Bolded text is what I am indeed seeing in this whole crypto crazy world. People who had no idea about what a bitcoin is, suddenly become expert traders who can distinguish between a good and a bad crypto coin. I've seen people losing their savings to gamble on tokens, coins and ICOs.
I'm on the train but a part of me is feeling a bit(coin) train sick. And by the way, thanks for the energy consumption insights
The ugliest truth of bitcoin is that it just isn't useful in any legal fields. Sure it's useful in black markets, but this usefulness is a ticking time bomb before laws will end this. Greed is represented here by the notion that very little people actually seem to care about this. Everyone is solely concentrated on how much higher they want to sell their bitcoins and practical usefulness is rarely asked. Most know a lot about the price of bitcoin, at the same time knowing nothing about the value of bitcoin.
Promises of easy riches will always attract the worst among people. Those who are greedy enough to desire wealth, but who are lazy and stupid enough not to actually be able to acquire it. These are the people who have a strong desire for wealth while knowing that they won't ever be able to achieve it in a productive way. They are the ones who are capable in selling their grandmother for bigger gains because they know that they probably won't get many chances in life.
My guess is that this ugly phase of the crypto world will eventually end together with bitcoin. Total crash of bitcoin would finally disillusion people from finding easy shortcuts to riches here. Only those would remain who are able to work with this market more, then with a "buy low, sell high" routine. The rest will run off to new motivational classes and marketing schemes to find new shortcuts for easy riches.
I have faith in the cryptoasset market in general, but it has to mature quicker or else it will create a big mess.
The ugliest truth of bitcoin is that it just isn't useful in any legal fields. Sure it's useful in black markets, but this usefulness is a ticking time bomb before laws will end this. Greed is represented here by the notion that very little people actually seem to care about this. Everyone are solely concentrated on how much higher they want to sell their bitcoins and practical usefulness is rarely asked. Most know a lot about the price of bitcoin, in the same time knowing nothing about the value of bitcoin.
Firstly, everything money related attracts greed and wantonness. As for usefulness; Who gives value to Fiat as a medium of exchange? - government. Who are the government? - the people. If there has to be usefulness and mass adoption for cryptocurrencies (with BTC leading into the mainstream), then all test parameters must be concluded beyond tradable asset quality. So far bitcoin hasn't survived a massive financial crisis attack or extreme devaluation. So we are still in the testing phase of a new global financial exchange system. Right now, people only care about how not to get stuck in debt when there's a way out - trading supposedly digital assets that can be exchanged relatively for fiat.
Promises of easy riches will always attract the worst among people. Those who are greedy enough to desire wealth, but who are lazy and stupid enough not to actually be able acquire it. These are the people who have strong desire for wealth, while knowing that they won't ever be able to achieve it in a productive way. They are the ones who are capable in selling their grandmother for bigger gains, because they know that they probably won't get many chances in life.
Reality isn't a thunderbolt, so being shocked at how far people can go to earn that extra buck is old news. The question therefore is, should they do it transporting illegal drugs and trafficking people? or sit at home and trade digital assets that have little or no harm currently - well other than people getting more money to engage in vices, don't see anything wrong there.
I have faith in the crypto assets market in general, but it has to mature quicker or else it will create a big mess.
The system is still young and quite too early to predict so much about the market at its current state. If there are similarities to previous systems that have failed and eventually crashed, this doesn't mean this will turn out exactly the same way, afterall, each system has its peculiar journey to make and then will learn from the entire process.
