Warning: funny but profanity ahead!
It's hard to keep up with Bitcoin's crazy valuation, you see that as per usual altcoins are down while Bitcoin is pumping but to what?
Futures
As of Sunday Bitcoin Futures on Wall Street! But this is old news since Bloomberg article wrote about it more than a month ago. Well when things got too crazy today I pulled out but just a little too late, ZeroHedge and ABCNews just wrote it got to over $19000]!
Alt coins, buy but when?
As you can see when Bitcoin goes batshit crazy everything gets exchanged into Bitcoin. Well not everything but there is one guy in the Netherlands who solds his company, house and what not for Bitcoin and now lives in camp. True story.
So I was looking at EOS and Bitshares but they went up quite a bit. Now that btc.com mentions BitCoin unconfirmed transactions sitting at 163.15 MB you might guess what that did with the price going over $19000 today. I even see my exchange waiting for BitSamp.net but nothing coming back… Well according to them BTC = $15526.40 right now.
Crazy Shit Storm
So Clif High wasn't off by predicting these crazy times of volatility in his latest Alta Reports ($99 each). I think the backlog will drive the price down and if Wall Street goes well I guess BTC will rise again, to where? Well Clif predicted $13800 for next February, now it's $40k for May.. I guess the answer is volatility ahead. Bitcoin unstuck = price goes up. Alt coins go down. Until the masses get it. But unless Bitocin gets competition as the entry point to crypto (for fiat) Bitcoin is goin to be in favour of the market.
Historic visual timeline of payment disruptors
With that in mind, you might want to know what the future holds. Well I suggest taking a look at this always excellent infographic of the Visual Capitalist
Even with the precipitous rise of Bitcoin and its incredible journey to $10,000 and beyond, it’s still easy to underestimate the real possibilities in a decentralized, blockchain-based payments world. Various types of payments will be automated with smart contracts, and many of the world’s largest banks are already deep in experimentation with digital currencies.
In an ultra rosy scenario, it’s even imaginable to say that fiat currency may one day be obsolete. There are still many challenges to overcome, of course, but the blockchain could soon be ubiquitous in everyday payments at a societal level.
You don't say! Of course, who is paying with gold or silver coins!
Why crypto is the future but until then it's Wild West
I'm talking about crypto being too liquid for it's own good. Insecure wallets, centralized exchanges and other cockups. No wonder older people stay the fuck away from crypto. And we have to change that. Make better UX, explain like I'm 5. Don't have everything you have on a wallet in your Android phone or Windows PC. No no no no. Appstores like Apple's OK, no wonder EOS will use Apple's secure enclave on iOS. But stay away from Google PlayStore is my suggestion. Keep that for small time trading. Break up your keys and give shards to friends you really trust. But I see other dangers ahead too...
Opportunity for some = danger for others
Look at where high frequency trading got us. During dinner I was litterally thinking about writing a trading bot because things were so bat shit crazy. But first I have to figure out how BitShares permissions work, because trading on a DEX like BitShares makes the most sense because of the fees.
So yeah I wish that everyone has a good and basic fair income but who's going to do it? Crypto isn't going to allow it automatically but at least we can do something for the unbanked with efforts like BitSpark. Now that we can easily buy shares by ICO's or what not we can influence a whole lot.
Keep that in mind.
Thanks for reading!