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The beginning of the decline of cryptocurrencies. Why were they invented in the first place?
Posted: Mon Jun 19, 2023 1:15 am
by AceVentura1992
Hello everyone. I monitor the cryptocurrency market on a daily basis at chainbroker.io/
https://chainbroker.io/ and I'm horrified by the thought that everything is going downhill. Only new projects skyrocket and then fizzle out. Tell me, will the crypto fever start again or will the decline continue? It all seems like some kind of plan. What do you think, who created it and why? Is it true that it's meant to undermine the global economy?
Re: The beginning of the decline of cryptocurrencies. Why were they invented in the first place?
Posted: Mon Jun 19, 2023 12:41 pm
by Jim Watters
HODL!
Many governments and banks still use cryptocurrency. We had in 2020-2021 a surge of interest in "BitCoin" with new investors pushing it's value (to the moon) which ended once Elon Musk said BC (creation) isn't environmentally friendly and China suddenly banned it's ownership or creation, which popped the bubble.
Cryptocurrencies aren't regulated, so it's price will probably always will dip and surge over the next 20 or so years IMO. It plays a role in allowing people without banks (usually in 3rd world countries) to store, use, buy, and trade.
But the world market is whimsical and crypto will continue be a gamble until something happens in the future, like if the EU adopted it, some political side in the U.S. embraces it, etc.
https://www.investopedia.com/tech/bitcoin-useless/
Re: The beginning of the decline of cryptocurrencies. Why were they invented in the first place?
Posted: Thu Jun 22, 2023 2:40 am
by LanDroid
I don't have much experience or knowledge of crypto other than losing almost $500. on Dogecoin, Elon Musk's ridiculous boondoggle. One major problem is these "things" are called "coins." That artifice adds a subconscious feeling that one is investing in some "thing" that is valuable, tangible, and even has weight. We "know" that's not true, but still there's that vague feeling of a hidden chest o' gold. How different that market would be if, instead of coins, these "things" were called "Lottos," "Vapors," "Sprites," "Elves," or "Strings." Instead of "I'm investing in cryptocoins," one might say "I'm investing in BitStrings, DogVapors, EtherSprites, Shiba Inu Elves, or Lido Backed Lottos. That alone might have avoided some of the mystique, intrigue, and market hysteria. (One exception is Ethereum, which is named more accurately.)
Another problem is the word "currency." One major function of currency is a store of value. Obviously that function doesn't work with this much price volatility. I remember first looking at Bitcoin when it was bouncing back & forth between $250. and $500. each. I thought that was ridiculous for a "currency," but I probably would have made a killing if I had invested at that time. However I also know a couple of folks who invested $25K - $90K, watched that value triple, then sink to where they started.