1/ If cryptoasset prices are giving you anxiety, you have two choices:
1. Reevaluate your view of crypto.
2. Xanax
1. Reevaluate your view of crypto.
2. Xanax
2/ It’s quite likely prices will go down before they go up.
It’s even more likely that it will take quite some time for cryptoassets to reach their all-time highs again.
It’s even more likely that it will take quite some time for cryptoassets to reach their all-time highs again.
3/ There was not a single cryptoasset a month ago that was properly valued— we were in the midst of mania.
Even today I’d argue that almost all assets are overvalued given their current utility.
Even today I’d argue that almost all assets are overvalued given their current utility.
4/ The reason why I’ve publicly stated previously that I wouldn’t mind seeing the cryptoasset prices go down 90% is multifaceted, but there are a few key reasons:
5/
1. This technology doesn’t scale yet: look at Bitcoin Tx fees, Cryptokitties’ impact on the Ethereum network, and don’t start talking about other blockchains because hardly anyone is using them. Furthermore, “Scalability solutions” really aren’t live yet besides SegWit (lol.)
1. This technology doesn’t scale yet: look at Bitcoin Tx fees, Cryptokitties’ impact on the Ethereum network, and don’t start talking about other blockchains because hardly anyone is using them. Furthermore, “Scalability solutions” really aren’t live yet besides SegWit (lol.)
6/
2. Despite immense potential, very few actual blockchain use cases are in production yet. Until actual deployment of blockchain technology necessitates the use of native cryptoassets, their value is derived almost entirely from speculation. On that note...
2. Despite immense potential, very few actual blockchain use cases are in production yet. Until actual deployment of blockchain technology necessitates the use of native cryptoassets, their value is derived almost entirely from speculation. On that note...
7/
3... while speculation isn’t inherently bad for the market (any of us who invested are speculating,) what *IS* bad is the inflow of dumb money. That sort of money causes crashes and is what we saw a month ago. The lack of investor education is astounding. Ignorance is rife.
3... while speculation isn’t inherently bad for the market (any of us who invested are speculating,) what *IS* bad is the inflow of dumb money. That sort of money causes crashes and is what we saw a month ago. The lack of investor education is astounding. Ignorance is rife.
8/ Thus, a holistic outlook on cryptoassets should be relatively sobering. We have a lot of work to do.
9/ That being said, if you’ve invested in cryptoassets (no matter at what price point) you’ve still likely made the best investment of your life, assuming you haven’t invested in crapcoins or ponzis.
The key is to just appreciate the nascency of your investment.
The key is to just appreciate the nascency of your investment.
10/ Sit back, HODL, and enjoy the ride.
The price today is solely a reflection of sentiment— not technology advancement or failure.
Follow the tech, not the prices, and don’t actually take Xanax 😂
The price today is solely a reflection of sentiment— not technology advancement or failure.
Follow the tech, not the prices, and don’t actually take Xanax 😂
