Turbulant Crypto 2018
Financial Times journalist Jemima Kelly, a long time critic of cryptocurrencies, wrote: "Under the laws of supply and demand: something that can be infinitely replicated must lack long-term value. Anyone trying to market such a thing — however many new bells and whistles they put on it — is essentially trying to sell hot air."
An open ended statement, how I see this in reality is you have twenty one thousand bitcoin BTC21 000 000.00000000 now that does not sound like a lot to place a cap on the market. Look at the decimal structure then consider value, slow movement low value, high movement incremental value moving to higher value smaller decimal value required.
We need to think of value, purchase a vehicle at Fiat currency 10 000 for BTC 1.00000000
When BTC goes lower in value you need more example BTC 10.00000000 for Fiat currency 10000.
However high demand within crypto may swing to BTC 0.00010000 to obtain Fiat currency 10000 for same vehicle.
Cryptocurrency the higher the value less will be required to move, lower values should attract lower costs involved with time.
Now we look at Fiat currency, government decides to print 21 Million new notes to release into a dwindling economy, cost involved is printing and distribution, value may be negative, it will be touted as a positive move the country has more available to spend.
The difference between the two is negligible, over and above one being tangible the other being digital zeros and ones. Buying the same vehicle with Fiat currency you see an advert in the newspaper at 10 thousand, overnight the value of the Fiat currency hits rock bottom, on arriving to purchase you have to outlay fifteen thousand notes instead of ten thousand notes.
Whether you approach the buyer with a card or wheel-barrow full of notes, the bottom line is much the same, Fiat currency may be physically touched, have a smell, it's value only holds true if backed by good governance, where does the difference come into effect when relating to digital money.
Banking and governments are placing new regulatory structures, faster, secure, more efficient systems are being implemented. Well structured digital money, should in effect do away with card systems, using codes from phones most people have today, cut out costs in faster transaction times, this does not mean no costs are involved.
Costs will be ongoing, people world-wide clearing blockchain entries (miners) need to be paid for electricity consumption, time, hardware, this is where governments and banking fraternity as I see it will have to learn to open up and accept this new concept.
If everyone starts opening small private currencies, without good projects in mind to better the life of people, get off the blockchain! World is looking for fast inexpensive ways to transact that are secure.
IMHO Crypto is here to stay, some good reading material everyone interested in crypto should read:
Source PDF
As a crypto enthusiast this is my opinion only, I write/share on the topic out of interest, this is not advice to purchase without thorough research on your part.
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Like @papilloncharity said, tech is the future \m/.
People do indeed fear change... I was involved with Internet Banking a lot in the late 90s & early 00s, and I clearly remember people shouting how they would NEVER transact online... HAHAHA.
Not unlike the dot-com bubble around the same time... a lot of hype, FUD... AND "this is clearly the future... why can't you see it, dammit?" noise.
I strongly believe Crypto is going through a similar thing. Those that are in for a quick buck are gonna/have already seen their asses... but those of us that are pioneering (even fumbling through) the early stages will reap the benefits once the masses start flooding in... not just financial, but being in a position to take advantage of something we already know very well.
Time Will Tell ;-)
Fear is natural, research is available, learning is imperative we need to keep up or lose out...
Thanks for the link to the KPMG document Joan.
I'm with you Crypto is here to stay and will not be destroyed as some "Doom n' Gloomers" are saying. If anything its just evolving, moving into a new chapter as the worlds banks and governments wake up.
In my opinion, I believe 2019 will see a steady recovery of the crypto's
Wrote the article then saw the document from Coinbase and KPMG, so glad I did since it is so relevant to naysayers of crypto, in technology today @stevejhuggett thanks for commenting.
Let's face it, technology is the future and the blockchain is an excellent vehicle Lady Joan. Sadly people fear change as can be well remembered about the doom and gloom when the first car was invented! Change is a constant! Blessings!
Those who don't learn now will slowly get dragged into new technology kicking, screaming, still have to adapt LOL... Times they are a changing
Thank you for linking the KPMG report, Joan! It’s a good read!
Report is something good to bookmark or download, reference back to, was interesting reading Oleg.
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Really Informative 👍 Thanks
Thank you for the link @joanstewart
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Informative. Thank you
Bitcoin has a great future
Some crypto might work but I do not know which one. I still favor silver and gold. They do have the history behind them and this paper silver and gold is not the real thing. Take possession of it.
Thanks for this post.
Wow, this a great information, thanks for share
Saludos desde Kryptonya ID Mariale
Thanks for the post@christiano199
However is much better to be prudent
Este mundo de las criptomonedas es muy complejo para mi, estoy ahorrando con ellas ya que la economía en mi país es un desastre y ahora pasa este bajón que desmoraliza. Saludos id kryptonia @reyos69
I think its the time to buy for tomorrow. Crypto market pump and dump always happens.
Follow you on Kryptonia
But you are out of coin and cannot pay my task !
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I was on the old beta, not the new one !!!
An excellent point of view, and with anything new, there are going to be kinks, ups and downs and in reality cryptocurrency is relatively new, and misunderstood by a few as well. I look at this as a long-term investment as opposed to making a quick killing and my approach is to earn, rather than invest.
A bit of both invest and spend @socialmediaseo
nice post my friends |@joseleonardojose
Understand that Bitcoin hasn't even began to establish it's Real and it's Full Value. There will only be 21 Million BTC in Total, and we are currently already at 17,386,838 BTC.
But almost no one in the world is talking about this or is even aware of this. The closer we will get to 20 Million, the more who will discover that THERE WILL NO LONGER BE NEW BITCOIN MINED.
At that point, almost Everyone will want to Own at least some Bitcoin.
Well... here is another Reality:
There is currently already 34,000,000 Millionaires (yes, 34 Million Millionaires) and that number is growing fast.
So... you know all too well, that once we come close to the limit of 20-21 Million Bitcoin, that EVERY MILLIONAIRE will want to own Bitcoin.
Guess what?
There isn't even going to be enough, for Each Millionaire to have 1 Single Bitcoin.
So... there is only 1 Option, at that time... and that will be that Bitcoin will SHOOT UP IN VALUE, so that to even own 1/2 of a Bitcoin or 1/10th of a Bitcoin will still be Valuable.
By then, a Bitcoin will be worth over $1 Million USD for 1 Bitcoin. McAfee calculated that it may be $6 or $7 Million USD for 1 Bitcoin....
Only started, value will grow over years of use. Definitely not a short term plan in anyway.
Greetings from Kryptonia
Good post
@joanstewart,
Hi Joan. If you want to know why Bitcoin crashed, decimating the altcoins in its wake, here's the explanation:
https://steemit.com/steemit/@quillfire/coming-out-of-the-closet-i-am
Quill
Ha ha, good read and a fun start to my day over the pond Quill
@joanstewart,
:-) :-)
Quill