How absolutely delusional is everyone not to see how much of a perpetual cash cow this market has grown to be?Under the guise of their so-called expertise, I see users with zero grasp of economics serve these micro-waved talking points without remembering the proper context surrounding them, I see shills touting unknown projects with overly enthusiastic comments, I see supporters confidently detailing their wishful thinking on paper while ignoring any inconvenient detail. It's so hard to sift through the amount of complete bullshit posted on the daily that the last three years have gradually made me change my outlook of the entire market: for the vast majority of retail investors, nothing will come out of this revolution (despite the negatives, it's still very much a revolution) except debt and losses. Our community's claim to fame is sprinkling articles and comments with some guy's misspelling of the world "hold". For all of us who aren't nine years old, it's fucking embarrassing.First, banning price watching and encouraging healthy debates would allow us to cross the first (and largest) chasm: the chasm of information. For example... there is absolutely no reason why Bitcoin will be used in the future. Every argument relies on the Greater Fool theory, and assumes constant growth. Distributed ledger technology is a game changer, so no, first mover advantage, current security level (which can be re-attributed at absolutely any time by simply dedicating more resources to another chain, since this is how PoW functions) and age are not important nor sustainable advantages. At the moment, there is one use case for Bitcoin: selling to someone else for a higher price. Everything else is done better by someone else. You want private, anonymous money? Monero's got you covered. You want to move cash quickly from point A to point B, without minding lower levels of decentralization in exchange for a lack of fees? Use Nano, or Venmo if you don't mind trusting someone else. You want to set up a self-balancing power grid entirely controlled by autonomous machines? Experiment with IOTA. You want a good store of value in case of a societal collapse? Bitcoin won't get you far, I guarantee it. What you'll want is land, livestock, crops, etc. If you believe supply chain tokens are the future, many have scored interesting partnership to develop proof of concepts and, in some cases, live implementations. Most of these projects, even with the right teams, will die. Nothing in guaranteed, but at least they're actually trying to do something.You'll notice that I shit on Bitcoin a lot, but there's a reason. It's currently the embodiment of the manipulation going on in this space, and it's also a tremendous indicator that we're not even close to mainstream adoption. Neither the tech, nor the market that needs it are ready. Because of this, the vast majority of attention is glued towards price action, and the wheel goes round, and round...So, I'm fucking tired. Tired because I keep writing long, heartfelt posts about the bullshit going on and that nothing changes. Tired from the rampant financial illiteracy and disregard for caution. Tired from reading the fucking two-paragraph MSNBC articles telling me why Bitcoin will both reach $20,000 again and crash to zero at the same time. Tired of the ICOs, STOs and IEOs. Barely anyone talks about the adoption hurdles of cryptocurrencies, yet we churn out two new shit-flavored tokens a day. Barely anyone talks about the utterly delusional market caps, the shady practices and the coins with 60% supplies held by founders, when that should outright dismiss these projects as illegitimate from the get-go. Barely anyone compares and contrasts projects in a clear, neutral fashion so we can have a hint at what the competitive landscape currently looks like and even less people advise caution when they see the value of their project skyrocket, even if it's still very much at the research level. Fuck, 90% of people who somewhat understand the tech haven't yet admitted to themselves that raw Proof of Work will never scale.It's especially frustrating because I recognize the value of this technology. There is no doubt in my mind that we'll be using distributed ledgers meaningfully in a not-so-far future and that cryptocurrencies will be an essential part of that use, but the waters are beyond muddied. The microscopic bits of logic are lost in a sea of garbage the size of the Pacific ocean.
Submitted May 27, 2019 at 09:25PM
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