Early days, Don't sell all your Bitcoin into the rally!

in ethereum •  8 years ago  (edited)

I have listened to a few videos in the last couple of hours where people are suggesting that Bitcoin is to Ethereum or some other alt coin what Yahoo is to Google i.e. left behind because it didn't keep developing and innovating. I think there is a lot of technology being built out at the moment that will eventually sit on top of the Bitcoin platform. For example, one critism of Bitcoin is the slow confirmation times but the 'green address approach' will attempt to solve this problem. As you can see with the chart from Bittrex, Steem is having a good day. The point of this blog is to give a cautionary note to not chase price and dump you valueable Bitcoin. Remember, there are only about 15 million Bitcoins, perhaps less if some have been lost. The founders of Ethereum are sitting on a potential 60 million ETC they could dump into the market and potentially destroy it's recent surge. My advice, for what it's worth, is be in Steem for the longer term and Power Up on pull backs rather than chase price, but also hang onto some of your valueable Bitcoin because non of us knows which blockchain will come out on top and which will be consigned to the dustbins of history.
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Agreed. I think it is a false comparison. Bitcoin is more like a commodity much like gold. It will always be around and I think it's primary purpose will be as a store of value due to it's scarcity and the increasing difficulty of mining it. I suspect it could even eventually (far future) end up as a replacement for reserve currencies like the USD as it would actually be a fairer system.

If that happened people would kick themselves for selling on a price drop of 10%. Once sold, psychologically, it's hard to buy back in at higher prices.

Yes that's true.

  ·  8 years ago Reveal Comment

Keep in mind that bitcoin doesn't have 100% per year inflation into perpetuity.

Good point and that's a major reason I hold it over all others, because it is being created at a slower rate than all others. But Steem Power here helps you avoid this problem.

  ·  8 years ago Reveal Comment

Wow cool data, thank you for sharing this :)
Maybe you can learn something from my mistakes:
https://steemit.com/steemit/@lorddominik007/trading-done-wrong-see-my-mistakes-so-you-don-t-have-to-see-yours

  ·  8 years ago Reveal Comment