Bitcoin is gradually recovering this week leading to steem and other altcoins joining the vibe, hence why we all are seeing positive gains in almost all the top cryptocurrencies –according to coin market cap
This is like a story of the big strong king and his loyal followers who cannot live without their master leading to adversaries targeting to kill the king in order to control the whole kingdom. Is that the case with steem? Will steem ever be independent from bitcoin volatility? Are there pragmatic strategies to employ which will gurantee steem ecosystem independence and thus free itself from bitcoin shadow? Here are some few points:
Bitcoin Dominance: bitcoin is indeed the king and without it, we all will not be here enjoying the gains of blockchain technology. Moreover, most altcoins value are measured in its exchange rate against bitcoin adding to the importance of bitcoin. Furthermore, most haters of cryptocurrencies focus their attack on our king bitcoin , creating fud and doubt around the industry leading to panic / emotional sellers selling their bitcoin at a loss- which in return lead to other coins like steem, eos, ethereum et al catching the cold from bitcoin: where bitcoin goes, all follow. The big question is , does it mean that if bitcoin runs to the pit (hopefully never) , steem and other altcoins will follow? I don’t think so (hopefully ).
Steem Superior Blockchain: steem blockchain processes transactions faster than bitcoin and ethereum combined and home to top platforms and applications (steemit, Dtube, Dlive, Utopia, Dmania, zappl , esteem etc) that adds value to thousands (soon millions ) of people around the world . Moreover, the upcoming SMT and Hfork20 see here shows that steem blockchain adds more value to the real world than EThereum and Bitcoin and a good reason for people to recognize the true value of the technology and thus remove it from bitcoin shadow which is 100% man made. I am bullish about steem -see my former post for reasons : here and optimistic that steem will be out of bitcoin shadows in the near future because of its superiot technology and real life use.
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Click here and read my former post:Fact Cryptocurrencies are on A Long road to recovery & why I am Bullish on Steem
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Once we are out of this crypto bear market the smaller crypto's will probably increase faster in price than BTC. ETH increased way more than BTC in 2017. That is the only pair I know for sure but I would assume hundreds of other tokens had similar experience.
The question is where do we find that next tiny token that will increase a ridiculous amount this year. I have been hearing alot about RVN Raven but have not research enough to explain why this token is needed.
Good point indeed ...I agree. Due dilligence is needed before investing
Please I need your help. Read full discussion on https://steemit.com/steemit/@nasirparwaz/hello-seniors-i-need-help
I noticed it too ie whenever bitcoin bleeds, almost all altcoins including steem bleeds. However as you indicated, steem fundamentals are strong and hopefully steem will be free from bitcoin shadows...thanks, upped 100%
Good point indeed, thanks for your comment.
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You got a 6.35% upvote from @postpromoter courtesy of @charles1!
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Totally agree on this assertion that steem has Superior and faster technology plus processes more transactions . The acceptance is climbing by the day. Nice one as always
a very happy news for me when I learned that bitcoin has recovered that leads to steem and other altcoins join in vibration, therefore I am very happy to read your post. thanks mr @charles1 for this excellent news.
Same here, thanks.
Yes they will.
Cause more applications will be offered and more service will be delivered through new cryptos.
Bitcoin in the best scenario will remain like Gold ounce (a valuable commodity) to the community.
nice and interesting post....if you wanna hear my opinion though....none of the altcoins will ever move out of BTC shadow....never ever...its like you put the question--- will global economy move out of US dolar shadow?...the answer is quick and simple... NO..never!!!...
Good point however never say never. The global economy will move out of USD one day...might take long but it will the same with altcoins moving out of bitcoin shadows...No one rule forever....go and ask your history teacher
That's what history teach us all over and over again. Nothing is forever, especially if it doesn't keep high standards.
World economy can move out of USD shadow when cryptocurrencies will be able to make themselves the alternative of fiat currencies. But the question remains-will US allow cryptocurrencies to destroy its economic backbone i.e. USD?
Very nice and funny sir steem and other altcoin move on shadow of bitcoin and bitcoin is like a dog . Every time moving here and there. Very nice . Mind blowing thanks for share .
Welcome and thanks for your comment
I may have a slightly different approach here. Although I understand and value the desire of other altcoins to remove themselves from bitcoin's shadow, I don't think it will happen for at least a few more years and I think that's a good thing, for their own benefit.
Right now, all or most of the hits directed toward the crypto world generally mean attacks on bitcoin. The shadow is more of a protective shield. Without it, the entire crypto space would be dust in a short while.
