Hi there
Those who have been around for more than a year must have noticed. The altcoin world has seen a gigantic influx of new traders bringing along new money. The explanation for this is from a sociologic/economic perspective not a braincracker: they feel they missed the BTC-boat, are looking for the next best thing and buy some altcoin worth 1 sat in the hope it will get to the moon (quite a crowd on its way there btw). We saw this happen in 2013 (with LTC, NMC, PPC etc) later on the whole Doge thing and numerous other altcoins. As a result, marketcaps are soaring, it's the beginning of summer and everybody is a happy camper. Ofcourse this won't last and people will get wrecked to hell. I see it happen already on some exchanges with classic pump & dump, trolling the trollbox and noobs asking how to deposit BTC and next asking for advice on a trollbox in what to invest...
Now the question is: is this good news? Not from an ethical perspective but from an economic perspective.
my view:
+++ GOOD NEWS because:
- More adoption
- higher market caps
- more investment money (ICO's) to make adoption and usability even higher
- We haven't seen nothing yet because the financial/economic world hasn't barely touched cryptoland for now and once it happens, we'll all be rich.
--- BAD NEWS because:
- The status of cryptocurrencies as a whole will be even more a 'pyramid game' where you can lose all your money in a blink of an eye
- The whole thing is getting insane which will inevitably end up in major corrections & crashes, thus dissapointing the new enthousiasts who will tell all the other people point 1.
- It will attract scammers. I see them all over the place & they're getting money out of peoples pockets and almost get a 'thanks!' for it.
What are your thoughts on this?
Those who have been around for more than a year must have noticed. The altcoin world has seen a gigantic influx of new traders bringing along new money. The explanation for this is from a sociologic/economic perspective not a braincracker: they feel they missed the BTC-boat, are looking for the next best thing and buy some altcoin worth 1 sat in the hope it will get to the moon (quite a crowd on its way there btw). We saw this happen in 2013 (with LTC, NMC, PPC etc) later on the whole Doge thing and numerous other altcoins. As a result, marketcaps are soaring, it's the beginning of summer and everybody is a happy camper. Ofcourse this won't last and people will get wrecked to hell. I see it happen already on some exchanges with classic pump & dump, trolling the trollbox and noobs asking how to deposit BTC and next asking for advice on a trollbox in what to invest...
Now the question is: is this good news? Not from an ethical perspective but from an economic perspective.
my view:
+++ GOOD NEWS because:
- More adoption
- higher market caps
- more investment money (ICO's) to make adoption and usability even higher
- We haven't seen nothing yet because the financial/economic world hasn't barely touched cryptoland for now and once it happens, we'll all be rich.
--- BAD NEWS because:
- The status of cryptocurrencies as a whole will be even more a 'pyramid game' where you can lose all your money in a blink of an eye
- The whole thing is getting insane which will inevitably end up in major corrections & crashes, thus dissapointing the new enthousiasts who will tell all the other people point 1.
- It will attract scammers. I see them all over the place & they're getting money out of peoples pockets and almost get a 'thanks!' for it.
What are your thoughts on this?
well just 6 months ago I was a noob too as has everyone at some point.
and everyone is in it to . . . make gains! as you state yourself and to point
out in the opening paragraph that the noob's are only interested lunar trips.
everyone is in it for gains!
its all good news though, more people for sure means more adoption
and this also attracts the scammers as in all walks of life.
We just have to be careful in our dealings generally.
