Golem long term resistance broken!
Golem long term resistance broken! Golem just broke major resistance at .000038 vs bitcoin with a move to .00006 likely. Parabolic Sar is in a uptrend look for a move higher to the next Fibonacci resistance.
The way I see it, the difference between GNT and ETH in terms of "diversification" is that GNT value is essentially scaling with Ethereum until they release a viable MVP. If successful, GNT might strengthen against Ethereum. Couple this with the rumor that Coinbase is going to start supporting GNT, some people are probably betting in the short-term that increased exposure will also dramatically increase volume. If the Brass release is timed with the Coinbase support the price—I'd postulate that since GNT has scaled pretty well with ETH—is guaranteed to strengthen against ETH.
The current situation changes thing significantly from six months ago. I transitioned a small portion of my ETH into GNT six months ago when Golem was looking likely to be on track for a May Brass release. At the time, the market cap of the ETH they were holding was more than 10x less than it is now, and it seemed like the project was well positioned for a strong value over the long term.
Now, I'm not quite as confident in it from a trading perspective. Certainly I would be in a superior position today if I hadn't made that trade, but the explosion of ETH was not something I expected to this degree. I probably would not go heavy into GNT at this time, because I think there are a TON of people waiting for Brass to sell and it will prevent GNT from skyrocketing.
That said, there's one final component to this that goes beyond just the concepts of /r/ethtrader - belief in the value of a project. Not for money, but for the pure sake of technology. By supporting Golem in a small way, I'm investing in a "startup" working on a disruptive technology that may provide a model to tap into idle compute power at a level that goes exponentially beyond anything we've ever seen previously by rewarding people who contribute that extra compute.
Mesh and grid compute capability using "idle" processing power, potentially expanding into devices far beyond desktop computers, is a pretty amazing future. It doesn't go away as we move towards ambient computing and cloud computing, but rather potentially expands as chips and processing power become ubiquitous.
The vision of merging excess compute with the blockchain is potentially disruptive. We talk about it competing with AWS for example, but it's even possible that AWS could end up using Golem (or a similar capability) themselves. We don't really know how this is going to play out, but it's potentially big.
I consider Golem similar to something like VOIP or the world wide web. They weren't that cool, interesting, or useful at the time. Adoption took a long time. Code had to improve, servers had to improve, content had to improve, people had to become interested in them, infrastructure had to improve, they needed a value prop over prior services, etc.
Golem today is in its infancy. In twenty years, maybe no one will remember it. Or maybe it will be running an ASI that maintains our economy, infrastructure, and governments. More likely somewhere in between. But the vision, the fact that we're here to support someone building a blockchain model that incentivizes distributed computing on extra consumer devices, is pretty f'ing cool. And worth a bit of my ETH.
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