History Repeats Itself in the Crypto Market

In early 2013 I decided it was time to upgrade my laptop.

Up until then I had a 17-inch Toshiba laptop. It was a beast (relative to the mid-2000s). It had like 4GB of RAM and an NVIDIA GeForce GPU packed in. And with a 17” screen it was also handy as a TV.

I’d even bought one of those USB digital tuners that you could plug in and use the laptop as a TV. That was until I bought a TV for my room.

Anyway, I digress. I’d had the Toshiba all the way through from probably 2007 to 2013. That meant the Toshiba was my initial portal into the world of bitcoin and crypto. It was on that Toshiba that I first found my way into different forums like Bitcointalk and spent many late nights sifting through page after page of (mainly drivel, but some useful) user posts.

There was even a period of time when I was kickin’ it as a bachelor. So when you’re at home mid-week and bored what else do you do as a single guy? Browse internet forums about tech, is what you do, thank you very much! Get your mind out of the gutter…

Oh and occasionally play a lot of PS3 games.

That Toshiba and I were practically joined at the hip. But like all good hardware relationships there came a point when we just had to part ways. It wasn’t that Toshiba couldn’t perform anymore, it was still a work horse. It’s just that time had left it behind — and a dicky screen was on the blink. It meant it was time to split up for good.

I miss that computer. Weird I know. But I usually get emotionally attached to tech I’m particularly fond of.

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A trip down the applications rabbit hole

I’ve still got a Sharp portable Mini-Disc player I got in 1999 in storage. It doesn’t work — at least I haven’t tried with any great vigor to resurrect it, one day maybe I will.

I’m also quite attached to my first iPhone, the iPhone 3G. It’s not the original iPhone but it wasn’t far off. I’ve also got a defunct 4th Gen iPod from 2004 that still feels as good in the hand today as it did in 2004. Only it doesn’t work anymore — I guess it wasn’t a great idea taking it snowboarding at Mt. Buller…

Anyway that Toshiba was retired, and the upgrade came in the way of a mid-2012 MacBook Pro (MBP). Now if I thought the Toshiba was a workhorse, the MBP…well it was just on another level.

With a 2.9 GHz Dual Core Intel i7, 8GB DDR3 RAM and an Intel 4000 1536MB GPU, it was like lightning and smashed through intensive apps like Final Cut Pro. It was, and still is, the workhorse I needed to do everything I needed to do.

I’m also quite attached to my MBP now too. It’s been with me now for six years. It’s almost family. The only problem is when you’ve had a laptop with you for so long it starts to get a little battle worn.

Like the Toshiba, the MBP has six years of files, installations and open and close cycles that have been taking a toll. But considering the age, up until recently it was actually humming along just fine. And then came Mojave.

Apple’s latest operating system, Mojave, has almost rendered my MBP useless. Applications now grind through the rainbow wheel of insanity, and sometimes just booting up can take 10 minutes.

The specs of the MBP are still top notch though. Even today that kind of power is all I really need for the bulk of my portable work. When I’m ‘in the field’ the MBP is my travel companion. It’s been on more overseas trips with me than my wife.

But now after the Mojave update, I’m fearful it’s over, just like it was with Toshiba. But I’m not giving up on the MBP just yet. I decided to give it a dose of TLC, cleaned it up a bit, went through everything and looked at where we could get it (and our relationship) back in shape.

And that inevitably led me to the ‘Library > Application Support’ folders. Now if you have a Mac and you’re not very tech savvy you won’t know about this space. Apple keeps it hidden from most. Why? I have no idea.

But the library and application support folders are buried in the hard drive and hold most of the applications you’ve installed over time. You’d think the ‘Applications’ section would have all these, but it doesn’t.

The real history books of your Mac apps are in the Library > Application Support folder.

And it’s in here that I found myself, looking for old files, folders and application I could trim off and revitalize the MBP.

And I found a treasure trove of applications I’d completely forgotten about, some dating back to 2013 and 2014 that were really interesting.

History repeats

Bitcoin, BlackCoin, CloakCoin, Darkcoin, Libertycoin, MaxCoin, Multibit, StealthCoin, X11Coin and then a few more recent ones like Armory, Ethereum Wallet, Mist, Neon and Ledger Live.

These are all crypto wallet files. And potentially, crypto wallet files that include backups of wallets that maybe, just maybe, still have a bunch of crypto on them.

What we know is that Libertycoin and X11 Coin no longer exist. They’re dead. Crypto projects that failed, disappeared, or were ultimately scams.

The rest are alive and well. Bitcoin, obviously we know about that. Blackcoin, Cloakcoin, Stealthcoin all promised great things in the early days around privacy and anonymous transactions. They’re all still working on things. Maxcoin has a chequered past and is virtually worthless with no trading markets — but it’s still alive.

And Darkcoin, well that was one we should have stuck with for the long haul. That’s now Dash. But we’re not going to linger too long on the ‘what could have been’.

I bring up this little personal history of a few of the old ‘alts’ from back in the day for a reason. Back in 2013 and 2014 these all went through one of the wildest boom and busts you’ve ever seen.

Chances are you didn’t see it actually. But we did. It was vicious. But not just vicious in terms of the value boom and bust, but the toxic, abusive, FUD-filled communities that came with such volatile markets.

What’s uncanny is that it’s nearly exactly the same thing that’s happening now in the crypto markets. The immense boom and bust brings with it every fan boy and fan girl in the world who thinks their coin is ‘the one coin to rule them all’. You often hear them being called ‘maximalists’.

The same things happened in the early days. And as we know, things went quiet for a while before we had another boom and bust. Rinse and repeat, but on a bigger scale with more users, more people involved, more crypto to choose from and exponentially more value on the table.

And it’s our view, having been through all this now twice in less than 10 years, that it’s going to happen again. And it will be on an even bigger scale than 2017/18 with more users, more people involved, even more crypto to choose from and again, exponentially more value on the table.

It’s coming, and we’re prepared for it, are you?

We’re now going to reinstall those old wallets, see if there’s any legacy crypto kicking around. And we’ve even managed to dig up the Toshiba’s old hard drive. Maybe there’s a few BTC kicking about on it too that we’ve forgotten about — maybe…maybe not.

Either way it’ll bring a tear to the eye to boot up the Toshiba’s hard drive and reunite again, if only for posterity and not prosperity.


Sam Volkering,
Contributing Editor, Money Morning

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