It's no secret that when I first got into cryptocurrency I was the most skeptical person I knew. I honestly thought that eventually someone would put their foot down and try and outlaw our magical internet money. As I began investing my own money, I made sure to not invest anything more than I'd be comfortable losing. I started with a set amount of funds and said, win, lose or draw, this money is dedicated to crypto. If it all goes tits up, so be it. I'm in this till we go mainstream or the very end.
I became a crypto believer. I didn't care anymore about losing the money, it was more about trying to change the face of finance and money for the world. I believed in the concept of borderless money that couldn't be seized or frozen. I believed in the concepts of taking the power of money away from governments and giving that power back to the people. I don't want to get into my politics of crypto but my beliefs had a big impact on why I've stuck around as long as I have. Maybe that's a post for another time.
For now, I had my money invested. It was a couple weeks of pay from my 9 - 5 job and I was committed to building a trading account from it or losing it all. Luckily I ended up building a nice trading account from it. Several actually and haven't added any additional money to the trading fund since. Since then I've divided my crypto gains into cash, crypto holdings, and stocks. I told myself there would be a couple signs I'd look for before even considering going all in again. Over the last couple months I've seen those signs appear.
The main thing I was looking for were major players in the tech industry getting involved. I always said that as soon as Google, Facebook, Apple, PayPal, Amazon etc started getting involved, that would be the writing on the wall that we're going mainstream. Once one does, they'll all follow suit! Well, PayPal entered the space in a limited capacity and Facebook has announced Libra will get rolled out in 2021. We also seen the Robinhood stock trading platform roll out crypto trading also in a limited capacity. Square has entered the space. These are all major players with very influential backers. On top of that, each day we hear of new institutions buying up larges sums of bitcoin. The writing is on the wall, we're going mainstream and at this rate we're going to see it in the next few years.
As far as bull markets are concerned I'm bullish. I'm also bullish long term. I'm still not going all in again.. YET!
On a side note it's never a good idea to go all in on anything. Balls deep in crypto might be a better term or not. Just saying.
So before I go balls deep in crypto heres a couple things I'm looking for.
Facebook... I want to see how regulators and governments react to one of the largest platforms in the world offering their own currency. This is huge! I also want to see if people will have to cash out on exchanges like PayPal, Gemini, and Coinbase. If that's the case, this is going to expose a lot of new people to BTC and alt coins. Funny how this is all coming together too with PayPal now entering the picture. Being the largest social media platform in the world I'm also wondering how soon we see "Libra Accepted Here" signs in local groceries and retail shops. These Main St. businesses will only be to eager to accept it. Any store or business that has a Facebook page will likely accept Libra payments eventually.
PayPal is now acting more like a custodial service for buying, selling and holding BTC. However, it is rumored that they may allow transfers and purchases utilizing crypto as early as next year. I'm not PayPal and I'm only speculating but I'm guessing their dipping their toes in the shallow end of the pool, getting their feet wet and learning as they grow instead of just diving in the deep end! It's the smart move.
Robinhood and Square have made huge gains in crypto trading. JP Morgan has changed their tune considerably about their attitude towards cryptocurrency as well. It's apparent the flood gates are open and everyone wants in!
Most of us suspected that the major tech companies like Google, Apple and Facebook would roll out their own coins. These companies have some of the most brilliant minds in the world working for them. Why wouldn't they? On top of that we're going to see these major players fix the ease of use issues. This is about making crypto easy for our parents and grandparents. This is AOL in the mid 90s making internet and email easy for the average person that wasn't a tech geek. While this is all happening people will be exposed to other crypto and other technologies. Picking the right coins and technologies will be like buying Amazon at $30 a share.
I think usecase in this market will be what it's all about. Protocols like HIVE for social media, XRP and XLM for payment protocols and banks, BTC as digital gold (seriously I'm skeptical on this SOV scenario, but it seems to be playing out like this). Storj, Siacoin, Filecoin for AWS and storage like services. I'm not shilling these coins, I'm simply giving examples of usecase and how there will be room for a lot of different cryptos and protocols. Different coins will have different usecase.
I also think it's important to pay attention to the exchanges and the coins they're accepting or embracing (for the time being). We're already seeing that now. We have some coins that are fantastic projects but the major exchanges just aren't dealing with them. If they're not available on exchange, if you can't trade them or exit to another form of currency, they're going to be dead in the water!
I guess my point to all this is the writing is on the wall. Major adoption is coming. It's moving fast and now that the big players are entering the picture it's more important than ever to pay attention as investors. Watch for the signs. Do your own due diligence and be ready for that rocket ride to the moon. On that same note though, pay attention to Facebook and PayPal, it's going to be more important than ever to see how regulators and governments react to all this. THEY ARE NOT READY TO LOSE THEIR CONTROL OF MONEY, and that's exactly what cryptocurrency and mass adoption brings to the table.
