I bought Bitcoin when it was only $100 and then $400. Later sold at a nice profit. It was a different time where many people actually thought it was a disruptive technology that will change the future.
I lost faith in Bitcoin a long time ago when I realized that it is not disruptive enough, it’s not safe enough for the average consumer (people don’t want the responsibility) and it doesn’t even work as a currency due to the volatility and high transaction costs.
At this point I wasn’t heavily into cryptocurrencies anymore, but then Ethereum popped up and had great promise with new smart contracts.
I bought Ethereum in pre-sale 2014 before they even had launched it and this became a financial success for me and I still have Ethers in my wallet. Proof.
The only problem was that after 3–4 years Ethereum, it’s still mostly just speculation.
Now Bitcoin is soaring again and it’s worse than ever. People are irrationally trying to get rich with cryptos and rationalizing everything after the fact.
Almost all of their rationalizations either don’t work in practice or are wrong.
Right now Bitcoin is nothing but speculation. The last 9 years of Bitcoin already proved the uselessness of the “currency” (it’s NOT even a currency although it can be POORLY used for that purpose).
Bitcoin simply does not work well enough. It’s not digital gold. It’s not a real currency.
People think the power of blockchain justifies the utility of Bitcoin but this is just dumb and people don’t understand how either one works.
Just because Bitcoin is an application of blockchain it doesn’t mean Bitcoin somehow carries the entire utility of the blockchain.
Right now any company that needs the blockchain technology can use it and it doesn’t need to have any connection to Bitcoin itself.
100% price of Bitcoin is just speculation, mass hype and get-rich psychology. It’s all irrational behavior people hoping to get rich.
People just rationalize their irrational behavior with their false explanations like how Bitcoin will be a disruptive currency of the new paradigm, how powerful blockchain and how this and that feature based on trust or smart contracts is so useful.
These are all half-truths and don’t even apply to Bitcoin. It’s just mass hype which will eventually turn into mass-hysteria.
Bitcoin is a bubble but I would like to call it its real name: it’s a SCAM which will eventually implode because it doesn’t have any real life PRACTICALITY.
It surely has functionality ON PAPER, but no practicality in real life.
Public figures who invested in Bitcoin in the past are only preaching the Bitcoin because they are basically stealing money from the newcomers (“new fools”), or they are just dumb which is more likely the case.
I see many prominent public figures promoting Bitcoin and encouraging people to buy it. I hope the future will judge these individuals very harshly once Bitcoin goes down and the public realizes what they have done.
Bitcoin has basically become a mass delusion and as far as it looks now, it may actually last for a long time until the illusive bubble bursts and a lot of people lose their money.
People use the rising price as some sort of a justification: “See, I was right? It’s not a bubble!”.
Just because more people stay and become delusional doesn’t mean it’s a real thing. The price is not rising because the future of the technological prowess is becoming more evident, the price is rising because of the hype.
If someone is justifying Bitcoin by showing how much the price is going up, he or she is scamming you.
The only reason Bitcoin has value is because people are hoping to get rich of it. The functionality is only something to justify their mass delusion.
The only reason why the price is going up is because people are buying into the scam. It’s not going up of any real reason other than that. The technology wise Bitcoin has been stagnant and time has only shown it to be less useful than it used to be.
And people don’t even care about the technology. They care about the price. They merely use the technology as a rationalization for their get-rich delusion. Once Bitcoin plummets, people will lose interest.
There is money to be made, but at this point I don’t consider it ethical.
Worse than Bitcoin are the other cryptocurrencies which are similar Blockchain technologies but just with different or better features and functions.
Most cryptocurrencies are the biggest money-grabs I have seen in human history. Many of them have market caps of BILLIONS while they are really just nothing but shiny marketing (bitcoin is also).
If you have the marketing skills and the staff to implement the blockchain technology, you can create an alt-coin with a cool name and make $100M in a couple of years as long as your marketing is on point.
This is the case with Bitcoin and other cryptos, it’s just marketing with pseudo-practicality. Cryptos have enough practicality to justify the mass delusion and there are enough utility to rationalize the irrational behavior.
The biggest winners are the founders of cryptocurrencies, exchanges, businesses built around them and the early adopters. Everyone is getting rich of the new fools and that’s how any pyramid scheme works.
Cryptos like Bitcoin can still go much higher, but understand this: I no longer consider it ethical to promote it and it will implode eventually.
It’s basically the smartest and most persuasive pyramid-scheme ever done.
Satoshi Nakamoto didn’t stay anonymous because he was afraid of the central bank, but because he wanted to avoid prosecution once people realize Bitcoin is a scam.
I think similar technology can change the world at some point though. I have been saying for years that Bitcoin won’t change the game but Bitcoin 2.0 with better Blockchain technology very well may.