Bitcoin is a Pestilence // Whos staying if we hit the ATL?
The crypto bloodbath continues. Bitcoin, the dick that it is, has plunged the alt-market even lower today. Steem is now moving around $0.11...
Its coming very close to the all time low of $0.07.
Once/if we hit the all time lows or even go down to $0.05 (which isnt out of the question) what will this platform turn into? Whos sticking around? I know i am...
I dont know exactly when the witnesses start going into the red. I heard its sub 1 cent during the Mira talks.
But no matter, its going to be a rough ride.
I keep on repeating that Bitcoin is a pestilence. Out of all the other tokens i can say that i despise it the most. It does jackshit when it comes to crypto adoption, it cant compete as a means of payment with any other legacy option and its a terrible store of value. All it has is the brand.
When the market is solely moved by Bitcoin all that ends up happening is legit projects disappearing and exchanges becoming crypto whales. Bitcoin is detrimental to crypto which is why ill never buy a single satoshi.
Bitcoin took over the whole market and with every drop it drastically hurts the alts.
It seems that if you can pump and dump Bitcoin for long enough of time you could wipe out the alt market due to the dominance of trading bot speculators that run the alt market and make trades almost exclusively based on Bitcoin price movement.
Can that last???
There must be a point, a true bottom, when the speculators lose grip and the crypto comes into the hands of those that actually use it.
What if the stock market capitalization moved solely based on the performance of the Apple stock? Or Microsoft stock?
Not until bitcoin fades away into the mid of the MC table where it belongs based on its fundamentals will we leave infancy and projects with true potential can take flight.
Jesus.... Ive said it a million times... Give Steem ETH market cap and you have a facebook rival. You transform the whole space. All of these top 10 cryptos have extremely low potential for anything and bitcoin is leading the pack keeping the whole ecosystem in the state of stagnation.
Steem on.
Active Steem members are dropping by the month. But I do not think much more will leave. Simply because there are not many more left. :p
The stupidest thing you can do is to leave and continue posting on a platform that pays you nothing while leaving your stake behind you. If you believe we're going under, the smartest thing you can do is power down and sell. Under that scenario, whether you should continue to post depends on how much you're making in dollars and how you value your time spent here. It makes sense to continue even if it feels like a chore as long as you get adequately compensated. If you enjoy it, then it might be worth doing even if it cost you money.
Now it's your time to get reactively emotional.
In the blockchain space, you can't get all of the three at once: decentralization, security and scalability.
Bitcoin has the highest security and decentralization. Bitcoin and gold are the hardest forms of money humanity has ever had. The protocol is sound and has withstood a decade of attacks. It is best suited as the basis of a new monetary system after the major fiat currencies have all been driven to the ground. Governments love freely inflatable fiat money because it allows them to keep funding their war machines without having to directly tax their citizens to the poorhouse. In doing so, they rob their citizens blind. Once that has run its course, it's time for try something else.
Steem's value proposition is enabling freedom of speech. The high and unstable inflation of STEEM makes it impossible for STEEM to become a widely used currency. It will remain an utility token limited to this platform.
Fiat currencies are propped up by the fact that governments have tools of coercion at their disposal to make using them the path of least resistance and the fact that central banks have hoarded a full third of all existing physical gold.
If Bitcoin grows sufficiently and if fiat currencies continue to be debased at an accelerating rate, central banks may begin to purchase Bitcoin to gain possession of currency with a hard cap. To make Bitcoin more spendable in small amounts, second-tier solutions like the Lightning Network will be required.
Steem is capable of growing on its own accord but that requires much greater adoption. The upcoming months are critical. With Communities in place, Steem will be able to offer a better user experience. It is then when, marketing will have to kick into a high gear to maximize our numbers. The value of Steem is in the number of its users.
Now, whisper with me.
Penny STEEM
Oh, look, we bounced back 1 cent. All is good, Bitcoin rocks... haha.
Steem to $10!
That’s when you whale up and be the next generation of
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