In the "shadow" the younger cryptos and blockchains have their chance to thrive. Don't wish for bitcoin's dominance to be less... yet. That time will come. But not yet.
Very good anylsis, thanks for your comment
Bitcoin is the first mover, it has the brand, it has the most trading pairs, it has the public image. If you go talk to regular folk, most of them know very little about cryptocurrency and refer to the whole market as just 'Bitcoins'.
Bitcoin at this stage is digital gold, it is acting as such and is also the gateway the majority of people use to get into the market. It is the gold standard of crypto, if you will. It won't be toppled unless there is a reason, an alternative. This is an extremely young and immature asset class and all the alternatives have not yet reached full potential. just because the Swiss Frank is healthier than the US dollar doesn't mean that everyone will starting trading in it, Bitcoin has the market share and is a lot healthier than the US dollar by comparison. Silver has more utility than gold and is reported to now be rarer but it is gold that sits on the top as king.
I honestly think that Bitcoin will evolve and improve before it is so unhealthy it gets knocked from the top, Steemit is great and Steem should do well as Facebook cannibalises its own user base but it ain't digital gold.
Agree 100%. People tend to miss this point, just because crypto investors are aware that there are possibly other coins with more utility and potential than bitcoin, the money that has entered the market only really knows Bitcoin, thus will more than likely get their feet wet by buying bitcoin first so to speak.
Exactly, the volatility is huge and the gains can be fast in this game. Bitcoin being the standard, the reserve, isn't going to change at such a quick pace as people think. but then again I dunno if I see it staying on top for the usual 80-120 years that traditional fiat reserve currencies historically last for, even if I could live that long.
Good point indeed, thanks for your comment....however in the future, steem will be digital gold...keep steeming to more success
Steem seems to me, the Etherium of a mining based coin that 'mines' by delivering content, it has all these others you mention hanging off its backbone, just like Ether has the ERC-20 token contingency. Like the rest of the alt-coins it does tend to fallback when big daddy BitCoin does and likewise increases too.
I have interests and holdings in the stockmarket as well as a seperate cyprto portfolio and for one wish the coins would behave independently like the FTSE, but when this will happen and even if, Im not sure about.
Good point...however cryptos will give you a better ROI than the stock market
Possibly but my portfolio shows 22% down right now. However I have good expectations for the long run.
To be honest it bothers me a lot less when the crypto markets drops (which means all of it does) than when one of my holdings drops. Cant really explain why.
The main thing is to be sure that you are holding a top coin/ token backed my solid project and team...Hodl is the key as indicated in my former post...I wish you more success
For sure they will. Newer blockchain projects have opportunity to get things better and they do, for instance Litecoin is faster than BTC, and some of newest crypto have potenial to be as fast as Visa Cards, maybe even faster. It tells a story.
Good point, thanks.
I strongly agree with you @charles1.
Steem blockchain in reality has shown more human utility when compared to bitcoins
Steem has also vigorously advanced her in her technology. Steem has offered better creativity in the technics behind its programming.
I strongly anticipate the DOMINANCE of steem in some time to come
Welcome and thanks for your comment
Key point. I don't think we should care about other altcoins and BTC. If BTC "falls off the throne" Steem is next to claim it !
Absolutely agree with you and it's not your only subjective opinion. It's a fact.
Good point, thanks for your comment
I do think that bitcoin always will be the father of other coins. It was first and at the moment also the best known.
But when it comes to mass adaption btc will not have a chancero one of its sibling!
I do believe that the usage of for instance our beloved Steem has more chance of being globally used than bitcoin.
I just don’t see bitcoin used in our daily lifes, besides using it to buy one of it siblings.
So my answer is yes and no!
Good point indeed, thanks.
When Coinbase adds them, they might. It's still hard for the average investor to buy many of these coins without investing some time and patience.
Good point, thanks for your comment
BTC is the so-called market maker. If BTC were to fail, the market would die. Without BTC, there's no Steem or anything. Ironically, most pull their steem out of this platform to buy other coins or tokens. What I don't understand is your comment regarding people who are "selling at a loss." People aren't selling for losses. Most are either holding bags because they are underwater (bought at all times highs) or the cannot reposition themselves with taking some initial losses. This puts them on the sidelines unless they want to dip into their bank accounts and burn more money so they don't have to sit on the sidelines anymore. The ones who bought high and are now sitting on the sidelines is one reason why prices are dropping. We've seen this in different markets and we are seeing it in Crypto now.
Saying the Steem blockchain processes transactions faster than bitcoin and ethereum combined is just ridiculous. You are comparing apples to rotten carrots. When people compare "transaction time speed" between different blockchains it makes me laugh. It's a moot point because Steem will never see BTC or ETH type volume.
