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0 sats \ 1 reply \ @moneroshill 29 Aug 2022 \ parent \ on: I'm really liking this discount ₿itcoin these days. bitcoin
I predict that the entire crypto market will crash. It is hard to describe in detail why I feel this way, but the big picture is that the value that cryptocurrency provides to users (as a payment network) is not enough to support its valuation (I think this is true for every cryptocurrency currently on the market). The vast majority of cryptocurrency is in a speculative investment shell game, which will collapse whenever people get bored and try to cash out.
I do not believe in the arguments that cryptocurrency is a store of value merely because it is scarce. That is basically a circular argument: you are saying that it is valuable because people will think that it is valuable in the future. The "expectation of value" could be used to justify low volatility, but it cannot support the valuation by itself. In order for bitcoin (and others!) to succeed, it must be more than a store of value.
Few cryptocurrencies will really recover from the crash. The only two that come to mind are Bitcoin (due to its legacy and name recognition) and Monero (due to its resilient user-base and demand in the DNM), but they will be significantly crippled in hashrate and price - I expect a 2-4x slash in price.
In the long term, I don't expect bitcoin to survive for technical and social reasons. The problem is that most bitcoiners are not really proactive about improving bitcoin since the XT fork, and bitcoin will require proactive change in order to continue running and growing.
Lol I don't see how monero survives, they totally overvalue the TAM for buying things that are deemed taboo, and disregard the fact that cash is a superior form of doing private transactions because of its instant settlement for taboo products and services.
As moneras blockchain bloat grows, who is going to care to run a node for something you hardly use? You can't save it in because no one knows the supply so yes monero will fail because it's core base will continue to erode while they're not really appealing to anyone new.
Most shitcoiners want jpegs
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