Is crypto bubble popping is a good thing?

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Quote from: justdimin on June 06, 2022, 05:53:06 AM

Quote from: mindrust on June 01, 2022, 10:41:00 PM

Bubbles popping is always a good thing no matter what the asset or asset class is. Popped bubbles create an opportunity for the new investors to get in. Why would anybody invest into a bubble knowingly? It is like throwing away money. If you are responsible with your money, you wouldn't do that. If there is a real estate bubble, it should pop. If there is a stocks bubble, it should pop. If there is a crypto bubble, that should pop too. Bubbles are unhealthy for the economy. They should pop eventually.

I agree, when things get too overhyped for their own good, the bubble pops and then it destroys all the fake ones that got attention because of the bubble, and leaves us with the ones that will do good in the future when it reappears. That way we know that we would be making a good return, and make a good profit, but at the same time we will not be destroying too much time wasted on those bad projects as well.

Bubble is basically the "purge", where we destroy the whole bad things and leave all the bad stuff behind, and look to the future with only bright eyes. If we can survive this, which we all know we will, then we will recover to be much better.

The meme coin bubble popped but real cryptos like HBAR, FTM, and CNDL have a bright future ahead of them. These are some of the protocols that the future internet and finance will be built upon.

justdimin

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Quote from: mindrust on June 01, 2022, 10:41:00 PM

Bubbles popping is always a good thing no matter what the asset or asset class is. Popped bubbles create an opportunity for the new investors to get in. Why would anybody invest into a bubble knowingly? It is like throwing away money. If you are responsible with your money, you wouldn't do that. If there is a real estate bubble, it should pop. If there is a stocks bubble, it should pop. If there is a crypto bubble, that should pop too. Bubbles are unhealthy for the economy. They should pop eventually.

I agree, when things get too overhyped for their own good, the bubble pops and then it destroys all the fake ones that got attention because of the bubble, and leaves us with the ones that will do good in the future when it reappears. That way we know that we would be making a good return, and make a good profit, but at the same time we will not be destroying too much time wasted on those bad projects as well.

Bubble is basically the "purge", where we destroy the whole bad things and leave all the bad stuff behind, and look to the future with only bright eyes. If we can survive this, which we all know we will, then we will recover to be much better.

masterrex

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IMO, I think that the so-called crypto bubble popping is not good in my ears, because I feel that the bubble popping thing has full of negativity if we associated it with money and investments.

As we have observed a bubble is likely to explode anytime as it touches hard and sharp surfaces so if we associated with an investment involving money it's just like throwing your money in a garbage bin if you are going to invest that so-called bubble-like investment, I don't see any good at it. it is just like a scheme IMO and I believe the crypto industry is far from that comparison.

kryptqnick

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When the prices go down, there isn't much benefit to anyone from it. It gives an opportunity for people to buy low, and it can also be eye-opening, albeit painfully so for those who didn't take the risks of crypto volatility seriously. Other than that, it's not a good thing. I don't care about shitcoins, but the fall of the market also makes top coins take a hit as well. They don't fall as low as shitcoins, but they still get hurt, they don't benefit from it. Also, it makes people more sceptical about Bitcoin, more wary of having anything to do with it. So it's not leading to the survival of the strongest coins as a good thing. It leads to some coins bleeding more, and other bleeding less.

Wong Gendheng

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Today is the red market, many my assets are also dropped, when the market is red and difficult to recover, the best thing we can do is rely on new coins which are usually maximum pumping when they are still registered in exchanges, and in my opinion bubble popping is a good thing to get a big profit in a short time.

justdimin

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Quote from: Kelvinid on June 03, 2022, 03:57:51 AM

It is a need for us to accept the fact that people aren't ready to adopt the system, the new form of currency created. Though we could see it was a little bit disappointing how the world respond to this, yet, we couldn't be too hopeless to think about the dying end of this technology. It apparently will just take time for the world to accept the change, we can't rush the merchants and business owners as it was literally challenging knowing the volatile nature of the market.

