Everyone has heard stories of high school kids who became millionaires mining, collecting and trading cryptocurrencies. Their coins mooned. They became rich. They bought their lambos.
As a result, we have scores of hopefuls who want their moon lambos too.
But the market has changed.
Bitcoin ($7,315.16 - 5/27/18), the crypto reserve currency, reached its ATH back in December 2017 only to drop like a rock from nearly $20,000 mid December to less than $7,000 in early February - a loss of 60% in 45 days.
The Whales of Crypto
It took 8 years for Bitcoin to go from $0 to $20,000 and during that time, crypto billionaires were made.
They are the bitcoin billionaires and to some of them fiat currency is 'like Monopoly money'.
Crypto assets are not mutually exclusive. They don't grow by competing with each other. The entire industry is growing by competing with traditional finance. ~ Erik Voorhees
Andreas M. Antonopoulos
I'm passionate about this technology and the ways it can be used to give choice to the choiceless, voice to the voiceless, and power to the powerless. ~ Andreas M. Antonopoulos
Ask me anything! $100 per answer. All $ goes to Twitter@BlackGirlsCode. Send your questions here: t.co/IKp1WAsN4u ~ Marc Andreessen (@pmarca)
Nick Szabo (Satoshi Nakamoto?)
Bitcoin is the most secure financial network on the planet. But its centralized peripheral companies are among the most insecure. ~ Nick Szabo
Bitcoin represents the first major breakthrough in economics and finance since double-entry bookkeeping was invented in 1494, and activists need to embrace its power. ~ Max Keiser
Not as rich as you think… ~ GavinAndresen.ninja
An employee asked me recently how we’re creating an open financial system if we’re a centralized company. ~ Brian Armstrong
The "moderation" policy of /r/Bitcoin is nearly identical to the "moderation" policy of the Chinese government. ~ Roger Ver
Cameron and Tyler Winklevoss
The Winklevoss brothers are believed to have gained and lost $1 billion worth of Bitcoin, and Gavin Andresen, one of the original Bitcoin Core developers, writes that the early BTC devs aren't as rich today as one might think.
As they say, it's not what you've got, but how you use it.
What these guys are using is influence. The influence they've earned through participation. Bitcoin and the crypto market would have never become what they are today had there not been people who chose to participate in something that had no monetary value back in 2009.
The guy who paid the equivalent of $80 million in BTC for 2 pizzas back in 2010 (~ $200 million in Dec 2017) missed the boat. He saw pizza as being more valuable than the potential value of Bitcoin 8 years into the future.
And it was well known, from the get-go, that there would be 21 million BTC at a projected price of $1 million per coin in the year 2020. That would be a $21 trillion market cap. Compared to the global stock market cap of $69 trillion in 2015, not entirely impossible. John McAfee, another wealthy influencer, is a believer.
Note that the original idea was that Bitcoin would be the one and only decentralized currency. If that was the case today, the BTC market cap would be around $350 billion and 1 BTC would be worth $20,588. In order for the crypto market to recover, we need to be able to see its future potential value.
Bitcoin's price history went from $0 to $20K in eight years with years of price stagnation in between and a recent dive from ATH down to the bottom that is somewhere around $6,500.
What a ride!
The mainstream crowds came and left and those of us still on the wagon fear falling off and yet we hold for dear life because the life of Bitcoin is one that created an entire industry.
If you hold the slightest regard for history, you know that Bitcoin is crypto and crypto is blockchain and blockchain is the future that is happening now. It's an industry that is creating jobs and inspiring people to learn and grow and push forward at full force because we have a chance of creating a new way of doing business and work and play and we're at the forefront of a new industrial revolution. And it all started with the big B that used to be small not that long ago.
Bitcoin's mega rise was met with the development of the following:
At the time of this writing a single Bitcoin can be bought for $6,879.18 which means that we're once again in a recovery period, the third one in a three-month period.
I just sold everything to buy back in lower. So don't worry guys it's about to shoot back up so I'm forced to Fomo back in for half of what I had. ~ r/Bitcoin
The above is a message of stoic sacrifice made by a believer who is willing to lose to stay in the game knowing that the Bitcoin game is a game changer on a grand scale and we must keep moving forward despite the obstacles paving the way.
To be a true believer, it is important to see the bigger picture. We now have over 1,500 cryptocurrencies, up from 1 back in 2009. New ICOs and new cryptos are popping up every day and upping the game in the process. Big and small real world integrations and partnerships are happening and Bitcoin is a mainstream news topic.
At the same time, the price of Bitcoin is not only nowhere near ATH, it's nowhere near 50% of its ATH. Predictions by proponents for this year range from $1,600 to $50,000 because 'no one knows'.
As of this writing, the total crypto market cap is nearly $200 billion down from where it was less than 6 weeks ago and traders speculate that ETC (ethereum classic) is being added by Coinbase because it's a safer bet than the previously announced ERC20 tokens and because of the upcoming ETH/ETC PeaceRelay which will inter-connect the two blockchains.
Coinbase's intention is not to sell ETC directly just yet, but to make ETC available for trading to institutional investors, observe the liquidity and then decide whether to sell ETC alongside BTC, BCH, ETH and LTC on Coinbase.
The announcement caused a slight spike in the price of ETC but being valued at only $15, it's still $30 below its ATH.
At the same time, Binance added ETC/BNB and ETC/USDT trading pairs and the Ethereum Classic Labs, a well funded, world class ETC-based blockchain startup incubator, was launched.
Ethereum Classic Labs, an incubator platform on the $ETC network with $50 million in initial operating capital will stimulate the launch of high quality projects on the ETC network! ~ ETC Cooperative (Twitter@ETCCooperative)
Based purely on these developments, ETC can be expected to climb the ladder this year, from the 18th place up to the top 10. This could lead to a market cap of a couple billion and a price range of $30-$60 per coin.
Additionally, there are those who still expect the overall market to recover this coming summer/fall season and more so toward the end of the year, which could, technically, double or triple crypto prices in general.
Of course, let's remember that this is all hypothetical because, as they say in crypto, 'no one knows'.