Has it ever crossed your minds that the new cryptocurrencies appearing are mere business tricks? (I'm not necessarily referring to Bitcoin and Litecoin, but rather the plethora of 100+ "alt coins" out there) It's a business. Nowadays even the newspaper seller on the corner has a coin They invent a coin, give it a trendy name and the owners make sure they invest heavily in it in the early phase. Marketing does the craze. The price rises. When "dumping time" comes, the creators make a massive sale and cash in the profits in fiat. After all, fiat is still king. Little do they care about what happens to the "alt coin community". "Big deal". Get get rich quick and coin is history. It's a business. :|
Bitcoin was born out of the 2008 GFC in part. The invention provides an alternative utility for people wanting to transfer their monies and more. People within the crypto-currency community are fully aware that many alt coins are simply pump and dump type schemes. It is human nature. People want quick profits and alt coins are particularly appealing to those coming into crypto-currencies later with dollar signs in their eyes. There are people who have been in the game for years now whom are working on many interesting technological aspects to improve the eco-system and make it more accessible to non-tech type people around the world. My mini survey from Nov 2013 (sure it is only 6 people, but hey..), I talk to plenty of other people. [youtube]http://www.youtube.com/watch?v=vgwKTcFCxJE[/youtube] Jeremy Allaire sums up the situation as far as adoption goes pretty well. [youtube]http://www.youtube.com/watch?v=X0ZKe9G5A20[/youtube] When I talk to people about crypto-currencies, they barely know what I'm referring to if at all. (I don't come across many people in life who stack gold & silver for that matter) People who have grown up with cash in economies where it is reasonable stable have no reason not to view it as king. Geographical location comes into play though. Germany is a country that adopted Bitcoin quickly. That country also had a period where cash was not king during a hyperinflation not so long ago in the scheme of things. Cash was not king for many people in Cyprus I'm sure when they were not permitted to access their funds in March 2013. Argentina... Crypto-currencies are very young. The newspaper seller on the corner is most likely to not have any crypto-currencies. By saying this, you imply wide spread adoption of crypto-currencies throughout society. If you think most people have crypto-currencies then you are a very deluded individual. Further, crypto-currencies have a global aspect to them rather than being located in a country or developed countries. People in places like Argentina potentially would take be more likely to "have a second look" at crypto-currencies due to the reality of their "cash". For people in countries like Australia with a relatively stable currency, crypto-currencies may just be viewed as an item that is only useful as means of speculation because things are generally going well in the 'lucky country'. For people whom send remittance payments to their loved ones overseas, Bitcoin may enable them to get some extra hundreds of dollars to their loved ones over the coarse of a year. A few hundred dollars can be a lot of money when you are not in the 'lucky country'. I would seriously suggest you focus your delusions elsewhere.crypto-currencies are not for everyone, IMHO. The wider ramifications are currently only being comprehended and discussed by a the few.
If you read back and really read what I wrote, you'll notice I wasn't specifically referring to Bitcoin, nor Litecoin and I wasn't talking against, nor for cryptocurrencies. I was referring to these 100+ new cryptocurrencies that were launched during the last 1-2 years. The followers of Bitcoin and Litecoin. Many of those are pure "opportunistic business models". And I think many of them won't survive. Because they weren't created with serious intention of becoming real currencies (unlike Bitcoin or Litecoin), but for the sake of speculation.
Join the game and get rich yourself. Buy the skills from sombody around to do all the work (or do it alone) to launch and drive your own coin and get rich soon and easily. Its so easy - have a look to DOGE Max is also doing, why not you
True (many but not all, IMO), my apologies Treasure Hunter. I'm not a morning person and when I read my post it is a little incoherent in parts, Lol. Again..sorry champ!.
Well, it's all right. I'm eyeing Dogecoin at the moment and I think it has indeed potential. The creator himself wants it to become the primary internet currency. It has some potential in that sense...
Most alt coin creators would probably like to see their adaptions of Bitcoin become the dominant 'coin'. If Bitcoin get's knocked off it's number one position by an alt currency, the new dominant alt currency will be looking over their shoulder for the next emerging currency to do the same. A wave affect surely would ensue. Whether this will be a positive or a negative for the health of the crypto-currency market is perhaps an unknown. Where does this leave businesses and potential future price stabilisations. I tend to think it won't be healthy for the market, but will be great for short term profits for people entering the market later and riding the latest wave. Most people want short term profits without a care for the market I'm sure. In order for a coin to reach a huge market cap and gain some stability it is going to have to be in the game for quite a while. If the wave affect comes, this may never be achieved as people lose faith in coins. Interesting.. a sea of alt coinage waves could be the future. Nothings for surethat is for sure
Fascinating how things evolve when open source is involved Everything is free and can be copied by a anyone