Once things really get rocking and rolling a lot of people are going to be questioning the rolls banks play in our finances. Eventually we're going to reach a point where we may not need to cash out on an exchange and your corner grocer will be more than happy to accept your Feathercoin, Doge, LTC or HIVE for payments of goods and services. Facebook is in almost every home in the world, it will just be a matter of time till brick and mortar stores have signs that read, "Libra Accepted Here". They're going to want to cash in on the popularity of the worlds most popular social platform. This will open the floodgates. The only thing that's stopping them now is need and popularity. When a crypto wallet on a smartphone becomes as popular and as important as a good web browser you can bet the corner grocer starts to accept crypto payments. Just like we have Visa, MasterCard and Amex, stores will also accept several different cryptos.
The writing is on the wall. Mainstream adoption is approaching. I'm moving slowly but the time to go balls deep in crypto is fast approaching. Pay attention to the signs, because the people that understand what's coming will reap the rewards or dodge a major bullet depending on which way this thing goes! At this point it boils down to regulation and adoption!
Nothing here is meant as financial advice. Seek a duly licensed financial advisor for financial advice, not some moron on the internet that refers to himself as The Dood. This is posted on a public forum in the spirit of conversation and nothing more. It's safe to assume that The Dood has holding in any coins or cryptocurrencies mentioned! Always do your own research. Crypto trading is an extremely volatile market and huges losses can be incurred.
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That's so relateable, with the big difference that I didn't know at all what I was about to discover. I knew nothing! It really was "MAGIC INTERNET MONEY" to me. Oh boy, did I learn a lot since then. And so worth it.
I think Libra will be a big game changer, and it will be a very wild but interesting ride we're about to follow. With the big names that are already coming into crypto, other big names are going to follow ... no doubt about that. And I'm very curious to see how this all is going to develop in the next couple of years.
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I think we're all taking part in a history making event. This is such a wild time to be alive. We've probably progressed more in the last 50 years than in any time in history. This is going to be a really wild and really bumpy ride for sure! Buckle up 🤣
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You can be sure of that ... I've already fastened my seat belts
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Yes, the world is changing at a very fast pace. We will live some big changes in the next 2-3 years, where crypto will grow and mature. Btw,Libra is not a crypto, as it can be deleted, seized, etc, but it has the advantage to accelerate the digitization and acceptance of the digital currencies from the masses, also it will bring some stability to it. Crypto is still very volatile, where the masses are panicking
Some other stock trading platforms have crypto, like etoro, where is also the possibility to stake the coins like ADA or TRX.
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Absolutely. This is the opening of the floodgates IMO.
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That's still pretty deep to be fair haha!
But I do agree with you. When I saw earlier this year that some big institutions were loading up on BTC and then the PayPal announcement, these aren't just some Mickey Mouse investors like me (although if Disney get involved as well... lol)
This is also another big thing that will happen on FB if they get the green light with Libra. It didn't work the first time round as they got rejected by the SEC (I think, can't remember exactly). The fact they've come back again with a different approach with Libra is promising as they want to make it work clearly. How much better will FB be for businesses (even artists) if they can roll this out with their userbase already in the billions? Might bring some people back but who knows, all that data hoarding may still affect play...
Will be keeping my eyes peeled on how the regulators treat the PayPal and Libra situation. Even if it's rejected for a second time, I don't think we'll see the last of it. Why come back to try a 2nd time if you didn't think it was worth it?
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Facebook says January with FINMA approval. PayPal and Libra will be the final test I think. I think PayPal even more than Facebook. If they start offering transfers and payments through BTC or others, it's going to be a game changer for sure.
https://news.bitcoin.com/facebook-libra-cryptocurrency-launch/
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Yeah definitely, thanks for the link. I have seen a few articles too, even from the financial times. I often use mainstream media as a barometer of things and how/when they start reporting on crypto. At the moment, they are of course reporting about the mini correction over the last couple of days and calling it a "bloodbath"... Those of us who have been around longer know what a real blood bath looks like!
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Great points brought up here.
To me, this is the safest space to be in. There is no doubt in my mind that Crypto is going to see mass adoption in the next couple years.
As much as we dislike Facebook, I think the Libra is a game changer. It is a peg to the USD so essentially we are dealing with a derivative of the reserve currency. Hence, when you talk about the acceptance of Libra, if there is one it will be that.
Governments are going to try and retain control but they are going to lose. So will the banks. We have learned that whenever the Internet comes to an industry, it obliterates whatever is there. When the Internet came to money, it really put the banks on notice. I don't know if they got the message as of yet.
This reminds me of the record companies suing their own customers due to Napster. In the end, the record companies lost their cash cow, profits from recorded music. It went digital and so is money.
It is going to be a wild road.
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I've been saying this for years now. The MP4 put the hurt on the movie industry. The MP3 almost killed the music industry. Email put the hurt on letter carriers and mail. BTC and crypto will put a huge hurt on banks when it goes mainstream. Smart contracts and DeFi projects may even put the hurt on traditional loans. I don't even think we comprehend how disruptive crypto will actually be to both governments and banking. It's a serious game changer for sure.
