Crypto is NOT easy...

Boxmining

25.0K views 1,094 6 years ago

Description

As we sink further into the bear market, its important remind ourselves that we're all in this together. The Bitcoin bear market is a stark reminder that this space is not easy, it's not about overnig...

As we sink further into the bear market, its important remind ourselves that we're all in this together. The Bitcoin bear market is a stark reminder that this space is not easy, it's not about overnight Lambos but rather a hard grind to acceptance and adoption. Submit a small clip of your views on Blockchain and the Bear market - send it to share@boxmining.com Join the telegram group at : https://t.me/boxminingChannel 👍🏻Subscribe to Boxmining for Daily CryptoNews and Altcoin explainers: https://www.youtube.com/c/boxmining 👑Recommended Exchange - Binance: https://goo.gl/joe55C 🔒Hardware Wallet: https://www.ledgerwallet.com/r/428b 📲Mobile Wallet: https://enjinwallet.io/ Brave Browser: https://brave.com/box831 #Bitcoin #Ethereum #Cryptocurrency #Crypto #Altcoins ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● Telegram groups: Telegram Discussion Group: https://t.me/boxminingChannel Telegram Announcements: https://t.me/boxminingChannel ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● ♨️Social: Steemit: https://steemit.com/@boxmining Twitter: https://twitter.com/boxmining Facebook: https://www.facebook.com/boxmining ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● I'm not a professional financial adviser and you should always do your own research. I may hold the cryptocurrencies talked about in the video. ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬●

AI Analysis

If you're still navigating the choppy waters of the crypto market, congratulations – you're a survivor! This video dives into the current bear market, acknowledging how tough it is to stay in the game while highlighting the significant technological advancements happening behind the scenes. It's a candid look at the challenges, the misconceptions, and the true grit required to be part of the crypto journey, emphasizing that it's a marathon of adoption and building, not a sprint to overnight riches.

Here's a deeper look into the challenges and opportunities in the crypto space:

* The Harsh Reality of the Bear Market:
* Despite a lot of positive news like more people entering the space, new exchanges, and increased accessibility, cryptocurrencies have continued to drop, experiencing a major correction recently.
* The core issue is that crypto is incredibly hard to price; it's not like evaluating traditional equities or stocks. For something like Bitcoin, it's a currency, but its real-world use cases are still largely unrealized.
* Bitcoin's current transaction speed of only around four or five transactions per second makes it impractical for everyday use, like buying coffee. There's still a massive amount of infrastructure and development needed.
* It takes immense courage and dedication to continue researching and staying involved in this space during such times.

* Dispelling Crypto Myths and Overcoming Bias:
* The story of buying pizza with 10,000 Bitcoin highlights how crazy it must have seemed at the time to exchange real money for "magic money" with no intrinsic value, yet it paid off immensely for the buyer.
* There's a significant "survivor bias" in crypto; you mainly hear about the big success stories and "moon Lambos," while people who sold at a loss are less likely to share their experiences. This can create an unrealistic perception of easy wealth.
* The reality is that crypto is not about overnight riches; it's an arduous journey of believing in a nascent technology when most people think it's completely insane or pointless.

* The Underlying Progress and Why It Matters:
* Despite the market downturn and public interest waning after significant losses earlier in the year, the technology itself is advancing at an incredibly rapid pace.
* Key scaling solutions are emerging: The Lightning Network is coming online to help Bitcoin scale, and Ethereum is developing multiple solutions like sharding and plasma.
* Beyond just currencies, blockchain technology is finding new applications in various industries, such as solving supply chain management issues and enabling decentralized computation, even rivaling established cloud services.
* It's important to do fundamental analysis and understand how Bitcoin, Ethereum, and new solutions like sharding truly work. The real value is in providing a new layer of decentralized trust, which is a powerful and valuable concept worth exploring further.

* The Importance of Community and Learning from Mistakes:
* Going through a bear market is challenging, and it's crucial to have a supportive community to discuss new technologies, share feelings, and vent frustrations. Being isolated in your own "bubble" is detrimental.
* Personally, a big mistake was hiding during a previous bear market when Bitcoin was at $10. Selling at $15 on MTGOX and not storing crypto safely led to losing interest and missing out on the birth of technologies like Ethereum.
* It's easy to get into a depressive state during a bear market, but paradoxically, that's often when significant new technologies are born.
* Being a "survivor" isn't easy; it means learning from past failures and committing not to repeat them.
* It's encouraged to share your feelings about the current market and trends, and even share your location, to highlight the global nature of the crypto community and show that "we're in this together."

Transcript

So if you're watching this video right now, give yourself a pat on the back because you're a survivor. And that's what it really takes to be in the cryptocurrency scene. We've been through a lot and in crypto we're going to be going through a lot more of that. If you think about it, the past week we had a major correction. In fact, cryptocurrencies dropped yet again. And this is despite all the good news coming out. It just seems like there's a disparity between this kind of news about more peo...

