Sorry for lack of updates to this thread; summer is pretty busy and all, and with the lack of "excitement" around the bitcoin price, I haven't been all that driven to update things.
However, this week I thought I should update; so, here's what the graphs look like to the current point in time:
Hm. Not bvery exciting. What happened to the cycle this time? Well, let's change the scale of the graph and look again:
Wow... much more interesting. While not the desired highs I think we were all expecting, this cycle certainly seems to be repeating the same pattern as before. As I have been thinking all along, the price is showing a similar fractal nature to what we see in nature. In fact, if you look at the size of the scaling on the graphs, we have been reducing the overall scale each time, from 30x -> 10x -> 2x (in terms of actual dollar value).
Also, if we highlight what I am trying to identify as corresponding events in each cycle, it looks like this:
What's especially interesting in this is that not only is the amplitude of the cycle decreased, the duration seems to have as well. I think this can all be attributed to Bitcoin reaching a local saturation point; not that we're anywhere near potential capacity, but we are in terms of current TPS as well as users. We have reached the chasm, and now need to truly cross it into mainstream if we expect to see significant growth in the future.
However, there is still hope for the outlook; check out the log graph and trendlines below; we have slowed down on growth, but definitely are still growing (and more closely sticking to the exponential growth curve rather than wildly fluctuating):
I've been looking into Monero recently, and it seems very interesting.
Does anyone accept Monero at this point?
I would invest in some, but Im afraid it will be just another alt-coin that is never used for anything besides exchange trading.
Does anyone accept Monero at this point?
I would invest in some, but Im afraid it will be just another alt-coin that is never used for anything besides exchange trading.
I personally wouldn't expect a large adoption of any other coin than Bitcoin at the moment. The overall market for crypto is not large enough to support many players at significant levels. There are always new coins coming around that show potential for various reasons, but unless either they unseat Bitcoin as top dog or the overall market/userbase explodes, I don't think you could expect large adoption of other coins. Still possibly very good for trading gains if you know what you're doing, but ATM not more beyond that.