Exponential growth or compound interest, investment, wealth or income rising graph, business … [+]
It was a long time ago that I wrote an article here saying that Dogecoin was going to be big. For a long time, I had to look up the price of Doge on July 23, 2018.
It used to be about 0.3 cents, now it's 15 cents, but with Elon Musk's best care, it's over 65 cents. This is what cryptocurrencies are all about, you can make huge profits with just a crazy idea. (Just to be clear, I sold my entire Bitcoin for $1 million, so it was OK, but OooohKay was not.)
The problem with Bitcoin is that these days, at least in real terms, it doesn't go up 45x like the Doge. The only thing that could happen is if the dollar collapses to a fraction of its current value. This is not impossible, but the 100 times that crypto residents dream of in terms of capital growth is no longer possible except in the imagination of pump men.Bitcoin
Bitcoin
So, in order to get rich quick and “degen” real cryptocurrencies, you need to keep an eye out for new meme coins that appear regularly, which, frankly, is pure gambling. What you need to be “authentic” and have great success is finding something new, fresh, and exciting that actually becomes something and develops into a community and an ecosystem.
To me, when I look at what's going on, there seems to be a distinct lack of “newness”. This isn't all that surprising, as the crypto world is busy copying old ideas and bound by US regulations eager to play whack-a-mole with unicorn-looking projects. You don't have to be on the FTX spectrum to get slammed by regulators. Coinbase or Uniswap is also fine
uniswap
Ethereum
So let's start a protest around “Project A” or “Project B,” which supporters will say is innovative, brilliant, and a counterexample. However, especially when looking at the past, I feel that this type of project is on a weak footing. Furthermore, when new projects go public, they are often “valued” in the hundreds of millions of dollars in terms of token valuation and supply, when in reality the project itself is an aspirational business plan by a small number of developers. It's not too much.
So what should I do?
The simple answer is to keep looking for opportunities, and they will come.
The most exciting development for me is returning to Bitcoinland and having the technology tied into the BTC master blockchain rather than being part of the Ethereum explosion.
Last year saw the arrival of Ordinal, and now the next generation of ideas and technology is here. runes. To my surprise, I was given a runestone (without asking or even knowing I had it) because I was minting ordinal numbers like crazy. As an art collector, I was drawn to NFTs, but although I was late to the game by missing out on cheap punks and monkeys, I still ended up picking up some NFTs. If you have the collector's gene, you know how certain types of junk can have an irresistible appeal. For me, NFTs are about the digital generation and the oneness with all things digital. For my generation, it might have been baseball cards and stamps, but for younger generations, bitmaps are just as powerful, if not more so. However, like Dogecoin, the 45x multiplier for NFTs is over, and similarly for Cryptopunk, the floor price will never reach £5 million unless there is hyperinflation.
What I need is something new, “new, new”, and for me that is Rune.
Runes are similar to Bitcoin NFTs, and as I write, Runes still have the potential for power law growth. Which rune? It hasn't been revealed yet, but the game is on. The important thing is that it's a champagne or nothing situation, as the loons are either caught or not. Similarly, ordinals are still valid and can become nova or disappear on the vine.
Both are worth paying attention to. Because if you focus a little bit, you'll be part of a small group of people who can feel the ecosystem and whether it's going to take off.
Bitcoin and other established names will never grow exponentially again like they have in the past, but new crypto categories will emerge that start small and explode big. So that's what we need to focus on, and it's just the simple discipline of continuing to look in the crypto investment space to find the next opportunity before many others see it. Now, the latest potential monster egg is Rune, which is currently hatching. There may be others.
