A few days ago the John Oliver show featured cryptocurrencies. The host, douche John Oliver, filtered the entire show under his usual politically correct, liberal propaganda. Although he made some excellent points, almost all of them had ridiculous fallacies. Much like most TV Shows, he degenerated the entire presentation so that he can get his ideological point across.
It is true that Blockchain technologies have yet to be matured and that in the near future they might even not appear like we know them today. All this 'Bitcoin revolution' can vanish and get replaced by a few projects like Hashgraph or Neno that use entirely different technologies — even though they are based on the same principle. Nonetheless, this is not beanie babies type of bubble and this is what he gets wrong right off the bat to kick off the sentiment of the show.
The entire space is full of scams. More than 99% I would say. The reason is quite simple. Most Venture Capitalists loaded way before 2016 when we saw the boom. Companies like XAPO or Coinbase pumped the space with the early adopters. These investors then continued doing their own ICOs attracting more capital. The result of this chain reaction was the creation of less and less credible projects to the point of creating tokens like Fuck, Titscoin and etc. Much like a pyramid scheme at the end we get the entire shit served.
What we are seeing in the space up is 'loading and unloading'. What we mean by that is that Companies issue fake tokens such ERC-20 and unload on more legit ones like Bitcoin or Ethereum and then of course Fiat currencies. None of them has a working product yet they are stacking up millions, sometimes billions. It is ridiculous to say the least.
The Brock Pierce reference was spot on. For the first time in the space we have dildos like him, John Mcfee, Ian Balina, Charlie Shrem, Jeff Berwick and the like that got rich by accident — and now they are waving their dick around. From the first time I saw Brock, I realised it was just an insecure douche that was loaded up with drugs and accessories in order to appear "larger" both in figure and in spirit. His presentations are laughable and remind me those of Christian cult conversions. People like him fall as fast as they rise. Even his billion plan for cash out in Puerto Rico by using "humanitarian flags" is rather ridiculous but still believable from most crypto cultists. One can sense the exuberance flowing through him — the one of 'getting rich too fast' and not knowing what to do with it.
John Oliver also makes a great point about the gambling in the crypto space because in reality it is just a huge casino arena where the weakest hands get REKT. Surely as the market goes up, everyone is benefited but it is mostly gambling. Bitcoin is not a better investment than the dollar if it drops to zero.
Everything is a good investment if you cash out on time. The parabolic trends are not going to last forever, surely not with the future in place. The crazy volatility that allows making bank on plebs is going to shrink. The game is just going to get as boring as with NASDAQ and traditional exchanges. Don't be surprised even if CoinMarketCap does not exist. Companies can still create blockchains or tokenized securities without dodgy ERC-20 or pointless forks. Is not that hard.
Most people think that coinmarketcap will replace traditional exchanges. This will never happen. In all likelihood, traditional exchanges and VC's are going to take all that pleb-earned money and pour it into the the traditional economy — much like what Ethereum is doing and much like Neo is doing. Every major player's 'revolution' has officially joined the big boys and trying to get 'legit'. Including Bitcoin. What, you thought the crypto clowns are going to run the world?
So to sum it up, no John Oliver, crypto is not a bubble that will become obsolete soon like beanie babies. It is not a complete scam. Some projects are going to survive and at some point on or two products will gain public momentum. Until then though his narrative is much more convincing than any white papers I have read so far.
