I hate to say it, but I've cashed out my bitcoins.
The ideology that I bought into is dying. Bitcoin was for the people, for individuals, to carry out commerce without the stipulations brought about by traditional banks. It was about decentralization and the democratic process and micropayments for any sized economy.
Yet now, the core devs are striping out the functionality that lets the individual do business without any democratic process and makes the bitcoins network dependant on centralized bitcoin holding corporations (banks) necessary. The vision has been lost.
Maybe one day the lightning network will be needed, but right now it's being implemented at the cost of the existing network functionality. I'm afraid we're seeing the tragedy of the commons played out in the digital realm between the miners for higher payments and bitstream for the LN.
The past few days has been crazy for BTC, Exp at the volume that was going on, a lot of people was profit taking clearly & the futures and wall street is not helping at all.
But my verdict is, I don’t believe in bitcoin, but I am a hard believer in the blockchain.
What bitcoin is now, is an asset, which is purely over hyped, and it will definitely be overhyped for much longer, with not much computer science merits or scalable tech to the current demand and needs.
The volatility will definitely be there for much longer and it will get a lot crazier with the next 10X dip, and you must be confident in your decisions and not freak out, if you are swing trading.
But the past few days has been crazy for BTC, Exp at the volume that was going on, a lot of people are profit taking now & the futures and wall street is not helping at all.
But my verdict is, I don’t believe in bitcoin, but I am a hard believer in blockchain.
And lately I have seen soo many stupid ICO, literally ICO for anything and everything, what breaks my heart is, a lot of people jumping on-board that has no idea of what’s behind the scene or the tech, they see a hype and invest.
Don’t get me wrong, you can make a significant amount of money with pump and dump, but sooner this area will become very gray and PR will discredit a lot of good coins and stunt its growth.
What are you guys doing, what are your thoughts ?!
Hodling, my stop is the moon
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