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RE: Bitcoin is getting scarily close to $3K again. WILL IT MAKE IT THIS TIME?
BTC climbing Mount Everest, one step at a time. :) Everytime it climbs to new high people go frenzy about it. I think it will go much higher than 3k, corrections are natural.
Exactly and I think if it hits 3K then 4K will be a lot easier psychologically than 2K was.
As soon as it got to 1k it's permanent bullish was sealed. Only thing that worries me is the bubble that might happen. Then not only bitcoin but all cryptos will lose value on a grand scale.
I think there will be a lot of corrections along the way, but I can't see BTC going away any time soon. It has too much utility.
Yes that has been my concern too. I don't think we can be 100% certain either way. All I know is that long term the future is in cryptos.
Imagine the blockchain in 10 years. It will be full of people. It's popularity will boost like 400.000% and by that I mean more professionals, programmers, creative people, artists, common people above all, all kinds of traders. Currently, blockchain is like what California was before the gold rush.
Before the gold rush? Or at the beginning of its broader publicity and swell of gold-hungry miners swarming into the wilderness and wading into rivers they don't fully understand? If the later, how many digital 49'ers will get swindled? How many ghost towns might be left in the wake?
Using this metaphor, it used to take specialized knowledge and tools to tap into the blockchain - command lines, servers, hashes, etc. This would be akin to the first stray miners panning for gold.
Now we've seemed to hit the phase where there is supportive infrastructure. There are people profiting on selling the pick axes, backpacks and supplies. Its almost as if Coinbase and other user-friendly entry points are positioning themselves as the Wells Fargo of the blockchain. Industries profiting off selling the pickaxes, regardless whether the fool finds their gold or not.
And if this is akin to the gold rush with an extra helping of Venture Capital greed, then the fact that it can generate so much wealth, so quickly, makes me wonder how much faster that wealth may dry up with a lot of city slickers holding now useless pickaxes.
Now, despite the doom and gloom written above, I'm optimistic about the entire space. However, I think its worth tempering that optimism with some reality, especially when bringing out the Gold Rush metaphor.
I'm from Europe. Don't mind my low knowledge about everything that happened in the West America during the Gold Rush. I'm using it as a metaphor because after the Gold Rush, California prospered in other ways. Gold Rush is in this case - blockchain going mainstream and let's get that California smaller to Los Angeles. Yes, some cryptos will die during it, some will rise, but eventually many will settle in comfortable climate of the mainstream blockchain. Thanks for your response @somethingsubtle
I agee.