So if you're watching this video right now, give yourself a pat on the back because you're a survivor. And that's what it really takes to be in the cryptocurrency scene. We've been through a lot and in crypto we're going to be going through a lot more of that. If you think about it, the past week we had a major correction. In fact, cryptocurrencies dropped yet again. And this is despite all the good news coming out. It just seems like there's a disparity between this kind of news about more people coming in, more exchanges being set up, more accessibility. And yet crypto is dropping. Why is that? It's because crypto at its very core, it's still very hard to evaluate how to even price this. I mean, it's not equity. It's not stock, especially something like Bitcoin. It's a currency. And what is it used for? There's still many potential use cases, but none of them are exactly really realized right now. Does a currency kind of even work, function as a currency in its current state? No. Around four or five transactions per second, it's not going to solve anyone's problem. It can't be used to buy copy. What can it be used for? There still needs to be a lot to be built right now in crypto. So you must have some really big guts to survive in this space, to still continue researching. And I respect anyone who's out here like this because just thinking all the way back to even when the first Bitcoin transaction happened. Think about that one. The first Bitcoin transaction, the story that you all know, the first Bitcoin transaction was someone wanted to buy pizza with 10,000 Bitcoin. It might sound crazy back in the day, like right now, but just think about back in the day what it would have felt like. You could have just eaten that pizza. Hell, man, pizza's great. You could have just eaten that pizza, but instead you switched it out. You swapped it for 10,000 Bitcoin. What if this learned money that has no intrinsic value that someone just left the computer on and started creating this magic money? Like how crazy are you to spend actual real money to buy that? That doesn't make any sense whatsoever. And in crypto, we also have insane survivor bias. That is the fact that when we talk to crypto, to our friends and people near us, they remember the successes or you pay more attention to the successes. And if people sold and lost money, they're very unlikely to tell us that they sold or got into Bitcoin and lost money. So as a result, you hear a lot of big, big success stories. Those moon lambos. Honestly, we know now that crypto is not like that. It's one hell of a ride. It's believing in a technology when no one else would. And to even expand upon that technology when it seems like it is completely insane. It seems pointless to even try to go do so. But now the good news is this. The good news is that more and more people are acknowledging it. It might take a while. I'm not going to say it's going to go on a bull run anytime soon. It's probably not. The fact is that right now public interest into crypto, especially because a lot of people lost a lot of money back in January, it's hard to get excited for again. But at the same time, the technology itself is moving at a very rapid phase forward. We have the Lightning Network coming forward to help scale Bitcoin. Ethereum has multiple solutions like sharding or plasma. We have new applications of blockchain technology. For example, industry cases where it solves supply chain management. Or we have decentralized computation. Something to even rival ECs to. And this is what I'm researching in my spare time nowadays. I'm A, trying to learn how to make more interesting videos. This is why I'm trying to film outside for once. Let's go outside, get some air, enjoy all that we have here. Might be sunny and I don't know. Today is really weird. It's cloudy and then it was thundering like three seconds later. So anyways, for me personally, I'm looking a lot into the technology itself. I know it's so weird to do fundamental analysis at this time. But at the same time, I want to find and reinforce what I know already in terms of how Bitcoin, Ethereum and even sharding works. Then we want to explore the new applications as well. What new applications can we do? Because this is not just about currencies now. It's about providing a layer of trust, providing a layer of decentralized trust. And that's a very valuable concept. So I want to explore upon this more. I want to comment upon that more. And I would like to talk to you about that more as well. Recently, I like to say that come on Telegram. You know, this is the best place to talk about new and discuss new technologies. Discuss what we're feeling. Share our feelings. Because going through this, we're in this together. And having a place to discuss and vent your feelings is a great and much healthier way to do so. Because when I was just hiding, when I just started, I just hid in my own little bubble. I didn't understand everything. I didn't talk to people. And that was the biggest mistake of my life. Because at that time, when Bitcoin was $10, I decided to sell $15. I used MTGOX. I didn't store cryptocurrencies in a safe place. And I lost interest because I felt like it was a very depressive state. It was in a bear market. And it's easy to lose ourselves. But ironically, that was when a lot of new technologies like Ethereum was born. So I missed out on that one. So being someone who died and came back, I can tell you being a survivor is not easy. I failed at it once, in fact. And I'm never going to make that mistake again. I'll love to hear what you're feeling as well. I'm filming outside and I'd like to invite you to do so as well. I'd love to hear what you're feeling too. And I want to see what your kind of location is. Crypto is global. We should show that and show off what we have. So why don't we do this event? Why don't you film what you think about this current market, current trend, and talk about current trends that you like. The details of how to do this, I'll put down a link below. And we'll just try to organize it on Telegram. Thank you guys so much for watching. I hope you guys survive and have a great day. See you next time.