Bolded text is what I am indeed seeing in this whole crypto crazy world. People who had no idea about what a bitcoin is, suddenly become expert traders who can distinguish between a good and a bad crypto coin. I've seen people losing their savings to gamble on tokens, coins and ICOs.
I'm on the train but a part of me is feeling a bit(coin) train sick. And by the way, thanks for the energy consumption insights
I'm on the train but a part of me is feeling a bit(coin) train sick. And by the way, thanks for the energy consumption insights
The ugliest truth of bitcoin is that it just isn't useful in any legal fields. Sure it's useful in black markets, but this usefulness is a ticking time bomb before laws will end this. Greed is represented here by the notion that very little people actually seem to care about this. Everyone are solely concentrated on how much higher they want to sell their bitcoins and practical usefulness is rarely asked. Most know a lot about the price of bitcoin, in the same time knowing nothing about the value of bitcoin.
Promises of easy riches will always attract the worst among people. Those who are greedy enough to desire wealth, but who are lazy and stupid enough not to actually be able acquire it. These are the people who have strong desire for wealth, while knowing that they won't ever be able to achieve it in a productive way. They are the ones who are capable in selling their grandmother for bigger gains, because they know that they probably won't get many chances in life.
My guess is that this ugly phase of the crypto world will eventually end together with bitcoin. Total crash of bitcoin would finally disillusion people from finding easy shortcuts to riches here. Only those would remain who are able to work with this market more, then with a "buy low, sell high" routine. The rest will run off to new motivational classes and marketing schemes to find new shortcuts for easy riches.
I have faith in the cryptoasset market in general, but it has to mature quicker or else it will create a big mess.
I'm a pure blooded capitalist, but with things like ethics, conscience and a sober mind. Bitcoin has little to do with the idea of capitalism, where efficiency is an important pillar. One of the most important dreams of a typical bitcoiner is wealth re-distribution. They dream that bitcoin will eventually replace central banking, putting them into position of wealth and power, so they can sit on their ass for the rest of their life, while the deflationary value of their currency will even make them richer while they're doing the sitting. To me, this reminds me the illusions that the Bolsheviks had. Talking about vanquishing the evil rich, but only thinking about re-distribution of wealth from other pockets to own pockets. Without actually thinking about the practical issues involved in running a country and drowning in the illusions of personal worth instead. As you can see, I'm not even a fan of communists..
People early involved in bitcoin weren't like this: there were - and there are still - people which believed that bitcoin - and crypto in general - could bring a better financial system, with alleviating the necessity of Tiers in financial exchanges, leading to the end of the bank oligarchy.
But I agree with you that with the financial gains, bitcoin and crypto has attracted more and more profit driven people, and some early bitcoiners have lost their initial motivation, becoming increasingly similar to "normal" rich people looking for increasing their money...