The Beginning of the END?

Bitcoin is down 40%, but it wasn't long ago it was around 10,000 so you could still be up big in a short time.   I hear daily about new cryptos being created and touted as the new thing.  It will fracture the interest in the big cryptos and cause them all to collapse.  The interesting thing is when it collapses 99%, what will happen then.  The myriad of dot.com stocks are all out of business is huge, but out of the collapse came facebook, amazon, the "big boys".  If cryptos are the future, the time will be coming where maybe you might want to throw $1000 dollars into the ones that seem to be surviving/still functioning.  The trash and useless ones will go away, and we will be left with just a few and they might be worth thrown $1000 dollars or so (maybe 1 to 2 percent of your money), just on the off chance that it is really what they are touting (future of money).  I won't invest anymore than that, because I am still not entirely sure that the entire market will not be replaced by something more "official".  

Since the end of all the "free" money is coming to a slow, grinding halt, I am expecting things to start to go down, like stocks, bitcoin, the high-flying stocks like GME, Telsa, ARKK.   Companies that are worth fractions of what they are selling for right now.   I don't know if the cryptos are enough to pull everything down with it or if it will be isolated, but as with the housing bubble, it has the potential to crash.   

What I figure is most likely to occur, is that we have multiple crashes that feed on each other and spread, the cyrptos, housing prices, and the "new tech" all go down together.   I guess the only question is if we see a bounce where Bitcoin gets to back to 50,000 and then it all goes down in flames, or is just goes straight down.  

Dear Cryptocurrency millionaires

 Maybe cryptocurrency will replace current fiat money, but not right now.  The problem i have is that right now cash is cheap to exchange.  It is basically free in a lot of cases to give someone 100 dollars or less.  And it can almost always being instantaneous.   Paying for pizza is easy with dollars.  The bitcoin transaction is neither.  The average bitcoin transaction costs $23 dollars, and/or it takes a couple of days.  How does this work in everyday life?  Also, everyone says it is "easy" to use bitcoin, but you have to have a wallet, remember your keys and password, and you hear stories about people losing one or both of them.  So it isn't as safe or easy as cash.

One of the "pluses" for bitcoin is that it is limited in the amount of bitcoin available.  But I keep reading about different cyptos being launched weekly, sometimes daily.   This is like the dot com bubble where everyone just came up with an idea, somehow made it show up on the internet, and slapped ".com" to their name and made lots of money.  Is bitcoin the amazon or facebook of cyptos, or is it the pets.com or myspace of cryptos.  No one knows.  All that has to happen is for some crypto to come along that "solves" the problems of bitcoin and the rest of the cryptos, and all the current ones become worthless.   Really, this could be "fedCoin" or "USAcoin" or ChinaCoin" or why not "AmazonCoin".  

Everyday you hear about people making millions in cryptos.  I heard the same thing in 1999 and early 2000.   Then all of a sudden, it was about people who "HAD" millions, and no longer had anything.  And the had already spent some of that money, but now it was gone.  If you have big gains, I suggest taking some profits, at least 25% or more, and diversifying.   Buy gold, keep cash, buy stable company stocks.  Pay off your mortgage maybe.  Just don't keep 100% or 99.9% of your wealth in a speculative bubbly asset(?).