BUY ON RUMORS AND SELL ON NEWS, The Golden Rule of Crypto. I find the image with the dad and son extremely sad. I joined the crypto community few months ago, meaning in the bad time. I am an unlucky guy in general and sometimes I feel that anything I get close too must crash down. Maybe it's just a coincidence. Anyways, I fully understand your depression and how hard is it when you see your portfolio dipping. However, I believe that crypto will go back again to the top this year. 2018 will be a great year for crypto. When a ship sale in the ocean, to reach the destination it may encounter several storms during the trip. Crypto ship is currently fighting a hurricane. We see lately many scam coins on the market. I remember Bitconnect and how many people lost their life savings with it... Some people committed suicide because of BCC. This dosent help at all as people have no confidence anymore in ICO (it all sound like shit). When ICO is launched it always drop below the price before release! What a waste of money to buy it on ICO price. No? In addition, lately governments started a real war on crypto to protect their business. The latest news is Google banning Crypto and ICO ads. Well, a lot of news and rumors and sadly everytime there is a news or rumors prices dip due to panic selling and unexperimented traders working with crypto. In my opinion, crypto trading is like a casino and people got addicted to it. So impossible that crypto disappear. What crypto market need now are real projects that become at the reach of our hands. For example, the possibility of buying and selling on Ebay, Amazon or even Alibaba with the top 10 or 15 cryptocurrency. This will give confidence to people as they see that crypto is not fictive. When I trade crypto it's just like buying and selling ILLUSION. Something dosent really exist. Now it's time that crypto becomes alive and becomes really useful. Sorry for writing this long comment but felt in need to say those few lines...
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But why would the chance to buy stuff at Amazon using cryptos be good for the crypto market?
I mean, why should an average guy first exchance fiat with crypto... just to buy something? Wouldn't it be much easier to just buy using fiat directly?
Those new ways to spend you crypto will likely only be used by people already in the cryptosphere. But for rising prices, you need new money in the market.
There has to be something that makes Mr. Joe Average wanting to buy cryptos, as he is able to use them for something, that fiat can't do. In the moment, I don't see much like that, but maybe i'm wrong here.
And the illegal uses (buying drugs, laundering money etc.), that are one motor of the crypto markets won't exist forever.
The main problem with Fiat currency is that you need to use your Master card or visa card, meaning a lot of fees and long transaction time. With crypto, these issues dosent exist as you don't need to involve your bank in it. Not to mention that if you are from europe and you buy on japanese site, in addition to you the credit card fees you have to pya the money exchange. This is also solved with crypto as you can pay with the coin accepted by the seller (BTC for instance). Another very important thing, with blockchain technology you can track all transactions that happened on a coin and in some cases history is really important. Anyways, this is what I believe.