I’ve been mesmerized with the rise, and now fall, of the cryptocurrency market, a place of ill repute featuring RARE PEPE art and coins backed by the likeness of someone’s dog. For those of you out there invested in this fictitious market, understand that you will never make your money back. This is the other side of the mountain, the grande explosion and liquidation that will lay waste to a whole genre of misguided morons.
The market cap for the cryptocurrency market is now $87 billion, down from $120 billion. This is a tangible and very real destruction of wealth. It has only begun.
In a perfect world, I’d love for there to be an alternative currency that didn’t involve the Fed and corrupt central banks. Sorry if I’m a bit hesitant for not wanting the likeness of someone’s dog to be the store of value representing my hard work. For now, I’ll stick to the US military and the maniacal people at the Fed, who happen to run the world, as my preferred currency of choice.
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It’s easy to cause havoc in cryptos, alas digital casino tokens, when gamblers cannot disassociate themselves from thinking in FED’s fiat confetti dollars. But, whatever, good and solid store of value as gold.
Saw an article last week about some BTC millionaire who was now traveling the world with his girlfriend. At least that guy sold most of it already.
Yo. What’s behind CCs is a race to control world money. The next currency won’t be dollars, it won’t be IMF SDRs. It will be a decentralized CC that will not be under the control of any single country. It will be a world money with supply controlled by machines under a rules based, auditable, immutable and secure block-chain system. That is the next step – just a few years to fruition.
I believe you’re a bit too early on that call. I don’t think we’re in the final phase yet. There’s a lull now but until my barber and shoe shine guy give me a tip on the ‘next big crypto coin’, this space isn’t done going higher.
Still scratching my head over the recent W3C DRM approval. ETH, a member of W3C, was at the table fighting strongly against it. Wondering if it will have an impact on the CC space. When the big boys pile in, which is happening, will they be able to legally seal off the market using patents + DRM?
One man’s trash is another man’s treasure.
Cryptos may see continued weakness up through August 01st, Bitcoin’s Segwit date. I will add more $XRP after the 01st.
Wait until after the date everyone is watching? Surely it can’t be that easy.