Next to nobody is buying them anymore. Volume is way down - why would you put your hard earned money into something corrupt, manipulated and totally unregulated? Hard-core crypto maniacs will fight and deny such statements, but the truth is that despite the usefulness of blockchain as a technology, MOST cryptocurrencies themselves do not have any useful application. And even if they did, it doesn’t give the cyptocurrency itself any intrinsic value.
The business might have some intellectual property or viable way of making money from their technology, but the coin itself? What’s it useful for? What can you do with it? Nobody really knows what will happen with cryptos, and I myself strongly doubt cryptocurrency will become “legit”. Time will tell. I kind of think it is "telling"...
A lot of people's faith in cryptocurrency has shaken and they have learnt a lesson to not invest in something they do not understand and so now the market is correcting itself.
I was out for dinner the other night with friends family and a few randoms I didn't know... we were all chatty and drinks were going down nicely.. about a hour in someone started talking to me about the stock market and if I thought it was going to crash alike the GFC moment... I shared some of my thoughts and I made a statement that I thought cryptos's will continue to crash hard... To my surprise everyone was quiet and starred at me, about 10 people at our table... then one person said, what is crypto currency? ... I looked around the table and could see the puzzled faces... I asked does anyone know what Crptocurrency or blockchain is... no one, absolutely no one knew what I was talking about... then I said what about Bitcoin.. to which they said, "heard of it, dont understand it..." I asked the table if they wanted me to given them a 5 minute run down on what crypto and blockchain was, surprisingly they were all ears... when I finished I said what do you all think... to which a few of them said "thats crazy man, why would any one put money into that, are they just gambling and living in hope..." ....... one young lady said loudly "it sounds like rich people have figured another way to con people out if their money for nothing"... In truth the subject fizzled rather fast, we all went on drinking and laughing etc etc... but I couldn't help thinking, here I am with 10 people aging from early 20's to mid 40's and everyone thought crypto sounded like a con... the bear market is now proving that there is little to no interest in these plays as most of them arnt even asset backed..
The only way the bull market will return to crypto's will be when they start to prove a real necessity in the real world of financial transactions.. due to the volatility of cryptos I dont think it will ever happen... As a business man I would never except crypto as currency, as payment is delayed via transfer and it could have lost high %'s in the process of transfer... Fiat currency is no where as volatile...I personally think the bear market has only just started in the crypto world... hundreds of ICO's and Crypto's are just going to vanish next year... over 2000 crypto's and tokens, over 90% are useless for and have no real worth.. this is a gamblers game...
In the current volatility of the over all stock market, crypto plays would be a massive high risk... if you can read charts and understand the markets in general then there could be some easy money to by made here by shorting such stocks
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