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I wrote a post about a year or so ago calling for the death of banks. I had people coming to my post from who knows where to blast it saying that banks did too many things. I replied by asking if they were aware that the banking industry lost half of the mortgage business and growing each year?
Of course, no response.
Traditional banking will likely be whacked if the Libra alone is successful. After that, the services by commercial banks might start to get hit due to the innovation of the DeFi/crypto world.
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Absolutely, it's inevitable for sure. It's all a matter of time.
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Well the seeming recovery from that sell off recently seems to be a good indicator!
Hear's hoping Hive sees some of the action!
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I'm hoping for the same. If the last bull run for STEEM was any indicator there is plenty of room for HIVE growth. I've been super bullish building a nice trading position. Plus we're on major exchanges. If BTC keeps climbing I think it's just a matter of time till we see a lot of money flooding into alts and HIVE will probably be one of them people gravitate to.
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I have similarities in my story. Crypto is freeing me. Mass adoption will certainly help pump the bags, but I want education first so the government can't just take it from us once we get this brand new world we're building over here.
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That's a legitimate concern for sure. Something we all need to be fearful of as well. Like most technology this can either free us or enslave us. I guess it's our duty to teach the masses and hope they choose wisely. This technology in the wrong hands could build a dystopian nightmare if we allowed it. I'd be extremely cautious of any government controlled crypto. We can't allow them to be in charge of this technology.
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It is coming, no doubt. Facebook's entry will be interesting to watch. Are they going to give out crypto for "likes"? That could be very disruptive to other social platforms and really drive mass adoption.
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I heard rumors they may start to incentivize "influencers" but last I heard they weren't planning on doing anything with likes. Who knows though, some sort of "revenue share" from advertising paid out in Libra could really help them keep the lions share of social media in the future.
I'm guessing a lot of social media sites are looking at HIVE and other blockchain alternatives and realizing if they don't adapt they could end up getting "Myspaced" in the future.
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Always I am skeptical I look back at e-commerce, social media, smartphones, and so on. That all happens so fast and nobody can't imagine a world without it.
Younger generations value today's date digital goods ( way more than older ones). So it's IMO only a matter of time for mass adoption.
The only question is, will it be a decentralized option or centralized like "china crypto", facebook money, amazon/google/apple cash, and so on.
On a timescale, I would say we are still in the early childhood of crypto. Things can speed up super fast from one day to another.
Shot, I agree with you :D
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No doubt, this is one of my biggest fears also. On top of that people "normies" "mainstream" seem to gravitate towards names like Facebook, Google and Apple with no concern for privacy or decentralization. I'm hoping people have enough common sense to choose wisely but I'm skeptical of that as well.
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I wonder if the big companies will produce actual cryptocurrency or just tokens that people can use across the platform. Real crypto means giving up control. They want to be independent of national currencies for various reasons.
I think so. I think the real big FANG companies will probably come up with their own protocols, then the smaller companies will probably tokenize under those protocols.
I assume some of the smaller companies may look into other alts too. WAVES, ETH, XRP, XLM all seem to be favorites.
It's going to be interesting to see how that scenario plays out.
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Agree, the signs are very much there for mass adoption of crypto. The trap, as it were, being laid out for folk is the presentation of CBDCs and centralised coins like Libra as if they were the same as BTC in terms of user control over assets. This is what James Corbett calls The Bitcoin Psyop. I suspect there are more battles to come as the powerful vested interests which "ARE NOT READY TO LOSE THEIR CONTROL OF MONEY", and which will want to be backing centralised control of digital assets, try to supress true decentralisation through propaganda and other dirty tricks.
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Yup I've been waiting for that too. That's exactly how they'll do it too. They'll use their three all time favorites. 1)Terrorism 2)Drugs 3)Pedofiles
They're like skeleton keys to lock away anything they don't like or want to make illegal and can slip it into just about any situation.
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rumors also say that PayPal buy a bunch of btc! Generally speaking though, everything changes, imagine the progress we got these 5 years. We got from the "btc is scam, don't buy, only fiat!" to big corporations allowing payments or buying cryptos!
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No doubt! It seems to be moving in the right direction. I don't think anyone is still shouting scam accept the people that were super vocal about it and have egg on their face.
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fried or raw? :P
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STOPI'm deep in learning something new every day! When you're living and breathing crypto - it's inevitable!
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Lot's to learn. The Dood's been hanging out since the end of 2013 and still learning all the time!
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Wise!
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well if I look how many people spoke to me again this week about crypto in the 'normal' life it is almost hard to see that it is because of the recent bull moves or if this is really about mass adoption. regardless...traction is there, and indeed in the point which you are saying there are enough options to make stuff happens..
lets see!
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I don't talk to a lot of people about IRL. Some people know about my involvement in crypto but I keep it pretty low key. I rarely anyone bring it up first.
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true on this..I also dont go flying around to people about it but it comes to discussions every now and then especially since crypto is on the move.. all of a sudden more people want to discuss it it seems :D