As markets turn to the red and mark deeper losses, the enthusiasm from months past is going quickly.
As Bitcoin seems to be fighting an uphill battle when it comes to market prices, and is unable to recover to $10,000, John McAfee came with a statement of warning and wry encouragement:
Others have commented on the unhealthy overheating of the market, and the potential to turn crypto coins and other assets into just a fad. So far, crypto coins have not made solid forays into fintech and banking, and still remain in niche usage, or as theoretical propositions.
The trends of the past few weeks show that the interest in the world of crypto coins only strengthened in the past three months of 2017, when mainstream media interest increased. Now, searches for Bitcoin have fallen across the board.
But the lack of visible enthusiasm also goes along with a continued work on projects and technologies. While on the surface prices go up and down, for many projects development remains robust. Unfortunately, many ICOs stagnate and fail to deliver a revolutionary product, but others manage to grow and become established.
Scams Ruin Crypto’s Image
In the past three months, the crypto community also became beleaguered by repeated scams of every form. Some are annoying, but any time a scheme is discovered, this is a hit at the image of crypto coins.
Scams range from impersonations on Twitter to hidden pyramid schemes in ICO referral programs, or mining contracts. There are also prominent pyramid schemes with very public crashes, starting with BitConnect, and moving over to Davor Coin and similar overhyped earnings offers.
Recently, Jackson Palmer, creator of Doge Coin, explored some of the decentralization claims for coins.
There are still many issues regarding mining, energy usage, and the influence of various mining pools and other entities.
The other disappointment came from ambitious projects where the market price spiked on frenzied buying, but then crashed quickly as volumes dwindled back to low levels. Projects like TEZOS, EOS, and Cardano promised a lot, but now struggle at much lower price ranges. Others got caught in the IOTA hype, buying up MIOTA above $5 before it crashed back to around $1.30.
And in the recent days, market prices turn to red more often, while only niche assets go through a short-lived spike on sudden, but short-lived hype. Trading volumes have also fallen significantly, and BTC trading against fiat is only partial, the rest relying on pairings with Tether, or altcoins.
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