One of the problems regarding crypto is that because it’s so nascent, people are struggling to (1) understand wtf it is and (2) develop a logical framework to evaluate it.
You’ll see that many people QUICKLY come to the conclusion that it is worthless because there is no valuation framework. *snorts*
Well, I can see why a lot of people have this misunderstanding. They are reading trashy clickbait news articles or reading sarcastic tweets by pseudo-anonymous twitter accounts (like mine).
Most of the “analysis” on cryptocurrency is unfortunately, technical analysis, and…. ba dum tss
Whoa whoa whoa whoa. Stop right there, chartist.
WHY do I say that TA in crypto is useless?
Well, firstly, there is no universal base. Unlike stocks, which are priced in the local currency that it trades on, cryptocurrency is traded against every fiat imaginable, as well as OTHER cryptocurrencies. Result? There are 100s of charts for the same asset. So if