But what is important for now is we see some changes and adoption in crypto. We have already hear some countries are in the transition from fiat-crypto. Likely, years from now we aim to see more countries will move to it.

That is the reason why adoption could be growing super high. I mean imagine the fact that there are nations which have crypto as a legal tender and that would be the biggest entry point for any nation. I get that it wouldn't really be something that would be ideal for any of us but that doesn't mean that we should be forgetting the current situation.

I get that we should be hyped about the increases and all that but when it is down we shouldn't be too upset and the legal tender situation was long time ago when it was higher and it might be lower right now in price, but the more places that end up doing this means the more price will go up.

Piesel

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In 2014 the presence of altcoins was not this popular and then only Bitcoin was making the market wave with steady ups and down in price, yes the altcoin market have hard impact on the Bitcoin market but for the long term the purpose holds only Bitcoin unless you are willing to gamble with your money only then you should buy altcoin for easy 10x market in whichever directions.

RussianEnglishTranslation

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Quote from: RussianEnglishTranslation on June 03, 2022, 10:38:01 AM

Quote from: eDiesel on June 01, 2022, 01:13:10 PM

The original purpose of cryptoCURRENCY was to be form of a decentralized, anonymous, borderless, unstoppable CURRENCY. Unfortunately, due to rapid appreciation of the value of Bitcoin it attracted unsavory characters who have turned into a trillion dollar speculative investment industry. Most "investors" are a lot more interested in a pump and dump scheme to "get that Lambo" rather than support something that has potential real world utility, like Helium (wireless coverage), Nano (fast feeless payments) or Monero (anonymity).
With the market crashing and a lot of speculators getting burned, is it possible that we will see a cleansing of the industry with people being a lot more selective into what they are investing in?
Do you think we will in the next 3 years
1. See thousands of me/shitcoins collapse bringing attention/money to hundred or so most innovating currencies.
2. Almost the entire industry will collapse, leaving only a dozen or so largest cryptos standing.
3. Memecoins/shitcoins are here to stay.

And do you think crypto will ever be thought of as a currency at any point, or are we stuck with this "asset" mentality?

The projects that were money grabs from the start, like SOL, Luna, and Shiba will fail. Projects that are building new technical standards and have business usecases, like XLM, XRP and ICP, will prosper coming out of this bear market. That said, there will always be a new batch of meme coins popping up, you can't stop it.

just don't get stuck holding the bag on memecoins!

TheUltraElite

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Quote from: eDiesel on June 01, 2022, 01:13:10 PM

And do you think crypto will ever be thought of as a currency at any point, or are we stuck with this "asset" mentality?

For many people crypto is a currency. Period

There is also nothing wrong to call it an asset. After all, forex is all about that in fiat.

Truely, most people come into crypto being hungry for the enormous gains that bitcoin has produced over the years and not as a new and more complicated to understand mode of payment that almost nobody in their country accepts. It is the basis of why crypto become more of the trading asset than currency.

I feel every time the bubble pops, I get the chance to buy more - so I am happy about popping the bubble. The entire market can go anywhere it wants, I will buy bitcoin if it goes below my last buy price. Traders should have the mindset like that. Cool

RussianEnglishTranslation

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Quote from: eDiesel on June 01, 2022, 01:13:10 PM

The original purpose of cryptoCURRENCY was to be form of a decentralized, anonymous, borderless, unstoppable CURRENCY. Unfortunately, due to rapid appreciation of the value of Bitcoin it attracted unsavory characters who have turned into a trillion dollar speculative investment industry. Most "investors" are a lot more interested in a pump and dump scheme to "get that Lambo" rather than support something that has potential real world utility, like Helium (wireless coverage), Nano (fast feeless payments) or Monero (anonymity).
With the market crashing and a lot of speculators getting burned, is it possible that we will see a cleansing of the industry with people being a lot more selective into what they are investing in?
Do you think we will in the next 3 years
1. See thousands of me/shitcoins collapse bringing attention/money to hundred or so most innovating currencies.
2. Almost the entire industry will collapse, leaving only a dozen or so largest cryptos standing.
3. Memecoins/shitcoins are here to stay.

