovation will develop in the future and more and more adoption would take place as we come near to a better market price that awaits us In cryptocurrency especially in bitcoin.

its-a-me-mario

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Quote from: kryptqnick on December 19, 2019, 10:12:34 AM

It's not a bad overview, but it did not meet my expectations. It's about the name of the article. I thought it would be about some of the less famous yet very dramatic events and stuff like that, whereas it was really just a review of the main events. I got to say that up until now I did not know about some of them, and in some cases, I simply disagree with the chosen events and believe that some of the important ones are lacking. Oh, and the description of the pizzas' transaction is misleading since while it's one of the earliest famous transactions, it's not even close to being the first known transaction.

I supposed I should have said "first transaction for goods", not just the first transaction so my bad! Unless there's another transaction for goods preceding that which I'm unaware of?

There were way too many events for me to include in here, so I had to pick and choose the ones that were either historically meaningful or entertaining. We could certainly write a full-length book about everything interesting that has happened since 2008.

adeandro

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Roller coaster - here's how I would call this decade.

cryp24x

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Yes, this is really true. The review is quite realistic though it doesn't really say everything about what had happen. 10 years of good years and some years are really are crazy. We still have the chance to make it grow and we are still looking forward that those golden years will come back.

kryptqnick

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Quote from: its-a-me-mario on December 16, 2019, 01:10:47 PM

Cryptocurrencies: A (Crazy) Decade in Review

The Bitcoin whitepaper was published by Satoshi Nakamoto on October 31, 2008. The following decade brought the growth of an entirely new industry and it’s been a wild ride filled with wealth, sorrow, and drama. Flash crashes, hacks involving hundreds of millions of dollars, illegal online marketplaces for drugs and weapons, all of it has led the massive growing industry we now know. As we near the end of the decade in 2020, let’s take a look back at where crypto started and its journey to where it is today.

I've written a lengthy piece covering the highlights of the last decade for our industry. Please click here to read the full story! https://www.coygo.app/blog/posts/cryptocurrencies-a-crazy-decade-in-review/

It's not a bad overview, but it did not meet my expectations. It's about the name of the article. I thought it would be about some of the less famous yet very dramatic events and stuff like that, whereas it was really just a review of the main events. I got to say that up until now I did not know about some of them, and in some cases, I simply disagree with the chosen events and believe that some of the important ones are lacking. Oh, and the description of the pizzas' transaction is misleading since while it's one of the earliest famous transactions, it's not even close to being the first known transaction.

bounceback

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Quote from: its-a-me-mario on December 16, 2019, 01:10:47 PM

Cryptocurrencies: A (Crazy) Decade in Review

The Bitcoin whitepaper was published by Satoshi Nakamoto on October 31, 2008. The following decade brought the growth of an entirely new industry and it’s been a wild ride filled with wealth, sorrow, and drama. Flash crashes, hacks involving hundreds of millions of dollars, illegal online marketplaces for drugs and weapons, all of it has led the massive growing industry we now know. As we near the end of the decade in 2020, let’s take a look back at where crypto started and its journey to where it is today.

This of course we can say is the beginning of the world of crypto and I think in the coming decades we will really see real crypto when mass adoption takes place around the world which will be the main payment for everyone, and it is very possible when that happens then the price bitcoin will go back up very high.

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Quote from: EdvinZ on December 17, 2019, 12:49:19 AM

Still, I will allow myself to criticize Bitcoin a little. It does not fit the ideas that Satoshi Nakamoto stated. From a decentralized payment system, Bitcoin has turned into a speculative manipulated tool. Payments in Bitcoins in the form in which it is now, it is a utopia. While 10 years is not such a long time for the cryptocurrency industry, I think the next 100 years will definitely bear some good fruit and the digital currency will be ubiquitous.

