Mark Mason
Well-known member
Deep Fried Crypto Chicken: The Chicken/Egg Problem
In the first several years of Bitcoin’s existence, the early adopters (the innovators along the adoption lifecycle curve) were almost universally freedom advocates and crypto-nerds. After it started to catch on a bit, the first speculators started to invest. Though freedom advocates were hopeful, there wasn’t much real world utility just yet (simply peer-to-peer people exchanges) and most transactions occurred within the bubble of the cryptoverse.
At some point, some merchants began to accept cryptocurrencies and utility began to expand. As the value of cryptocurrencies rose though, a massive amount of speculative investment was injected. And of course, we all know what happened at the end of 2017 where Bitcoin’s price (Bitcoin, beyond all others, hogged the news), and even more dramatically, Dash’s price mooned to all time highs. At that moment a bubble had formed and FOMOs jumped in (mainstreet speculators) further driving the prices up.
POP!
The bubble popped after a critical mass of people leapt on the boat and then collectively said, “Now what?”
“Cue the Naysayers!” was the title of the article I wrote addressing the blowback of negative publicity and sentiment (t0dd). But the article only briefly touched upon the chicken-and-egg problem we have with cryptocurrencies. Let’s expand on that a bit more…
Read more: https://www.dashforcenews.com/deep-fried-crypto-chicken/
In the first several years of Bitcoin’s existence, the early adopters (the innovators along the adoption lifecycle curve) were almost universally freedom advocates and crypto-nerds. After it started to catch on a bit, the first speculators started to invest. Though freedom advocates were hopeful, there wasn’t much real world utility just yet (simply peer-to-peer people exchanges) and most transactions occurred within the bubble of the cryptoverse.
At some point, some merchants began to accept cryptocurrencies and utility began to expand. As the value of cryptocurrencies rose though, a massive amount of speculative investment was injected. And of course, we all know what happened at the end of 2017 where Bitcoin’s price (Bitcoin, beyond all others, hogged the news), and even more dramatically, Dash’s price mooned to all time highs. At that moment a bubble had formed and FOMOs jumped in (mainstreet speculators) further driving the prices up.
POP!
The bubble popped after a critical mass of people leapt on the boat and then collectively said, “Now what?”
“Cue the Naysayers!” was the title of the article I wrote addressing the blowback of negative publicity and sentiment (t0dd). But the article only briefly touched upon the chicken-and-egg problem we have with cryptocurrencies. Let’s expand on that a bit more…
Read more: https://www.dashforcenews.com/deep-fried-crypto-chicken/