And do you think crypto will ever be thought of as a currency at any point, or are we stuck with this "asset" mentality?

The projects that were money grabs from the start, like SOL, Luna, and Shiba will fail. Projects that are building new technical standards and have business usecases, like XLM, XRP and ICP, will prosper coming out of this bear market. That said, there will always be a new batch of meme coins popping up, you can't stop it.

asyakashi

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Its decentralized nature I think is a barrier for cryptocurrency to be a perfect currency. The price is very stable, this is why ordinary people who are not familiar with cryptocurrencies always say it is a bubble. But for those who have jumped here, they think that cryptocurrencies are big investments with high risk because not all cryptocurrencies will become bubbles, some will definitely be a good future.

tvplus006

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This is not the first cycle when the cryptocurrency market has become bearish. It is obvious that without a deep correction, further growth of the cryptocurrency to its new ATH is impossible. Use this time to buy proven coins at low prices to form a briefcase before the subsequent bullish trend.

Kelvinid

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Quote from: eDiesel on June 01, 2022, 01:13:10 PM

...
And do you think crypto will ever be thought of as a currency at any point, or are we stuck with this "asset" mentality?

It is a need for us to accept the fact that people aren't ready to adopt the system, the new form of currency created. Though we could see it was a little bit disappointing how the world respond to this, yet, we couldn't be too hopeless to think about the dying end of this technology. It apparently will just take time for the world to accept the change, we can't rush the merchants and business owners as it was literally challenging knowing the volatile nature of the market.

But what is important for now is we see some changes and adoption in crypto. We have already hear some countries are in the transition from fiat-crypto. Likely, years from now we aim to see more countries will move to it.

leea-1334

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Quote from: Coin_trader on June 02, 2022, 01:11:05 AM

Quote from: leea-1334 on June 02, 2022, 01:06:10 AM

Bubbles must pop for that to happen however!

I don't consider this as a bubble pop since the price downtrend is moderate and not the typical dump like what happened to Luna ehich erase all the gains for more than a year with just few days of dump. I think that's the real definition of bubble and not what happening on Bitcoin which is just correcting and bounce whenever it hits a support. A bubble pop has massive selling pressure from panic traders that bought the peak.

Less than 50% from ATH is not a bubble pop and a moderate price downtrend? I guess we have very different perspectives and definitions for bubble pops then

I see price bubbles as real events but not one big bubble for BTC,,, many bubbles, and this one is several popped ones in a row already.

Luna was not even a bubble pop, it was a bubble machine broke Grin

Takyeon

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It is possible that crypto will be recognized as more than an asset one day but right now developers are still on the verge of bringing in new ideas, so along this journey many things will surely happen, many crypto projects will fail unexpectedly, if all these doesn't happen how will crypto tech gets better?.

maydna

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I think the crypto market will determine which coins will last for the long term and it's a natural process going on since Satoshi created bitcoin and the other dev created their own coins. Many shitcoins will disappear because they cannot compete with other projects that can benefit investors, traders, or people who just want to make money from the crypto world.

If you are a long-time person who has joined the crypto world, you will understand what I mean and how it happened. Shitcoin itself will always exist, and there will be new ones to replace the old ones because that is the attraction of crypto that will bring new people into crypto. Perhaps, crypto still can't be used for payments in the real world, but sooner or later, it will happen, especially if people have started implementing alternative payments using crypto.

mu_enrico

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My prediction: there will be a few major legal coins that stay for years, and a few darknet coins that come and go, and the rest will be purged on the d-day. There will be no shady exchanges the likes of Binance, Bitmex, Bitfinex, etc. And the legit exchanges only trade less than 10 coins, probably most of them are a stable coin. Bitcoin is the strongest candidate to stay.

