BTC Price Down 10% - The Beginning of the End?

Between the great Bitcoin Schism just prior to the latest reward halving, and allowing most of the mining, trading, and exchange to be controlled by citizens of a single country, we may be witnessing Bitcoin's undoing. The fact is, Bitcoin's use adoption was too slow and coupled with the increased costs of electricity needed to mine/create and verify the transactions of the grandpappie of crypto-currencies, a situation has been created whereby the fate of the coin has been pushed within the borders of a single nation, China - whose government is hostile to the currency's future .. at the moment anyway.

A few Chinese exchanges have been seriously spooked following a meeting with the People's Bank of China, a meeting during which it was noted that nearly 100% of BTC related transactions occur on Chinese exchanges. The reaction was that some of these exchanges have completely halted participant attempts to withdraw their BTC, and others, seeing rougher roads ahead, or the end of the road, have increased transaction fees, clearly attempting to increase their profits with the uncertain future looming.

The wonder of STEEM is that it gives 'itself' value, in that what we all are doing here, as long as the activity continues and increases, so will the value of STEEM. Of course we are unfortunately tied to BTC , in that it is the medium by which we move fiat currency in/out of the system - if ever STEEM's user adoption reaches that level by which the future of STEEM is taken for granted, we could bypass Bitcoin and move STEEM in/out of our economy, directly to and from fiat.

It is my feeling that there is a very high possibility of this occurring, even more so if Bitcoin exited the field. Our economy again, has a stability and growth potential that is unmatched, and there is a very 'real' purpose to having STEEM .. it is very straight-forward - this is not the case with Bitcoin. Bitcoin has been a vehicle of opportunism - for traders mostly, and for the creators of mining equipment - for the average citizen, it really has no function. STEEM on the other hand, has a great advantage over all of the other large cap crypto-currencies .. it is useful.

Anonymity in financial transactions, for those who need such a thing, may have use for one of the coins that offer this, but this is not the case for 6 Pack Dads and Soccer Moms, who are the people we want to come to us and leave their worthless and extremely dull Facebook accounts behind.

Those heavily invested in Bitcoin's future, should understand that it is currently allowed to exist in the shadow of a very large People's Republic Boot, which currently is raised for a stomping. This may not happen of course, they could fully embrace Bitcoin and use it to their national advantage ... mmm.. or, in the interest of being a good trading partner, to promote peace and bow to the pressures of the International Rich, who see crypto as a threat to their power ..