As we move into 2018 I have been talking to a bunch of people about crypto (not actual talking with my mouth, don't be crazy!) and it seems a lot of people have a different definition of "long term" and what to hold means.
For some it seems if they hold on to a currency for a couple of weeks that is a long time, and then there are others I spoke to who are looking 5 years down the line.
How long are you planning for? Do you day trade or are you hodling for years?
For me I can see my chosen currencies as growing in 2018 at least.
Of course, technology moves fast. People could wholesale dump a coin and send it to zero.
But I still think we are just at the beginning.
Early adoption
I did an informal survey of my friends and got a fascinating response.
My network is full of people who got in early to stuff. There are people in my friends list who worked on the early DARPA tech, Apple ][ software, etc. I was on bulletin boards in the late 1980s and rode the dotcom boom and bust. There is a lot familiar here ... and yet a lot of this network have not jumped onto crypto, but are watching it.
People think they already missed the boat, but the crypto world is like the world of the web in 1994!
- It's complex
- It's got barriers to entry
- The upside is enormous
- Culturally it's going to be hugely disruptive
- We have no idea what the final killer applications will be
That sideline interest will turn to adoption, and the network effects will increase.