I am from the STEM field and take serious efforts to unfold the truth around new technologies.
My experiments with crypto technologies, such as Blockchain, and other Distributed Ledger Technologies, discovered many flaws.
The crypto community doesn't want to talk about the problems. They overlook the problematic issues and celebrate the hypes. There should be more tech innovation on decentralized technologies.
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Elon Musk had commented about Bitcoin, and its price skyrocketed
Earlier, Elon Musk, the owner of the famous electric car Tesla had announced taking payments by Bitcoin. And, the price tag of Bitcoin shot to almost the US$ 60k mark! People started to speculate that the Bitcoin price tag would soon touch the US$ 100k mark. These are insane reactions (I think) from the crypto community.
Does it contribute to the growth of cryptocurrencies? Maybe, or may not be. But the news of Elon Musk's announcement played a trigger to create hype around the crypto domain.
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Later Elon Musk stopped selling Tesla via Bitcoin payment
The price tag of Bitcoin suddenly dropped when Elon Must announced that Tesla wouldn't sell their cars through Bitcoin payment.
It is also news that influenced Bitcoin negatively. In other words, a negative hype had driven the market away from Bitcoin.
The first endorsement of Musk pushed the Bitcoin price rise, and Musk's last announcement acted as a negative endorsement. As a result, the Bitcoin price fell.
The general crypto market was also affected by this news.
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Hypes drive the Crypto World. Do you agree?
Cryptocurrencies lovers and enthusiasts have some role in the fate of cryptocurrencies. At least, they are the mass who help propagate a new hype among the net users, especially the social media audience.
Everybody understands how powerful are the common mass in propagating hypes on social media.
The crypto enthusiasts, lovers, and quasi-experts of cryptocurrencies play the most critical roles in propagating news hype.
The crypto players must develop a way to have a mechanism to control the growth of the crypto business.
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Last words but not the final words
The cryptocurrency market is always influenced by news hype.
Although the financial world mostly depends on prediction and forecasting, the world relies on the physical resources available on the planet.
Actual values come from earthly assets, not digital and virtual assets.
In theory, money may increase, but the actual energy resources of the planet are continually decreasing.
There must be a way to sustain economic development along with the resources of the planet.
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Other articles in the series
1) "Decentralized Versus Centralized Money,"
https://www.publish0x.com/techfuture/decentralized-versus-centralized-money-xooklon
2) "Think about a world without fiat currencies,"
https://www.publish0x.com/techfuture/think-about-a-world-without-fiat-currencies-xoormjk
3) "Blockchain's Private Key-Loss Conundrum."
https://www.publish0x.com/techfuture/blockchains-private-key-loss-conundrum-xdgdedo
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Cheers! Debesh Choudhury
Join me at Odysee, LinkedIn, Twitter, Publish0x, and Facebook
Text Copyright © 2021 Debesh Choudhury — All Rights Reserved
Thumbnail Photo by David McBee from Pexels
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