Is anyone surprised? We’re at the tail end of a crypto bubble.
-@VitalikButerin July 31st, 2018
Vitalik tweeted this yesterday.
During January of 2018 Coinbase saw a peak of around 126 million visits, dropping off to a mere 29 million by June of 2018. Is these decrease in activity a sign the crypto-bubble is ending? Or are we simply seeing new trends and habits that we simply have not seen before, as this economy is still so fresh. Coinbase also only offers a handful of assets, while the alt-coin market exploded this year, as well as tons of other crypto-exchanges opening up.
Where is cryptocurrency heading?
As Vitalik has pretty much stated, he believes the current direction for cryptocurrency adoption is possibly the wrong one. With the current focus being ETFs and other incentives to grow prices and the market, we are losing sight of the actual direction we should be heading. If the community focused on making cryptocurrency easier for the consumer to use on a daily basis, adoption could have sparked, and along with it the market rising.
I think there’s too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.
-@VitalikButerin July 29th, 2018
The community has a lot to learn from Vitalik, our young pioneer of blockchain technology. Adoption of cryptocurrency and blockchain is the most important aspect, profiting is the last.
Here is a quote from the Coinbase CEO, Brian Armstrong, on the subject:
The crypto industry is like no other I’ve seen – lots of up and down cycles (reaching a new plateau each time). There have been 3 or 4 of these now. It can be scary the first time you see it, but to us who have been in the industry for many years, it feels like old news.
When there is hype, people are irrationally exuberant. When there is despair, people are irrationally pessimistic. Neither is true. Reality is always somewhere in the middle, more correlated with real usage (transactions per day) than the price.
After many years of this, I’ve come to enjoy the down cycles in crypto prices more. It gets rid of the people who are in it for the wrong reasons, and it gives us an opportunity to keep making progress while everyone else gets distracted.
We use the down cycles to build a strong foundation so we can thrive in the next growth cycle.
– Coinbase CEO, Brian Armstrong