There are few questions which come in everyone's mind who is trying to enter in Cryptocurrency or skeptical about Cryptocurrency.
Here's my take on those questions:
Except insane valuation and madness, what's the real purpose of Crypto?
Crypto and Blockchain based decentralization will bring lot of new applications which haven't been seen by us yet.
Bitcoin is just one application (as currency), Ripple is trying to becoming a bank currency, Tron trying to get in game. And defintely Steemit is one of the best apps based on blockchain!
The technology is completely new and not mature enough, so lot of experimentation is going on.
We can compare current phase in the crypto market to the dot com bubble.
Here's how I see it:
Web 1.0 - Websites
Web 2.0 - Social Media Platforms
Web 3.0 - Blockchain based decentralized apps. eg., Steemit, busy.org, earn.com
Are these coins and ICOs in a bubble stage?
My take: YES. From a valuation and regulation perspective, there's definitely a mad rush. Lot of scams along with good initiatives.
How long will this bubble last?
That's something nobody knows...1 yr, 10 yrs, 50 yrs.
But at the end of this bubble of insane valuation there would still be amazing Blockchain technology, ICOs and coins, which will make a difference.
Why such insane valuation? How long will it continue?
Crypto market is still very new. People/traders are still joining in and lot of money is flowing in.
Insane valuations will be there for quite some time. If not for Bitcoin then some other coin.
If this is a bubble, then why are you in Crypto trading?
I am just riding on the wave and trying to make some money (hopefully) while learning more about Blockchain technology which I believe will be the future.
Now here's my question to you guys
To Ride or Not to Ride this Wave...What's your choice!!?
Feel free to comment and please upvote if you like my post!