WHAT DOES IT MATTER IF THE MARKET GOES UP OR DOWN?
We've seen green candles for the past 24 hours. Bitcoin is trading above $30,000 again and everyone is bullish (again). Everyone but me. I do not own Bitcoin and I probably would never own one. This does not mean there is anything wrong with Bitcoin per se. It is just not the coin for me. If it was left to Bitcoin I probably would have never gotten into cryptocurrency because, to date, the idea of hodling and speculating on something doesn't sit well with me. I understand the important role Bitcoin plays in decentralising our financial system--which is what I care about--but it cannot be only Bitcoin, right?
I was listening to a clip of an interview featuring the CEO of BlackRock, Larry Fink, were he spoke about the future of finance which is cryptocurrency, and he intentionally did not mention Bitcoin (or maybe he was just trying to be careful). The point is everyone with a functioning brain and an insight into the traditional financial system knows what is about to happen. The government is trying to delay and control the inevitable, and big corporations like Blackrock have been buying in for years.
Bitcoin has been the face of decentralised finance, but I am willing to bet that this won't be the case for long. Above is a pie chart of the crypto market. Over 73% of the value in this space is held by the least innovative blockchains. This facade is not sustainable in the long run. It only takes a handful of people coming into this space and using the technology to realise that these blockchains are not useable on a large scale.
The crypto industry is not going to look like anything we imagined in the future. The more I explore this space the more this becomes apparent to me, but most people do not care about this or anything asides from their bags (which is not bad). Evidently, these big corporations will buy us out because I do not know that many people holding Bitcoin for altruistic reasons. I have always opined that this fight for a decentralised world is between Big Tech vs The government and not the masses because we do not care too much about our liberties. This is a conversation for another day.
The major positive of selling our bags to institutional investors is that we can create more (they call it magic Internet money for a reason). Blockchain technology is important. It is a technology accessible to anyone. However, what makes it valuable are the people who use and run the infrastructure that makes peer-to-peer transactions seamless and secure, and this cannot be bought. The big corporations can come in with their money, and those who care remotely about decentralisation can take their money and fork away. Rinse and repeat.
So in a nutshell it does not matter which way the market sways, fundamentally those who innovate and bring value to this space will be rewarded. This is why I care little about the market. Also, I have no control over how the market sways. What’s important to me is that i build and support my community. This is more wholesome than drooling over institutional money.
Image illustrations by Storyset
Posted Using LeoFinance Alpha
well, for a crypto investor like me that earns and survives through crypto, it matters a lot, because it affects how much the value of what i earn is
Well I think there is a big difference between being a trader and a long term investor. If you are a trader than of course the market will matter a lot to you. But for the vast majority of people in this space, this isn't the case.
While the rise in price might not really matter, afterall we're not out of the gutters yet, crypto thrives on news. People want to hear positive things. It pushes a buying or selling reaction out of them. Not that it is the right way, but it is the way.
I don reply this comment since morning 😭 why are non of my comments showing. I don even forget wetin I talk. God abeg.
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Sell them what we have on a particular chain, move to a freer country, and start another chain while living like kings?
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They don't call it the magic internet money for nothing 🤡
Yes! For the green candles or blues indicating the bullish market, but market doesn't stay longer and it has to reverse. However it would also depends on the strong support that it forms. So, at times it maybe trading bullish for longer time.
This isn't what I covered in this post ser...
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STOPThis resonates with me so much. I just write because I love to write. I am ready to take the bull with the bear. At the end of the day what matters is that you've made some meaningful contribution, associated with like minded people thereby growing your fund of knowledge and possibly made friends or even helped someone grow.
Have a wonderful day and a great weekend @nonsowrites ( wishing you in advance)
You couldn't have said it any better. The value here for most of us is the community and the relationship we've built over time. The money is a bonus.
Thanks for stopping by.
Great points you make here! The market will always do its thing of going up or down. What matters more to me is the underlying technology and how it is being developed to create better products and services. That's what excites me more than the price fluctuations.
Even if you want to make money in this space, the market cycle won't necessarily stop you. Finding where you can add value is the key. No one controls the market and it is a futile pursuit trying to time it. Some have tried and succeded but that's not the case for the vast majority of people who do.
Indeed! The vast majority who are not traders are better off finding their 'niche' and adding value to it. The fundamental rules still apply in this space.