IS BITCOIN OUT OF DATE? IS IT THE PETS.COM OF BLOCKCHAIN?
Hello wolves, I know a lot of you are starting to get distressed or disheartened with the latest BTC drop - we have since fallen out of the long-term bear pennant, as predicted. With our next supports at 6400 and then 5900-5800 as our sort of last line of defence, in our opinion, before we could see a free fall to the 3k mark, this brings hard times for the whole market.
What will save bitcoin? We need a catalyst, if you look at the situation logically, BTC isn't just going to boom for no reason. People talk of mass adoption and all of this, but in the end, none of that will happen overnight, we need a catalyst, we need a reason for the rest of the world to buy BTC again, it's not just going to happen out of nowhere. Back in December it was classic fomo, we had every cat, dog, auntie, nanna and gamps buying BTC, they had no idea on what it was or how it or the blockchain worked, but it was going up and they wanted to get rich from this magical currency that went from $100 to 20k in 5 mins (obviously not literal wolves, but you know what we mean)
So what is going to be the catalyst for the next bull run? What is it? Because we need to face some hard truths right now, bitcoin is out of date, there are faster, safer, more anonymous coins out there, so, I will ask you again, what is the new catalyst, what is the new pivot point that will take BTC on a bull run? There isn't one in the foreseeable future. Even with high profile execs saying its the world currency, we are getting negative movement. There is no need for BTC to be the base currency and there is no reason why all other coins should be tied too it, it is too volatile.
Perhaps one day when it stabilises, once all BTC are mined and we get some small % movements like gold, then it can be the base currency, but until then, altcoins need to move away from BTC and have fiat pairs.
Is this satoshis vision? NO, sadly its not, but BTC is out of date, its been the catalyst blockchain technology has needed to breakout and become well known enough for the great minds of the the tech and business industries to see its potential and utilise, harness and develop the technology and in that way BTC has served its purpose.
If you look at pets.com during the internet bubble in 1999, we had a leader in the dot-com field and blazed the way for other companies that are, today, some of the most dominant corporations in the world (Amazon for example) but pets.com didnt have a viable business plan, it didn't develop, it didn't adapt and eventually went under. The same could happen with BTC, with new currencies developing and adapting every day, striving to improve and take advantage of the newfound blockchain technology, will BTC fall behind and eventually become obsolete like pets.com whilst companies like ETH or LTC (plus countless others, some of which may not exist) move forward and become the new Amazon of the blockchain boom? For now, we are in a huge grey area wolves and we have no choice but to sit back and speculate a turning point in history, no matter the outcome, these coming months will be spoken about for years to come just as the dot-com boom was.
NOTE: This is merly an oppinion peice and all comments/feedback/arguments/discussions are welcome, please feel free to comment below or join our free discord for more indepth discussion?
What will save bitcoin? We need a catalyst, if you look at the situation logically, BTC isn't just going to boom for no reason. People talk of mass adoption and all of this, but in the end, none of that will happen overnight, we need a catalyst, we need a reason for the rest of the world to buy BTC again, it's not just going to happen out of nowhere. Back in December it was classic fomo, we had every cat, dog, auntie, nanna and gamps buying BTC, they had no idea on what it was or how it or the blockchain worked, but it was going up and they wanted to get rich from this magical currency that went from $100 to 20k in 5 mins (obviously not literal wolves, but you know what we mean)
So what is going to be the catalyst for the next bull run? What is it? Because we need to face some hard truths right now, bitcoin is out of date, there are faster, safer, more anonymous coins out there, so, I will ask you again, what is the new catalyst, what is the new pivot point that will take BTC on a bull run? There isn't one in the foreseeable future. Even with high profile execs saying its the world currency, we are getting negative movement. There is no need for BTC to be the base currency and there is no reason why all other coins should be tied too it, it is too volatile.
Perhaps one day when it stabilises, once all BTC are mined and we get some small % movements like gold, then it can be the base currency, but until then, altcoins need to move away from BTC and have fiat pairs.
Is this satoshis vision? NO, sadly its not, but BTC is out of date, its been the catalyst blockchain technology has needed to breakout and become well known enough for the great minds of the the tech and business industries to see its potential and utilise, harness and develop the technology and in that way BTC has served its purpose.
If you look at pets.com during the internet bubble in 1999, we had a leader in the dot-com field and blazed the way for other companies that are, today, some of the most dominant corporations in the world (Amazon for example) but pets.com didnt have a viable business plan, it didn't develop, it didn't adapt and eventually went under. The same could happen with BTC, with new currencies developing and adapting every day, striving to improve and take advantage of the newfound blockchain technology, will BTC fall behind and eventually become obsolete like pets.com whilst companies like ETH or LTC (plus countless others, some of which may not exist) move forward and become the new Amazon of the blockchain boom? For now, we are in a huge grey area wolves and we have no choice but to sit back and speculate a turning point in history, no matter the outcome, these coming months will be spoken about for years to come just as the dot-com boom was.
NOTE: This is merly an oppinion peice and all comments/feedback/arguments/discussions are welcome, please feel free to comment below or join our free discord for more indepth discussion?
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