At best Libra will become a glorified version of Wirex, PayPal or some other platform that already exists.
It won't be a currency, solve counter party risk or serve as a bridge.
Their own plans arent even surviving the white paper stage -> https://www.reuters.com/article/us-imf-worldbank-facebook-idUSKBN1WZ0NX
@geezfund I have some minor stakes in major coins, and indirect exposure through business loans to crypto-farms. I HODL coins more for FOMO than anything else. I think crypto and blockchain has come to stay, but mom-and-pop investors will not make too much money out of it, only big companies and institutional investors.
@maybewei I think it would be correct to say that we need a more stable market before crypto-currency based blockchain technology can be better utilized, and a big market correction, once the market cap becomes large enough, will hopefully cause the needed stability. I'm not so sure about non-crypto based blockchain.
I actually don't really like that 'burst' term at all. The dotcom bubble "burst" sent the whole market down 78%:
The crypto market cap is down almost 70% from its high in January of $830B, (a much faster crash compared to the dotcom crash, and we could still head lower) so technically it has burst, according to the standard definition of the term.
This has happened many times in the cypto market, BTC leads the charge in this area, but it always bounces back very strong, which is why predictions like this aren't completely crazy, especially considering how small the crypto market cap is compared with that of other markets:
This is why I don't really like the term "bubble burst". I think 'market correction' makes more sense, at this market cap size anyway.
Interpret as you may, the vast majority of bitcoins are owned by a very few, many of them early adopters and very likely know each other personally, and probably and all that collusion and volatility is making them richer. Yes some at the top of the list are exchanges but without regulation and proper oversight I can't see a future. I don't even know why it's called a cryptocurrency when it obvious doesn't function as a currency but more as a speculative asset to get rich.
This recent drop has caused a lot mental distress and suicides, I can't imagine if it drops even further and causes more pain to the people who have poured their life saving into this.