We Really Need Some Real World Use Cases
Cryptocurrencies are getting beat left and right again. However just 2-3 months ago we where at the lows we are seeing now. But could we go even lower this time around?
It is possible and the reason why is because bitcoin and other cryptos simply have no real world cases and regulations are still not clear.
Unless Bitcoin and other cryptos start to get real world normal cases for transactions and buying this I think we will continue to see this slump in price. Volumns are at an all time low so people are just hording it and not doing anything with it.
A large part of what gives cryptocurrency value is how often it is traded for products and services. What we are seeing right now is a slow stagnant economy for crytpocurrency with a slew of "issues".
Mining has become very unprofitable and is at all new highs which seems to be centralizing bitcoin mining more and more. (I stopped mining myself because of it)
Regulations - Still nothing clear on this at all
Hacks on exchanges (Still shows security loopholes) not with bitcoin but with wallets and people/exchanges securing them - the human factor
Unless we get some real world use cases for bitcoin I feel like we will continue this slump. I also feel like this slump wont stop till regulations hit as no business etc want to accept bitcoin etc as they are not sure how to tax it etc because of the unclear regulations.
What are your thoughts on the recent slump and why?
The government are controlling this, they put fears in the mind of the people so we can sell it out, later on the price will be a boom and we all can't afford to have it back, you will only pay heavily to get a little piece of what you wholy own before,
Cryptocurrencies are here to stay no fears and do not give up, I repeat do not give up
Agreed they are here to stay however above you'll see why I think we are where we are today. Do you feel regulations are needed before real world cases come into play again ?
This cycle seems very familiar with the dotcom boom and bust. The internet was known to revolutionize commerce which it did but the fact that everyone was creating a website drove a bubble that would pop as they came in hordes much sooner than people had the ability to use them. It wasn’t until bandwidth costs improved and became more available that the internet economy boomed. This crypto cycle is similar as due to the technical aspects of having a wallet and how to onboard fiat as well as maintain security, adoption and use remains relatively low. However, many industries are embracing the technology due to the potential it brings. Therefore, we are still building the groundwork to what could eventually revolutionize the payment space as well as many other applications.
The long hold for another 2-5 years it seems. I really thought we would hit some serious mainstream adoption this year but 6 months later we still dont have any idea in terms of taxes and regulations. Freakin goverments seriously take foreverrrrr to do anything!
Developing products is taking time and speculators are only interested in the hype and making a quick buck. Crypto is here to stay and we have great use cases already like Steemit, Steemhumt, and SteemMonsters on the way.
You are right before we loose blockchain crypto world we need it to be in general use by a lehman
I agree with you that we need real world use cases for bitcoin.
both regulations and hackers are the main problems
Would cryptos enter a "normal case stage" by being used everyday by general people?
I agree with some of your points as we need cryptos to be used more and more to transact. One example is how crypto kitties collapsed Ethereum blockchain network when everyone started buying one of those crypto cats and how that pushed Ethereum price up.
But I disagree with the regulation. Cryptos have to evolve on their own just as any other disrupting technology has. Governments are just waiting or creating stupid rules which lead the crypto business to other areas of the world.
Technology is way faster than regulators, it is much better to just create a place with good environment and let the industry flourish as Crypto Valley is doing in Switzerland.
I wish that where the case but without regulations it will be deemed illegal and crypto markets would just crash to nothing.
For now real use isn't the issue...longer term yes...we are still in speculative stage...people need a reason to think it will go up in value regardless of real use...if investors see money to be made....they will pour in...it will take a positive spark showing the potential for more people to invest...something I read today regarding a potential "Circle" interactive exchange that would allow regular folks to easily get into the crypto world without jumping through the hoops of "sketchy' exchanges...confusing wallets...need to transfer bitcoin to other exchanges in order to buy other coins....difficulty getting our banks to let money transfer into exchanges...etc...etc....supposedly this new exchange allows buying directly from a bank account with many other user friendly services....this type of thing would be a game changer...
As well...I read that Binance exchange may soon allow EUR fiat trading pairs....now that they are in crypto friendly Malta...such fiat pairings would also be a game changer....finally a way to break off from Bitcoin dependency....
"If you make it...they will come"....make it easier...it will happen.