Furthermore, as you know, BTC was not designed to be a security or asset class of sorts. The original intent was peer-to-peer cash between two people. BTC actually does provide real-world value if you consider 50% of the populations is unbanked. In addition to this, Bitcoin-related jobs fastest growing sector of International employment. If job creation isn't real world value I don't know what is. Do you.
Follow @alakazam for no good reason other than bomb off content and perspective.
You made a very good topic post ... and I agree with you .... and wait for your next post
what is good about the post, bot?
hopefully not to
what is good about the post, bot?
a good post .. and hopefully not until SBD continues to decline because in my place SBD is experiencing a decline
recently I found steemit, a platform Reddit-esque that seems to run on block steem. it looks like the user to pay the post and pendikan content. However, it looks a bit suspect that basically a blog post a long can have a pending payments of $ 3900. even taking into account the Exchange rate around 0,25 USD / steem, it is good salary to write the article. so I wonder - what catch? what steem and steemit that? is platform it really pay hundreds of dollars to send articles, or is there something suspicious. Good @charles1
I really dont understand your comment
Bitcoin,steem etc comes differently and if one goes down doesnt mean the other will follow.
One may come first,and doesnt mean its the king. They are all crypto
Hopefully you are right ...however that is not the reality for now
It should have separated from the BTC shadow long before today. Steem has its own blockchain, its very own application, super fast and even free. What more do we really need. It has to move out of the shadow. It will soon.
Good point indeed, thanks for your comment
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I don't see bitcoin not remaining as the driving force behind all other coin prices so long as it is treated as a reserve currency coin, similar to the way the US Dollar is treated as the worldwide reserve currency (via https://en.wikipedia.org/wiki/Bretton_Woods_system).
At least unless and until exchanges are setup to permit direct alt-coin to alt-coin trading. For example... I see no way to trade BurstCoin for SteemCoin, I have to trade BurstCoin for Bitcoin on Exchange X, transfer to wallet, then trade Bitcoin for SteemCoin on Exchange Y.
The use of bitcoin as a defacto alt-coin reserve currency can also make it a bit expensive to even try do so such exchanges, further providing a stumbling block for alt coins.
I think so. But the momentum behind Bitcoin is so huge, it might be a while.
They have a large user base, have been around for a while, so, I imagine that it will take some time before other cryptos match Bitcoins prowess.
Being a first mover in a new industry is incredibly important, that's why bitcoin sort of controls the price of all coins. If the very first in the industry falls for reasons that affect the entire industry, then the rest will fall too. However, if other coins continue to do more than bitcoin has or can do, then we'll eventually see a paradigm shift to a new industry leader. For now, all we can do is to continue to support this technology that gives power to voice of everyday people.
No - Bitcoin already is a legend. Any other current Cryptos are just different kind of BTC-Copies
The only Coin that might become a new legend wlll be the one BTC once was meant to be: decentral production and the ability to PAY with on the net without beingt influenced by traders or connected to fiat-money.
Bitcoin is the most respected cryptocurrency because it is the first cryptocurrency and most people in this world are not even aware of other cryptocurrencies’ existence. When other cryptocurrencies came in the cryptocurrency field, Bitcoin had already captured the full market as no competitors were there. Others had to make market for themselves. As the number of cryptocurrencies is increasing day by day, though some are successful, while for most of them success do not last long. Earlier many exchanges did not have facility to by other cryptocurrencies directly. Every buyer had to buy Bitcoin first and then he was able to exchange it for other cryptocurrency.
That’s why Bitcoin have placed itself as a synonym of cryptocurrency. This legendary status of Bitcoin has overshadowed other cryptocurrencies. That’s why, in spite of very long transaction time and increasing transaction fee, Bitcoin has maintained its importance.
But every king has to vacate its thrown when a prince gets experience to rule. Steem has a huge potential to become a platform of next generation as many applications like steemit, Dtube, Dlive, Utopia, Dmania, zappl, esteem etc are based on this platform. It has revolutionized the cryptocurrency world by just involving common people by providing them cryptocurrency without buying it. Hence, the future of steem is very bright.
I follow you. And I upvote you everyday.
Last upvote here: https://steemit.com/@underworld24
Good post
what is good about the post, bot?
Lotso bots...
Hi again @charles1,
Once again, great post - love the picture art.
You are still very welcome to drop by @tom-zen for some simple, inspiring, and, maybe even, controversial words and writings.
I am just getting started!
In - joy - your - day.