Source: trust me bro Grin

BitcoinPanther

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Quote from: eDiesel on June 01, 2022, 01:13:10 PM

The original purpose of cryptoCURRENCY was to be form of a decentralized, anonymous, borderless, unstoppable CURRENCY. Unfortunately, due to rapid appreciation of the value of Bitcoin it attracted unsavory characters who have turned into a trillion dollar speculative investment industry. Most "investors" are a lot more interested in a pump and dump scheme to "get that Lambo" rather than support something that has potential real world utility, like Helium (wireless coverage), Nano (fast feeless payments) or Monero (anonymity).

You can't do anything about this. Bitcoin is a pioneer so it will take time before others to outshine it. And it is a sad part of the trading industry, the most speculative item will be always popular and I bet people who invested on those that have real-world utility are also after its speculative value.

Quote from: eDiesel on June 01, 2022, 01:13:10 PM

With the market crashing and a lot of speculators getting burned, is it possible that we will see a cleansing of the industry with people being a lot more selective into what they are investing in?

The market also apply the survival of the fittest. Those cryptos that is unfit for the industry will be cleansed.

Quote from: eDiesel on June 01, 2022, 01:13:10 PM

Do you think we will in the next 3 years
1. See thousands of me/shitcoins collapse bringing attention/money to hundred or so most innovating currencies.

Many cryptocurrency had been put into graveyard so this thing will naturally happen.

Quote from: eDiesel on June 01, 2022, 01:13:10 PM

2. Almost the entire industry will collapse, leaving only a dozen or so largest cryptos standing.

No, the industry will stay because every dead crypto project, multiple project are being born.

Quote from: eDiesel on June 01, 2022, 01:13:10 PM

3. Memecoins/shitcoins are here to stay.

They are here to stay because people are fun-loving beings.

Quote from: eDiesel on June 01, 2022, 01:13:10 PM

And do you think crypto will ever be thought of as a currency at any point, or are we stuck with this "asset" mentality?

I already see crypto as a currency, I don't know about you?

$anounimus$

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Quote from: eDiesel on June 01, 2022, 01:13:10 PM

And do you think crypto will ever be thought of as a currency at any point, or are we stuck with this "asset" mentality?

The overall interest in cryptocurrencies seems to remain high, the meaning of the crypto bubble for crypto is not so clear, but it doesn't seem to have much effect. Most of them are quite easy to complete as not much research is required for them. The truth is that no one really knows what will happen in the future. However, one thing is for sure there will be plenty of wealthy investors out there eager to get involved. The question we really have to ask ourselves is how long will our money sit there without moving, and will you be able to afford the luxury of waiting for a potential cryptocurrency or not?

dwminer1

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Quote from: eDiesel on June 01, 2022, 01:13:10 PM

Do you think we will in the next 3 years
1. See thousands of me/shitcoins collapse bringing attention/money to hundred or so most innovating currencies.
2. Almost the entire industry will collapse, leaving only a dozen or so largest cryptos standing.
3. Memecoins/shitcoins are here to stay.

Let me start at the end: memecoins and some shitcoins will continue to be popular. Personally, I stay away from such "projects", but many people are attracted to such things. And as long as it is possible to profit from it, such trends will remain on the market.
I think that the first and second positions on your list do not have to be mutually exclusive. I believe that there will be 20-30 leading projects on the market all the time, and the next several dozen will change depending on the current trends (like DeFi or NFT). Overall, I believe that the crypto industry will continue to grow.

danherbias07

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Memecoins and shitcoins are to stay because there will always be that guy that will try and recreate the old one just to pump it up.
Life expectancy though will not be as long as Bitcoin, expect them as being abused for pump and dump schemes.

Asset mentality. No. I don't think we will see the time when Bitcoin will be used as a real currency although it is one. If someone may have not come up with a stable coin then maybe, just maybe it would be faster to be in that time when Bitcoin becomes a currency for everyday usage.
Today and in the next 5-10 years new investors will learn how cruel it is to invest in risky altcoins until they tire themselves and end up in Bitcoin.

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Quote from: leea-1334 on June 02, 2022, 01:06:10 AM

Absolutely a good thing. I mean,,, when has it ever been a bad thing right?

