Where do you guys think we are in terms of crypto adoption (not technology wise, but in terms of people wanting to trade crypto)? I feel like we're still in the early stages by looking at how difficult it is for the regular joe to start trading. The basic exchanges like coinbase and gemini seem to be having a lot of issues. Then, in order to get alts, you have to get into "shadier" exchanges. In other words, crypto trading as a whole feels much less streamlined than say buying stocks. This is part of the reason why I think there's still a lot of room for the crypto market to grow. Lots of people want in but the systems in place can't facilitate that yet. Thoughts?
You mean people using it to buy day to day stuff like using credit cards? Forget about it, not gonna happen. 1. When currency value fluctuates so much, no one would use it. 1.1 As a consumer, if X BTC buys 1 loaf of bread today but 2 tomorrow, I wouldn't spend it. 1.2 As a merchant, if today's X BTC is worth 20% less tomorrow eating into my profit, I wouldn't take it. Also remember, from (1.1) no one is spending it, so I wouldn't bother to add another payment system and increase my complexity. 2. Network capacity of cryptos is shit for mainstream use. 3. By the time everyone uses, by amount of power mining uses, we would all be cooked by global warming. But if you meant people trading it like assets, I would say as long as crazy profits are made. But wait a minute, I thought Bitcoin wanted to be a currency like USD not a dead asset whose only purpose is to lure monkey brains like ours, AKA Gold on steroids.
Network capacity right NOW for the major decentralized crypto is terrible. Something like XRP is already pretty high capacity. Things like XRB and IOTA are in theory infinitely scabale. Mining is going the way of the dinosaur. Proof of stake will dominate in the coming years. Both BTC and ETH are moving. This removes all power concerns you should have. You're very obviously stuck in the "now" without any ability to see forward. The scale FB operates on nowadays was once science fiction too.
Bitcoin will never be a new cash. Other, newer cryptos though, like raiblocks - instant transactions with no fees - those could take that role eventually
We're near midpoint of people wanting to trade. Lots of normal people trying to now. They're shut out of big exchanges for alt coins because they're turning away new users. We're talking about 100k+ new user registration per day trying to get in.
Definitely sub 5% adoption. It’s not the pregame any more but we aren’t at the party yet either. I know it’s tuff for those who only understand west Coast tech culture (and it is where a lot of the money is) but I have family all over and when I visit, most have zero clue/aren’t investing. +One of my best friends lives in hipsterburg nyc and I visited him not long ago. He goes to parties and underground events on the avant-garde tip. While there, maybe 10% were into it but even half or so of them hadn’t taken the dive. Compared to stock investing, crypto investing and block-tech has still a lot of headroom imo. Compare the number of btc atms here/valley/west coast vs uh, Atlanta. You can get this mapped on google and see what I’m saying.
thanks for sharing. any interest amongst such crowds?
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Here is my view; When more people get in and screwed (one way or another) that will bring regulations. Once regulations are on, forget about this crazy profits. Without real world usage of cryptos all of this just a trend. Of course we all want to ride this and make profit out of it but it will end at one point either by consolidation or weak ones will die.