I’m thinking we are in a transition stage right now in the crypto space. We had just Bitcoin for a while, with a few other alt-coins. Several companies publicly embraced bitcoin for payment, which legitimized the space. Bitcoin seems to be running in to trouble with fees and slow transactions. Etherium has had some issues. Bitcoin cash is just not getting the traction.
The transition is the amount of options in the crypto space, I am not sure where it’s going, but it’s fun to watch.
Question Remso, People earn steem and then transfer it into bitcoin to gain liquidity, and then sell that for cash. There are other altcoins that people do this with also. This is because bitcoin has a large buyer base, compared to other coins, so liquidity is there. Do you think this puts downward pressure on coins like bitcoin and Etherium which have more liquidity?
I have heard that people on steem have been able to sell as much as a million in steem, for bitcoin, and then cash it out. If this is true, there could eventually become a liquidity issue. More sellers than buyers, because so many alt-coins are using this model.
Bitcoin seems to be the way to get cash into the market, and one of the only ways out. I just wanted to know your thoughts. I literally communicate with no libertarian/crypto people ever, so peoples opinions in these groups are valuable to me. What are your thoughts on this?
All I can tell you is what I do myself. I invest in the coins that reward their developers and are trying to make the system mainstream for merchants and people who have no clue what this stuff is. So I invest in Bitcoin (solely as a storer of value), Bitcoin Cash (which I would disagree, I think BCH may be the one true "Bitcoin"), Ethereum (because of its innovation in smart contracts and app development ability), Monero (by far the best privacy coin bar none) and I actually do reinvest into Steem.
I also think Dash is gonna drop once the lost coins wind up in the market. Vin Armani and Jeff Berwick from Dollar Vigilante are great on this stuff.
I’ve been buying bitcoin for about 4 years now, and I have never seen this much excitement around all the other stuff in blockchain. I really like what’s going on right now. Everything is still so new, even for myself, someone who is an old timer in this space somehow, just because I’ve been buying for 4 years.
I remember 3 years ago reading articles that the real power will be in blockchain. That it’s the game changer. The real innovation that bitcoin is riding on.
I’m gonna look into Monero more. I only buy the ones I perceive to be liquid, but shit, I’m already in a high risk asset class, why not put 10% of my high risk assets into risked assets, and see what happens!
Any thoughts on some other alt-coins?
I ignore most the others.
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