Read the original article.
http://qz.com/769771/how-bitcoin-was-brought-down-by-its-own-potential-and-the-banks/
Bitcoin is probably on the way out.
That's my takeaway - the big banks seem more interested in co-opting the power of bitcoin than actually using the coin. Not least because of the fact that bitcoin is basically owned by china these days. The creators of bitcoin didn't imagine the deep need for capital flight from chinese markets, which is what is keeping the bitcoin price so high right now.
What's missing is the new normal.
Dash, Monero, zCoin and others are all trying to be that new crypto standard. I think they all have potential, but in the end I doubt any will be anything other than a black market standard as banks (and governments) rally around something they can control.
Brave New World is same as the old.
Despite all the desire to be rid of governments and banks, we're going to start our right where we began. The upside is a lot less friction. If you try and live internationally like I do, all the stupid BS with banks and money is REALLY annoying.
Steem?
I think Steem is actually going to do well if the ecosystem keeps being improved. Create the ability for users to sell things via steem and have adbuys be in Steem and the economy will be complete.
In fact... if the current issues with downvoting and users can be addressed, steem has a shot of rocketing up in value as the one crypto currency backed by ACTUAL VALUE which is human effort and attention.
We forget that bitcoin is the unversial way of getting in and out of any other crypto. This will always create buying demand. Bitcoin is the cryptos dollar. The more stable it becomes the better, slow appreciation over time.
Yes steem will do very well, and I am very invested in it, but I hold Bitcoin as well for its stability and slow appreciation. A long term savings account.
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I think that bitcoin's universal status will eventually fall. And the moment it does, so will it's value. That's really it's only saving grace these days.
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Anything is possible, but weighing out the probability of that happening and assigning a value to that, its really low compared to the benefits it still offers. There are a lot of data points that go into something like this. Newer cryptos are very new and we've seen flaws and the like time and time again.
Mind you, I have a very diverse portfolio of cryptos but at the same time I think Bitcoin will always be the universal.
I am biased of course, so take my words with a grain of salt.
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Also, pleased to make your acquaintance :) It's interesting reading your posts. I'm a geek, but my dad is an ex-con. He was in prison for 13 years.
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Thank you :) Ill follow you as well
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I am not sure about bitcoin. But anyway, steem has a chance.
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Bitcoin is not going anywhere. Its days of pipe dreams of destroying the state money are long over, it's just another token people can trade, and it will so remain.
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it will remain. But once china figures out another efficient way to push money out of the chinese economy, it will plummet in value. The current value of bitcoin is almost entirely from chinese capital flight.
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Perhaps. Or perhaps people will find another use for it. It did already plummet and recover several times.
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I think those cycles will drift lower and lower. Bitcoin has existed with any REAL competition. Once the banks pick some standard, a lot of the value of bitcoin will be lost.
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The real crisis will come in the next months/years. People will buy Bitcoin then.
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Which would be, frankly, quite stupid a thing to do. If the telco networks fail in the crisis will Bitcoin even exist? Will you be able to exchange it?
If you're afraid of a crisis you should buy sugar, salt and spices. These will go up the most if the worldwide trade collapses.
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Steem? No way, with massive whales Milking the system what kind of chances Steem have to be a BTC rival or even to replace it? No chance, Whales are equal to China miners, at least miners sell trade and hold BTC, Steem whales Milk Steem powering down very punctual, until people still feeding them and investing whales will be happy, hurt the whales what they love, money.
Steem have no chance at all to replace BTC, who in the world will jump in into a system were the whale is king? Man this is totally out of the reality.
BTC is going nowhere since 2009, Declared dead more than 90 times and check coin market cap, is at the top of the league. Whales have to protect the perpetual pay check so will see how Steem develops in the next 30 years, but steem the next big thing? Wow I dont see that coming at all.
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I don't think steem will be the replacement to bitcoin. But I DO see it doing very well long term.
Bitcoin's value is backed almost entirely by china. If china crashes the price might shoot up as the chinese flee their own currency. But then it will crash back down again.
Instead, I expect bitcoin to be replaced by a new coin that is designed to act as a currency replacement and backed by banking institutions.
Steem isn't designed to be a universal currency so it will never displace bitcoin. But I expect the value will rise long term. Right now the whales are selling it out hard - lowering the price. This is both good for them ($$$) but also good for STEEM because it spreads out the ownership more. Right now it is far too concentrated.
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I am not very optimistic on Steem price to be honest but the only thing that can make a difference is big steem Power as lower you buy is better, that's why people need to stop buying SP, leave the price crash, buy low, hurt the whale, and enjoy the ride!!!! ;)
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