If you are a holder or a patient long-term investor then popping bubbles are way better than growing bubbles. You see,,, Bitcoin spends 10% of the time in high price range and 90% of the time in low price range. So if you spend 90% of the time buying and 10% selling,,, that is ideal.

Bubbles must pop for that to happen however!

I don't consider this as a bubble pop since the price downtrend is moderate and not the typical dump like what happened to Luna ehich erase all the gains for more than a year with just few days of dump. I think that's the real definition of bubble and not what happening on Bitcoin which is just correcting and bounce whenever it hits a support. A bubble pop has massive selling pressure from panic traders that bought the peak.

leea-1334

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Absolutely a good thing. I mean,,, when has it ever been a bad thing right?

If you are a holder or a patient long-term investor then popping bubbles are way better than growing bubbles. You see,,, Bitcoin spends 10% of the time in high price range and 90% of the time in low price range. So if you spend 90% of the time buying and 10% selling,,, that is ideal.

Bubbles must pop for that to happen however!

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Quote from: kurniawan05 on June 01, 2022, 06:58:22 PM

In my opinion, all cryptos that do not have useful products and only rely on HYIPs will gradually be left behind by investors and will soon be out of the crypto world.

Well, there are many projects that even don't rely on the scheme of HYIP and don't even get near to success. They've got poor tokenomics and they don't have to rely on a scam scheme.
And those that have actual projects, they're not also reliable but at least they've got working products that sustains the project itself which is the actual cause why they've built and launched a token.

mindrust

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Bubbles popping is always a good thing no matter what the asset or asset class is. Popped bubbles create an opportunity for the new investors to get in. Why would anybody invest into a bubble knowingly? It is like throwing away money. If you are responsible with your money, you wouldn't do that. If there is a real estate bubble, it should pop. If there is a stocks bubble, it should pop. If there is a crypto bubble, that should pop too. Bubbles are unhealthy for the economy. They should pop eventually.

Kemarit

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Quote from: eDiesel on June 01, 2022, 01:13:10 PM

1. See thousands of me/shitcoins collapse bringing attention/money to hundred or so most innovating currencies.
2. Almost the entire industry will collapse, leaving only a dozen or so largest cryptos standing.
3. Memecoins/shitcoins are here to stay.

Yes, those shitcoins are going to die, however, not after it will bring money in the table, and create a bubble. I guess you can call it like it's not going to recover, but it will in no time. And then it's cyclical, a new one will come along, creating another hype in the market.

Quote from: eDiesel on June 01, 2022, 01:13:10 PM

And do you think crypto will ever be thought of as a currency at any point, or are we stuck with this "asset" mentality?

Doesn't matter, you can used it whatever suits your need, be it as a currency like a regular fiat or used it as an asset, store of value, it all depends on how you see crypto being beneficial to you.

eDiesel

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Quote from: shinratensei_ on June 01, 2022, 06:52:33 PM

Quote from: eDiesel on June 01, 2022, 01:13:10 PM

The original purpose of cryptoCURRENCY was to be form of a decentralized, anonymous, borderless, unstoppable CURRENCY. Unfortunately, due to rapid appreciation of the value of Bitcoin it attracted unsavory characters who have turned into a trillion dollar speculative investment industry. Most "investors" are a lot more interested in a pump and dump scheme to "get that Lambo" rather than support something that has potential real world utility, like Helium (wireless coverage), Nano (fast feeless payments) or Monero (anonymity).

Don't you even know the main intention of investor in the crypto? they wanna make some money. that's why the were interesting in the bubble but yeah you can't count something like nano as a potential real world utility. Only a few crypto that has real world utility.

Quote from: eDiesel on June 01, 2022, 01:13:10 PM

With the market crashing and a lot of speculators getting burned, is it possible that we will see a cleansing of the industry with people being a lot more selective into what they are investing in?
Do you think we will in the next 3 years
1. See thousands of me/shitcoins collapse bringing attention/money to hundred or so most innovating currencies.
2. Almost the entire industry will collapse, leaving only a dozen or so largest cryptos standing.
3. Memecoins/shitcoins are here to stay.

