Waiting for Donkey Kong: Looks Like the Bitcoin Bear is Here to Stay
Oof. Just checked the markets on coincap.io. Not a happy report.
As many here on Steemit have been predicting, the price of Bitcoin (and nearly all other alt-coins) is continuing to plummet, and it looks like the bottom may lie well below the price as it stands now, down in the depths of Oh, shit.
I just finished reading this excellent post by @baronvonbitcoin, raising the question whether Bitcoin will remain at the top of the heap as far as market cap goes, throughout 2018. Will it be replaced? If so, by what? EOS?
I'm pretty excited about upcoming developments in the Bitcoin Cash space, such as its projected arrival at tens of thousands of convenience stores here in Japan.
That said, as pretty much a full-time Steemian now, using funds to pay bills and support my Voluntaryist, unschooling initiative here in Asia, things are looking a bit bleak, at present. I'd be lying if I said I wasn't a bit concerned. Still, when big changes and shifts occur, even when things appear to be almost completely negative, there is always positive opportunity and the potential for great innovation in the mix.
I'm reminded of when, very early on in the Nintendo company's foray into electronic gaming, they released a monumental flop, and were deeply in the red with no sales, and warehouses full of the unwanted, pre-NES gaming systems. A newly hired team member, named Miyamoto, was assigned to the task of rebranding the consoles. He took a chance on a few characters he had created previously, and came up with the smash hit "Donkey Kong" game. The consoles in the warehouses were refitted with this platform, and the game was an instant, mega success.
Stories like this are why when things get kind of thin, I don't worry too, too much. Things are just shifting and changing, and finding their places. Innovation loves opportunities like these.
Of course all the government regulations have also shot the market in the dick in many ways, creating all kinds of fear and legal red tape. That's what governments do. The bastards. I still believe, though, that tech moves faster. It's just a matter of timing, and a market willing and ready to move.
~KafkA
Graham Smith is a Voluntaryist activist, creator, and peaceful parent residing in Niigata City, Japan. Graham runs the "Voluntary Japan" online initiative with a presence here on Steem, as well as DLive and Twitter. (Hit me up so I can stop talking about myself in the third person!)
Come on cyrpto, it's going to be interesting what happens. I'm going to buy more steem :) and for that.....
Governments notwithstanding, I have to ask myself "Is the underlying tech that gives this industry value still valid?" which of course it is. So this is starting to look more and more like the "dot-com bubble" of the late 90's. It becomes a shakeout of those who basically have nothing except the word "blockchain" used 45 times in their white paper.
As you hint at, one thing we may well see — if the price of BTC drops further towards the actual cost of mining — is a power shift, as people realize there are viable alternatives that can be mined for much less.
In your case, I can appreciate the apprehension as someone who's depending on some of this for living expenses, but let us remember that in the wake of the dot-com burst, those who had sound technologies recovered fairly swiftly and investors often make 20x, 50x their investments back...
This comment wins the day! Great perspective.
I believe in the technology. I believe in the ideas behind the technology. I do think something will eventually replace BTC as it is too cumbersome to be something that everyone can use daily. Rather, I think it might be the one to set the standard and have an eventually semi-stable store of value.
Government regulation is by far the biggest threat, but that said, there are plenty of privacy coins out there and as you said, the speed at which technology develops will no doubt outpace that of the State.
Buying on the way down!
I feel you. I've been unemployed since March 15th and I have been in a power down for about 7 weeks. Watching the price drop each week has been a real bummer, but I hold out hope. Really cool about bch development in the stores there
Hello kafkanarchy84!
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These fluctuations are the characteristics of every market.. So I would say it would change.. And hope so..
Well, the fluctuations are pretty much uniformly downward recently.
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Sellers have been pushing this down for weeks now. Chance bitcoin has bottomed is about 0%. We are going lower. Give me the panic and i flip BULLISH!
https://steemit.com/cryptocurrency/@heyimsnuffles/crypto-carnage-is-imminent-20180610t190128430z-post
Hey, it’s OK to hurl, as long you don’t dive overboard. Typically deep crashes are when bigger money comes in, as long as the investment is seen as having long-term merit. I think Bitcoin does. Hang wit’ em Kaf!