Yes but the IDEA that you could have a decentralised payment system lives on, and many experiments are underway via altcoins. My guess is that an unassuming uncomplicated alt like Doge will eventually win as a payment system and bitcoin will remain a store of wealth like gold.

airdnasxela

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This is a great summary for the history and important things happened with cryptocurrency through the years. And it's an honor and great opportunity for me to be part of this community. A decade had passed for Bitcoin, and even I was not a part of it since from the start, from the time I have joined crypto, I can say and really helped me a lot and made me realize a lot of things. Lessons, experience, and money is what I have earned here and it was also a fun and tough journey for everyone of us.

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Quote from: its-a-me-mario on December 18, 2019, 12:49:26 PM

Quote from: hatshepsut93 on December 17, 2019, 01:48:21 PM

in fact Bitcoin is speculative because it's decentralized - if it was something like a stablecoin managed by a company, it would be very centralized and tightly regulated, so there won't be any free market.

All cryptocurrencies/tokens are speculative right now because they're not being used (comparatively to other solutions that aim to solve the same problem, albeit not in a decentralized way). I don't think decentralization inherently has anything to do with how the entire market is speculative. Investors/traders are speculating that Bitcoin and other DLTs will have a real-world use case that will drive their value in the future.

there is a big difference between calling bitcoin speculative and altcoin/tokens speculative.

when you look at bitcoin you can see that it has been used as a currency for a very long time and in thousands of different places both online and offline. the payment processors are processing billions of dollars worth of bitcoin transactions, and that's just processors we have no data from those merchants that accept bitcoin directly!
so when you say bitcoin is speculative, that speculation is about future increasing success and adoption of bitcoin.

but when it comes to altcoins and tokens that have no usages and have never been used for anything anywhere other than exchanges, being speculative in that context means being something people gamble on.

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A decade full of surprises and uncertainty. No one knew in 2017 Bitcoin will reach a price of 17k. No body know till date when there will the next Bull run to the moon. There are more adopters than haters of Bitcoin now. Big companies now are investing heavily into Blockchain technology because not Bitcoin. Governments are planning to regulate the crpto market. So many thing have changed and happened in a decade.

its-a-me-mario

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Quote from: xiboothrezi on December 18, 2019, 02:54:57 PM

one of the most phenomenal discoveries of this decade

couldn't agree more

xiboothrezi

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one of the most phenomenal discoveries of this decade. although initially doubtful can be accepted and valuable, bitcoin can eliminate all the low accusations. gives many surprises when many people who predict BTC will die.
It can even make a lot of people surprised by the record high prices in 2017. Amazing. That is why BTC began to be adopted even though its utility could not be fully implemented. It can even make a lot of people surprised by the record high prices in 2017. Amazing. That is why BTC began to be adopted even though its utility could not be fully implemented.

hatshepsut93

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Quote from: its-a-me-mario on December 18, 2019, 12:49:26 PM

Quote from: hatshepsut93 on December 17, 2019, 01:48:21 PM

in fact Bitcoin is speculative because it's decentralized - if it was something like a stablecoin managed by a company, it would be very centralized and tightly regulated, so there won't be any free market.

All cryptocurrencies/tokens are speculative right now because they're not being used (comparatively to other solutions that aim to solve the same problem, albeit not in a decentralized way). I don't think decentralization inherently has anything to do with how the entire market is speculative. Investors/traders are speculating that Bitcoin and other DLTs will have a real-world use case that will drive their value in the future.

Because Bitcoin is decentralized, it's harder to regulate, and since it's not well-regulated, it's more volatile/speculative. This is why the SEC rejects Bitcoin ETF's - they believe that the market is not well regulated to prevent manipulation. But if Bitcoin was just a company - imagine if Satoshi patented it and had a company that manages it and maintains the price, has KYC, etc., then it wouldn't be so speculative, people would threat it more like a stock and try to calculate it's profitability rather than speculate on it.

its-a-me-mario

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Quote from: hatshepsut93 on December 17, 2019, 01:48:21 PM

in fact Bitcoin is speculative because it's decentralized - if it was something like a stablecoin managed by a company, it would be very centralized and tightly regulated, so there won't be any free market.

