With the price of BTC seeming to be trapped in an unstoppable downtrend, many are feeling the pinch in more ways than one. Adding to the fuel is the tabloid press stories that want to do nothing more than destroy crypto and all it stands for. And the latest articles to be making the rounds, aren't breaking that norm.
A recent interview on CNBC with a certain Jan Van Eck has stated that all the pundits who were loading up on BTC last year, are now turning to where the "real" value asset lies. That being gold. Now, this is an arguement that has been waged for many months in the past, with both sides each holding strong opinions of the matter. However, with the huge slump in price, "camp gold" are having a field day.
It's no shock or surprise that we're all feeling it. And the funny thing is that in terms of crypto market and developmental activities, there has never been a busier time. BTC with it's lightening network, Ethereum working on scalability, even Steem putting measures in for decentralization and easier future onboarding. In theory, things have not looked better.
But the media are as flippant as a polished silver coin. They'll suddenly back whomever is the new most popular and backstab any competitor they once hailed as the victor. This is the "way of the headline". And I'm sure people are jumping ship in their droves, whereas only the firm believers are left behind to keep spirits alive. I'd like to think I lie in that camp, although it can get difficult at times, that's for sure.
Try to turn a blind eye to what the press have to say. They are no less in the dark about the future of this space than we are. The waves of the crypto market run high and low to the extreme, in equal measure. And as long as you can hold the mind in focus and detract from all the negative hype being bandied around, we may actually end up being the last ones standing. Who knows?
Stay positive, alert and most of all, calm. Let's see what the future brings. :)
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Picture it, sometime around Christmas, 2017 at a private Wall Street Gentleman's club... The Winklevoss twins are sipping martini's, surrounded by gentlemen of "old money".
Tyler says to the "old money" whom he is talking to ... "I'm telling you, Bitcoin is going to destabilize the financial market as you know it."
Old Money ... "Hold my scotch." Makes a quick call to a couple of the billionaires in his address book. Tyler doesn't hear the whole conversation, but does hear something like "... buy low, sell lower and repeat."
Old money resumes sipping his scotch.
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I have both gold and crypto as both have great use cases. However, nothing a free and non controlled like crypto. I think development will continue to demonstrate why it is better than other assets used for transactions and stores of value. Only time will prove some correct!
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Why is bitcoin called digital gold?
“Bitcoin, like gold, is used to store savings, being an alternative to fiat money, which is constantly depreciated as a result of inflation.
Since mid-2017, everyone has been actively saying that Bitcoin perfectly performs the function of a means of accumulation. This is justified because it suffers from scalability problems, which prevents investors from sending more than 7 transactions per second. When there was a rush at the end of 2017 in the cryptocurrency market, the bitcoin blockchain reached 200 thousand unconfirmed transactions, and the commission reached another $ 50. This is very much by the standards of cryptocurrency.
But with all the security at the highest level. Bitcoin wallet can not be hacked, to steal money from cold storage is also not realistic. Therefore, it is an excellent solution for capital accumulation.
Similarly, gold is bitcoin limited in production. A maximum of 21 million coins can be obtained, this code was programmed by the creator of the cryptocurrency Satoshi Nakamoto. Also in the production of Bitcoin there is another feature: every 4 years, the reward for the found block drops 2 times. Thus, until 2013, each miner received 50 bitcoins for generating a new block, 25 2013 bitcoins in 2013-2017, now the reward is 12.5 bitcoins.
The last award for the generated block will receive in 2140. Further miners will receive only commissions for confirmation of transactions.
The price of gold, like Bitcoin, can rise sharply and fall sharply. But if you look at the long term, this is a constant growth. When you buy gold, you can be sure that the price will not fall below the cost of production, similarly to Bitcoin, its price for 9 years of its existence has never been lower than the cost of mining. Simple facts will help to make sure of constant growth:
2009 - $ 0.003;
2010 - $ 1;
2011 - $ 1;
2012 - $ 2.32;
2013 - $ 46.40;
2014 - $ 276;
2015 - $ 153;
2016 - $ 349;
2017 - $ 757;
2018 -?
As you can see, the price of Bitcoin has never been below the lows of the previous year, which indicates a long-term uptrend. The exception is 2015, but in that period the price did not fall for a long time, it was a fast backache and the price immediately returned to normal quotes.
Conclusion:
Bitcoin, like gold, is difficult to produce, it is not convenient to use as a means of payment, both have limited emissions, both show a price increase in the long term. Therefore, Bitcoin is compared to gold and is called “digital gold”.
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