Who's into Bitcoin or Other Crypto???

[Luke Mitchell]

Hey guys! Yesterday, I made my first investment into Bitcoin! I plan on buying into Litecoin and a few other very small crypto. Is anyone else involved in Bitcoin or crypto currencies? I'm also planning to invest into Forex before the summer of 18'. Have a great weekend!!!

[Shiloh Lundahl]

@Luke Mitchell, @Layla Lucas, @Jerry Shen, @Karen Margrave, @James Allen, @Taye N., @Bob Langworthy, @Jonathan R., @Liam M., @Sandi Storck, @Wayne Brooks Is it just me, or does anyone else on this site recognize how the crypto currency boom and bust bubble has followed the same pattern as the dot com boom and bust bubble?

In the 90’s the Internet was started by a bunch of computer geeks. A few years go by and then the Internet gets a large boost in growth due to people who are looking for anonymous chat rooms, pornography, or other types of behaviors in which people want to remain anonymous. Then people figure out that people can make money online and then everybody wants to be a part of it. But that only lasted a short while until people figured out that many of these dot com websites had no business model. And then people started selling off causing the dot com bubble to burst. However, within a few years, the Internet gained traction until it hit mass adoption. The concept was good but the implementation the first time around did not work. The concept had to make sure, and the details had to be re-worked, but ultimately it hit mass adoption.

Crypto currency has followed the same pattern. It was created by a bunch of computer geeks. Then it was used for underground or immoral types of activities. Then people figured out that crypto currency could become a viable form of currency and that the concept had real value. As people saw that, they started to put money into crypto currency. Then because of FOMO (fear of missing out) tons and tons of money went in to the crypto currency market without thinking about the sustainablity of the specific coin that people were investing in. After realizing the most of the coins had no business model and it was all speculation, the crypto currency bubble burst last year losing 80% or so of its inflated value.

Now crypto is positioned to do what the internet did in the 2000’s. It is ready for mass adoption. According to some of the experts in the crypto field, in order for mass adoption to happen, there needs to be a crypto that solves the 5 problems that it faces today.

1. Transaction processing on average is too long

2. Transaction fees are too high

3. The price needs to be stabilizable

4. The specific currency needs to be accepted by enough merchants to make it worth using by a customer

5. In order for enough merchants to be willing to accept it, there needs to be enough people using that specific currency.

Once all of these problems get solved, whichever crypto currency can make this happen will dominate the market.