breaking crypto news
The "Experts" Are Getting Crypto All Wrong
Bitcoin peaked about per month ago, on December 17, at a high of nearly $20,000. As I write, the cryptocurrency is under $11,000... a lack of about 45%. That's a lot more than $150 billion in lost market cap.
Cue much hand-wringing and gnashing of teeth in the crypto-commentarial. Its neck-and-neck, but I do believe the "I-told-you-so" crowd has got the edge within the "excuse-makers."
Here's finished: If you don't just lost your shirt on bitcoin, this doesn't matter at all. And odds are, the "experts" you may see in the press aren't letting you know why.
In fact, bit coin’s crash is wonderful... because it means we can all just stop thinking about breaking crypto news currencies altogether.
The Death of Bitcoin...
In a 12 months, people won't be referring to bitcoin in the line at the food store or on the bus, since they are now. Here's why.
Bitcoin is the item of justified frustration. Its designer explicitly said the crypto currency was a reaction to government abuse of fiat currencies like the dollar or euro. It was supposed to offer an unbiased, peer-to-peer payment system based on a virtual currency that couldn't be debased, since there clearly was a finite number of them.
That dream has long since been jettisoned and only raw speculation. Ironically, most people worry about bitcoin because it appears as though a simple way to obtain more fiat currency! They don't own it because they would like to buy pizzas or gas with it.
Besides being truly a terrible method to transact electronically - it's agonizingly slow - bitcoin's success as a speculative play has made it useless as a currency. Why would anyone spend it if it's appreciating so fast? Who would accept one when it's depreciating rapidly?
Bitcoin can also be a significant source of pollution. It requires 351 kilowatt-hours of electricity simply to process one transaction - which also releases 172 kilograms of carbon dioxide into the atmosphere. That's enough to power one U.S. household for a year. The power consumed by all bitcoin mining currently could power almost 4 million U.S. households for a year.
Paradoxically, bitcoin's success as a conventional speculative play - not its envisaged libertarian uses - has attracted government crackdown.
China, South Korea, Germany, Switzerland and France have implemented, or are considering, bans or limitations on bitcoin trading. Several intergovernmental organizations have needed concerted action to rein in the obvious bubble. The U.S. Securities and Exchange Commission, which once seemed more likely to approve bitcoin-based financial derivatives, now seems hesitant.
And in accordance with Investing.com: "The European Union is implementing stricter rules to stop money laundering and terrorism financing on virtual currency platforms. Additionally it is looking at limits on crypto currency trading."
We might see a functional, widely accepted crypto currency someday, however it won't be bitcoin.
... But a Boost for Crypto Assets
Good. Getting over bitcoin we can see where the actual value of crypto assets lies. Here's how.
To utilize the New York subway system, you need tokens. You can't utilize them to get anything else... although you might sell them to a person who wanted to utilize the subway a lot more than you.