Even though I'm a huge advocate and have participated in the circulation of cryptocurrency over the last several years, I still think cryptocurrency overvalued. But hold up! Don't you dare go on Social Media and give your opinion about Cryptocurrency, unless you're saying buy it! Just a friendly warning to you.
Crazy People And Their Cryptocurrency
Is me or all the people that thought they were going to be a Beanie Baby Millionaires, not same people turned crypto investors the past/last two months? Some of these people are just plain mad. To me, the whole tidal wave of what I call #Cryptomadness is spreading on Social Media like wildfire. Ordinary joes turn crypto experts in a single bound. No name people with crazy hair selling crypto expertise. And even famous (using that term loosely) social media personalities are cashing in on the crypto craze. I guess if you painfully watch and read some of these mind-numbing Youtube videos and Reddit threads on Cryptocurrency, you deserve the title of crypto expert. Lol People I've known for years are jumping aboard and buying the new digital currencies left and right. Not on sound financial advice, or research, nope. Just buying crypto up because a geeky personality online or friend told them it was cutting edge and everybody making a killing.
CryptoHater Is How Your Labeled
That's right, say one negative thing about cryptocurrency or the current price of specific cryptocurrency; hate will descend upon you like the ten plagues of Egypt. Trust me I know. I don't mind being a labeled a Cryptohater; it's not the truth, but I'll take the title. Having some skepticism in any industry, financial market or anything is a good thing, not bad. Challenging views in the cryptocurrency marketplace is good for the following reasons in my opinion
- Makes the industry stronger.
- Spawns more research and better information.
- Keeps the whole cryptomarket honest (soon to be seen)
In My Experience, MLM Cryptocurrency Promoters Are The Worst
Recently this week I wrote a post about Bitcoin MLMs and Crypto MLMs in general. My argument was the approach MLM marketers always use, and the cryptocurrency packages their promoting are risky. And yes, indeed there is a lot of risk involved. But, I'm a shithead for pointing that out and pointing out the fact they're only promoting the exciting upside of crypto investing and crypto mining, shame on me. Most MLM marketers sound like they care about people and them missing an opportunity of a lifetime. But we all know that isn't always the case. 99.9% of the time it's a self-serving intent. Wouldn't be refreshing to have someone be honest and lay out the risks and the reward equally? I think so.
Some Cryptocurrencies Will Fail, And Prices Will Fall
If you got into buying into cryptocurrency on the hype of a steady climb of profits for the unforeseeable future, disappointment is coming. Did you start investing in crypto in last two months? If so, get ready to lose some money.
If you started buying cryptocurrencies (i.e., such as Bitcoin or Ethereum) six or more months ago, you don't have much to lose, but it's still a gamble at best. The price of cryptocurrencies, in general, are in a bubble. That's not my opinion, but an opinion of financial market experts. Not your Facebook friend that turned into a crypto expert overnight. I even posted the similarities of the dot-com bubble of the 90s, but I had Facebook crazy people telling me I was a loser, small-minded, and didn't know what I was talking about, ok sure. The sad fact is when it falls (bubble bursts) it might dwarf the 90s tech bubble. A market correction or collapse, it will be a painful education for some people.
If never happens, come back here and tell me I was wrong.(won't happen)
Now to end this post, I want to finish this…If you want to buy and use cryptocurrency, I think that's awesome. Using cryptocurrency helps blockchains mature and promotes the technology. Now if you're thinking about investing in cryptocurrencies be cautious. Just like any bull market, investing in anything when the market is up is just dumb advice all the way around. And lastly, do your research in these new altcoins (ICOs) that are being churned out before buying it lock, stock, and barrel.
It a new and exciting world out there, but it still ok to question and to be a little skeptical, there's nothing wrong with that! If you have an opinion about Bitcoin and cryptocurrency in general, please leave them below. Unlike some people on social media, enjoy hearing views.