One of the arguments for Bitcoins is that there is a finite supply of 21 million. However, Bitcoin isn’t the only game in town anymore. As a point in fact, there are upwards of 730 cryptocurrencies trading on the market right now. This is literally the definition of dilution, which will eventually lead to the inexorable destruction of the fake currency market being purported as the ‘next big thing’ to hit main street.
This craze was derided and laughed at until Fred Wilson and other VCs got involved about a year and change ago.
So here are some of the larger cryptocurrencies, affixed with market caps and percentage gains over the past 24hrs. You tell me if this is normal.
Bitcoins – $40b – +10.5%
Ethereum – $21b – -1.9%
Ripple – $11.9b – +43%
NEM – $2b – +18%
Ethereum Classic – $1.6b – -0.16%
Litecoin – $1.5b – +18.5%
Dash – $1b – +11%
Monero – $650m – +12%
Stratis – $550m – -7%
Bytecoin – $440m – +11%
Stellar Lumens – $405m – +31%
Waves – +$350m – +35%
GTFO.
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Ripple !?
How about Boone’s Farm ?
Come up with a new one called “BANKCOIN”. Your domain name will instantly pop $8 in value.
What this tells me is that one should not gamble with money they are not prepared to lose.
BTW, I have not heard much about Blythe Masters and her endeavors in blockchain lately; other than JP Morgan fucking around with Ethereum.
10k Bitcoin is coming
http://ibankcoin.com/en1gma/2017/04/29/bitcoin-we-havent-seen-anything-yet/
It’s possible, but in your link you talk about moving from innovators to early adopters. Nevertheless, what you are not seriously considering is the fact that BTC is no longer a unique and differentiated products — you may just think it is. You may have noticed that BTC’s competitors have been trying to match BTC or maybe offering similar coin at a lower price. You also might think BTC owners are loyal and won’t switch if given an opportunity. Yet, they are much smarter—and are rationalizing purchases more than ever before. BTC’s competitors (other cryptocurrencies) — either direct or substitutes — can easily make BTC a commodity so that everything comes down to price. How do you know whether BTC (blockchain) is being commoditized? Look around, BTC is offered by many others, 730 so far and increasing. You are confusing market moving from innovators to early adopters with first stages of commodification. I certainly would not be so comfortable sitting in BTC if I saw market flooded with so many alternatives and substitutes.
While I might agree that many of these “coins” will evaporate at some point in time, as did many of the dot coms nearly 20 years ago, some of those dot coms survived and thrived (extra Clyde). There is a lot of money to be made in this space over the next year or two as long as you can time your exit.
I’m waiting for the chain to break. When it’s proven to be vulnerable it’s value is going to get hammered.
Bitcoin could get betamaxed. It’s totally possible. It’s already surpassed by most new coins in features, speed etc.
But for now Bitcoin is the king of a market that is still underestimated by almost everyone so buy now or at $10k. We break ATH and we’ll be at $4400 fast and watch the conversation turn to “how do I buy Bitcoin?”
Buying Bitcoin, Ethereum, and Litecoin is easy. Even a monkey can do it. I did it and I’m no monkey’s uncle.
I do feel like a chimp when it comes to doing anything with the Bitcoin, like exchanging for some other crypto currency.
I have no idea how to move them anywhere…to a wallet, an exchange to buy some other coin, etc?
Can you recommend any reading material to explain what the coin is and how to use it without finding that I somehow no longer own them. (Are they long series of hexadecimal characters?)
Thanks.
Well so far my sister has been right, a friend who works for Ripple got her started buying it when it was less than a penny and she was hyping it to me when XRPs were about .02.
My brother in law who has mostly been unemployed in his adult life and working construction otherwise recently sent me a LinkedIn invitation with his title being something like Digital Asset Trading and Blockchain Investments.
What could possibly go wrong?
Is Ripple a company? How does one work for Ripple? Isn’t it a fake digital coinamagig?
Unless she has a job and they pay her in ripple, the alcoholic beverage.
No offence but this is insane speculation at its very best. It does mark a top of sorts in the speculative cycle meaning we are high and not low. At the depths of the financial crisis how would bitcoin have faired? Non-existant and no market in play; when the shit hits the fan NOBODY gonna run to Bitcoin.
Too early to say because we are early in the cycle. Neither my gardener nor my barber has mentioned Bitcoin to me. The reason it won’t peak for a while is because it is far from reaching any critical mass. People don’t know what it is or how to buy it and won’t know what to do with it once they buy it… much like me.
When the mania hits, real and fake crypto currencies will be readily available for purchase by everyone, much like the dot coms where the stock of any company, real or fake, went nutso to the upside before crashing and burning. Out of the smoldering wreck came AMZN, EBAY, and a number of others that have lived on.
A lot of money was made and lost on companies that rocketed up so I expect the same here with many of the lesser known coins as well.