Everyone has heard stories of high school kids who became millionaires mining, collecting and trading cryptocurrencies. Their coins mooned. They became rich. They bought their lambos.
As a result, we have scores of hopefuls who want their moon lambos too.
But the market has changed.
Bitcoin ($7,315.16 – 5/27/18), the crypto reserve currency, reached its ATH back in December 2017 only to drop like a rock from nearly $20,000 mid December to less than $7,000 in early February – a loss of 60% in 45 days.
The Whales of Crypto
It took 8 years for Bitcoin to go from $0 to $20,000 and during that time, crypto billionaires were made.
They are the bitcoin billionaires and to some of them fiat currency is ‘like Monopoly money’.
CEO of ShapeShift (crypto exchange)
Money and State (blog)
Erik Voorhees (@ErikVoorhees) | Twitter
“Crypto assets are not mutually exclusive. They don’t grow by competing with each other. The entire industry is growing by competing with traditional finance.” ~ Erik Voorhees
Andreas M. Antonopoulos
Open blockchain expert
Mastering Bitcoin (bestselling author)
@aantonop (Medium blog)
Andreas M. Antonopoulos (@aantonop) | Twitter
“I’m passionate about this technology and the ways it can be used to give choice to the choiceless, voice to the voiceless, and power to the powerless.” ~ Andreas M. Antonopoulos
Andreessen Horowitz (venture capital)
Marc Andreessen (@pmarca) | Twitterhttps://twitter.com/pmarca
— Marc Andreessen (@pmarca) June 9, 2017
Nick Szabo (Satoshi Nakamoto?)
Computer science scholar
Nick Szabo (@NickSzabo4) | Twitter
“Bitcoin is the most secure financial network on the planet. But its centralized peripheral companies are among the most insecure.” ~ Nick Szabo
Adamant Research (editor in chief)
Economist (Austrian economics)
Tuur Demeester (@TuurDemeester) | Twitter
[Nov 10, 2012]
Keiser Report (host)
Bitcoin advocate since 2011
Max Keiser (@maxkeiser) | Twitter
“Bitcoin represents the first major breakthrough in economics and finance since double-entry bookkeeping was invented in 1494, and activists need to embrace its power.” ~ Max Keiser
Bitcoin Core (original developer)
Bitcoin Foundation (founder)
Gavin Andresen (@gavinandresen) | Twitter
“Not as rich as you think…” ~ GavinAndresen.ninja
@barmstrong (Medium blog)
Brian Armstrong (@brian_armstrong) | Twitter
“An employee asked me recently how we’re creating an open financial system if we’re a centralized company.” ~ Brian Armstrong
Roger Ver (@rogerkver) | Twitter
“The “moderation” policy of /r/Bitcoin is nearly identical to the “moderation” policy of the Chinese government.” ~ Roger Ver
Cameron and Tyler Winklevoss
Winklevoss Capital Management
Cameron Winklevoss (@winklevoss) | Twitter
The Winklevoss brothers are believed to have gained and lost $1 billion worth of Bitcoin, and Gavin Andresen, one of the original Bitcoin Core developers, writes that the early BTC devs aren’t as rich today as one might think.
As they say, it’s not what you’ve got, but how you use it.
What these guys are using is influence. The influence they’ve earned through participation. Bitcoin and the crypto market would have never become what they are today had there not been people who chose to participate in something that had no monetary value back in 2009.
The guy who paid the equivalent of $80 million in BTC for 2 pizzas back in 2010 (~ $200 million in Dec 2017) missed the boat. He saw pizza as being more valuable than the potential value of Bitcoin 8 years into the future.
And it was well known, from the get-go, that there would be 21 million BTC at a projected price of $1 million per coin in the year 2020. That would be a $21 trillion market cap. Compared to the global stock market cap of $69 trillion in 2015, not entirely impossible. John McAfee, another wealthy influencer, is a believer.
Note that the original idea was that Bitcoin would be the one and only decentralized currency. If that was the case today, the BTC market cap would be around $350 billion and 1 BTC would be worth $20,588.
In order for the crypto market to recover, we need to be able to see its future potential value. One way to do this is to DYOR.
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