Apologies for MIA in the past few days. I must admit that, as any bad habit, once you start filling your calendar with other things and the blogging time slowly gets pushed until later and later in the evening until the inevitable “i’ll just do it tomorrow instead” which then turns into a slowly instantiated habit. Not got! Luckily I am absolutely horrible at habits so this was easily broken.
I have two thoughts here this Wednesday evening:
Ethereum – What is happening with the insane bitcoin rush these past few weeks is not happening with Ethereum. Sure, its less stable, newer etcetera but still! The bitcoin rush is, in my read, largely created by money-spending newbies like you and me who heard the “next new thing in crypto is” booming right now and wants a share. Why not the same rush for Ethereum? It’s not like bitcoin is incredibly stable, so the risk averse argument rings a bit false to my ears. I am clearly missing something here. What do you think?
Should there not be some compensatory re-action in stable resource based indicies such as gold, silver, gas or other heavy metals? And when is that happening in such case you think? Or is the compensation-ripple effect something that is just making sense in my mind?
Five years ago I was convinced that Bitcoin, bearing the legacy of all cryptocurrencies, had reached its peak. From here on it would silently fall into oblivion, sort of like those horrific 5-second snippets of music people used as their ringtone back in the 90s just because technology allowed for it. I will never be able to hear the first tones of Sugarbabes ’round round’ without a stressed peak in adrenaline, and a nervous glance at my phone. Anyway, I was convinced it was a done deal.
As we can see, these are clearly one of those wonderful far-sighted things I was completely on point with (please hear the Scandinavian irony here).
Bitcoin has rushed like nothing else in the past few months, and there are a few forerunners along with it like Ethereum that are making its way up too.
As a newbie-bitcoiner and a borderline-news-junkie I am torn between what to think of these. This is definitely the high-risk part of The Leprechaun .
Yes, I see the future of finance, the internet finally seeing its legacy being instantiated into something tangible and useful, outmaneuvering the big, bad, corporate banks and so on. Sure.
But I also see the fragility, the marketplace made for people that have reasons to want to not be traced (human traffickers, illegal exporters etc.) and heaps and heaps of sites with semi-legit (read fraudulent) dealers, shadow-sides that mirror real online markets where people send their money somewhere where they will never see them again. All without the slightest legal chance of getting them back.
Still, I am ending up on the yes side. I think that as the years are starting to add up, it speaks for the probability of cryptocurrencies being here to stay. As more and more people are using it, the legitimacy as well as its liquidity increases tenfold. In addition, I am a firm believer that technology capabilities like this (music ringtones being the exception) cannot every be banned, it will only increase its attraction. We are making this a “good” force to be reckoned with, but only as long as the masses keep latching on to it. This is mainly because the technology behind blockchain is genius and unprecedented in its its usability as a financial mechanism.
What do you think?
— Note that I am only expressing my own opinion and not speak in any professional capacity nor giving any financial advice.