All cryptocurrencies/tokens are speculative right now because they're not being used (comparatively to other solutions that aim to solve the same problem, albeit not in a decentralized way). I don't think decentralization inherently has anything to do with how the entire market is speculative. Investors/traders are speculating that Bitcoin and other DLTs will have a real-world use case that will drive their value in the future.

Jating

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Quote from: EdvinZ on December 17, 2019, 12:49:19 AM

Still, I will allow myself to criticize Bitcoin a little. It does not fit the ideas that Satoshi Nakamoto stated. From a decentralized payment system, Bitcoin has turned into a speculative manipulated tool. Payments in Bitcoins in the form in which it is now, it is a utopia. While 10 years is not such a long time for the cryptocurrency industry, I think the next 100 years will definitely bear some good fruit and the digital currency will be ubiquitous.

Fair enough, however, as you have said the market is still young, ten years is not a lot as compare to other markets.

You also have to remember that it turned into speculative asset because it's a free market. I mean no one have control over it, that's why there are a lot of entities in the last ten years than can quickly manipulate the price to their advantage. So I say that this will continue and we can't get rid of them.

hatshepsut93

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Quote from: EdvinZ on December 17, 2019, 12:49:19 AM

Still, I will allow myself to criticize Bitcoin a little. It does not fit the ideas that Satoshi Nakamoto stated. From a decentralized payment system, Bitcoin has turned into a speculative manipulated tool. Payments in Bitcoins in the form in which it is now, it is a utopia. While 10 years is not such a long time for the cryptocurrency industry, I think the next 100 years will definitely bear some good fruit and the digital currency will be ubiquitous.

The fact that Bitcoin is speculative doesn't really hinder it's usability as decentralized payment system - in fact Bitcoin is speculative because it's decentralized - if it was something like a stablecoin managed by a company, it would be very centralized and tightly regulated, so there won't be any free market.

its-a-me-mario

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Quote from: EdvinZ on December 17, 2019, 12:49:19 AM

Still, I will allow myself to criticize Bitcoin a little. It does not fit the ideas that Satoshi Nakamoto stated. From a decentralized payment system, Bitcoin has turned into a speculative manipulated tool. Payments in Bitcoins in the form in which it is now, it is a utopia. While 10 years is not such a long time for the cryptocurrency industry, I think the next 100 years will definitely bear some good fruit and the digital currency will be ubiquitous.

Yes I look forward to the day when we move beyond 99% speculation and towards actual utilization-derived value. The tech and the industry has evolved an unbelievable amount since 2009, but really we still have so much farther to go. I suspect it might be another 5 years at least before the tech and the regulations/taxes allow us to pay for goods with crypto. I'm very interested in decentralized stablecoins like DAI for this reason, it removes the incentive to hold till death and encourages people to spend their crypto.

EdvinZ

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Still, I will allow myself to criticize Bitcoin a little. It does not fit the ideas that Satoshi Nakamoto stated. From a decentralized payment system, Bitcoin has turned into a speculative manipulated tool. Payments in Bitcoins in the form in which it is now, it is a utopia. While 10 years is not such a long time for the cryptocurrency industry, I think the next 100 years will definitely bear some good fruit and the digital currency will be ubiquitous.

maxreish

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It's been awhile since I knew bitcoin. And with my two years of journey here, roller coaster events had happened to bitcoin. We've seen the success, the development and growth. Far from negative speculators saying that bitcoin will not gonna live longer, but look at it now. It's immensely growing. 10 years of being a King even if there are stormy years and downfalls. The history just reminds us that bitcoin will gonna shine after the storm.

Anyway, it's fun reading your article. Reminds me of the serious crash last year and I was stuck at that time.

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