Hello World,
Just want to shed some light on what i think is happening with the current state of crypto
First off my definition of a bubble is a money making opportunity were you only see 1 side of the market which is going up and you don't see what at the same time is behind the scenes causing the market to potentially come down or "pop" simply because the market has been overlooking points of failure and not working in a consensus to derive solutions that would prevent the bubble from bursting. Are most projects open source? Does that mean things are transparent and we all (even if we are not employed by the project) can lend a helping hand if we notice a potential problem?
If you look at the closest comparison we have it would be the dot com bubble. Gonna save the jargon and make this a easy read by asking you a few simple questions, does the internet still exist? If yes have new companies evolved? Have any of them grown to be worth a significant amount of money? Can new companies based around the internet still emerge?
That's exactly my point the dot com boom was backed by the technology of the internet. The internet still exist today or at least i hope cause otherwise i might be living in a parallel universe lol. But i hope you can see my point. The internet ( which was what the dot com tech was based around) and a several top dogs still exist today it's highly likely blockchain and crypto assets will have the same fate.
All in all: I do NOT believe we are in a bubble simply because we have blockchain as the underlying technology for cryptocurrency which is extremely innovative like the internet and yet new tech in the space is even emerging already (look at iota). But what i do believe is we will see non meaningful companies/tokens be deemed by the market as of no value and they more than likely will go to 0
-Gotblocks
I think we have a lot of investors who have invested without knowing what they're buying, and other investors who have invested solely on speculation that the clueless investors will continue to make bad investments. The result is that nearly every cryptocurrency is massively overpriced in comparison to the actual value of its underlying product(s).
I call that a bubble, and that bubble will eventually crash. The bad cryptos will die off, while the cryptos with real products will likely take a hit, but survive. The heavy investment in mining hardware and blockchain technologies guarantees that this technology has a future, but it will be far different from the endless junk ICOs that we have today.
I agree with you, I hear more and more people investing because so and so told them to. Not understanding one thing about the coin and its intended purpose. If you are investing anything, Do your due diligence people. There are some nuggets in there, that will stay around.
So that's pretty much what i said lmao!