Some stay and the rest will be dead. This is crypto when the bearish market will wipe out all of bad crypto from the market. The money that used to pump and dump shit token were not a lot.

Quote from: eDiesel on June 01, 2022, 01:13:10 PM

And do you think crypto will ever be thought of as a currency at any point, or are we stuck with this "asset" mentality?

People are using crypto for 3 purposes, currency, utility and investment.

I get that crypto investors are in it to make money, the problem is the market got ruined by the pump and dump scam and social media influences, that everyone started expecting a quick 10x return instead of 10-15% a year. So some potential investments that could have funded some interesting projects instead were blown on pyramid scams into the pocket of "influencers".

I'm genuinely hoping that the market gets cleaned up and we will see 95% of coins just disappear, but suspect that won't happen until SEC/FBI jumps in and starts jailing the pump and dump fraudsters. And being a crypto enthusiast government getting involved is literally last thing we want to see.

Nano is one of few cryptos that could be used as a genuine currency, they have Point-of-sale software which is pretty impressive. Unfortunately, the "investors" aren't interested in Nano, since the ROI just isn't there.
On the other hand Ethereum network which is absolute poison, has been broadly adopted for all kinds of useless projects.

kurniawan05

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In my opinion, all cryptos that do not have useful products and only rely on HYIPs will gradually be left behind by investors and will soon be out of the crypto world.

Yaunfitda

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Obviously, crypto market has evolved as well, so its initial purpose may have to change overtime. Remember that the government is also hot on our heels, so we adapt.

As far as predicting what will happen in the next 3 years, I guess we have to look at the bull run in 2017 and then the eventual crash as the bubble has pop 2018 and better part of 2020.

So we see a lot of coins dying, but then again more copy cat applications being born. So this cycle will repeat itself. I wouldn't say it's a good thing, but this is how the market works and not seeing that this is going to change in the next couple of years.

shinratensei_

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Quote from: eDiesel on June 01, 2022, 01:13:10 PM

The original purpose of cryptoCURRENCY was to be form of a decentralized, anonymous, borderless, unstoppable CURRENCY. Unfortunately, due to rapid appreciation of the value of Bitcoin it attracted unsavory characters who have turned into a trillion dollar speculative investment industry. Most "investors" are a lot more interested in a pump and dump scheme to "get that Lambo" rather than support something that has potential real world utility, like Helium (wireless coverage), Nano (fast feeless payments) or Monero (anonymity).

Don't you even know the main intention of investor in the crypto? they wanna make some money. that's why the were interesting in the bubble but yeah you can't count something like nano as a potential real world utility. Only a few crypto that has real world utility.

Quote from: eDiesel on June 01, 2022, 01:13:10 PM

With the market crashing and a lot of speculators getting burned, is it possible that we will see a cleansing of the industry with people being a lot more selective into what they are investing in?
Do you think we will in the next 3 years
1. See thousands of me/shitcoins collapse bringing attention/money to hundred or so most innovating currencies.
2. Almost the entire industry will collapse, leaving only a dozen or so largest cryptos standing.
3. Memecoins/shitcoins are here to stay.

Some stay and the rest will be dead. This is crypto when the bearish market will wipe out all of bad crypto from the market. The money that used to pump and dump shit token were not a lot.

Quote from: eDiesel on June 01, 2022, 01:13:10 PM

And do you think crypto will ever be thought of as a currency at any point, or are we stuck with this "asset" mentality?

