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RE: A Crypto Noob's Random Thoughts About the Market Tonight...

in #cryptocurrency7 years ago

I think that the big problem that we are seeing in cryptos is that it is not possible to determine a fair market value on any of them right now. Money has been pouring in to cryptos last year along with equities and they've both basically risen together. Then, earlier this year the stock market went down and pulled the cryptos down with it as people pulled their money out for safety. Now, the stock market has somewhat recovered but cryptos are still going down. What happens if the stock market starts to go down again too? Not good. Last time I checked wikipedia there were 1558 cryptos out there, how do they claim value? Right now itself mostly based on p2p faith. Who knows though, faith can go a long way...

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I think the tough part is I don't know that we are ever going to see the level of hype we saw in say December of 2017. What could possibly bring crypto that mainstream and get that many people interested again? At this point we need adoption, we need people actually using these currencies and using these technologies, I don't think pure fomo and hype can get the prices back up to where they were, I think we actually need use and adoption