People are using crypto for 3 purposes, currency, utility and investment.

wheelz1200

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Quote from: eDiesel on June 01, 2022, 01:13:10 PM

The original purpose of cryptoCURRENCY was to be form of a decentralized, anonymous, borderless, unstoppable CURRENCY. Unfortunately, due to rapid appreciation of the value of Bitcoin it attracted unsavory characters who have turned into a trillion dollar speculative investment industry. Most "investors" are a lot more interested in a pump and dump scheme to "get that Lambo" rather than support something that has potential real world utility, like Helium (wireless coverage), Nano (fast feeless payments) or Monero (anonymity).
With the market crashing and a lot of speculators getting burned, is it possible that we will see a cleansing of the industry with people being a lot more selective into what they are investing in?
Do you think we will in the next 3 years
1. See thousands of me/shitcoins collapse bringing attention/money to hundred or so most innovating currencies.
2. Almost the entire industry will collapse, leaving only a dozen or so largest cryptos standing.
3. Memecoins/shitcoins are here to stay.

And do you think crypto will ever be thought of as a currency at any point, or are we stuck with this "asset" mentality?

There will always be shitcoins, but memoirs are as good as dead. They literally serve no purpose and do nothing for the ecosystem. People only bought them in hopes to sell it higher to someone dumber than they are lol. It's a classic pyramid without being a pyramid. Greed got everyone, it's a killer.

blockman

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Memes are there to stay so is the whole crypto market. But it's true of what you're seeing there in the future that there will be a lot of projects that will be totally forgotten due to the demand that the best and at the top shall remain. The time will come that most investors are going to be wiser and don't want to indulge into newer projects because everyone will get to understand the market especially if it's about the one that shall stay and those of that has the true potential, utility and use case.

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Quote from: eDiesel on June 01, 2022, 01:13:10 PM

The original purpose of cryptoCURRENCY was to be form of a decentralized, anonymous, borderless, unstoppable CURRENCY. Unfortunately, due to rapid appreciation of the value of Bitcoin it attracted unsavory characters who have turned into a trillion dollar speculative investment industry. Most "investors" are a lot more interested in a pump and dump scheme to "get that Lambo" rather than support something that has potential real world utility, like Helium (wireless coverage), Nano (fast feeless payments) or Monero (anonymity).
With the market crashing and a lot of speculators getting burned, is it possible that we will see a cleansing of the industry with people being a lot more selective into what they are investing in?
Do you think we will in the next 3 years
1. See thousands of me/shitcoins collapse bringing attention/money to hundred or so most innovating currencies.
2. Almost the entire industry will collapse, leaving only a dozen or so largest cryptos standing.
3. Memecoins/shitcoins are here to stay.

And do you think crypto will ever be thought of as a currency at any point, or are we stuck with this "asset" mentality?

For altcoins, I don't think so but for Bitcoin, of course
we've seen it up until now and it's been tremendous progress as long as Bitcoin's history is accepted by the state.

Despite the volatility of the crypto market today, it is clear that in the future people will have to learn more than crypto can easily pull the trigger and break. If we look at Shitcoin just being a pile of trash that has no purpose to achieve a decentralized, unlimited, anonymous, store of value, and freedom of transactions as well as the spearhead of a legal tender. After all, every year shitcoins will always be there to destroy the market.

So with a simple conclusion, people will get tired and realize that only bitcoin never messes with the volatility in the market.

eDiesel

newbie

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The original purpose of cryptoCURRENCY was to be form of a decentralized, anonymous, borderless, unstoppable CURRENCY. Unfortunately, due to rapid appreciation of the value of Bitcoin it attracted unsavory characters who have turned into a trillion dollar speculative investment industry. Most "investors" are a lot more interested in a pump and dump scheme to "get that Lambo" rather than support something that has potential real world utility, like Helium (wireless coverage), Nano (fast feeless payments) or Monero (anonymity).
With the market crashing and a lot of speculators getting burned, is it possible that we will see a cleansing of the industry with people being a lot more selective into what they are investing in?
Do you think we will in the next 3 years
1. See thousands of me/shitcoins collapse bringing attention/money to hundred or so most innovating currencies.
2. Almost the entire industry will collapse, leaving only a dozen or so largest cryptos standing.
3. Memecoins/shitcoins are here to stay.

And do you think crypto will ever be thought of as a currency at any point, or are we stuck with this "asset" mentality?

Topic: Is crypto bubble popping is a good thing? (Read 255 times)